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MIRA
INFORM REPORT
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Report No. : |
492431 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DHARAM CREATIONS (HK) LIMITED |
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Registered Office : |
Unit
303, 3/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.07.2004 |
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Com. Reg. No.: |
34748434 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of All Kinds of Diamonds and Jewellery |
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No. of Employees : |
14 |
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 : |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
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 |
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.
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Source
: CIA |
Company name and address
.
DHARAM
CREATIONS (HK) LIMITED
ADDRESS: Unit
303, 3/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-2723
1466, 60-63
FAX: 852-2722 6214
E-MAIL: info@dharamhk.com
MANAGEMENT
Managing Director: Mr.
Manishkumar Vallabhbhai Mangukia
SUMMARY
Incorporated on: 7th
July, 2004.
Organization:
Private Limited
Company.
Issued Share Capital: HK$136,938,000.00
Business Category: Diamond Trader.
Employees:
14.
Annual Turnover: US$100
– 250 million.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered
Office:-
Unit 303, 3/F., Harbour Centre, Tower 2, 8
Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Offices:-
Mumbai Office
Dharmanandan Diamonds Pvt. Ltd.
1014-16, Prasad Chambers, Opera House, Mumbai 400004, India.
Tel: 91 22 4004 1111~5
Fax : 91 22 6635 5533
E-mail: info@dharmanandan.com
Surat Factory
Dharmanandan Diamonds Pvt. Ltd.
Behind Patel Faliya, Gotalawadi, Katargam Road, Surat 395004,
Gujarat, India.
Tel: 91 261 253 3777
Fax: 91 261 253 3775
USA Office
Dharm International LLC
Suite 506, 15 West, 47th Street, NY 10036, New York, USA.
Tel: 1 212 398 7777~8
Fax: 1 212 398 7775
E-mail: bhavesh@dharmanandan.com
Belgium Office
Dharm Diam B.V.B.A.
30, Hoveniersstraat, Suite No.428, Box No.133, 2018, Antwerp, Belgium.
Tel: 323 234 1444
Fax: 323 234 1445
E-mail: sandip@dharmdiam.com
Holding Company:-
DDL Investment Ltd., Mauritius.
Associated/Affiliated Companies:-
Dharm Diam B.V.B.A., Belgium.
Dharm Exim (Exporters of Diamonds &
Diamond Jewellery), India.
Dharm International LLC, USA.
Dharmanandan Diamonds Pvt. Ltd., India.
Dharm (Shanghai) Ltd., China.
BUSINESS REGISTRATION NUMBER
34748434
COMPANY FILE NUMBER
0910307
MANAGEMENT
Managing Director: Mr. Manishkumar Vallabhbhai Mangukia
ISSUED SHARE CAPITAL
HK$136,938,000.00 (8,112,435 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 07-07-2017)
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Name |
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No. of shares |
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DDL Investment Ltd. Les Cascades, Edith Cavell Street, Port
Louis, Mauritius. |
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8,111,850 |
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Sandipkumar Dayalbhai PATEL |
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585 |
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––––––––– |
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Total: |
8,112,435 ======= |
DIRECTORS
(As per registry dated 07-07-2017)
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Name (Nationality) |
Address |
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Hareshbhai Ramajibhai PATEL |
Flat G, 27/F., Tower 23A, Laguna Verde,
Phase 5, Ocean Vista, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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Manishkumar Vallabhbhai MANGUKIA |
Flat B, 55/F., Tower 2, Harbourfront
Landmark, 11 Wan Hoi Street, Kowloon, Hong Kong. |
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Alpeshkumar Gordhanbhai VIRANI |
Flat D, 3/F., Tower 21, Laguna Verde, Phase
4, Laguna Grande, 8 Laguna Verde Avenue, Hunghom, Kowloon,
Hong Kong. |
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Vipulbhai Purshottambhai SUTARIYA |
Flat A, 5/F., Kimberley Mansion, 15 Austin
Avenue, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 07-07-2017)
|
Name |
Address |
Co. No. |
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Sovereign Secretaries (HK) Ltd. |
Suite 1601-1603, 16/F., Kinwick Centre,
32 Hollywood Road, Central, Hong Kong. |
0280990 |
HISTORY
The subject was
incorporated on 7th July, 2004 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the
registered address of the subject was located at Suite 1601‑1603,
16/F., Kinwick Centre, 32 Hollywood Road, Central, Hong Kong, moved to
Unit 107, 1/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong in August, 2008.
With effect from 4th
November, 2013 the subject’s registered office and operating office moved to
the present address.
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.
Brand name: “Dharmanandan Diamonds”.
Employees: 14.
Commodities Imported: Belgium, India, other Asian countries, etc.
Markets: Asia, Europe, North America, etc.
Annual Turnover: US$100
– 250 million.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying:
L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association,
Hong Kong.
Shanghai Diamond Exchange, Shanghai, China.
FINANCIAL INFORMATION
Issued Share Capital: HK$136,938,000.00 (8,112,435 fully paid ordinary shares)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small profit
every year.
Condition: Business is active.
Facilities: Making active use of general banking
facilities.
Payment:
No
Complaints.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Wing Lung Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Antwerpse DiamantBank NV
(also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Standing:
Very Good.
GENERAL
Formerly Dharam Creations (HK) Limited was jointly owned by four Indian and an India firm.
Its old holding company Dharmanandan Diamonds Pvt. Ltd. was an India-based firm. However, the holding company changed in late 2009. The equity of each shareholders also has been changed. Now, its holding company DDL Investment Ltd. [DDL] is a Mauritius-registered firm. On 2nd March, 2011, the subject became a wholly-owned subsidiary of DDL. Now, the subject is not fully owned by DDL, Sandipkumar Dayalbhai Patel is holding an insignificant amount of stake.
All the directors of the subject are Indian while each of them is holding a Hong Kong ID. Mr. Manishkumar Vallabhbhai Mangukia is the managing director of the subject who is residing in Hong Kong most of the time. On 21st August, 2014, a new director Mr. Alpeshkumar Gordhanbhai Virani was appointed but he outwent in January 2015. In July 2015, he was appointed again.
The subject moved to the present in early November 2013.
The subject in fact is a member of Dharmanandan Group [Dharmanandan] which is one of the largest manufacturers of bigger size diamonds in India. The subject is a marketing arm of the Group.
The subject is dealing in 0.01 cts to 5.00 cts diamond with D to Cape colour of IF to I3 clarity in different shapes. According to the subject, it is dealing in the following diamonds:-
Loose diamonds, certified diamonds, pearls, loose diamond stones, loose round diamonds, loose polish diamonds, loose cut diamonds, colour diamonds, diamond gem, clarity diamonds, carats diamonds, loose princess diamond, loose emerald diamond, polished diamonds, loose diamond stone, round diamond, loose cut diamond, GIA/HRD/IGI certified diamonds, square diamonds, branded diamonds, pear cut diamond, brilliant cut diamond, princess, marques, pears, baguettes, etc.
Its jewellery products include rings, earrings, necklaces, pendants, etc. Most of the products bear the brand name Dharmanandan Diamonds.
Its products are marketed in Hong Kong, China, and exported to South Korea, India, Southeast Asia, Africa, the Middle East, Central & South America, Belgium, the United Kingdom, the United States, Canada, Australia, etc.
The subject has had several employees stationing in China in order to penetrate the China market further. Formally known as Dharm (Shanghai) Ltd., now the China Company has become a member of Shanghai Diamond Exchange member. Its business in China is normal.
Dharmanandan, founded in 1992, is a Sightholder of the Diamond Trading Company [DTC].
Dharmanandan Diamonds spreads over 275,000 square feet area with modern hi-tech infrastructure. Having a work force of more than 6,400 employees, it is able to produce about 550,000 carats of polished diamond ranging from 0.01 Cts to 3.00 Cts. It is serving more than 2,500 customers worldwide.
The factory of Dharmanandan Diamonds supplies the subject with all kinds of loose diamond products. Dharmanandan Diamonds are ISO 9001:2008 certified.
Currently, Dharmanandan has set up an office in Antwerp, Belgium, where is a diamond trading centre. In recent year, it also has set up an office in New York, the United States. The US office is able to make the Group further penetrate the US market.
As at March 2015, the revenue of the Dharmanandan Group amounted to US$925 million. As at March 2017, the revenue of the Group amounted to over US$1.0 billion. Overall business was good.
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 Jewellery Show 2017” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 2nd to 6th March, 2017. Its booth No. was 1EE2.
The subject is fully supported by Dharmanandan. Annual sales turnover ranges from US$100 to 250 million. Business is profitable.
The subject owns a number of premises in Hong Kong. Financial standing is good and steady.
The subject is a member of Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
The history of the subject in Hong Kong is over thirteen years and two months.
On the whole, consider it good for normal business engagements.
REMARKS
Property information of the company:-
1. Property
Location: Unit 107 on 1/F.,
Chevalier House, 45-51 Chatham Road South, Kowloon, Hong Kong.
Owner: Dharam
Creations (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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22-12-2010 |
- |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
Mortgage to secure general banking
facilities |
2. Property
Location: 5/F. of Block A,
Kimberley Mansion, 15 Austin Avenue, Kowloon, Hong Kong.
Owner: Dharam
Creations (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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22-12-2010 |
- |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
Mortgage to secure general banking
facilities |
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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14-06-2010 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
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22-12-2010 |
Mortgage |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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22-12-2010 |
Mortgage |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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27-06-2011 |
General Letter of Hypothecation |
Bank of Baroda, Hong Kong Branch. |
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03-01-2013 |
Mortgage |
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong. |
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14-08-2014 |
Mortgage |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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14-08-2014 |
Mortgage |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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14-08-2014 |
Debenture |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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14-03-2016 |
General Letter of Hypothecation |
Bank of India, Hong Kong Branch. |
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23-08-2016 |
Floating Charge |
Union Bank of India, Hong Kong Branch. |
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14-09-2016 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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|
1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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HKD |
1 |
INR 8.18 |
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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NIY |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.