|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA (HK) |
|
|
|
|
Registered Office : |
Room 401-402, 4/F., Guard force Centre, 3 Hok Yuen Street East,
Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.03.2000 |
|
|
|
|
Com. Reg. No.: |
30791742-001-03 |
|
|
|
|
Legal Form : |
Sole Ownership |
|
|
|
|
Line of Business : |
Importer and Exporter of All kinds of diamonds and jewellery products,
gold and silver products, precious stones |
|
|
|
|
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 : |
Good |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
DIASQUA (HK)
(Operated by DIASQUA INTERNATIONAL LTD.)
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-2209 6600, 2723 0237
FAX: 852-2209 6689
E-MAIL: tony@diasqua.net
ashit@diasquasolitaire.com
ashit@diasqua.net
Manager: Mr. Nimesh Piyush Mehta
Establishment: 20th
March, 2000.
Organization: Sole
Ownership.
Capital Provider: Provided
by Sole Owner.
Business Category: Diamond and Watch Trader.
Employees: 17. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DIASQUA (HK)
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:-
Diaglobe (HK), Hong Kong.
[Established on 20-03-2000 bearing BR No. 30791742-002-03]
Diajewel (HK), Hong Kong.
[Established on 17-05-2000 bearing BR No. 30791742-003-03]
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.
30791742-001-03
Manager: Mr. Nimesh Piyush Mehta
Contact Person: Mr. Lensy Leung, Mr. Ashit Shah
Diasqua International Ltd., Hong Kong.
(See attachment)
The subject was established on 20th March, 2000 as a sole ownership firm
with Diasqua International Ltd. as the proprietor under the Hong Kong Business
Registration Regulations.
Originally the subject was registered under the name of Diasqua
(Hong Kong), name changed to the present style on 7th April, 2000.
Initially 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: Importer
and Exporter.
Lines: All
kinds of diamonds and jewellery products, gold and silver products, precious
stones
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: Provided by Sole
Owner.
Profit or Loss: Parent
makes a small profit every year.
Condition: Keeping in an active state.
Facilities: Making rather active 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.
Diasqua (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 March 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, diamond watches, 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 subject also trades in Diafuego Diamond Watches. Diafuego was established by Diasqua Group as
its watch manufacturing and marketing arm.
In 2006, the operations of Thailand and Taiwan merged with the business
of the subject and Diasqua Intl.
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 and principal subsidiaries of
Diasqua Intl are the following seven:-
·
Diafuego;
·
Diaglobe (HK);
·
Diajewel (HK);
·
Diasqua (HK) – the subject;
·
Diasqua Solitaire;
·
Pretty Jewellery Int’l Ltd.; &
·
R. T. Diamonds (HK) Ltd.
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 over 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 20-03-2013)
|
Name |
|
No. of shares |
|
Nimesh Piyush MEHTA |
|
70,000,000 |
|
Romy Piyush MEHTA |
|
20,000,000 |
|
|
|
––––––––– |
|
|
Total: |
90,000,000 ======== |
(As per registry dated 20-03-2013)
|
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 20-03-2013)
|
Name |
Address |
Co. No. |
|
First Island Secretaries Ltd. |
Room 905, 9/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0049295 |
HK$407,449,932.43 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
20-03-2013)
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.62.34 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.