|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TWINKLEDIAM HONG KONG LTD. |
|
|
|
|
Registered Office : |
13/F., Hang Shun Commercial Building, 12 Cameron Road, Tsimshatsui,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
31.10.1996 |
|
|
|
|
Com. Reg. No.: |
20353241 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds |
|
|
|
|
No. of Employees : |
5 |
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 – 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 |
TWINKLEDIAM HONG
KONG LTD.
13/F., Hang Shun Commercial Building, 12 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-2739 1001
FAX: 852-2739 1011
E-MAIL: twinklehongkong@msureshco.com
darsan@netvigator.com
Managing Director: Mr. Darsan Jitendra Jhaveri
Incorporated on: 31st
October, 1996.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Diamond Trader.
Employees:
5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TWINKLEDIAM HONG
KONG LTD.
Registered Head
Office:-
13/F., Hang Shun Commercial Building, 12 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
M. Suresh Co. Private Ltd., India.
20353241
0572594
Managing Director: Mr. Darsan
Jitendra Jhaveri
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 31-10-2012)
|
Name |
|
No. of shares |
|
Vijaykumar Chunilal ADANI |
|
450,000 |
|
Nilesh R. PETHANI |
|
40,000 |
|
Darsan Jitendra JHAVERI |
|
10,000 |
|
|
|
––––––– |
|
|
Total: |
500,000 ====== |
(As per registry dated 31-10-2012)
|
Name (Nationality) |
Address |
|
Darsan Jitendra JHAVERI |
Flat A, 17/F., Block 1, Carmen’s Garden, 9 Cox’s Road, Yau Ma Tei,
Kowloon, Hong Kong. |
|
Nilesh R. PETHANI |
Quinten Matsuslei 17/18, 2018 Antwerpen, Belgium. |
|
Vijaykumar Chunilal ADANI |
203, Dharam Palace, Mr. Umra Jakat, AT Mak Athwaline, Surat Gujarat,
India. |
(As per registry dated 31-10-2012)
|
Name |
Address |
Co. No. |
|
Pan Talent Ltd. |
Room 2105, 21/F., Office Tower, Langham
Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong. |
0603098 |
The subject was incorporated on 31st
October, 1996 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject was located at Unit A,
9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong
Kong, moved to the present address with effect from 3rd June, 2013.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Employees: 5.
Commodities Imported: India, Belgium, Israel, Thailand, etc.
Markets: Asian
countries, Middle East, Europe, North America, etc.
Terms/Sales:
L/C, T/T, D/P, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Profit or Loss: Making a small profit every year.
Condition:
Business is
satisfactory.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank
N.V., Hong Kong Branch.
Standing: Good.
Having issued 500,000 ordinary shares of HK$1.00 each, Twinklediam
Hong Kong Ltd. is jointly owned by Mr. Darsan Jitendra Jhaveri, holding 2%
interests; Mr. Nilesh R. Pethani, holding 8%; and Mr. Vijaykumar Chunilal
Adani, 90%. Pethani and Adani are India
passport holders. Currently the former
is residing in Antwerpen, Belgium while the latter, residing in India.
The business of the subject is chiefly handled by Darsan Jitendra
Jhaveri who is a Hong Kong ID Card holder and has got the right to reside in
Hong Kong permanently. He is also the
managing director of the subject.
The subject is a diamond importer, exporter and wholesaler. It is an associated company of M. Suresh Co.
Private Ltd. [Suresh] which is an India‑based firm. The subject is trading in Suresh’s products
.
The followings are its main commodities carried:-
The subject exports its commodities to the following countries and
regions: Africa, Australasia, Central & South America, China, Eastern
Europe, Japan, South Korea, the Middle East, North America, Scandinavia,
Southeast Asia, Taiwan, India, Other Asian Countries, Western Europe, Russia,
etc.
Suresh is the flagship firm of the M. Suresh Group — a leading business
group that has been building a strong global presence in the jewellery
business. Suresh has been a leading
diamond manufacturer, importer and exporter of cut and polished diamonds since
1968. Presently, it exports jewellery
products to the United States, Europe, Japan, Southeast Asia, Israel, the
United Arab Emirates and Canada.
Suresh has been an Indian Government recognized trading house and the
Diamond Trading Company [DTC] Sight holder since 1993. This company is known for its “flawless cut,
consistency in assortment and for its commitment to stringent product quality”.
Concentrating on the core strengths of rough diamond sales, diamond
cutting and polishing, polished diamond sales and diamond jewellery manufacture
and supply, Suresh has set up four divisions.
These divisions have developed closed business ties with a number of
customers in diamond community throughout the world.
Suresh has completed the integration of purchasing, manufacturing,
marketing and sales. Programs for
continued improvement in its manufacturing facilities – both in the use of
technology and the training of its workers – are playing important roles in the
firm.
Suresh has had diamond-processing units at Mumbai and Surat of India
which provide approximately 70% of requirements. It also has in place contractual arrangements
with about 50 contractors in Surat and Mumbai, most of work exclusively for the
firm.
Besides the subject, Suresh has set up associated companies in the
United States, Belgium and Israel.
Suresh may be one of the main suppliers in India of the subject.
Currently Suresh has had diamond processing facilities in Mumbai and
Surat. It has had over 2,000 employees.
The subject is also a DTC Sight holder of De Beers. Worldwide it is known as Twinklediam. In India, it is one of the largest DTC Sight
Holders. It is in the “PPP category” in
De Beers group.
The subject also has offices at Mumbai and Surat in India, Antwerp in
Belgium, Ramat-Gan in Israel, and New York in the United States.
Twinklediam has factories in various locations in India. Recently it has started a new factory where
its cuts diamonds in size 0.50 and above.
Twinklediam is one of the biggest manufacturers in India for +11 and
above size up to 2.00 carats. It is
specialized in rounds and marquise and it also manufactures various other fancy
cuts.
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. For instance, 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 the same Convention and Exhibition
Centre during the period of 5th to 9th March, 2014.
The subject is fully supported by Suresh.
The history of the subject in Hong Kong is about seventeen years. Business is active. On the whole, consider it good for normal
business engagements.
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.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
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.