|
Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIACCENTS EXPORTS |
|
|
|
|
Registered Office : |
Room 1314, 13/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
04.10.1995 |
|
|
|
|
Com. Reg. No.: |
19385146-000-10 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds
and jewellery products. |
|
|
|
|
No. of Employees |
05 |
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 |
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
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 (Mobile: 852-9490 4787)
Contact Person: Mr. Sunny Savani (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, etc.
Employees: 5. (Including associates)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, other Asian countries, Middle East, UK, US, etc.
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:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
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 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 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 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 5th to 9th March, 2014. Its booth No. was 3G-D13.
It is going to take part in “HKTDC Hong Kong International Jewellery Show 2015” which will be held in the same 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 eighteen years in Hong Kong, on the whole, consider it good for normal business engagements.
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
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.
-
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.61.57 |
|
UK Pound |
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SHG |
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.