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Report Date : |
22.12.2014 |
IDENTIFICATION DETAILS
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Name : |
AQUA DIAMONDS LTD. |
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Registered Office : |
Room 303A, 3/F., Tower A, Hunghom Commercial Centre, |
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Country : |
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Date of Incorporation : |
04.08.2010 |
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Com. Reg. No.: |
52729399 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of All Kinds of Jewellery
Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
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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 |
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Source
: CIA |
AQUA DIAMONDS LTD.
ADDRESS: Room 303A, 3/F., Tower A,
Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2773
0368, 2773 0166
FAX: 852-2773
0996
E-MAIL: aqdiamonds@gmail.com
Managing Director: Mr. Lam Chuen,
Simon
Incorporated on: 4th August,
2010.
Organization: Private Limited
Company.
Issued Share Capital: HK$3,500,000.00
Business Category: Manufacturer,
Importer and Exporter.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
AQUA DIAMONDS
LTD.
Registered Head
Office:-
Room 303A, 3/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong.
China Factory: Panyu, Guangzhou,
Guangdong Province, China.
Associated
Companies:-
Manee Diam Co. Ltd., Thailand.
Pak Fook (SZ) Jewellery Co. Ltd., China.
Pak Fook Jewellery (HK) Ltd., Hong Kong.
[Dissolvd]
Pak Fook Jewellery Group (HK) Ltd., Hong Kong.
52729399
1488830
Managing Director: Mr. Lam Chuen,
Simon
HK$3,500,000.00
(As per registry dated 04-08-2014)
|
Name |
|
No. of shares |
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LAM Chuen |
|
2,500 |
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Wiroon SUWANNATEEKUL |
|
2,500 |
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Nilesh Sambhubhai ITALIYA |
|
3,495,000 |
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|
|
‑‑‑‑‑‑‑‑‑‑‑‑‑ |
|
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Total: |
3,500,000 ======= |
(As per registry dated 04-08-2014)
|
Name (Nationality) |
Address |
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LAM Chuen |
Flat C, 23/F., Tower 3, Tregunter, 14 Tregunter Path, Hong Kong. |
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Wiroon SUWANNATEEKUL |
56/392 Moo 10rd. Prtchkasem Bangkea, Bangkok 10106, Thailand. |
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Nilesh Sambhubhai ITALIYA |
A32, Saify Society Nr. St. Depot, L.H. Road, Surat, India. |
(As per registry dated 04-08-2014)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated on 4th August, 2010 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: Manufacturer,
Importer and Exporter.
Lines: All
kinds of jewellery products.
Employees: 6.
Materials/Commodities: Belgium,
Israel, US
Markets: China,
Asian countries, Europe, North America
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T
Issued Share Capital: HK$3,500,000.00
Mortgage or
charge:-
Date of Assignment of Life Insurance:
04-02-2013
Amount: (i) all and
monies and liabilities; (ii) interest on such monies; (iii) all monies paid by
the Bank in respect of the Policy Apursuant to the terms o this Deed; and (iv)
all expenses of the Bank in perfecting or enforcing this Deed on a full
indemnity basis.
Property: (i) all the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance; and (ii) all the Assignor’s claims and rights against
the issuer of the Policy upon the terms herein set out as a continuing security
for the due and punctual payment of the Secured Monies.
Insurance Policy No.: 28005829
Name of Insurance Company: HSBC
Life (International) Ltd.
Name of Issured: Italiya Nelish Sambhubhai
Details of Assignor / Policy Owner: Aqua Diamonds Ltd.
Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small
profit in past two years.
Condition: Business is
normal.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Incorporated on 4th August, 2010, Aqua Diamonds Ltd. formerly was set up
and owned by Mr. Simon Lam Chuen who is a Hong Kong businessman. Now, two more shareholders have joined
in. The largest shareholder is Nilesh
Sambhubhai Italiya who is an India merchant.
He is a Hong Kong ID holder and has got the right to reside in Hong Kong
permanently.
The directors of the subject are Simon Lam Chuen, Nilesh Sambhubhai
Italiya and Wiroon Suwannateekul. The
third is a Thai.
The subject is trading in Carat Size Diamonds, Fancy Diamonds, Loose
Diamonds
Simon Lam is also the director of Pak Fook Jewellery Group (HK) Ltd.
[Pak Fook] which is also located in the same building of the subject.
Pak Fook has got an affiliate in Shenzhen Special Economic Zone, China
known as Pak Fook (SZ) Jewellery Co. Ltd. [Shenzhen Pak Fook]. It also has had an office in Shenzhen Special
Economic Zone, China. Pak Fook is able to
offer customers with 925 silver, 14K, 18K gold and PT900 fine jewellery with
diamonds and precious stones. Its
production plant is in Panyu, Guangzhou, Guangdong, China covering an area of
over 20,000 sq.ft. Around 150
experienced craftsmen are employed. The
monthly production capacity of the factory is over 3,000 pieces.
The subject is engaged in the same lines of business as Pak Fook.
The subject and Pak Fook are jewellery traders and manufacturers.
The subject serves all exporters, manufacturers, wholesalers, department
stores and even every single customer.
Its main products are bangles, earrings, pendants, necklaces, men’s
rings, ladies’ rings, cuff links, brooches, bracelets, etc. Raw materials are chiefly imported from
Belgium, Israel, the United States, etc.
Products are exported to Japan, Singapore, other Asian countries,
Europe, the United States.
The subject has an associated company Manee Diam Co. Ltd. which is in
Thailand. This company started its
operations in Surat and Mumbai of India.
On the whole, since the history of the subject in Hong Kong is over four
years and four months, consider it good for normal business engagements.
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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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 –
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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,
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.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.07 |
|
|
1 |
Rs.98.73 |
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Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.