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Report Date : |
13.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
DHARAM CREATIONS (HK) LTD. |
|
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Registered Office : |
Unit 3, 3/F., Harbour Centre, Tower 2, |
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Country : |
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Date of Incorporation : |
07.07.2004 |
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Com. Reg. No.: |
34748434 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER
AND EXPORTER OF ALL KINDS OF DIAMONDS AND JEWELLERY |
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No. of Employees : |
6 |
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 |
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Status : |
Good |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Source
: CIA |
DHARAM CREATIONS
(HK) LTD.
Unit 3, 3/F., Harbour Centre, Tower 2,8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
(Formerly located at:
Unit 107, 1/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. )
PHONE: 852-2723 1466
FAX: 852-2722 6214
E-MAIL: info@dharamhk.com
manish@dharamhk.com
Managing Director: Mr. Manishkumar Vallabhbhai Mangukia
Incorporated on: 7th
July, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$19,400,000.00
Issued: HK$17,610,000.00
Business Category: Diamond Trader.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
DHARAM CREATIONS (HK)
LTD.
Registered
Office:-
Unit 3, 3/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
Associated/Affiliated
Offices:-
Mumbai Office
Dharmanandan
Diamonds Pvt. Ltd.
1014-16, Prasad Chambers, Opera House, Mumbai 400004, India.
Tel: 91 22 4004 1111~5
Fax : 91 22 6635 5533
E-mail: info@dharmanandan.com
Surat Factory
Dharmanandan
Diamonds Pvt. Ltd.
Behind Patel Faliya, Gotalawadi, Katargam Road, Surat 395004, Gujarat,
India.
Tel: 91 261 253 3777
Fax: 91 261 253 3775
USA Office
Dharm
International LLC
Suite 506, 15 West, 47th Street, NY 10036, New York, USA.
Tel: 1 212 398 7777~8
Fax: 1 212 398 7775
E-mail: bhavesh@dharmanandan.com
Belgium Office
Dharm
Diam B.V.B.A.
30, Hoveniersstraat, Suite No.428, Box No.133, 2018, Antwerp, Belgium.
Tel: 323 234 1444
Fax: 323 234 1445
E-mail: sandip@dharmdiam.com
Holding
Company:-
DDL Investment Ltd., Mauritius.
Associated/Affiliated
Companies:-
Dharm Diam B.V.B.A., Belgium.
Dharm Exim (Exporters of Diamonds & Diamond Jewellery), India.
Dharm International LLC, USA.
Dharmanandan Diamonds Pvt. Ltd., India.
Dia Image Export, Hong Kong.
34748434
0910307
Managing Director: Mr. Manishkumar Vallabhbhai Mangukia
Nominal Share Capital: HK$19,400,000.00 (Divided into 8,500,000 Ordinary
shares of HK$1.00 each and 1,090
Preference shares
of HK$10,000.00 each)
Issued Share Capital: HK$17,610,000.00
(As per registry dated 07-07-2013)
|
Name |
|
No. of shares |
|
|
|
|
Ordinary |
Preference |
|
DDL Investment Ltd. Les Cascades, Edith Cavell Street, Port Louis, Mauritius. |
|
7,870,000 |
740 |
|
Sandipkumar Dayalbhai PATEL |
|
- |
234 |
|
|
|
–––––––– |
––– |
|
|
Total: |
7,870,000 ======= |
974 === |
(As per registry dated 07-07-2013)
|
Name (Nationality) |
Address |
|
Vipulbhai Purshottambhai SUTARIYA |
Flat A, 5/F., Kimberly Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
|
Hareshbhai Ramajibhai PATEL |
Flat D, 3/F., Tower 21, Laguna Verde, Laguna Grande, Hunghom, Kowloon,
Hong Kong. |
|
Manishkumar Vallabhbhai MANGUKIA |
Flat G, 27/F., Tower 23A, Laguna Verde, Ocean Vista, Hunghom, Kowloon,
Hong Kong. |
(As per registry dated 07-07-2013)
|
Name |
Address |
Co. No. |
|
Sovereign Secretaries (HK) Ltd. |
Suite 1601-1603, 16/F., Kinwick Centre, 32 Hollywood Road,
Central, Hong Kong. |
0280990 |
The subject was incorporated on 7th July, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at
Suite 1601‑1603, 16/F., Kinwick Centre, 32 Hollywood Road, Central,
Hong Kong, moved to Unit 107, 1/F., Chevalier House, 45-51 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong in August, 2008.
With effect from 4th November, 2013 the subject’s registered office and
operating office moved to the present address.
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.
Brand name: “Dharmanandan
Diamonds”.
Employees: 6.
Commodities Imported: Belgium, India, other Asian countries, etc.
Markets: Asia,
Europe, North America, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$19,400,000.00 (Divided into 8,500,000
Ordinary shares of HK$1.00 each and 1,090
Preference shares of HK$10,000.00 each)
Issued Share Capital: HK$17,610,000.00
Increases of Nominal Capital:-
|
From |
HK$5,000,000.00 |
to |
HK$
8,900,000.00 |
on |
23-10-2009 |
|
From |
HK$8,900,000.00 |
to |
HK$19,400,000.00 |
on |
15-03-2011 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$
3,570,000.00 |
|
23-10-2009 |
paid up |
HK$
3,900,000.00 |
|
15-03-2011 |
paid up |
HK$10,140,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$17,610,000.00 ============== |
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every years.
Condition: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Wing Lung Bank Ltd., Hong Kong.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Antwerpse
DiamantBank NV
(also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Standing: Good.
Dharam Creations (HK) Ltd. was jointly owned by three Indian and an
India firm. Its old holding company
Dharmanandan Diamonds Pvt. Ltd. was an India-based firm. However, the holding company changed in late
2009. The equity of each shareholders
also has changed. Now, its holding
company DDL Investment Ltd. [DDL] is a Mauritius-registered firm. Since 2nd March, 2011, the subject has become
a wholly-owned subsidiary of DDL. All
the directors of the subject are Indian while each of them is holding a Hong Kong
ID. Mr. Manishkumar Vallabhbhai Mangukia
is the managing director of the subject who is residing in Hong Kong most of
the time.
The subject moved to the present in early November 2013.
The subject in fact is a member of Dharmanandan Group [Dharmanandan]
which is one of the largest manufacturers of bigger size diamonds in India.
The subject is dealing in 0.01 cts to 3 cts diamond with D-J colour
VVW. According to the subject, it is
dealing in the following diamonds:-
Loose diamonds, certified diamonds, pearls, loose diamond stones, loose
round diamonds, loose polish diamonds, loose cut diamonds, colour diamonds,
diamond gem, clarity diamonds, carats diamonds, loose princess diamond, loose
emerald diamond, polished diamonds, loose diamond stone, round diamond, loose
cut diamond, GIA certified diamonds, square diamonds, branded diamonds, pear
cut diamond, brilliant cut diamond, princess, marques, pears, baguettes, etc.
Its jewellery products include rings, earrings, necklaces, pendants,
etc. Most of the products bear the brand
name Dharmanandan Diamonds.
Its products are exported to China, South Korea, India, Southeast Asia,
Africa, the Middle East, Central & South America, Belgium, the United
Kingdom, the United States, Canada, Australia, etc. and also marketed in Hong
Kong.
The subject has had several employees stationing in China in order to
penetrate the China market.
Dharmanandan, founded in 1992, is a Sightholder of the Diamond Trading
Company [DTC].
Dharmanandan Diamonds is an ISO 9001-2000 certified company, spreads
over 250,000 square feet area with modern hi-tech infrastructure. Having a work force of more than 6,000
employees, it is able to produce about 500,000 carats of polished diamond
ranging from 0.01 Cts to 3.00 Cts.
The factory of Dharmanandan Diamonds supplies the subject with all kinds
of loose diamond products.
Dharmanandan had achieved GJEPC 34th - 38th, for consecutive 5 times,
best exporter awards. It also had got
the Shree Award for consecutively 6 years from 2005 to 2010.
Dharmanandan has been doing business in this field for over 20
years. It has been manufacturing a wide
range of products. Its main products are
round diamonds which are customize-made.
Most of the products are fancy shapes like princess, marques, pears,
baguettes etc. with various sizes, colours and clarities.
Dharmanandan got the ISO 9001-2000 certification in 2008. Currently, Dharmanandan has set up an office
in Antwerp, Belgium, where is a diamond trading centre. In recent year, it also has set up an office
in New York, the United States. The US
office is able to make the Group further penetrate the US market.
The subject is fully supported by Dharmanandan. Annual sales turnover is significant.
The subject has taken part in fairs and exhibitions held in Hong Kong
and other foreign large cities. It
usually takes part in Hong Kong International Jewellery Show which is held in
Hong Kong annually.
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. Its booth No. are 3G-C12, S225-01.
The history of the subject in Hong Kong is over nine years and four
months.
On the whole, consider the subject good for normal business engagements.
Property information of
the company:-
1. Property Location: Unit 107 on 1/F., Chevalier House,
45-51 Chatham Road South, Kowloon, Hong Kong.
Owner: Dharam Creations (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-12-2010 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: 5/F. of Block A, Kimberley Mansion, 15
Austin Avenue, Kowloon, Hong Kong.
Owner: Dharam Creations (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-12-2010 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
13-09-2008 |
Instrument: Debenture Property: 1) All stocks shares bonds
and securities of any kind whether marketable or otherwise and all other
interests including loan capital of the Company 2) All book and other
debts revenues and claims 3) The uncalled capital
goodwill and all patents patent applications trade marks trade names
registered designs and copyrights and all licences and ancillary and
connected rights 4) The undertaking and
all other assets of the Company Mortgagee: Antwerpse DiamantBank NV (also known
as Antwerp Diamond Bank NV), Hong Kong Branch. |
All money and the discharge of all obligations and liabilities |
|
14-06-2010 |
Instrument: Memorandum Property: Distinctive 91220300001202 09-06-2010 US$500,000.00 07-06-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
22-12-2010 |
Instrument: Mortgage Property: 193/19,060th parts or shares of and in The Remaining Portion of
Kowloon Inland Lot No. 7072, and Kowloon Inland Lot No. 8670, 8567 & 7074
(Unit 7 on 1/F. of Chevalier House, 45‑51 Chatham Road South,
Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
22-12-2010 |
Instrument: Mortgage Property: 1/16th part or share of and in section A of Subsection 1 of Section A
of Kowloon Inland Lot No. 6018 (5/F. of Block A of Kimberley Mansion, 15
Austin Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
27-06-2011 |
Instrument: General Letter of Hypothecation Property: All goods and all bills of exchange, promissory notes and negotiable instruments
of any description, all bills of lading, dock warrants, delivery orders,
warehouse warrants and receipts and other documents of title to or documents
relating to goods, and all goods thereby represented or to which such
documents relate and all policies and certificates of insurance Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
03-01-2013 |
Instrument: Mortgage Property: All Those 54/5767 parts or shares of and in The Remaining Portion of
Kowloon Marine Lot No. 113 (Workshop Unit No. 03 on 3/F.Harbour Centre Tower
2, 8 Hok Cheung Street, Kowloon, Hong Kong. Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities and
interest thereon |
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.
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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.
-
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.63.59 |
|
|
1 |
Rs.101.56 |
|
Euro |
1 |
Rs.85.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.