|
Report No. : |
345230 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIRESTAR DIAMOND LTD. |
|
|
|
|
Registered Office : |
Room 21 - 23, 2/F., New Henry House, 10 Ice House Street, Central |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
09.09.2009 |
|
|
|
|
Com. Reg. No.: |
51144017 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of All kinds of Diamonds. |
|
|
|
|
No. of Employees : |
7 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% 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 |
With former located at:
Room 1603-1604, 16/F., Crawford House,
70 Queen’s Road Central, Hong Kong.
FIRESTAR DIAMOND
LTD.
ADDRESS: Room 21 - 23, 2/F., New
Henry House, 10 Ice House Street, Central, Hong Kong.
PHONE: 852-2530 3677
FAX: 852-2530 9877
E-MAIL: ananavati@firestonediamond.com
MANAGEMENT:
Managing Director: Mr. Himanshu
Pravinchandra Trivedi
Incorporated on: 9th September, 2009.
Organization: Private Limited Company.
Issued Share Capital: HK$194,800,000.00
Business Category: Diamond
Trader.
Employees: 7.
Main Dealing Banker: Bank of
India, Hong Kong Branch.
Banking Relation: Satisfactory.
FIRESTAR DIAMOND
LTD.
Registered Head
Office:-
Room 21 - 23, 2/F., New Henry House, 10 Ice House Street, Central, Hong
Kong.
Holding Company:-
Firestar Holdings Ltd., Hong Kong.
(Same address)
Associated
Companies:-
Firestar Diamond (Prop.) Ltd., South Africa.
Firestar Diamond BVBA, Belgium.
Firestar Diamond FZE, UAE.
Firestar Diamond Inc., USA.
Firestar Diamond International Pvt. Ltd., India.
Firestar Diamond LLC, Armenia.
Firestar Diamond Pvt. Ltd., India.
Firestone Trading Pvt. Ltd., India.
51144017
1371302
Managing Director: Mr. Himanshu
Pravinchandra Trivedi
Chief Executive Officer: Mr.
Aditya Nanavati
HK$194,800,000
(As per registry dated 09-09-2015)
|
Name |
|
No. of shares |
|
Firestar Holdings Ltd., Hong Kong. |
|
194,800,000 ========= |
(As per registry dated 09-09-2015)
|
Name (Nationality) |
Address |
|
Himanshu Pravinchandra TRIVEDI |
B27, 2/F., Shantisadan, Shankar Lane, Kandivali West, Mumbai 400067, Maharashtra,
India. |
(As per registry dated 09-09-2015)
|
Name |
Address |
Co. No. |
|
Louis Lai & Luk Company Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui,
Kowloon, Hong Kong. |
0686503 |
The subject was incorporated on 9th September, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Firestone Diamond
Ltd., name changed to the present style on 1st April, 2011.
Formerly the subject was located at ‘Room 1603-1604, 16/F., Crawford
House, 70 Queen’s Road Central, Hong Kong’, moved to the present address
in July 2015.
The subject has increased its issued share capital in September 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds.
Brand Name: Firestar.
Employees: 7.
Commodities Imported: India,
Europe, other Asian countries.
Markets: Europe,
North America, Central & South America, South Africa.
Terms/Sales: CAD, L/C, T/T
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$194,800,000
Mortgage or Charge: (See attachment)
Profit or Loss: Made
small profits in past four years.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Union Bank of India, Hong Kong Branch.
Standing: Normal.
Having issued 194.8 million ordinary shares of HK$1.00 each, Firestar
Diamond Ltd. is a wholly owned subsidiary of Firestar Holdings Ltd. [Firestar]
which is a Hong Kong-registered firm.
This firm is also located at the same operating address as the subject.
The subject moved to the present new address in July 2015.
The subject is a member of the Firestar Diamond Group of companies. The corporate office of the Group is in
Mumbai, India.
The subject is a global diamond and jewellery company with vertically
integrated operations that span from procurement of raw materials to the
design, manufacture, distribution, and after-sales service of diamond-studded
jewellery. Headquartered in Mumbai, it
has offices in Antwerp, Chicago, Dubai, Johannesburg, New York, San Francisco,
Surat and Yerevan. The subject has an
exclusive range of white and fancy coloured diamonds that includes extremely
rare diamonds accessible only to a select few customers. Sizes typically start at 3 carats and go up
to over 20 carats. It is the sole
distributor in India for Argyle Pink Diamonds, which are some of the world’s
most sought after gems.
Its products are marketed in Hong Kong, China and exported to Asian
countries, Europe, North America, Africa, Central & South America, etc. Business is normal.
Currently, Firestar has over 1,300 employees in its manufacturing
plants. Firestar has registered about 75
trademarks and ten patents. One of its
significant trademarks is Firestar.
The subject’s associate Firestone International Pvt. Ltd. has registered
its trade mark Firestar with Trade Marks Registry, Intellectual Property
Department, the Government of the Hong Kong SAR. This trade mark was registered on 4th August,
2010 and the expiry date is 3th August 2020.
One of the significant companies of the Firestar Group is Firestar
Diamond International Pvt. Ltd. which is an India-based company.
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 2016”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 1st to 5th March, 2016.
The history of the subject in Hong Kong is over six years and a month.
On the whole, the subject is considered good for normal business
engagements.
Brief personal
profile of the principals:-
Mr. Aditya
NANAVATI, CEO of the
subject, is the Head of Hong Kong. Aditya
plays a pivotal role in leading sales of polished products and managing
Firestar’s operations in Hong Kong, China, and the Far East. Prior to joining Firestar, Aditya spent two
years as an M&A analyst at Dresdner Kleinwort, London, where he worked on
both buy and sell sides of transactions, as well as pitches. He worked in the Financial Institution and
the Consumer Retail space, and was on the team advising HBOS about its
acquisition by Lloyds TSB. Aditya has a
Masters in Science in Finance and Economics and a Bachelors in Science in
Accounting and Finance from the London School of Economics. He is also a GIA Diamond Graduate.
Mr. Neeshal MODI is the CEO of
Diamond Division and Head of Belgium.
Neeshal leads Firestar’s Diamond Division, travelling extensively to
source the finest quality diamonds from all over the world. In his role as CEO of the Diamond Division,
Neeshal manages the entire diamond manufacturing process and has played a key
role in setting up new manufacturing units in Surat (India) and Yerevan
(Armenia). He has also been instrumental
in expanding Firestar’s European operations.
Neeshal holds a degree in Investment and Financial Risk Management from
City University, London and held positions at several, respected financial services
organizations.
|
Date |
Particulars |
Amount |
|
11-02-2011 |
Instrument: Debenture Property: a) By way of first fixed
charge, all the plant, machinery, vehicles, computers and other equipment and
other installation or material b) By way of first fixed
charge, the uncalled capital and any uncalled premiums and any called but
unpaid capital or premiums, goodwill and all patents, patent applications,
inventions, trademarks, trade names, registered designs, copyrights, know-how
and other intellectual or industrial property rights and all ancillary rights
and benefits c) By way of first fixed
charge, all book and other debts reveues and claims d) By way of first fixed
charge, all present and future contracts or pllicies of insurance; and e) By way of first
floating charge, the undertaking and all the property, assets and rights Mortgagee: Union Bank of India, Hong Kong
Branch. |
To secure all monies in respect of banking facilities |
|
22-02-2011 |
Instrument: Charge on Deposit to secure the
Depositor’s Obligations Property: A sum of US$2,500,000.00 currently represented or evidenced by a
certificate of deposit dated 22-02-2011 bearing number 7141001019 Mortgagee: Punjab National Bank, Hong Kong
Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
|
24-02-2011 |
Instrument: Charge on Deposit Property: A sum of US$2,000,000.00 currently represented or evidenced by a
certificate of deposit dated 24-02-2011 bearing number 000013010000589 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
|
18-03-2011 |
Instrument: Letter of Set-off and Appropriation Property: Deal No. Date Amount Due Date 169350 18-03-2011 US$1,875,000.00 19-03-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
|
02-05-2013 |
Instrument: Letter of Set-off & Appropriation Property: Deal No. Date Amount Due Date 183913 02-05-2013 US$580,000.00 02-05-2014 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.