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Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
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Name : |
INTER-GEMS (H.K.) LTD. |
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Registered Office : |
5/F., Kaiseng Commercial Centre, |
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Country : |
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Date of Incorporation : |
15.10.1997 |
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Com. Reg. No.: |
21311654 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
50. (Including associates) |
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) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
INTER-GEMS (H.K.)
LTD.
ADDRESS: 5/F., Kaiseng Commercial
Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 5589
FAX: 2368 9116
E-MAIL: dipan@inter-gemshk.com
Managing Director: Mr. Dipan
Jagdish Patel
Incorporated on: 15th
October, 1997.
Organization: Private
Limited Company.
Capital: Nominal: HK$501,000.00
Issued: HK$501,000.00
Business Category: Jewellery Trader.
Group Income: Rs
31,505.85 million (Year ended
31-03-2012)
Employees:
50. (Including associates)
Main Dealing Banker: Hang Seng Bank Ltd.,
Banking Relation: Satisfactory.
Registered Head
Office:-
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon,
Hong Kong.
Holding Company:-
Shrenuj (Mauritius) Pvt. Ltd., Mauritius.
Ultimate Holding
Company:-
Shrenuj & Co. Ltd., India.
Associated/Affiliated
Companies:-
Shrenuj Group of Companies
Alija International Pty. Ltd., Australia.
Arisia Jewellery Pvt. Ltd., India.
Astral Holding Inc., USA.
Astral Jewels LLC, USA.
Astral USA Inc., USA.
Bernie’s International LLC, USA.
Copem & Shrenuj, Italy.
Daily Jewellery Ltd., Hong Kong.
[Trading as Joeliesse] (Same
address)
Ever Gold (HK) Ltd., Hong Kong.
(Same address)
Facet (Hong Kong) Ltd., Hong Kong.
(Same address)
Global Marine Diamond Corporation, USA.
Jomard SAS, France.
Kiara Jewellery (H.K.) Ltd., Hong Kong.
(Same address)
Kiara Jewellery Pvt. Ltd., India.
Lume Germany GmbH, Germany.
Lume Group AG, Switzerland.
Shrenuj (Shanghai) Diamonds Pvt. Ltd., China.
Shrenuj Australia Pty. Ltd., Australia.
Shrenuj Botswana Pty. Ltd., Botswana.
Shrenuj Diajewels Ltd., India.
Shrenuj DMCC, UAE.
Shrenuj Gems & Jewellery Ltd., India.
Shrenuj GmbH, Germany.
Shrenuj Japan Corporation, Japan.
Shrenuj Jewelry (Far East) Ltd., Hong Kong. (Same address)
Shrenuj Lifestyle Ltd., India.
Shrenuj N.V., Belgium.
Shrenuj Overseas Ltd., India.
Shrenuj South Africa Pty. Ltd., South Africa.
Shrenuj USA LLC, USA.
Simon Golub & Sons Inc., USA.
SWA Trading Ltd., Israel.
Trapz LLC, USA.
etc.
21311654
0626569
Managing Director: Mr. Dipan Jagdish
Patel
Nominal Share Capital: HK$501,000.00
(Divided into 501,000 shares of HK$1.00 each)
Issued Share Capital: HK$501,000.00
(As per registry dated 15-10-2012)
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Name |
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No. of shares |
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Dipan Jagdish PATEL |
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5,010 |
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Anita PATEL |
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70,140 |
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Shrenuj (Mauritius) Pvt. Ltd. St. James Court, Suite 308, St. Denis Street, Port Louis, Republic of
Mauritius. |
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425,850 |
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––––––– |
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Total: |
501,000 ====== |
(As per registry dated 15-10-2012)
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Name (Nationality) |
Address |
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Dipan Jagdish PATEL |
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong. |
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Vishal Shreyas DOSHI |
162, Neelamber, 37, Gopalrao Deshmukh Marg, Mumbai 400026, M.S.,
India. |
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Anita PATEL |
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong. |
Dipan Jagdish PATEL (As per
registry dated 15-10-2012)
The subject was incorporated on 15th October, 1997 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 707, 7/F., Kowloon Centre,
33 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present
address in March 2004.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees:
50. (Including associates)
Commodities Imported: India, Belgium, Israel, other European countries, etc.
Markets: Japan,
other Asian countries, etc.
Company Turnover: HK$344,045,733 (Year
ended 31-03-2010)
HK$334,400,897 (Year ended
31-03-2011)
Group Income: Rs 24,565.15 million
(Year ended 31-03-2011)
Rs 31,505.85
million (Year ended 31-03-2012)
Rs 14,433.52
million (6 months ended 30-09-2011)
Rs 15,327.67
million (6 months ended 30-09-2012)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKI0277]
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$501,000.00 (Divided into 501,000 shares of
HK$1.00 each)
Issued Share Capital: HK$501,000.00
Mortgage or Charge (since 2008): (See attachment)
Company Net (Loss)/Profit: HK$1,640,905 (Year ended 31-03-2010)
(HK$ 1,808) (Year ended 31-03-2011)
Group Profit After Taxation:
Rs 542.48 million (Year ended 31-03-2011)
Rs 686.21 million (Year ended 31-03-2012)
Rs 405.61 million (6 months ended 30-09-2011)
Rs 318.55 million (6 months ended 30-09-2012)
Profit or Loss: Subject made a very small loss in 2011.
Condition:
Keeping in an
active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
ICICI Bank Ltd., Hong Kong Branch.
Bank of India, Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
Standing:
Very Good.
Having issued 501,000 ordinary shares of HK$1.00 each, Inter-Gems (H.K.)
Ltd. is a subsidiary company of Shrenuj (Mauritius) Pvt. Ltd. which is a
Mauritius-registered firm. The ultimate
holding company of the subject Shrenuj & Co. Ltd. [Shrenuj] is an
India-based firm. The subject is chiefly
owned by the Patel family, all of whom are Indian.
The subject is 85% interests owned by Shrenuj.
Located at its operating address, the subject has had a number of
associated companies while the main one is Shrenuj Jewelry (Far East) Ltd.
The subject is a diamond importer, exporter and wholesaler. It is dealing in jewellery diamonds ranging
from 2 points to 2 carats, and in all colours — from D to L colours and all
shades of brown. Products include single
cuts, full cuts and fancy shapes — such as princess, baguettes, marquise,
pearl, oval, emerald and heart. It is
trading in the following products:-
FINISHED JEWELLERY
Diamond Jewellery
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White Diamond Jewellery
Gem Set Jewellery
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Emerald Jewellery
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Ruby Jewellery
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Sapphire Jewellery
Gold Jewellery
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14K Gold Jewellery
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18K Gold Jewellery
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Fineness not Specified
MATERIALS
Diamond
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Polished White Diamond
Precious gemstones
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Polished Ruby
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Polished Sapphire
Findings
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Chain
The subject is famous for its carat-size diamons, loose diamonds, GIA
diamonds, etc.
Rough diamonds are imported from India, Belgium, Israel and other
European countries, etc. Polished and
cut products are exported to Japan, Southeast Asia, the Middle East, etc. Business is rather active.
The subject also markets its product online. It sells its product via the website
“BusyTrade.com”. The subject is a DTC
Sight Holder.
Shrenuj is a listed firm with shares actively traded on Bombay Stock
Exchange [BSE] and National Stock Exchange [NSE]. Shrenuj is one of the largest diamond and
jewellery manufacturing companies in India having an international presence in
15 countries with a geographically diversified customer base, favourable
economies of scale, ability to source roughs from strategic partners, growing
retail presence and market linked production mix. Its activities are carried out in accordance
with good corporate practices.
Shrenuj’s policies and practices are not only consistent with the
statutory requirement but also underline its commitment to operate in the best
interest of the stakeholders. It will
continue to focus its resources, strengths and strategies to achieve its vision
of becoming a global company, while upholding the core values of transparency,
integrity, honesty and accountability.
For the year ended 31st March, 2012, the income of the Shrenuj Group
amounted to Rs 31,505.85 million (2011: Rs 24,565.1 million). Group profit after taxation for the year was
Rs 686.21 million (2011: Rs 524.48 million).
For the 6 months ended 30th September, 2012, the income of the Shrenuj
Group amounted to Rs 15,327.67 million (same period of 2011: Rs 14,433.52
million). Group profit after taxation
for the period was Rs 318.55 million (same period of 2011: Rs 405.61 million).
It was predicted that the profit after taxation of the Group in for the
year ended 31st March 2013 would be less than that of 2012.
For the year ended 31st March, 2011, the turnover of the subject
amounted to HK$334.4 million (2010: HK$334.4 million). Loss after taxation for the year was HK$1,808
(2010: made a profit of HK$1.6 million).
The subject is fully supported by the Shrenuj Group.
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 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.
Since the history of the subject in Hong Kong is over fifteen years and
three months, on the whole, consider it good for normal business engagements.
Property information of
the company:-
1. Property Location: Carparking Space No. B84 at Basement 2
of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong
Kong.
Owner: Inter-Gems (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-09-2008 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Carparking Space No. B85 at Basement 2
of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island,
Hong Kong.
Owner: Inter-Gems (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-09-2008 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2008)
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Date |
Particulars |
Amount |
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07-04-2008 |
Instrument: Debenture Property: 1) Assign to the Bank the
proceeds of each policy of insurance 2) Charge to the Bank by
way of a floating charge all shares, stock, bonds, debentures, certificates of
deposit, promissory notes, warrants, futures, options, funds, units, notes
and other securities 3) Charge to the Bank by
way of floating charge all book debts and other debts 4) Charge to the Bank by
way of floating charge all negotiable instruments 5) Charge to the Bank by
way of floating charge all funds 6) Charge to the Bank by
way of floating charge all chooses in action and claims Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
All monies |
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30-09-2008 |
Instrument: Mortgage Property: 12/428,830th parts or shares of and in Tung Chung Town Lot No. 5
(Carparking Space No. B84 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin
Tung Road, Tung Chung, Lantau Island, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
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30-09-2008 |
Instrument: Mortgage Property: 12/428,830th parts or shares of and in Tung Chung Town Lot No. 5
(Carparking Space No. B85 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin Tung
Road, Tung Chung, Lantau Island, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
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07-10-2010 |
Instrument: Charge on Deposit Property: Account No. Sum Deposit Dated 6841000054 US$204,000.00 14-03-2010 Mortgagee: Punjab National Bank, Hong Kong
Branch. |
To secure all monies in respect of banking facilities |
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19-10-2011 |
Instrument: Supplemental Debenture Property: B way of a floating charge the whole of the Customer’s stocks of raw
materials, goods-in-process, inventory, semi-finished goods, consumable
stores and spares and other movables Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
All monies |
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06-02-2012 |
Instrument: Property: All sums of Charge on Deposit money from time to time standing to the credit of the account of the
Depositor Mortgagee: Punjab National Bank, Hong Kong
Branch. |
To secure All monies in respect of banking facilities owing at any
time plus interest and all expenses |
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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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-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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY
DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.46 |
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|
1 |
Rs.98.99 |
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Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
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Report
Prepared by : |
SDA |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.