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MIRA INFORM REPORT
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Report No. : |
501110 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
EXCELLENT DIAMONDS LIMITED |
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Registered Office : |
Room 601-602, 6/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
06.08.2003 |
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Com. Reg. No.: |
34101399 |
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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 and
jewellery products, emerald, precious stones. |
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No. of Employees : |
7. (Including associates in Hong Kong) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
company name and address
EXCELLENT
DIAMONDS LIMITED
ADDRESS: Room 601-602, 6/F., Guardforce
Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong
Kong.
PHONE: 852-2721 4200
FAX: 852-2316 7695
E-MAIL: ashish@excellentdiamonds.com.hk
MANAGEMENT
Managing Director:
Mr. Hamesh Bhagchand Seth
SUMMARY
Incorporated on: 6th August, 2003.
Organization: Private Limited Company.
Issued Share Capital: HK$117,200,000.00
Business Category: Jewellery
Trader.
Annual Turnover: HK$60~100 million.
Employees: 7. (Including associates in Hong
Kong)
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 601-602, 6/F., Guardforce Centre, 3 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong.
Holding Company:
United Trading (HK) Ltd., Hong Kong.
China Factory:-
Panyu Princess Jewellery Co.
6/F., 46 Yin Jian Road, Daluo Tang Shiqiao 511400, Panyu,
Guangzhou, Guangdong Province, China.
[Tel: (86-20) 8480 5757,
Fax: (86-20) 3480 6760]
Associated
Companies:- (Same address)
Golden Dragon Jewellery Co., Hong Kong.
Mercury Impex, Hong Kong.
Princess Jewellery Co., Hong Kong.
Princess Jewellery Ltd., Hong Kong.
Venus Jewels (HK) Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
34101399
COMPANY FILE NUMBER
0856107
MANAGEMENT
Managing Director:
Mr. Hamesh Bhagchand Seth
ISSUED SHARE CAPITAL
HK$117,200,000.00 (11,720,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 06-08-2017)
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Name |
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No. of shares |
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United Trading (HK) Ltd., Hong Kong |
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8,790,000 |
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Hamesh Bhagchand SETH |
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2,930,000 |
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––––––––– |
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Total: |
11,720,000 ======== |
DIRECTORS
(As per registry dated 06-08-2017)
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Name (Nationality) |
Address |
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Hamesh Bhagchand SETH |
Flat A1 & A5, 16/F., Hankow Centre, 47 Peking Road,
Tsimshatsui, Kowloon, Hong Kong. |
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Seema SETH |
Flat A1 & A5, 16/F., Hankow Centre, 47 Peking Road,
Tsimshatsui, Kowloon, Hong Kong. |
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Gorabh Vinodkumar JAIN |
Flat H, 13/F., Star Mansion, 3 Minden Row, Tsimshatsui,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 06-08-2017)
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Name |
Address |
Co. No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
HISTORY
The subject was
incorporated on 6th August, 2003 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Venus Jewels (HK) Ltd., name changed
to the present style on 28th March, 2011.
Formerly the subject
was located at Room 1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in
recent months.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
and jewellery products, emerald, precious stones.
Employees: 7. (Including associates in Hong
Kong)
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong Kong, Japan, other Asian
countries, Europe, etc.
Annual Turnover: HK$60~100
million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital:
HK$ HK$117,200,000.00 (11,720,000 fully paid ordinary shares)
Indebtedness: HK$118,764,322.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 06-08-2017)
Mortgage or Charge (Since 2010): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met as required.
Commercial Morality:
Good.
Bankers:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Dah Sing Bank, Ltd.,
Hong Kong.
Standing: Good.
GENERAL
Having issued
11,720,000 ordinary shares of HK$10.00 each, Excellent Diamonds Limited is
jointly owned by United Trading (HK) Ltd., a Hong Kong-registered company
holding 75% interests, and Mr. Hamesh Bhagchand Seth, holding 25%.
The directors of the
subject are Mr. Hamesh Bhagchand Seth, Mr. Gorahb Vinodkumar Jain and Mr. Seema
Seth. All the directors are India
merchants but they are Hong Kong ID holders and have got the right to reside in
Hong Kong. Currently all of them
are residing in Hong Kong.
The subject has had a
main associated company known as Venus Jewels (HK) Ltd. [Venus] which is also
located at the same address. The subject
and Venus are engaged in the same lines of business.
Venus has been
claimed to be a subsidiary company of the subject.
Venus is a member of
The Indian Chamber of Commerce Hong Kong, a Hong Kong-based association.
The subject is a
diamond importer, exporter and wholesaler.
Products include single cuts, full cuts and fancy shapes — such as
princess, baguettes, marquise, pearl, oval, emerald and heart. The subject is significant for its carat
diamonds, GIA diamonds and other loose diamonds.
Commodities are
imported from India, Belgium and the other European countries. Finished products are marketed in Hong Kong,
China, and exported to Thailand, Taiwan, the other Asian countries, Europe,
etc. Its customers include wholesalers,
jewellery manufacturers and diamond retailers.
The subject shares
the office with Princess Jewellery Co. [PJC].
PJC is a jewellery manufacturer which was originally founded in March
2002 by Mr. Vimay Shrimal.
The subject and PJC
has got an associated factory known as Panyu Princess Jewellery Co. in Panyu,
Guangzhou, Guangdong Province, China.
This factory supplies the subject and Venus with all kinds of jewellery
products.
The annual sales
turnover of the subject ranges from HK$60 to 100 million. Making a small profit every year. Overall business is satisfactory.
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 took part in “HKTDC Hong
Kong International Diamond, Gem & Pearl Show 2018” which had been held in
Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February
to 3rd March, 2018. Its booth No. was
AWE 5-G24.
The subject’s total
amount of the indebtedness registered with the Companies Registry as at early
August, 2017 amounted to HK$118.8 million.
As the history of the
subject is over fourteen years and seven months in Hong Kong, on the
whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2010)
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Date |
Description
of Instrument |
Mortgagee |
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25-03-2010 |
Letter of Lien |
Bank of India, Hong Kong Branch. |
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06-10-2010 |
Security Over Deposits |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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01-11-2010 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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01-12-2011 |
Security Over Deposits in respect of Obligations of the
Depositor |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
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16-07-2012 |
Letter of Lien |
Bank of India, Hong Kong Branch. |
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07-04-2014 |
General Letter of Hypothecation |
Bank of India, Hong Kong Branch. |
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05-12-2014 |
Deed of Charge Over Receivables incorporating a
Supplemental Deed |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
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05-12-2014 |
Assignment on Insurance Policy |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
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14-05-2015 |
Mortgage |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
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22-03-2017 |
Mortgage |
Dah Sing Bank Ltd., Hong Kong. |
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22-03-2017 |
Mortgage |
Dah Sing Bank Ltd., Hong Kong. |
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22-03-2017 |
Mortgage |
Dah Sing Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.69 |
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HKD |
1 |
INR 8.27 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.