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Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
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Name : |
4C'S
DIAMONDS DISTRIBUTORS |
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Registered Office : |
c/o Diamart Ltd. Room 1724A, 17/F., Star House, |
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Country : |
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Date of Incorporation : |
11.03.1988 |
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Com. Reg. No.: |
11655488-000-03 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
importer and wholesaler
of precious stones, polished, cut, rough, loose diamonds & jewellery
products |
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No. of Employees : |
08 (Including
associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
|
Source : CIA |
4C’S DIAMONDS
DISTRIBUTORS
c/o Diamart Ltd.
Room 1724A, 17/F., Star House,
PHONE: 852-2877 3191, 2377 1635
FAX: 852-2801 4925, 2801 4910
E-MAIL: jayesh@netvigator.com
Manager: Mr. Arvind Kashinath Jadhav
Establishment: 11th March, 1988.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader and Distributor.
Employees: 8. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Registered Office:-
c/o Diamart Ltd.
Room 1724A, 17/F., Star House,
Mailing Address:-
Associated/Affiliated
Companies:-
* Diamart
Ltd.,
* Digico
Holdings Ltd.,
Gitanjali Gems Ltd.,
* Trans Exim
Ltd.,
(* same address)
11655488-000-03
Manager: Mr. Arvind Kashinath Jadhav
Contact Person: Mr. Nilesh Ratilal Sedani
Name: Mr. Arvind Kashinath JADHAV
Residential Address: Flat
G, 6/F., Tower 23A, Laguna Verde, Hunghom,
Name: Mr. Mayank Navnitlal SHAH
Residential Address: 602
Posetdon Patio Building, 2-2-11 Moto Asakusa, Taito-ku,
The subject was established on 11th March, 1988 as a partnership concern jointly owned by Mr. Chetan Chinubhai Choksi and Mr. Jayeshkumar Indravadan Shah under the Hong Kong Business Registration Regulations.
The following
table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Chetan Chinubhai CHOKSI |
11-03-1988 |
01-04-1997 |
|
Jayeshkumar Indravadan SHAH |
11-03-1988 |
01-04-2000 |
|
Nishit Dinesh MEHTA |
23-03-1993 |
15-11-2000 |
|
Amit Haresh Kumar PATWA |
01-04-2000 |
25-08-2010 |
|
Nilesh Ratilal SEDANI |
15-11-2000 |
15-11-2003 |
|
Hitesh Laltibhai MEHTA |
15-11-2000 |
01-04-2011 |
|
Arvind Kashinath JADHAV |
25-08-2010 |
--- |
|
Mayank Navnitlal SHAH |
01-04-2011 |
--- |
Initially the subject was located at A-3, 9/F., Hankow Centre, 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1101, 11/F., Century Square, 1-13 D’Aguilar Street, Central, Hong Kong in November 1993; to Room 1724, 17/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong in June 2000; to Flat G, 7/F., Kim Hing Mansion, 49‑51 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong in February 2002; to Flat 5, 9/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong in May 2003; and further moved to the present address in April 2007.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Distributor and Wholesaler.
Lines: All kinds of diamonds, jewellery and gemstones.
Employees: 8. (Including associates)
Commodities Imported:
Markets: Hong
Kong, other Asian countries,
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
·
Diamond Federation of Hong Kong, China Ltd.,
The
Indian Chamber of Commerce Hong Kong,
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a rather active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
·
The Royal Bank of
The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing:
4C’s Diamonds Distributors is a partnership jointly owned by
Mr. Arvind Kashinath Jadhav and Mr. Mayank Navnitlal Shah, both of whom are
Indian. The latter joined in the subject
on 1st April, 2011 while its old partner Hitesh Laltibhai Mehta retired on the
same date. Jadhav is a Hong Kong ID Card
holder and has got the right to reside in
At the very beginning, the subject was jointly set up by Mr. Jayeshkumar Indravadan Shah and Mr. Chetan Chinubhai Choksi. However, J. I. Shah retired from the subject on 1st April, 2000 and set up another firm known as Harshdiam. Being also a diamond trader, Harshdiam was set up on 29th September, 1993.
The subject is sharing the operating office with the following Hong Kong-registered firms:-
· Diamart Ltd.;
Digico
Holdings Ltd.; &
Trans
Exim Ltd.
The
subject is engaged in importing and wholesaling precious stones, polished, cut
and rough and loose diamonds imported
from
The
subject has got an affiliated factory in
The subject’s affiliated concern Trans Exim Ltd. [Trans Exim] is also a diamond trader. Having issued 1 million ordinary shares of HK$1.00 each, Trans Exim is jointly owned by Arvind Kashinath Jadhav who is holding 60% interests, and Mr. Zenit Chetan Kumar Shah, holding 40%. Most of the time, Z. C. K. Shah, an India passport holder, is residing in Shenzhen Special Economic Zone, China administering the production in China. Jadhav is the Managing Director of Trans Exim.
In 2005, Trans Exim got an award from The Gem & Jewellery Export Promotion Council of India.
The
subject’s another affiliated concern Digico Holdings Ltd. [Digico] is also a
significant diamond trader. This firm
has had branch companies in the
Digico
is the pioneer of branded jewellery in
Currently,
Digico Group is operating about 27 retail outlets under the name “Giantti”
in
Digico
also has had a strong retail presence in
Digico
has had wholesaling and retailing activities in its core markets
The business of the subject is active. Making a small profit every year.
The
subject is supported by its associated firms.
It is a member of The Indian Chamber of Commerce Hong Kong,
The contact persons of the subject are Mr. Nilesh Ratilal Sedani, Mr. Hitesh Mehta and Mr. Patwa Amit Kumar.
As
the history of the subject in
REMARK:
Property
information of affiliate:-
Property Location: Room
1724 on 17/F., Star House,
Owner: Diamart Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
04-03-2005 |
- |
Belgian Bank, Hong Kong Branch. [Business was taken over by Industrial
& Commercial Bank of |
Mortgage to secure general banking facilities |
DIAMOND INDUSTRY –
-
From time immemorial,
-
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.
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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.
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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.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-concern 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 –
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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,
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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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
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.