|
Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA INTERNATIONAL LTD |
|
|
|
|
Registered Office : |
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East,
Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.03.2000 |
|
|
|
|
Reg. No.: |
30791742 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery products,
gold and silver products, precious stones, etc. |
|
|
|
|
No. of Employees : |
16. (Including subsidiaries and
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 INTERNATIONAL
LTD
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
PHONE: 2209 6600, 2723 0237,
2209 6633, 2209 6690
FAX: 2209 6620, 2739 3132
E-MAIL: facets@diasqua.com
Managing Director: Mr. Nimesh
Piyush Mehta, Tony
Incorporated on: 20th March, 2000.
Organization: Private
Limited Company.
Capital: Nominal: HK$90,000,000.00
Issued: HK$90,000,000.00
Business Category: Diamond
Trader.
Employees: 16. (Including subsidiaries and associates)
Main Dealing Banker: Bank of
India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
Business
Names:- (Same address)
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]
Diajewel (HK), Hong Kong.
[Established on 17-05-2000 bearing BR No. 30791742-003-03]
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 (Thailand) Co. Ltd., Thailand.
Diasqua Impex Pte. Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt. Ltd., India.
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
0709126
Managing Director: Mr. Nimesh
Piyush Mehta, Tony
Contact Persons: Mr. Rajan Lyer
(Mobile: 6478 3675)
Mr. Jignesh
Mr. Lensy Leung
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 B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin,
Kowloon, Hong Kong. |
|
Romy Piyush MEHTA |
Flat B & 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 |
The subject was incorporated on 20th March, 2000 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
and Exporter.
Lines: All kinds of diamonds
and jewellery products, gold and silver products, precious stones, etc.
Employees: 16. (Including subsidiaries and 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.
Nominal Share Capital: HK$90,000,000.00 (Divided into 90,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$90,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 55,000,000.00 |
|
15-04-2010 |
paid up |
HK$ 10,000,000.00 |
|
20-01-2011 |
paid up |
HK$ 25,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 90,000,000.00 ============== |
Indebtedness: HK$4,716,683.08 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 20-03-2012)
Mortgage or Charge (since October 2011):
(See attachment)
Profit or Loss: Operation
is conducted on a profitable basis.
Condition: Maintained in an active
condition.
Facilities: Is making use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 90 million ordinary shares of HK$1.00 each, Diasqua
International Ltd. is jointly owned by Mr. Nimesh Piyush Mehta, holding 77.8%
interests; and Mr. Romy Piyush Mehta, holding 22.2%. Being Hong Kong ID holders, both are
also directors of the subject. The
subject in fact is wholly-owned by the Mehta family.
The subject is a member of the Diasqua Group. Its business names Diasqua (HK), Diaglobe
(HK), Diasqua Solitaire and Diajewel (HK) are also located at the same
operating address.
Established in March 2000, the subject is trading in loose diamonds,
carat‑size diamonds, fancy diamonds, certificated (GIA & HRD)
diamonds, treated colour diamond, diamond studded gold jewellery, etc. It 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.
In order to penetrate the international market further, the subject 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,
Exhibitions and Fairs:-
USA
Europe
Hong Kong
Macau
For instance, it took part in “HKTDC Hong Kong International Jewellery
Show 2012” which had been held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 16th to 20th February, 2012. It is going to take part in “HKTDC Hong Kong
International Jewellery Show 2013” which will be held in Hong Kong Convention
and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th
March, 2013.
Apart from the above-mentioned exhibition in Hong Kong in 2013, the
subject is going to take part in the following exhibitions:-
Currently, the subject 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 associated companies of the subject 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.
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 contact person of the subject is Mr. Lensy Leung who is a
Hongkongnese. He is an employee of the
subject. The other contact persons are
Mr. Rajan Lyer and Mr. Jignesh. The
former can be reached his mobile phone number 6478 3675.
The subject is fully supported by the Diasqua Group which has a very
significant annual sales turnover.
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 twelve years and eight
months.
On the whole, consider it good for normal business engagements.
(Since October 2011)
|
Date |
Particulars |
Amount |
|
28-11-2011 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecate and charge to the Bank by way of charge on all the book
debts outstandings, moneys receivable, claims and bills Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
|
28-11-2011 |
Instrument: Hypothecation of Tangible Moveable
Property Property: All tangible moveable assets of borrower
including in particular stocks of all goods of diamonds, gem, precious
stones, jewellery, gold, furniture and fixtures and plant and machinery, etc. Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
|
28-11-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any
other documents representing or relating to goods Mortgagee: Bank of India, Hong Kong Branch. |
All the money now granted by the Bank and the Company now owing to the
Bank, and inclusive of the monies |
|
01-12-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR TDR TDR Date of Deposit: 21-01-2011 01-04-2011 01-12-2011 Amount: US$883,641.90 US$649,451.23 US$600,000.00 Due Date: 30-01-2012 02-04-2012 03-12-2012 Rate of Interest: 1.53% 1.55% 1.55% Mode of Payment Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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.54.27 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.70.99 |
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.