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Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
DOSHI IMPEX LTD. |
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Registered Office : |
Room 905, 9/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.08.2004 |
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Com. Reg. No.: |
34820597 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of polished
loose diamonds. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
DOSHI
IMPEX LTD.
Room 905, 9/F.,
Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2739 2188 (5 lines)
FAX: 2739 2345; 2333 2431
E-MAIL: info@doshidiam.com
Managing
Director: Mr. Kiritkumar Vinodrai Doshi
Incorporated on: 11th August, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$6,000,000.00
Business Category: Diamond Trader.
Annual Turnover: HK$35~40 million (Including associates)
Employees: 4. (Including associates)
Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
PEX LTD.
Registered
Head Office:-
Room 905, 9/F.,
Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Doshi Diam, Hong
Kong. (Same address)
Doshi Impex, Hong
Kong. (Same address)
Rusabh Diamonds,
India.
Rusabh Gems,
India.
34820597
0916441
Managing
Director: Mr. Kiritkumar Vinodrai Doshi
Contact
Person: Mr. Kalpesh Malkan
Nominal Share
Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$6,000,000.00
(As per registry dated 11-08-2012)
|
Name |
|
No.
of shares |
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Kiritkumar
Vinodrai DOSHI |
|
3,000,000 |
|
Nayna Kirit DOSHI |
|
3,000,000 |
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|
–––––––– |
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Total: |
6,000,000 ======= |
(As per registry dated 11-08-2012)
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Name (Nationality) |
Address |
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Kiritkumar
Vinodrai DOSHI |
Flat A, 21/F., Parc Palais, 18 Wylie Road,
Homantin, Kowloon, Hong Kong. |
|
Nayna Kirit
DOSHI |
Flat A, 21/F., Parc Palais, 18 Wylie Road,
Homantin, Kowloon, Hong Kong. |
(As per registry dated 11-08-2012)
|
Name |
Address |
Co.
No. |
|
Harris
Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong
Kong. |
0031138 |
The
subject was incorporated on 11th August, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of polished loose diamonds.
Employees: 4. (Including associates)
Commodities Imported: India, other Asian countries, etc.
Markets: Asian countries, Middle East, Europe, US, etc.
Annual Turnover: HK$35~40 million (Including associates)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Standing: Satisfactory.
Having
issued 6 million ordinary shares of HK$1.00 each, Doshi Impex Ltd. is equally
owned by Kiritkumar Vinodrai Doshi and Nayna Kirit Doshi, both of whom are
Indian and belong to the same family.
They are also directors of the subject.
Being Hong Kong ID Card holders, they have got the right to reside
in Hong Kong permanently. The subject’s
style was named after the Indian family.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds, single cut
diamonds, tapper cut diamonds, full cut diamonds, etc. The diamonds are either polished white or
polished colour diamonds.
Most
of its commodities are imported from India.
Prime markets are Hong Kong, other Asian countries, Europe and the
United States. Business is active.
According
to the subject, it has had an associated company in India bearing a similar
name and the India firm has been ranked as one of the top ten diamond companies
in India.
Currently,
the subject owns a number of premises in Hong Kong.
The
subject has got two associated companies located at its operating office,
namely, Doshi Impex and Doshi Diam.
These two firms are also diamond traders. Doshi Diam was established on 30th January,
2001 as a partnership which is jointly owned by jointly owned by Mr. Nayna
Kirit Doshi, Mr. Kiritkumar Vinodrai Doshi and Mr. Mahesh Kaushik Shah.
Doshi
Diam has had an associated company also known as Doshi Diam in India [India
Doshi Diam]. India Doshi Diam was set up
by two brothers, Mr. Bipin Doshi and Mr. Kirit Doshi in 1985. Since then, the business of India Doshi Diam
has grown substantially.
India
Doshi Diam has been one of the leading diamond traders in the market from quite
a long time providing services to various event agencies, diamond jewellery
manufacturers, fashion designers, mobile phone designers, designer opticians,
wristwatch designers and so on. Its
diamonds have even honoured the famous FIFA World Cup trophies.
India
Doshi Diam is one of the leading diamond distributors all over the world,
having major market presence in Europe and China. It is also one of the major suppliers of
black diamonds in the world.
Besides
India Doshi Diam, the subject’s other associated companies in India are Rusabh
Diamonds in Mumbai and Rusabh Diamonds in Surat, India.
The
annual sales turnover of the subject and its associates ranges from HK$35 to 40
million. Business is profitable.
In
order to penetrate the international market further, the subject’s associate
Doshi Diam has taken part in fairs and exhibitions held in Hong Kong and other
foreign large cities. For instance, it
is going to take part in “HKTDC Hong Kong International Jewellery Show 2014”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai,
Hong Kong during the period of 5th to 9th March, 2014.
The
contact person of the subject Mr. Kalpesh Malkan is also an Indian.
The
history of the subject in Hong Kong is over eight years.
On
the whole, consider it good for normal business engagements.
Property information of the company:-
Property Location: Flat
A on 2/F. of Block 5, Royal Peninsula, 8 Hung Lai Road, Kowloon, Hong Kong.
Owner: Doshi Impex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
10-04-2008 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
Mortgage to secure general banking facilities granted to Doshi Impex
Ltd. |
|
10-04-2008 |
- |
- ditto - |
Mortgage to secure general banking facilities granted to Nayna Kirit
Doshi, Kiritkumar Vinodrai Doshi and Mahesh Kaushik Shah trading as Doshi
Diam |
|
Date |
Particulars |
Amount |
|
11-05-2005 |
Instrument: Debenture Property: All the Company’s undertaking and property
and assets whatsoever and wheresoever both present and future including all
book and other debts revenues and claims both present and future due or owing
or which may become due or owing to the Company, all its uncalled capital,
goodwill and all patents, patent applications, trade marks, trade names,
registered designs and copyrights and all licences and ancillary and
connected rights relating to the intangible property both present and future
of the Company Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
General banking facilities granted to Doshi Impex Ltd., Nayna Kirit
Doshi, Kiritkumar Vinodrai Doshi and Mahesh Kaushik Shah trading as Doshi
Diam |
|
10-04-2008 |
Instrument: Mortgage Property: 174/380,954th parts or shares of and in
Kowloon Inland Lot No. 11084 (Flat A on 2/F. of Block 5 of Royal Peninsula, 8
Hung Lai Road, Kowloon, Hong Kong.) Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
General banking facilities granted to Doshi Impex Ltd. |
|
10-04-2008 |
Instrument: Mortgage Property: 174/380,954th parts or shares of and in
Kowloon Inland Lot No. 11084 (Flat A on 2/F. of Block 5 of Royal Peninsula, 8
Hung Lai Road, Kowloon, Hong Kong.) Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
General banking facilities granted to Nayna Kirit Doshi, Kiritkumar
Vinodrai Doshi and Mahesh Kaushik Shah trading as Doshi Diam |
|
06-09-2012 |
Instrument: Security
Agreement Over Bank Account Property: By way of a first fixed charge all of the
Chargor’s right in respect of amount standing to the credit of the account
from time to time and the debt represented by it Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations & liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
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|
1 |
Rs.83.17 |
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Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.