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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
UNI DESIGN HONG KONG LTD |
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Formerly Known As : |
NEW HERITAGE LTD. |
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Registered Office : |
Unit 1102, 11/F., Tower B, Hung Hom Commercial Centre, |
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Country : |
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Date of Incorporation : |
08.06.2004 |
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Com. Reg. No.: |
34780844 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Jewellery watch trader of all kinds of watches, jewellery
watches, jewellery, diamonds |
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No. of Employees |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong. |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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 |
UNI DESIGN HONG KONG LTD
ADDRESS:
Unit 1102, 11/F.,
Tower B, Hung Hom Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-2356 1858, 2721 2682,
2721 3034, 3920 5982
FAX: 852-2356 1857, 2721 6576,
2721 6576
E-MAIL: adv@diarughk.com
girish@diajewelcn.com
girish@newheritagecn.com
MANAGEMENT:
Managing
Director: Mr. Nareshkumar Hirachand
Surana
Incorporated on: 8th June, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Jewellery Watch Trader.
Employees: 5.
Main Dealing Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
UNI DESIGN HONG KONG LTD
ADDRESS:
Registered
Head Office:-
Unit 1102, 11/F.,
Tower B, Hung Hom Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong.
Holding
Company:-
Diarough Far East
Holdings Pte Ltd., Singapore.
Associated
Companies:-
Aryea International Ltd., Mauritius.
Cavrois Uni-D S.A., France.
D Delight LLC, US.
DIA-CUT D.C.W. Co. Ltd., Thailand.
Diajewel Industrial Development (Shenzhen) Co. Ltd., China.
Diarough (Hong Kong) Ltd., Hong Kong.
Diarough (Shanghai) Diamonds Ltd., China.
Diarough Canada Sales Inc., Canada.
Diarough European Sales NV, Belgium.
Diarough Management SARL, Luxembourg.
Diarough N.V., Belgium.
Diarough SICAR SCA, Luxembourg.
Diarough Sourcing SA, Luxembourg.
Egon African Holding Ltd., Mauritius.
Egon Finance International SA., Luxembourg.
Egon Finance S.A., Luxembourg.
Egon Holding S.A., Luxembourg.
Egon International Inc., US.
Egon jewellery S.A., Luxembourg.
Egon Re S.A, Luxembourg.
Mahendra Brothers Exports Pvt. Ltd., India.
Sixth Dimension LLC, US.
Sixth Dimension SA, Luxembourg.
Superior Diamonds Pty. Ltd., Australia.
Teemanee Manufacturing Co. Pty. Ltd., Botswana.
Uni-Creation Inc, US.
Uni-Design Elite Jewellery Pvt. Ltd., India.
Uni-Design Europe BVBA, Belgium.
Unidesign Far East Ltd., Hong Kong.
Uni-Design Jewellery India Pvt. Ltd., India.
Unidesign Jewellery Pvt. Ltd., India.
34780844
0905281
Managing
Director: Mr. Nareshkumar Hirachand
Surana
Contact
Person: Ms. Eva Pun
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As
per registry dated 08-06-2013)
|
Name |
|
No.
of shares |
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Unidesign
Far East Ltd., Hong Kong. |
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1,800 |
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Diarough Far East Holdings Pte Ltd. 80 Robinson
Road, #17-02, Singapore 068898. |
|
8,200 |
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|
–––––– |
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Total: |
10,000 ===== |
(As
per registry dated 08-06-2013)
|
Name (Nationality) |
Address |
|
Girishumar
Hirachand SURANA |
House No. 3 Boulevard Du Lac, The Beverly
Hills, 23 Sam Mun Tsai Road, Tai Po, New Territories, Hong Kong. |
|
Raj
Hiten PARIKH |
41, 4/F., Laxmi Vilas 87, Nepean Sea Road,
Mumbai 400006, India. |
|
Nareshkumar
Hirachand SURANA |
House No. 37 Boulevard Du Palais, The
Beverly Hills, 23 Sam Mun Tsai Road, Tai Po, New Territories,
Hong Kong. |
(As
per registry dated 08-06-2013)
|
Name |
Address |
Co.
No. |
|
East
(Nominees) Ltd. |
11/F., Kundamal House, 2-4 Prat Avenue, Tsimshatsui, Kowloon, Hong
Kong. |
0327797 |
The
subject was incorporated on 8th June, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
The
subject registered its Chinese name on 28th May, 2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Jewellery Watch Trader.
Lines: All kinds of watches, jewellery watches, jewellery, diamonds.
Brand Name: TECHNOCRAT.
Employees: 5.
Commodities Imported: Europe, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
MEMBERSHIP: The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge:-
Date of Floating Charge Over Assets: 21-01-2014
Amount: All monies, obligations and liabilities
Property: All the company’s undertaking, property and assets whatsoever and wheresoevr both present and future
Mortgagee: ABN AMRO Bank N.V., Hong Kong Branch.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
ABN AMRO Bank N.V., Hong Kong Branch.
The Bank of New York Mellon, New York.
Standing: Good.
Having
issued 10,000 ordinary shares of HK$1.00 each, New Heritage Ltd. is jointly
owned by Diarough Far East Holdings Pte Ltd., a Singapore-based firm holding 82%
interests; Unidesign Far East Ltd., a Hong Kong-registered firm holding 18%.
The
subject is a member of Diarough Group [Diarough/Group] of companies while the
core member is Diarough N.V., a Belgium-based firm.
The
subject has had an associated company Diarough (Hong Kong) Ltd. which is
located at the next door of the subject.
Mr.
Nareshkumar Hirachand Surana, a director of the subject, is also the director
of Diarough (Hong Kong) Ltd.
The
subject is trading in all kinds of diamonds, jewellery watches and jewellery
products bearing the brand name of TECHNOCRAT. Most of the products are high‑end.
The
followings are the main products of the subject:
Diamond
Watches, Chronograph Watches, White Diamond Bangles, 18K Gold Jewellery Sets,
Men’s Chronograph Watches, Loose Diamonds, Fancy Diamonds, Jewellery Watch and
Ring Sets, Men’s Jewellery Watches, etc.
The
products of TECHNOCRAT are marketed in Hong Kong, Japan, Singapore,
exported to the other Asian countries, the Middle East, Europe, North America,
etc.
The
subject has registered its trade mark TECHNOCRAT with Trade Marks
Registry, Intellectual Property Department, the Government of the
Hong Kong SAR. This trade mark was
registered on 26th October, 2005 and the expiry date is 25th October 2015.
The
subject has had an associated factory in Shenzhen Special Economic Zone, China
known as Diajewel Industrial Development (Shenzhen) Co. Ltd. [Diajewel] which
is engaged in manufacturing all kinds of jewellery products. Established on 1st May, 2004, Diajewel is manufacturing
diamond rings, ear‑rings, bracelets, etc.
Prime markets are Japan, the Middle East, Europe, North America,
etc. The registered capital of Diajewel
is HK$4 million and currently employing about 240 persons.
Diarough
N.V. operates as a diamond dealer in Belgium and internationally. It designs, manufactures, and supplies
diamond jewellery. The company offers
fancy colour diamonds and white diamonds.
It sells its products to manufacturers, polished diamond wholesalers,
and diamond jewellery retailers. The
company has factories in India, Thailand, Botswana, South Africa, and
Canada. Diarough N.V. was founded in
1960 and is based in Antwerp, Belgium.
Diarough
sources its rough diamonds from all major international miners including DTC,
BHP and Rio Tinto.
Now,
Diarough has set up associated companies in many countries of the world. Business is active and significant.
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.
The
contact person of the subject Ms. Eva Pun is a Hongkongnese.
Supported
by the Diarough Group, the subject’s business is profitable. History in Hong Kong is over nine years and
ten months.
On
the whole, consider the subject 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
|
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.