|
Report No. : |
347886 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA (HK) |
|
|
|
|
Registered Office : |
Room 401-402, 4/F., Guardforce Centre, |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
20.03.2000 |
|
|
|
|
Com. Reg. No.: |
30791742-001-03 |
|
|
|
|
Legal Form : |
Sole Ownership |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery
products, gold and silver products, precious stones. |
|
|
|
|
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 |
|
|
|
|
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) |
|
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.ne
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)
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.
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
Markets: Japan,
India, other Asian countries, Middle East
Terms/Sales: COD, L/C, T/T, D/P
Terms/Buying: L/C, T/T, D/P
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
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 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.
-
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.65.22 |
|
UK Pound |
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
TRU |
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.