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Report No. : |
314130 |
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Report Date : |
25.03.2015 |
IDENTIFICATION DETAILS
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Name : |
TWINKLEDIAM HONG KONG LTD. |
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Registered Office : |
13/F., Hang Shun Commercial Building, 12 Cameron Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
20353241 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS. |
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No of Employees : |
4 |
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 : |
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 – 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 |
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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% 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 |
TWINKLEDIAM HONG
KONG LTD.
ADDRESS: 13/F., Hang Shun Commercial
Building, 12 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2739
1001
FAX: 852-2739
1011
E-MAIL: twinklehongkong@msureshco.com
darsan@netvigator.com
Managing Director: Mr. Nilesh R.
Pethani
Incorporated on: 31st October, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TWINKLEDIAM HONG
KONG LTD.
Registered Head
Office:-
13/F., Hang Shun Commercial Building, 12 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Companies:-
Adinath Jewellery Exports, India.
Concept Jewellery (India) Pvt. Ltd., India.
M Suresh Co. DMCC, UAE.
M. Suresh Co. Private Ltd., India.
SDC Designs LLC, US.
Twinklediam Inc., US.
20353241
0572594
Managing Director: Mr. Nilesh R.
Pethani
General Manager: Mr. Darsan
Jitendra Jhaveri
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 31-10-2013)
|
Name |
|
No. of shares |
|
Vijaykumar Chunilal ADANI |
|
450,000 |
|
Nilesh R. PETHANI |
|
40,000 |
|
Darsan Jitendra JHAVERI |
|
10,000 |
|
|
|
––––––– |
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Total: |
500,000 ====== |
(As per registry dated 28-08-2014)
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Name (Nationality) |
Address |
|
Nilesh R. PETHANI |
Quinten Matsuslei 17/18, 2018 Antwerpen, Belgium. |
(As per registry dated 31-10-2013)
|
Name |
Address |
Co. No. |
|
Pan Talent Ltd. |
Room 2105, 21/F., Office Tower, Langham Place, 8 Argyle Street,
Mongkok, Kowloon, Hong Kong. |
0603098 |
The subject was incorporated on 31st October, 1996 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A, 9/F., Tung Fai Building,
27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present
address with effect from 3rd June, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of
diamonds.
Employees: 4.
Commodities Imported: India,
Belgium, Israel, Thailand
Markets: Asian
countries, Middle East, Europe, North America
Terms/Sales: L/C, T/T, D/P
Terms/Buying: L/C, T/T, D/P,
Advanced payment
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
Profit or Loss: Making a small
profit every year.
Condition: Business is
satisfactory.
Facilities: Making rather active
use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
Having issued 500,000 ordinary shares of HK$1.00 each, Twinklediam
Hong Kong Ltd. is jointly owned by Mr. Darsan Jitendra Jhaveri, holding 2%
interests; Mr. Nilesh R. Pethani, holding 8%; and Mr. Vijaykumar Chunilal
Adani, 90%. Pethani and Adani are India
passport holders. Currently the former
is residing in Antwerpen, Belgium while the latter, residing in India.
The business of the subject is chiefly handled by Darsan Jitendra
Jhaveri who is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. Nilesh R. Pethani is
the only director of the subject.
The subject is a diamond importer, exporter and wholesaler. It is an associated company of M. Suresh Co.
Private Ltd. [Suresh] which is an India‑based firm. The subject is trading in Suresh’s products.
The followings are
its main commodities carried:-
White Brilliant
Diamonds in sizes ranging from 0.005 point to 2.00 carats:
-
TTLB Diamonds
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TTLC Diamonds
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Fancy Cut Diamonds
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Emerald
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Marquise
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Princess
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Oval
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Pear
-
Heart
The subject exports its commodities to the following countries and
regions: Africa, Australasia, Central & South America, China, Eastern
Europe, Japan, South Korea, the Middle East, North America, Scandinavia,
Southeast Asia, Taiwan, India, Other Asian Countries, Western Europe, Russia.
Suresh is the flagship firm of the M. Suresh Group — a leading business
group that has been building a strong global presence in the jewellery
business. Suresh has been a leading
diamond manufacturer, importer and exporter of cut and polished diamonds since
1968. Presently, it exports jewellery
products to the United States, Europe, Japan, Southeast Asia, Israel, the
United Arab Emirates and Canada.
Suresh has been an Indian Government recognized trading house and the
Diamond Trading Company [DTC] Sight holder since 1993. It is in the PPP category in De Beers group.
Concentrating on the core strengths of rough diamond sales, diamond
cutting and polishing, polished diamond sales and diamond jewellery manufacture
and supply, Suresh has set up four divisions.
These divisions have developed closed business ties with a number of
customers in diamond community throughout the world.
Suresh has completed the integration of purchasing, manufacturing,
marketing and sales. Programs for
continued improvement in its manufacturing facilities – both in the use of
technology and the training of its workers – are playing important roles in the
firm.
Suresh has had diamond-processing units at Mumbai and Surat of India
which provide approximately 70% of requirements. It also has in place contractual arrangements
with about 50 contractors in Surat and Mumbai, most of work exclusively for the
firm.
Besides the subject, Suresh has set up associated companies in the
United States, Belgium and Israel.
Suresh is one of the main suppliers in India of the subject.
Currently Suresh has had diamond processing facilities in Mumbai and
Surat. It has had over 2,000 employees.
The subject also has offices at Mumbai and Surat in India, Antwerp in Belgium,
Ramat-Gan in Israel, and New York in the United States. The US company is known as Twinklediam Inc.
while the UAE company is known as M Suresh Co. DMCC.
Twinklediam has factories in various locations in India. Recently it has started a new factory where
its cuts diamonds in size 0.50 and above.
Twinklediam is one of the largest manufacturers in India for +11 and
above size up to 2.00 carats. It is
specialized in rounds and marquise and it also manufactures other fancy cuts.
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 Diamond, Gem & Pearl Show 2015”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2015.
The subject is fully supported by Suresh. The business of the whole group is rather
active. Regular suppliers and customers
have been maintained.
The history of the subject in Hong Kong is over eighteen years. Business is normal. On the whole, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.92.93 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.