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Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
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Name : |
DIACCENTS EXPORTS |
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Registered Office : |
Room 1314, 13/F., |
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Country : |
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Date of Incorporation : |
04.10.1995 |
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Com. Reg. No.: |
19385146-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of diamonds
and jewellery products |
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No. of Employees : |
05 |
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) |
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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 |
DIACCENTS EXPORTS
ADDRESS: Room 1314, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3110 2222, 2314 4414, 2314 4114
FAX: 852-2314 4444
E-MAIL: dilip@diaccents.com
Manager: Mr. Dilip Ramniklal Shah
Establishment: 4th October, 1995.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Jewellery and Diamond Trader.
Employees: 5. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1314, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Aesh Diam., Hong Kong.
Day Shine Ltd., Hong Kong. (Same address)
Decent Dia & Jew LLC, UAE.
Decent Dia-Jewels Pvt. Ltd., India.
Decents Spain S.L., Spain.
Diaccents Exports (Shanghai) Ltd.,
China.
Diaccents N.V., Belgium.
Diaccents, Taiwan.
Diamond Link, India.
Nation Apex, China.
RI-Decent Diam, South Africa.
19385146-000-10
Manager: Mr. Dilip Ramniklal Shah (Hong Kong Mobile: 852-9490 4787)
Contact Person: Mr. Sunny Savani (Hong Kong Mobile: 852-6907 7356)
Name: Mr. Dilip Ramniklal SHAH
Residential Address: Flat B, 12/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 4th October, 1995 as a sole proprietorship concern owned by Mr. Dilip Ramniklal Shah under the Hong Kong Business Registration Regulations.
Initially the subject was located at Flat B, 12/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in August 2011.
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.
Employees: 5. (Including associates)
Commodities Imported: India, other Asian countries, Europe.
Markets: Hong Kong, other Asian countries, Middle East, UK, US
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory 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.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Diaccents Exports is a sole proprietorship set up and owned by Mr. Dilip Ramniklal Shah who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also manager of the subject.
The subject is a diamond trader. It has had an associated company Day Shine Ltd. [Day Shine] located at its operating office. The subject and Day Shine are engaged in the same lines of business.
The subject is trading in the following products:-
Loose Crystal, White, Offwhite Star Malee & Pointers Up to 0.5, Diamond & Gold Jewellery 14K, 18K, 8K, PT999, Diamond & Pearl Jewellery, Diamond & Colour Stone Jewellery such as diamond pendants, diamond watches, bracelets, diamond necklaces, etc.
According to the subject, its products are marketed in Hong Kong, exported to China, South Korea, Taiwan, Southeast Asia, the Middle East, etc. Business is active.
The subject has expanded to seven business associates, namely, Decent Dia‑Jewels Pvt. Ltd. [DDJPL] (India), Decents Spain S.L. (Spain), Diaccents Exports (Shanghai) Ltd. (China), Nation Apex (China), Diaccents (Taiwan), RI-Decent Diam (South Africa), and Decent Dia & Jew LLC (Dubai). Day Shine has been one of the associated firms of Diaccents Exports.
Initially started as a loose diamond exporter, the subject has good reputation in exclusive jewellery designing, manufacturing, exporting and also catering to the international market in wholesaling as well as retailing. Its jewellery designs have found ready markets such as Asian countries, the Middle East, Hong Kong, the United Kingdom, and the United States. Besides, it has set up three retail shops/showrooms in Spain.
The subject has had its own workshop and factory. Raw materials used are diamonds, round, princess, emeralds and also some natural colour diamonds which are made into rings, pendants, necklaces, ear-rings, sets and brooches in gold and platinum. The subject has 432 workers in its workshop which are not in Hong Kong. Currently, it is exporting 18Kt yellow and white gold diamond studded jewellery to worldwide countries.
DDJPL was established in 1978 and has become an Export House recognised by the Government of India. It was formed by two partners Mr. Chetan Shah and Mrs. Hema Shah. DDJPL is engaged in diamonds manufacturing and exporting. Now, DDJPL has got sales offices and production facilities worldwide. DDJPL usually has got bulk orders through its market associates in Hong Kong, Barcelona, Spain, South Africa, Dubai and China. At present, DDJPL has over 340 managing personnel and 6,000 workers. Its manufacturing facilities provide worldwide customers with different shapes and sizes of polish diamonds.
Most of the subject’s products are also provided by DDJPL. The subject and its associates are owned by the Shah family. The subject is responsible for distributing DDJPL’s products to worldwide countries.
The contact person of the subject is Mr. Sunny Savani who is also an Indian.
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 2015” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2015.
Dilip Ramniklal Shah can be reached at his Hong Kong mobile phone number 852-9490 4787.
As the history of the subject is over nineteen years and two months in Hong Kong, on the whole, 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 |
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US Dollar |
1 |
Rs.63.18 |
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|
1 |
Rs.98.85 |
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Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
-- |
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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.