|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
|
|
|
|
Country : |
Hongkong |
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|
|
|
Date of Incorporation : |
20.03.2000 |
|
|
|
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Com. Reg. No.: |
30791742-000 |
|
|
|
|
Legal Form : |
Private Limited Company. |
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|
|
LINE OF BUSINESS : |
IMPORTER AND EXPORTER
OF ALL KINDS OF DIAMONDS AND JEWELLERY PRODUCTS, GOLD AND SILVER PRODUCTS,
PRECIOUS STONES. |
|
|
|
|
No. of Employees : |
16. (Including subsidiaries and
associates) |
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 |
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|
|
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 has no tariffs on imported goods, and it levies excise
duties on only four commodities, whether imported or produced locally: 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, its continued reliance
on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In 2013, Hong
Kong and China signed new agreements under the Closer Economic Partnership
Agreement, adopted in 2003 to forge closer ties between Hong Kong and the
mainland. The new measures, effective from January 2014, cover services and
trade facilitation, and will improve access to the mainland's service sector
for Hong Kong-based companies.
|
Source
: CIA |
DIASQUA INTERNATIONAL
LTD.
ADDRESS: Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2209
6600, 2723 0237, 2209 6633, 2209 6690
FAX: 852-2209
6620, 2739 3132
E-MAIL: facets@diasqua.com
Managing Director: Mr. Nimesh Piyush Mehta, Tony
Incorporated on: 20th March, 2000.
Organization: Private Limited Company.
Capital: Nominal:
HK$90,000,000.00
Issued: HK$90,000,000.00
Business Category: Diamond
Trader.
Employees: 16. (Including subsidiaries and associates)
Main Dealing Banker: Bank of
India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
Business
Names:- (Same address)
Diasqua (HK), Hong Kong. [BR
No. 30791742-001]
Diaglobe (HK), Hong Kong. [BR
No. 30791742-002]
Diajewel (HK), Hong Kong. [BR
No. 30791742-003]
Diasqua Solitaire, Hong Kong. [BR
No. 30791742-004]
Associated
Companies:-
Diasqua Group of Companies
Billion City (H.K.) Ltd., Hong Kong.
[Trading as “Diafuego”]
Diafuego, Belgium.
Diaglobe BVBA, Belgium.
Diaglobe Inc., USA.
Diamond Dealers HK Ltd., Hong Kong.
Diasqua (Pacific) Pty. Ltd., Australia.
Diasqua (Thailand) Co. Ltd., Thailand.
Diasqua Impex Pte. Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt. Ltd., India.
Diasqua International Ltd., Taiwan Branch.
Diasqua Middle East LLC, UAE.
Diasqua Nippon Co. Ltd., Japan.
Diasqua Singapore Pte. Ltd., Singapore.
Pretty Jewellery International Ltd., Hong Kong.
etc.
Affiliated
Companies:-
Prism Group of Companies
Anand Enternational, India.
Colo Jewellery Company, Hong Kong.
Prism (USA) Inc, USA.
Prism Diamond Co. Ltd., Thailand.
Prism International, India.
Prism Jewellery Company, Hong Kong.
Prismdia Ltd., Hong Kong.
etc.
30791742-000
0709126
Managing Director: Mr. Nimesh
Piyush Mehta, Tony
Contact Persons: Mr. Ashit Shah
Mr. Lensy Leung
Nominal Share Capital: HK$90,000,000.00 (Divided into 90,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$90,000,000.00
(As per registry
dated 20-03-2014)
|
Name |
|
No. of shares |
|
Nimesh Piyush MEHTA |
|
70,000,000 |
|
Romy Piyush MEHTA |
|
20,000,000 |
|
|
|
––––––––– |
|
|
Total: |
90,000,000 ======== |
(As per registry
dated 20-03-2014)
|
Name (Nationality) |
Address |
|
Nimesh Piyush MEHTA |
Flat B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin,
Kowloon, Hong Kong. |
|
Romy Piyush MEHTA |
Flat B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin,
Kowloon, Hong Kong. |
(As per registry
dated 20-03-2014)
|
Name |
Address |
Co. No. |
|
First Island Secretaries Ltd. |
Room 905, 9/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0049295 |
The subject was incorporated on 20th March, 2000 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: Importer
and Exporter.
Lines: All
kinds of diamonds and jewellery products, gold and silver products, precious
stones
Employees: 16. (Including subsidiaries and associates)
Materials/Commodities: Imported
from India, Belgium, Israel, other European countries, etc.
Markets: Hong
Kong, China, Japan, India, other Asian countries, Middle East, etc.
Terms/Sales: COD, L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$90,000,000.00 (Divided into 90,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$90,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 55,000,000.00 |
|
15-04-2010 |
paid up |
HK$ 10,000,000.00 |
|
20-01-2011 |
paid up |
HK$ 25,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 90,000,000.00 ============== |
Indebtedness:
HK$6,316,125.59 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
20-03-2014)
Mortgage or Charge (since October 2011):
(See attachment)
Profit or Loss: Operation
is profitable.
Condition: Maintaining in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Very Good.
Having issued 90 million ordinary shares of HK$1.00 each, Diasqua International
Ltd. is jointly owned by Mr. Nimesh Piyush Mehta, holding 77.8% interests; and
Mr. Romy Piyush Mehta, holding 22.2%.
Being Hong Kong ID holders, both are also directors of the subject. The subject in fact is wholly-owned by the
Mehta family.
The subject is a member of the Diasqua Group. Its business names Diasqua (HK), Diaglobe
(HK), Diasqua Solitaire and Diajewel (HK) are also located at the same
operating address.
Established in March 2000, the subject is trading in loose diamonds,
carat‑size diamonds, fancy diamonds, certificated (GIA & HRD)
diamonds, treated colour diamond, diamond studded gold jewellery, etc. It is a wholesaler of diamonds ranging from
0.30 to 10 carats certified by GIA and HRD, collection of perfectly matched
pair. It also sells polished diamonds of
all sizes, shapes, colours and clarities.
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. Over the past years, the subject
has taken part in the following Shows, Exhibitions and Fairs:-
USA
· JCK Las Vegas Show
Europe
· Basel, Switzerland
Hong Kong
· HK Int’l Jewellery Show
· Hong Kong Jewellery & Watch Fair
· Hong Kong Jewellery & Watch Fair
Macau
· January Macau Jewellery & Watch Fair
· Macau Jewellery & Watch Fair
For instance, it took part in “HKTDC Hong Kong International Jewellery
Show 2014” which had been held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 16th to 20th February, 2014. 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.
Apart from the above-mentioned exhibition in Hong Kong in 2013, the
subject is going to take part in the following exhibitions:-
· Basel World
· Las Vegas Show
· The Hong Kong Jewellery & Gem Fair
· HKTDC Hong Kong International Diamond, Gem & Pearl Show, etc.
Currently, the subject has a wide network of international offices
situated in India, Singapore, Thailand, Taiwan, Japan, Australia, Belgium, the
United States, Israel, the United Arab Emirates and China. The business of China keeps on expanding.
The Diasqua Group is a dedicated member of the diamond, gems and
jewellery industry with strong roots dating back to three generations. Today its core business involves in sourcing,
distributing and marketing of an extensive range of polished diamonds.
For more than seventy years, the Group’s skills and reputation have
passed from generation to generation each driven by a passion for diamonds and
zeal for enterprise. Over the years, the
Group has developed a strong liaison with its customers, suppliers and business
associates.
The Group has set up a branch company in New York and Los Angeles
respectively in the United States. In
2000, the Group set up its first venture in the Southern Hemisphere-Diasqua
(Pacific) Pty. Ltd. in Sydney, Australia.
In 2003, Diasqua Middle East LLC located at Dubai was incorporated,
operations started in August of the same year.
In 2006, Diasqua India Pvt. Ltd. was established in India.
Now, the global networks of the Diasqua Group are set up in New York,
London, Antwerp, Dubai, Mumbai, Hong Kong, Bangkok, Taipei, Tokyo, Singapore,
Sydney, etc., including twelve countries and regions.
The business of the Group keeps on improving as it has had numerous
customers coming from more than fifty countries of the world.
Now, the Group has become one of the significant diamond trading Groups
of the world. It also sells its products
online. Its revenues come from
e-commerce has been increasing.
The contact person of the subject is Mr. Lensy Leung who is a
Hongkongnese. He is an employee of the
subject.
The subject is fully supported by the Diasqua Group which has a very
significant annual sales turnover.
The associated company of the subject Prismdia Ltd., a Hong
Kong-registered firm, is located at a different address. It is a joint venture between the Mehta
family and Mr. Sureshkumar Ravjibhai Ghevriya who is also an Indian.
The subject’s total amount outstanding registered with the Companies
Registry as at late March 2014 amounted to HK$6.3 million.
The history of the subject in Hong Kong is over fourteen years and six
months.
On the whole, consider it good for normal business engagements.
(Since October
2011)
|
Date |
Particulars |
Amount |
|
28-11-2011 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecate and charge to the Bank by way
of charge on all the book debts outstanding, moneys receivable, claims and
bills Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
|
28-11-2011 |
Instrument: Hypothecation of Tangible Moveable
Property Property: All tangible moveable assets of borrower
including in particular stocks of all goods of diamonds, gem, precious
stones, jewellery, gold, furniture and fixtures and plant and machinery, etc. Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
|
28-11-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any
other documents representing or relating to goods Mortgagee: Bank of India, Hong Kong Branch. |
All the money now granted by the Bank and the Company now owing to the
Bank, and inclusive of the monies |
|
01-12-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR TDR TDR Date of Deposit: 21-01-2011 01-04-2011 01-12-2011 Amount: US$883,641.90 US$649,451.23 US$600,000.00 Due Date: 30-01-2012 02-04-2012 03-12-2012 Rate of Interest: 1.53% 1.55% 1.55% Mode of Payment Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
Report Prepared
by : |
NIT |
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.