MIRA INFORM REPORT

Report No. :	488377
Report Date :	02.02.2018

IDENTIFICATION DETAILS

Name :	DIASQUA (HONG KONG)

Registered Office :	Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon

Country :	Hong Kong

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 :	14. (Including associates)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Hong Kong

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.

Source : CIA

Company name and address

DIASQUA (HONG KONG)

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.net

ashit@diasquasolitaire.com

ashit@diasqua.net

MANAGEMENT

Manager: Mr. Nimesh Piyush Mehta

SUMMARY

Establishment: 20th March, 2000.

Organization: Sole Ownership.

Capital Provider: Provided by Sole Owner.

Business Category: Diamond and Watch Trader.

Employees: 14. (Including associates)

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

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, 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.

Pretty Jewellery USA Inc., United States.

R. T. Diamonds (HK) Ltd., Hong Kong. (Same address)

etc.

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.

etc.

BUSINESS REGISTRATION NUMBER

30791742-001-03

MANAGEMENT

Manager: Mr. Nimesh Piyush Mehta

Contact Person: Mr. Lensy Leung, Mr. Ashit Shah

SOLE OWNER

Diasqua International Ltd., Hong Kong. (See attachment)

HISTORY

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.

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of diamonds and jewellery products, gold and silver products, precious stones

Employees: 14. (Including associates)

Materials/Commodities: Imported from India, Belgium, Israel, other European countries, etc.

Markets: Japan, India, other Asian countries, Middle East, etc.

Terms/Sales: COD, L/C, T/T, D/P, etc.

Terms/Buying: L/C, T/T, D/P, O/A, etc.

MEMBERSHIP

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).

MEMBERSHIP: Hong Kong Jewelry Manufacturers’ Association, Hong Kong.

FINANCIAL INFORMATION

Capital Provider: Provided by Sole Owner.

Profit or Loss: Parent makes a small profit every year.

Condition: Business is active and steady.

Facilities: Making active use of general banking facilities.

Payment: No Complaints.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Very Good.

GENERAL

Diasqua (Hong Kong) 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, loose white diamonds, diamond watches, etc.

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.

Diafuego is also the trademark of the products. This trademark is owned by Diasqua Intl.

The trade mark Diafuego has registered with the Trade Marks Registry, Intellectual Property Department, the Government of the Hong Kong SAR. The filing date was 28th November, 2003 while the expiry date is 27th November, 2023.

The manager of the subject Mr. Nimesh Piyush Mehta is an Indian.

Over the past years, the subject has taken part in the following Shows and Fairs in the United States, Europe, Hong Kong, Macau and the Middle East.

For instance, it took part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2017” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 28th February to 4th March, 2017. Its booth No. was AWE 2-K40.

Incorporated on 20th March, 2000, Diasqua Intl is wholly-owned by the Mehta family. Having issued 90 million ordinary shares 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 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 and is a family corporation.

Now, the Group’s global marketing network has extended to twelve offices in ten countries.

The global networks of the Diasqua Group are set up in New York, London, Antwerp, Dubai, Mumbai, Hong Kong, Bangkok, Taipei, Tokyo, Singapore, Sydney, etc. 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 17 years and six months, business is active and steady.

The contact person is Mr. Ashit Shah who is also an Indian. Another contact person is Mr. Lensy Leung who is a Hong Kong employee of the subject.

On the whole, consider it good for normal business engagements.

Company name and address

DIASQUA INTERNATIONAL LIMITED

[Trading as: DIASQUA (Hong Kong), DIAGLOBE,
DIAJEWEL (HK) and DIASQUA SOLITAIRE]

ADDRESS: Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

30791742

COMPANY FILE NUMBER

0709126

DATE OF INCORPORATION

20th March, 2000.

ISSUED SHARE CAPITAL

HK$90,000,000.00

SHAREHOLDERS

(As per registry dated 20-03-2017)

Name		No. of shares
Nimesh Piyush MEHTA		70,000,000
Romy Piyush MEHTA		20,000,000
		–––––––––
	Total:	90,000,000 ========

DIRECTORS

(As per registry dated 20-03-2017)

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.

SECRETARY

(As per registry dated 20-03-2017)

Name

Address

Co. No.

Elegant Secretaries Ltd.

Room 804, 8/F., Lap Fai Building, 6-8 Pottinger Street, Central, Hong Kong.

0418716

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.61
UK Pound	1	INR 89.32
Euro	1	INR 78.95
HKD	1	INR 8.19

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.