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Report No. : |
305449 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA DIAMOND CORPORATION LTD. |
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|
|
|
Registered Office : |
Room 911-912, 9/F.,
Heng Ngai Jewelry Centre, |
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|
|
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Country : |
Hongkong |
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Date of Incorporation : |
17.04.2000 |
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Com. Reg. No.: |
30872168-000 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
·
engaged as a diamond trader Engaged as Importer and Processor of all kinds of
Raw Materials for Diamond, Precious Stones, Sapphire, Ruby. |
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|
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No. of Employees : |
17 |
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 : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
CHINA DIAMOND CORPORATION LTD.
ADDRESS: Room 911-912, 9/F., Heng Ngai
Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2521
0029, 2521 0026, 2375 8018,
2736 6040
FAX: 852-2521
0019
E-MAIL: info@chinadia.com
Managing Director: Mr. Darshan Jivatlal Bhagat
Incorporated on: 17th April, 2000.
Organization: Private Limited Company.
Issued Share Capital: HK$12,880,623.00
Business Category: Diamond
Importer and Processor.
Employees: 17.
Main Dealing Banker: Dah Sing
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 911-912, 9/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street,
Hunghom, Kowloon, Hong Kong.
Business Name::-
C D (Belgium) Company, Hong Kong.
[BR No. 30872168-001]
Holding Company:-
C D Jewels International Ltd., British Virgin Islands.
Shanghai Company:-
China Diamond (Shanghai) Corporation Ltd.
Room A511, China Diamond Exchange Center, 1701 Century Avenue, Pudong,
Shanghai 200122, China.
[Tel: (86-21) 6128 0738; Fax:
(86-21) 6182 0731]
Zhuhai Factory:-
3/F., 8 The Tenth Ping Xi Road, Nan Ping Hi-Tech Industrial Area, Zhuhai
SEZ, China.
Associated/Affiliated
Companies:-
16 Diamonds.com Ltd., Hong Kong. (Same address)
Bei Wah Diamante (Macau) Limitada, Macau.
C.D. Jewels DMCC, UAE.
C.D. Jewels, India.
Jewellery Collection (Holdings) Ltd., Hong
Kong.
Jewellery Collection Co., Hong Kong.
[Owned by Mr. Yau Kung Wan (BR No. 16971156-000)]
Jewellery Collection Group Ltd., Hong Kong.
[Dissolved]
[Also trading as Jewellery Collection Co. (BR No. 17517709-001)]
Jewellery Collection International Ltd.,
Hong Kong.
Jewellery Collection Manufacturer Ltd., Hong
Kong.
30872168-000
0713048
Managing Director: Mr. Darshan
Jivatlal Bhagat
Contact Person: Ms. Ceicludia Yip
HK$12,880,623.00
(As per registry
dated 17-04-2014)
|
Name |
|
No. of shares |
|
C D Jewels International Ltd. P. O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
12,880,623 ======== |
(As per registry
dated 17-04-2014)
|
Name (Nationality) |
Address |
|
Darshan Jivatlal BHAGAT |
Flat A, 25/F., Block 6, Parc Palais, 18 Wylie Road, Ho Man Tin,
Kowloon, Hong Kong. |
|
YAU Kung Wan |
House 22, Valais I, Interlaken Avenue, 28 Kwu Tung Road, Sheung Shui,
New Territories, Hong Kong. |
(As per registry
dated 17-04-2014)
|
Name |
Address |
Co. No. |
|
Professional Company Secretary Ltd. |
Room 22-23, 15/F., Hollywood Plaza, 610 Nathan Road, Mongkok,
Kowloon, Hong Kong. |
1886121 |
The subject was incorporated on 17th April, 2000 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 803, 8/F., Dragon Seed
Building, 39 Queen’s Road Central, Hong Kong, moved to Room 502, 5/F.,
Wing On House, 71 Des Voeux Road Central, Hong Kong in February 2007, to Room
407-409, 4/F., Tower B, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong in February 2009, and further moved to the present
address with effect from 26th April, 2011.
The subject registered its Chinese name on 9th June, 2000.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Processor.
Lines: All
kinds of raw materials for diamond, precious stones, sapphire & ruby.
Brand Name: J.C.
Employees: 17.
Materials/Commodities: Imported
from Europe, South Africa, India, etc.
Markets: Southeast
Asia, Japan, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, D/A, etc.
Terms/Buying: L/C, T/T, D/P, D/A, etc.
Issued Share Capital: HK$12,880,623.00
Indebtedness: HK$
16,091,249.33 (Total amount outstanding on all mortgages and charges as per
last Annual Return dated 17-04-2014)
Mortgage or Charge (since 2008): (See
attachment)
Profit or Loss: Making
a small profit every year.
Condition: Business
is active.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Dah Sing Bank Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
China Construction Bank (Asia) Corporation
Ltd., Hong Kong.
CITIC Bank International Ltd.,
Hong Kong.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
China Diamond
Corporation Ltd. is a private limited company incorporated in April 2000. Formerly the subject had just issued 2 ordinary
shares of HK$1.00 each while the shareholders Mr. Darshan Jivatlal Bhagat and
Mr. Tso Wing Ching each held one share respectively. On 20th March, 2001, the subject created
859,034 ordinary shares more and on the same date, 558,321 shares were allotted
to Bhagat while 300,662 shares were allotted to Tso.
The subject had
been reshuffled and increased its issued share capital again. It had been jointly owned by Bhagat, holding
65%, and Mr. Yau Kung Wan, a Hong Kong businessman holding 35%. On 23rd April, 2013, Yau and Bhagat
transferred all their shares to C D Jewels International Ltd. which is a
BVI-registered company.
Yau and Bhagat are
also directors of the subject. Bhagat is
a Hong Kong ID card holder.
The subject moved
to the present address in April 2011.
The subject is a
diamond trader. Its business name is C D
(Belgium) Company. It imports all kinds
of raw materials for diamond, precious stones, sapphire & ruby from Europe,
South Africa, Cambodia, India, other Asian countries, etc. However, India is the subject’s main
supplying country. After processing, the
finished products such as necklaces, bangles, etc. are marketed in Hong Kong,
exported to China, India, Japan, Southeast Asia, the Middle East, Europe,
etc. However, Belgium seems to be the
prime market of the subject. The
significant products of the subject are loose diamond and carat diamonds.
Long time ago, the
subject just exported its products to India only. Now, its products are exported to over ten
countries. Overall business is steady.
The subject’s
products have got the following certifications: GIA, the IGI, and HRD.
In Hong Kong, the
subject has had about 17 employees.
The subject has
set up a company in Shanghai, China known as China Diamond (Shanghai)
Corporation Ltd. in order to penetrate the China market further. The Shanghai Company is located at Room A511,
China Diamond Exchange Center, 1701 Century Avenue, Pudong, Shanghai.
The subject also
has had associated companies in Bombay of India and Dubai of the United Arab
Emirates.
The subject has
set up a factory in Zhuhai Special Economic Zone, China engaged in diamonds
cutting and polishing. The factory has
about 150 employees. Another factory in
Shenzhen Special Economic Zone, China is manufacturing J.C. branded jewellery
for the subject.
The subject is
marketing its own products throughout the world.
Besides the
subject, Mr. Yau Kung Wan is also operating another firm known as Jewellery
Collection Co. which is also a jewellery and diamond trader. This company is located at a different
address.
The principal
shareholder of the subject Bhagat is an Indian who has got close business ties
with some of the diamond manufacturers in India. The subject’s business in Hong Kong is
chiefly handled by Yau.
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
4th to 8th March, 2015. Its booth No. is
AWE 2-H18.
Besides, the
subject has expanded its business by setting up a new firm known as 16
Diamonds.com Ltd. which is a Hong Kong-registered firm engaged in online
jewellery retailing.
The subject has
had two showrooms, one is in its registered address while the other is located
at 16/F., Luk Fook Jewellery Centre, 239 Temple Street, Jordan, Kowloon, Hong
Kong.
A Macau subsidiary
Bei Wah Diamante (Macau) Limitada has been set up in recent years in Macau.
Overall business
of the subject is good. According to the
subject, its annual sales turnover is over HK$450 million.
The subject
operates from an office owned by itself.
The contact person is Ms. Ceicludia Yip who is a Hongkongnese.
On the whole,
having a history of over fourteen years and eight months in Hong Kong, the
subject is considered good for normal business engagements.
Property information of the company:-
Property Location: Workshop Unit 11 & 12 on 9/F., Heng Ngai Jewelry
Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: China Diamond Corporation
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
28-10-2010 |
- |
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Legal charge to
secure general banking facilities |
(Since 2008)
|
Date |
Particulars |
Amount |
|
16-05-2008 |
Instrument: Mortgage over Securities and Deposits Property: The Mortgagor, as beneficial owner: (a)
mortgages and agrees to mortgage to the Bank by way of first fixed mortgage
the Mortgagor’s entire right, title and interest in and to the Securities and
the Related Rights; and (b) charges and agrees to charge by way of first
fixed charge the Mortgagor’s entire right, title and interest in and to the
Deposit Mortgagee: CITIC Ka Wah Bank Ltd.,
Hong Kong. [Now known as CITIC
Bank International Ltd.] |
As a continuing
security for the Secured Liabilities |
|
21-01-2010 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the
Chargor’s rights in respect of any amount standing to the credit of the
Account from time to time and the debt represented by it Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the
payment and satisfaction of all present and future obligations and
liabilities |
|
28-10-2010 |
Instrument: Legal Charge/Mortgage Property: 56/4,978th parts or shares of and in
Section D of Kowloon Marine Lot No. 113 (Workshop Unit 11 & 12 on 9/F. of
Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the
due and punctual payment of the Secured Indebtedness |
|
04-04-2011 |
Instrument: Charge on Cash Deposit to secure
Liabilities of the Depositor Property: 1) By
way of first fixed charge and agreement to charge: the Deposit and all right,
title and interest of the Company 2) By
way of set-off: any sum standing to the credit of any one or more of the
accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of
money and liabilities |
|
04-05-2011 |
Instrument: Letter of Set-off and Appropriation Property: Deal No. Date Amount Due Date 163097 04-05-2010 HK$2,646,734.84 04-05-2011 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and
other banking facilities |
|
16-05-2011 |
Instrument: Security Agreement over Securities Property: 1) By
way of first fixed charge: (a) all Specified Securities which are on the date
of the Security Agreement the Chargor’s property; (b) all Specified Securities
in which the Chargor may in the future acquire an interest; (c) all Related
Rights of a capital nature on the date of the Security Agreement; (d) all
Related Rights of an income nature on the date of the Security Agreement; and
(e) where Specified Securities are held in a Relevant System; and 2) By
way of assignment, all the Chargor’s rights, title and interest, present and
future, in and to any Specified Securities and any Related Rights Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the
payment and satisfaction of all present and future obligations and
liabilities |
|
14-06-2012 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a
continuing security for the Obligations, the Company charges and assigns
absolutely all its rights, title to and interest in the Accounts and all
Deposits from time to time in the Accounts and/or comprising the Accounts. Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys |
|
17-09-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner: Mortgagee: CITIC Bank International Ltd.,
Hong Kong. |
As security for
the payment of all Secured Liabilities. |
|
25-09-2013 |
Instrument: Charge Over Account Property: Each time deposit which is now or at any
time in the future maintained in the name of the chargor with the Bank Mortgagee: China Construction Bank (Asia)
Corporation Ltd., Hong Kong. |
All present and
future obligations and liabilities of China Diamond Corporation Ltd. to the
Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.