|
Report No. : |
325964 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
DOSHI IMPEX LTD. |
|
|
|
|
Registered Office : |
Room 905, 9/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.08.2004 |
|
|
|
|
Com. Reg. No.: |
34820597 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All kinds of polished loose diamonds |
|
|
|
|
No of Employees : |
5. (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 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
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
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$50~55 million (Including associates)
Employees: 5. (Including associates)
Main Dealing Banker: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
DOSHI IMPEX
LTD.
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 10-12-2014)
|
Name |
|
No. of shares |
|
Kiritkumar Vinodrai DOSHI |
|
4,000,000 |
|
Nayna Kirit DOSHI |
|
4,000,000 |
|
Rushit Kirit DOSHI |
|
2,000,000 |
|
|
|
––––––––– |
|
|
Total: |
10,000,000 ======== |
(As per registry
dated 10-12-2014)
|
Name (Nationality) |
Address |
|
Kiritkumar Vinodrai DOSHI |
Flat A, 21/F., Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong
Kong. |
|
Nayna Kirit DOSHI |
Flat A, 21/F., Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong
Kong. |
|
Rushit Kirit DOSHI |
Room 905, 9/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong. |
(As per registry
dated 11-08-2014)
|
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, etc.
Markets: Asian
countries, Middle East, Europe, US, etc.
Annual Turnover: HK$50~55 million (Including associates)
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P, etc.
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 a
satisfactory condition.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong
Kong) Ltd., Hong Kong.
The Royal Bank of
Scotland N.V., Hong Kong Branch.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: 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 Hong Kong.
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 in the world.
Most of its commodities are imported from India. Prime markets are Hong Kong, 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 55 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.
As the history of the subject in Hong Kong is over ten years and seven
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 |
|
10-04-2008 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
Mortgage to secure general banking facilities granted to Doshi Impex
Ltd. |
|
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 |
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.63.90 |
|
|
1 |
Rs.71.82 |
|
Euro |
1 |
Rs.97.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.