|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIAJEWEL
(HK) |
|
|
|
|
Registered Office : |
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street
East, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
17.05.2000 |
|
|
|
|
Com. Reg. No.: |
30791742-003-03 |
|
|
|
|
Legal Form : |
Sole Ownership. |
|
|
|
|
Line of Business : |
wholesaler of diamonds ranging from
0.30 to 10 carats certified by GIA and HRD, collection of perfectly matched
pair |
|
|
|
|
No. of Employees : |
17. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 levies excise duties on only four
commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl
alcohol. There are no quotas or dumping laws. 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 9.1% of total
system deposits in Hong Kong by the end of 2012, an increase of 59% from the
previous 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 34.9 million in 2012, 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
2012 mainland Chinese companies constituted about 46.6% of the firms listed on
the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight
housing supply conditions caused Hong Kong property prices to rise rapidly and
inflation to rise 4.1% in 2012. 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.
|
Source : CIA |
DIAJEWEL (HK)
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 2209 6600, 2723 0237
FAX: 2209 6620, 2739 3132
E-MAIL: facets@diasqua.com
Manager: Mr. Nimesh Piyush Mehta
Establishment: 17th May, 2000.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 17. (Including associates)
Main Dealing Ban: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Operated by:-
Diasqua International Ltd., Hong Kong. (See attachment)
Sister Companies:-
Diasqua (HK), Hong Kong.
[Established on 20-03-2000 bearing BR No. 30791742-001-03]
Diaglobe (HK), Hong Kong.
[Established on 20-03-2000 bearing BR No. 30791742-002-03]
Diasqua Solitaire, Hong Kong.
[Established on 20-04-2012 bearing BR No. 30791742-004-03]
Associated Companies:-
Diasqua Group of
Companies
Billion City (H.K.) Ltd., Hong Kong. [Trading as “Diafuego”]
Diafuego, Belgium.
Diaglobe BVBA, Belgium.
Diaglobe Inc., USA.
Diamond Dealers HK Ltd., Hong Kong.
Diasqua (Pacific) Pty. Ltd., Australia.
Diasqua (Shanghai) Ltd., China.
Diasqua (Thailand) Co. Ltd., Thailand.
Diasqua Europe BVBA, Belgium.
Diasqua Impex Pte. Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt. Ltd., India.
Diasqua International DMCC, UAE.
Diasqua International Ltd., Taiwan Branch.
Diasqua Middle East LLC, UAE.
Diasqua Nippon Co. Ltd., Japan.
Diasqua Singapore Pte. Ltd., Singapore.
Pretty Jewellery International Ltd., Hong Kong.
etc.
Affiliated
Companies:-
Prism Group of Companies
Anand Enternational, India.
Colo Jewellery Company, Hong Kong.
Prism (USA) Inc, USA.
Prism Diamond Co. Ltd., Thailand.
Prism International, India.
Prism Jewellery Company, Hong Kong.
Prismdia Ltd., Hong Kong.
etc.
30791742-003-03
Manager: Mr. Nimesh Piyush Mehta
Contact Person: Mr. Lensy Leung, Mr. Ashit Shah
Diasqua International Ltd., Hong Kong.
The subject was established on 17th May, 2000 as a sole ownership firm with Diasqua International Ltd. as the proprietor under the Hong Kong Business Registration Regulations.
Formerly the subject was located at Room 705-707, 7/F., Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September 2004.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Diamond Trader.
Lines: All kinds of diamonds and jewellery products, gold and silver products, precious stones,
etc.
Employees: 17. (Including associates)
Materials/Commodities: Imported from India, Belgium, Israel, other European countries, etc.
Markets: Japan, India, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
· Diamond Federation of Hong Kong, China Ltd., Hong Kong.
Hong
Kong Jewelry Manufacturers’ Association, Hong Kong.
Capital Provider: Not disclosed. Provided by Sole Owner.
Profit or Loss: Parent makes a small profit every year.
Condition: Keeping in an active state.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Diajewel (HK) is operated by Diasqua International Ltd. [Diasqua Intl] which is a Hong Kong-registered firm located at the same operating address as the subject.
Established in May 2000, the subject is a member of the Diasqua Group. It is trading in loose diamonds, carat-size diamonds, fancy diamonds, certificated diamonds, diamond studded gold jewellery, etc.
The subject is a wholesaler of diamonds ranging from 0.30 to 10 carats certified by GIA and HRD, collection of perfectly matched pair. It also sells polished diamonds of all sizes, shapes, colours and clarities.
The manager of the subject is Mr. Nimesh Piyush Mehta who is an Indian.
In order to penetrate the international market further, Diasqua Intl has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. Over the past years, the subject has taken part in the following Shows and Fairs:-
USA
· JCK Las Vegas Show.
Europe
· Basel, Switzerland.
Hong
Kong
· HK Int’l Jewellery Show;
· Hong Kong Jewellery & Watch Fair; &
· Hong Kong Jewellery & Watch Fair.
Macau
· January Macau Jewellery & Watch Fair;
· Macau Jewellery & Watch Fair.
It took part in “HKTDC Hong Kong International Jewellery Show 2013” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
Besides, 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..
Incorporated on 20th March, 2000, Diasqua Intl is wholly-owned by the Mehta family. Having issued 90 million ordinary shares (increased from 55 million to 65 million on 15th April, 2010, and further to 90 million on 20th January, 2011) of HK$1.00 each, Diasqua Intl is jointly owned by Mr. Nimesh Piyush Mehta, holding 70 million shares which account for 77.8%; and Mr. Romy Piyush Mehta, holding 20 million shares, account for 22.2%.
Diasqua Intl has a wide network of international offices situated in India, Singapore, Thailand, Taiwan, Japan, Australia, Belgium, the United States, Israel, the United Arab Emirates and China.
The trade names of
Diasqua Intl are the following four:-
· Diasqua (HK)
Diaglobe
(HK)
Diajewel
(HK) – the subject
Diasqua
Solitaire
The directors of Diasqua Intl are the members of the Mehta family who have been in Hong Kong for a very long time.
The associated companies of Diasqua Intl are Pretty Jewellery Int’l Ltd. and Diafuego. The former is engaged in manufacturing diamond studded gold jewellery while the latter, operated by Billion City (H.K.) Ltd., is engaged in manufacturing diamond studded gold figurines, diamond watches and diamond accessories. Both firms are also located at the operating address of the subject.
The Diasqua Group is a dedicated member of the diamond, gems and jewellery industry with strong roots dating back to three generations. Today its core business involves in sourcing, distributing and marketing of an extensive range of polished diamonds.
For more than seventy years, the Group’s skills and reputation have passed from generation to generation each driven by a passion for diamonds and zeal for enterprise. Over the years, the Group has developed a strong liaison with its customers, suppliers and business associates.
With humble beginnings in Madras (now known as “Chennai”) dating back to 1933, the Group’s global marketing network has extended to twelve offices in ten countries.
In 1996 and 1999 respectively, the Group set up a branch company in New York and Los Angeles, the United States. In 2000, the Group set up its first venture in the Southern Hemisphere-Diasqua (Pacific) Pty. Ltd. in Sydney, Australia. In 2003, Diasqua Middle East LLC located at Dubai was incorporated, operations started in August of the same year. In 2006, Diasqua India Pvt. Ltd. was established in India.
In 2010, Diasqua International DMCC was form in Dubai, the United Arab Emirates.
Now, the global networks of the Diasqua Group are set up in New York, London, Antwerp, Dubai, Mumbai, Hong Kong, Bangkok, Taipei, Tokyo, Singapore, Sydney, etc. The business of the Group keeps on improving as it has had numerous customers coming from more than fifty countries of the world.
Now, the Group has become one of the significant diamond trading Groups of the world. The Group also sells its products online. Its e-commerce is under development.
The subject is fully supported by the Diasqua Group which has a very significant annual sales turnover. The Group has had numerous customers coming from more than fifty countries of the world.
The associated company of the subject Prismdia Ltd., a Hong Kong‑registered firm, is located at a different address. It is a joint venture between the Mehta family and Mr. Sureshkumar Ravjibhai Ghevriya who is also an Indian.
The history of the subject in Hong Kong is about thirteen years. Business is active and steady.
The contact person is Mr. Ashit Shah who is also an Indian.
On the whole, consider the subject good for normal business engagements.
DIASQUA
INTERNATIONAL LTD.
[Trading as: DIASQUA (HK), DIAGLOBE (HK), DIAJEWEL (HK) and DIASQUA SOLITAIRE]
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
30791742
0709126
20th March, 2000.
Nominal Share Capital: HK$90,000,000.00 (Divided into 90,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$90,000,000.00
(As per registry
dated 20-03-2012)
|
Name |
|
No.
of shares |
|
Nimesh
Piyush MEHTA |
|
70,000,000 |
|
Romy Piyush MEHTA |
|
20,000,000 |
|
|
|
––––––––– |
|
|
Total: |
90,000,000 ======== |
(As per registry
dated 20-03-2012)
|
Name (Nationality) |
Address |
|
Nimesh Piyush
MEHTA |
Flat 16B & C, 16/F., Block
3, Pare Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong. |
|
Romy Piyush
MEHTA |
Flat 16B & C, 16/F., Block
3, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong. |
(As per registry
dated 20-03-2012)
|
Name |
Address |
Co.
No. |
|
First Island Secretaries Ltd. |
Room 905, 9/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0049295 |
HK$4,716,683.08
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-03-2012)
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.