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Report No. : |
352645 |
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Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
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Name : |
DOSHI IMPEX LTD. |
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Registered Office : |
Room 905, 9/F., Peninsula Square, 18 Sung On
Street, Hunghom, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.08.2004 |
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Com. Reg. No.: |
34820597 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, exporter and wholesaler of all
kinds of polished loose diamonds. |
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No. of Employees : |
5 (Including associates) |
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 : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
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 |
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
DOSHI IMPEX LTD.
ADDRESS: Room 905, 9/F., Peninsula Square, 18 Sung
On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2739 2188 (5 lines)
FAX: 852-2739 2345, 2333 2431
E-MAIL: info@doshidiam.com
naynak@biznetvigator.com
MANAGEMENT:
Managing Director: Mr. Kiritkumar Vinodrai Doshi
Incorporated on: 11th
August, 2004.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Diamond Trader.
Annual Turnover: HK$50~70
million. (Including associates)
Employees:
5. (Including associates)
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 905, 9/F., Peninsula Square, 18 Sung On
Street, Hunghom, Kowloon, Hong Kong.
Associated Companies:-
Doshi Diam, Hong Kong. (Same address)
Doshi Impex, Hong Kong. (Same address)
Rusabh Diamonds, India.
Rusabh Gems, India.
34820597
0916441
Managing Director: Mr. Kiritkumar Vinodrai Doshi
Contact Person: Mr. Kalpesh Malkan
HK$10,000,000.00
(As per registry dated 11-08-2015)
|
Name |
|
No. of shares |
|
Kiritkumar Vinodrai DOSHI |
|
4,000,000 |
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Nayna Kirit DOSHI |
|
4,000,000 |
|
Rushit Kirit DOSHI |
|
2,000,000 |
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––––––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 11-08-2015)
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Name (Nationality) |
Address |
|
Kiritkumar Vinodrai DOSHI |
Flat A, 21/F., Block 1, Parc Palais, 18
Wylie Road, Homantin, Kowloon, Hong Kong. |
|
Nayna Kirit DOSHI |
Flat A, 21/F., Block 1, Parc Palais, 18
Wylie Road, Homantin, Kowloon, Hong Kong. |
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Rushit Kirit DOSHI |
Room 905, 9/F., Peninsula Square, 18 Sung On
Street, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 11-08-2015)
|
Name |
Address |
Co. No. |
|
Harris Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des
Voeux Road Central, Hong Kong. |
0031138 |
The subject was incorporated on 11th August,
2004 as a private limited liability company under the Hong Kong Companies
Ordinance.
The subject increased its issued share
capital and a new shareholder joined in late 2014.
Apart from these, neither material change nor
amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of polished loose diamonds.
Employees: 5. (Including associates)
Commodities Imported: India, other Asian countries
Markets: Asian
countries, Middle East, Europe, US
Annual Turnover: HK$50~70
million. (Including associates)
Terms/Sales:
CAD, L/C or as per
contracted.
Terms/Buying:
L/C, T/T, D/P, O/A
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Slow but
correct
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Standing:
Very Good.
Having issued 10 million ordinary shares of
HK$1.00 each, Doshi Impex Ltd. is jointly owned by Kiritkumar Vinodrai Doshi,
holding 40% interests, Nayna Kirit Doshi, also holding 40%, and Rushit Kirit
Doshi, 20%. All the shareholders are
India merchants and belong to the same family.
They are also directors of the subject.
Being Hong Kong ID Card holders, they have got the right to reside
in Hong Kong permanently. The subject’s
style was named after the Indian family.
Two of the directors of the subject are
residing in a luxury residential building in Kowloon, Hong Kong known as ‘Parc
Palais’.
The subject is a diamond importer, exporter
and wholesaler. It is one of the major
suppliers of loose diamonds for white full & single cut, white NATTS, FC SC
DB Black & Dark Brown Diamonds and also GIA/IGI certified diamonds in the
world.
Most of its commodities are imported from
India, Europe, and the United States.
Prime markets are Hong Kong, China, India, the other Asian
countries, Europe, the Middle East, and the United States. Business is active.
According to the subject, it has had an
associated company in India bearing a similar name and the India firm has been
ranked as one of the top ten diamond companies in India.
The subject has got two associated companies located
at its operating office, namely, Doshi Impex and Doshi Diam. These two firms are also diamond
traders. Doshi Diam was established on
30th January, 2001 as a partnership which is jointly owned by jointly owned by
Mr. Nayna Kirit Doshi, Mr. Kiritkumar Vinodrai Doshi and Mr. Mahesh
Kaushik Shah.
The annual sales turnover of the subject and
its associates ranges from HK$50 to 70 million.
Business is profitable.
In order to penetrate the international
market further, the subject’s associate Doshi Diam 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 Diamond, Gem & Pearl Show 2016” which will
be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd
to 6th March, 2016.
The contact person of the subject Mr. Kalpesh
Malkan is also an Indian.
The Doshi family in Hong Kong is wealthy.
Currently, the subject owns a number of
premises in Hong Kong. Some of the
premises have been mortgaged to ABN AMRO Bank N.V., Hong Kong Branch for
securing banking facilities.
As the history of the subject in Hong Kong is
over eleven years and two months, on the whole, consider it good for normal
business engagements.
Property information of the company:-
Property Location: Flat A on 2/F. of Block 5, Royal Peninsula, 8 Hung Lai Road,
Kowloon, Hong Kong.
Owner: Doshi
Impex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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10-04-2008 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. |
Mortgage to secure general banking
facilities granted to Doshi Impex Ltd. |
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10-04-2008 |
- |
- ditto - |
Mortgage to secure general banking facilities
granted to Nayna Kirit Doshi, Kiritkumar Vinodrai Doshi and Mahesh Kaushik
Shah trading as Doshi Diam |
|
Date |
Description of Instrument |
Mortgagee |
|
11-05-2005 |
Debenture |
ABN AMRO Bank N.V., Hong Kong Branch. |
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31-03-2014 |
Charge on Cash Deposit and Structured
Investment Deposit |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
|
21-06-2014 |
Debenture |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
HKD |
1 |
Rs.8.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared by
: |
TRU |
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.