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Report No. : |
355940 |
|
Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA (HK) |
|
|
|
|
Registered Office : |
Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
|
|
|
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Country : |
Hongkong |
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|
|
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Date of Incorporation : |
20.03.2000 |
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Com. Reg. No.: |
30791742-001-03 |
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|
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Legal Form : |
Sole Ownership |
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|
|
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery products,
gold and silver products, precious stones. |
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|
|
|
No. of Employees : |
17 (Including 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 |
|
|
|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% 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.
|
Source
: CIA |
DIASQUA
(HK)
ADDRESS: Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2209
6600, 2723 0237
FAX: 852-2209
6689
E-MAIL: tony@diasqua.net
ashit@diasquasolitaire.com
ashit@diasqua.net
Manager: Mr.
Nimesh Piyush Mehta
Establishment: 20th March, 2000.
Organization: Sole Ownership.
Capital Provider: Provided by Sole Owner.
Business Category: Diamond
and Watch Trader.
Employees: 17. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong.
Operated by:-
Diasqua International Ltd., Hong Kong. (See attachment)
Sister Companies:-
Diaglobe (HK), Hong Kong.
[Established on 20-03-2000 bearing BR No. 30791742-002-03]
Diajewel (HK), Hong Kong.
[Established on 17-05-2000 bearing BR No. 30791742-003-03]
Diasqua Solitaire, Hong Kong.
[Established on 20-04-2012 bearing BR No.
30791742-004-03]
Associated
Companies:-
Diasqua Group of Companies
Billion City (H.K.) Ltd., Hong Kong. [Trading as “Diafuego”] (Dissolved)
Diafuego, Belgium.
Diaglobe BVBA, Belgium.
Diaglobe Inc., USA.
Diamond Dealers HK Ltd., Hong Kong.
Diasqua (Pacific) Pty. Ltd., Australia.
Diasqua (Shanghai) Ltd., China.
Diasqua (Thailand) Co. Ltd., Thailand.
Diasqua Europe BVBA, Belgium.
Diasqua Impex Pte. Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt. Ltd., India.
Diasqua International DMCC, UAE.
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.
R. T. Diamonds (HK) Ltd., Hong Kong. (Same address)
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.
30791742-001-03
Manager: Mr. Nimesh Piyush Mehta
Contact Person: Mr. Lensy Leung, Mr. Ashit Shah
Diasqua International Ltd., Hong Kong. (See attachment)
The subject was
established on 20th March, 2000 as a sole ownership firm with Diasqua
International Ltd. as the proprietor under the Hong Kong Business Registration
Regulations.
Originally the
subject was registered under the name of Diasqua (Hong Kong), name changed
to the present style on 7th April, 2000.
Initially the subject
was located at Room 705-707, 7/F., Carnarvon Plaza, 20 Carnarvon Road,
Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September
2004.
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 associates)
Materials/Commodities: Imported
from India, Belgium, Israel, other European countries, etc.
Markets: 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.
Diamond Federation of Hong Kong, China Ltd.,
Hong Kong.
Hong Kong Jewelry Manufacturers’ Association,
Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong
(Parent company).
Capital Provider: Provided
by Sole Owner.
Profit or Loss: Parent
makes a small profit every year.
Condition: Business is active and
steady.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Diasqua (HK) is operated
by Diasqua International Ltd. [Diasqua Intl] which is a Hong Kong-registered
firm located at the same address.
Established in March
2000, the subject is a member of the Diasqua Group. It is trading in loose diamonds, carat-size
diamonds, fancy diamonds, certificated diamonds, diamond studded gold
jewellery, diamond watches, etc.
The subject 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.
The subject also
trades in Diafuego Diamond Watches.
Diafuego, established by Diasqua Group, is the Group’s watch
manufacturing and marketing arm.
In 2006, the
operations of Thailand and Taiwan merged with the business of the subject and
Diasqua Intl.
The subject has had
an associated company R. T. Diamonds (HK) Ltd. [R. T. Diamonds], a Hong
Kong-registered company located at the same address. R. T. Diamonds is also a member of the
Diasqua Group.
In order to penetrate
the international market further, R. T. Diamonds 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 1st to 5th March, 2016.
The manager of the
subject Mr. Nimesh Piyush Mehta is an Indian.
In order to penetrate
the international market further, Diasqua Intl and the subject have 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 and Fairs:-
USA
· JCK Las Vegas Show (May)
Europe
· Baselworld, Basel, Switzerland (March)
Hong Kong
· HK Int’l Jewellery Show (March);
· Hong Kong Jewellery & Watch Fair (March);
· Hong Kong Jewellery & Gem Fair (June), &
· Hong Kong Jewellery & Gem Fair (September).
Macau
· January Macau Jewellery & Watch Fair;
· Macau Jewellery & Watch Fair.
Middle East
· Jewellery Arabia, Bahrain (November)
Incorporated on 20th
March, 2000, Diasqua Intl is wholly-owned by the Mehta family. Having issued 90 million ordinary shares
(increased from 55 million to 65 million on 15th April, 2010, and further
to 90 million on 20th January, 2011) of HK$1.00 each, Diasqua Intl is
jointly owned by Mr. Nimesh Piyush Mehta, holding 70 million shares which
account for 77.8%; and Mr. Romy Piyush Mehta, holding 20 million shares,
account for 22.2%.
Diasqua Intl 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 trade names and
principal subsidiaries of Diasqua Intl are the following seven:-
· Diafuego;
· Diaglobe (HK);
· Diajewel (HK);
· Diasqua (HK) – the subject;
· Diasqua Solitaire;
· Pretty Jewellery Int’l Ltd.; &
· R. T. Diamonds (HK) Ltd.
The directors of
Diasqua Intl are the members of the Mehta family who have been in Hong Kong for
a very long time.
The Diasqua Group is
a dedicated member of the diamond, gems and jewellery industry. Today its core business involves in sourcing,
distributing and marketing of an extensive range of polished diamonds.
The history of the
Group is over seventy years.
With humble
beginnings in Madras (now known as “Chennai”) dating back to 1933, the Group’s
global marketing network has extended to twelve offices in ten countries.
In 1996 and 1999
respectively, the Group set up a branch company in New York and Los Angeles, the
United States. In 1998, the Group
commenced in diamond cutting and polishing.
In 2000, the Group
set up its first venture 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.
In 2010, Diasqua
International DMCC was formed in Dubai, the United Arab Emirates.
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. The business of the Group is steady as it has
had numerous customers coming from more than fifty countries of the world.
The Group also sells
its products online. Its e-commerce
keeps on improving.
The subject is fully
supported by the Diasqua Group which has a very significant annual sales
turnover.
The history of the
subject in Hong Kong is over fifteen years and six months. Business is active and steady.
The contact person is
Mr. Ashit Shah who is also an Indian.
On the whole,
consider the subject good for normal business engagements.
DIASQUA
INTERNATIONAL LTD.
[Trading
as: DIASQUA (HK),
DIAGLOBE (HK),
DIAJEWEL (HK) and DIASQUA SOLITAIRE]
ADDRESS: Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
30791742
0709126
20th March, 2000.
HK$90,000,000.00
(As per registry dated 20-03-2015)
|
Name |
|
No. of shares |
|
Nimesh Piyush MEHTA |
|
70,000,000 |
|
Romy Piyush MEHTA |
|
20,000,000 |
|
|
|
––––––––– |
|
|
Total: |
90,000,000 ======== |
(As per registry dated 20-03-2015)
|
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 20-03-2015)
|
Name |
Address |
Co. No. |
|
First Island Secretaries Ltd. |
Room 703, 7/F., Silvercord, Tower 2, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0049295 |
HK$363,826,878.78
(Total amount outstanding on all mortgages and charges as per last
Annual Return dated 20-03-2015)
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.
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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.
-
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.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
HKD |
1 |
Rs.8.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.