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MIRA INFORM REPORT
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Report No. : |
493415 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
DIACCENTS EXPORTS LIMITED |
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Registered Office : |
Room 1314, 13/F., Peninsula Square, 18 Sung On Street, Hunghom,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
12.04.2012 |
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Com. Reg. No.: |
59627855 |
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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. |
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No. of Employees : |
5. (Including
associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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
DIACCENTS
EXPORTS LIMITED
ADDRESS: Room
1314, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-3110
2222, 2314 4414, 2314 4114
FAX: 852-2314
4444
E-MAIL: dilip@diaccents.com
MANAGEMENT
Managing Director:
Mr. Dilip Ramniklal Shah
SUMMARY
Incorporated on: 12th April, 2012.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Jewellery
and Diamond Trader.
Employees: 5. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1314, 13/F., Peninsula Square, 18 Sung On Street, Hunghom,
Kowloon, Hong Kong.
Associated
Companies:-
Aesh Diam., Hong Kong.
Day Shine Ltd., Hong Kong. (Same address)
Decent Dia & Jew LLC,
UAE.
Decent Dia-Jewels Pvt. Ltd., India.
Decents Spain S.L., Spain.
Diaccents Exports
(Shanghai) Ltd., China.
Diaccents Exports, Hong Kong. (Same address)
Diaccents N.V., Belgium.
Diaccents, Taiwan.
Diamond Link, India.
Nation Apex, China.
Paddy Jewelry, China.
RI-Decent Diam, South
Africa.
BUSINESS
REGISTRATION NUMBER
59627855
COMPANY
FILE NUMBER
1727282
MANAGEMENT
Managing Director:
Mr. Dilip
Ramniklal Shah (Mobile: 852-9490 4787)
Contact Person: Mr. Sunny Savani (Mobile:
852-6907 7356)
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 12-04-2017)
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Name |
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No. of shares |
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Dilip Ramniklal SHAH |
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10,000 ===== |
DIRECTOR
(As per registry dated 12-04-2017)
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Name (Nationality) |
Address |
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Dilip Ramniklal SHAH |
Flat 1314, 13/F., Peninsula Square, 18 Sung On Street,
Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 12-04-2017)
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Name |
Address |
Co. No. |
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Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road,
Kwai Chung, New Territories, Hong Kong. |
2086550 |
HISTORY
The subject was incorporated
on 12th April, 2012 as a private limited liability company under the Hong Kong
Companies Ordinance.
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.
Employees: 5. (Including associates)
Commodities Imported: India,
other Asian countries, Europe, etc.
Markets: Hong
Kong, other Asian countries, Middle East, UK, US, etc.
Terms/Sales: CAD,
L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
small profits in past years.
Condition: Keeping in a normal
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank Ltd.,
Hong Kong.
Standing: Normal.
GENERAL
Having issued 10,000
ordinary shares of HK$1.00 each, Diaccents Exports Limited is wholly owned by
Mr. Dilip Ramniklal Shah who is an India merchant. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong.
He is also the only director of the subject.
The subject has had
an associated company Diaccents Exports [DE] located at the same address. DE is a sole proprietorship set up and owned
by Mr. Dilip Ramniklal Shah on 4th October, 1995.
The subject is trading
in the following products:
· Loose Crystal, White, Offwhite Star Malee & Pointers Up to 0.5, Diamond & Gold Jewellery 14K, 18K, 8K, PT999, Diamond & Pearl Jewellery, Diamond & Colour Stone Jewellery, etc.
According to the
subject, its products are marketed in Hong Kong, China, and exported to South
Korea, Taiwan, Southeast Asia, the Middle East, etc. Business is active.
The subject has had
seven business associates, namely, Decent Dia‑Jewels Pvt. Ltd. (India),
Decents Spain S.L. (Spain), Diaccents Exports (Shanghai) Ltd. (China), Nation
Apex (China), Diaccents (Taiwan), RI-Decent Diam (South Africa), and Decent Dia
& Jew LLC (Dubai). Day Shine has
been one of the associated firms of Diaccents Exports.
The subject has good
reputation in exclusive jewellery designing, manufacturing, exporting and also
catering to the international market in wholesaling as well as retailing. Its jewellery designs have found ready
markets in most countries of the world.
Besides, it has set
up three retail showrooms in Spain.
The subject has had
its own workshop and factory in China known as Paddy Jewelry. Raw materials used are diamonds, round,
princess, emeralds and also some natural colour diamonds which are made into
rings, pendants, necklaces, ear-rings, sets and brooches in gold and
platinum. The factory has about 400
workers.
Currently, it is
exporting 18Kt yellow and white gold diamond studded jewellery to worldwide
countries.
The subject and its
associates are owned by the Shah family.
The contact person of the subject is Mr. Sunny Savani who
is also an Indian.
Dilip Ramniklal Shah
can be reached at his Hong Kong mobile phone number 852-9490 4787.
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 2018” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong
during the period of 27th February to 3rd March, 2018. Its booth No. is AWE 7-B12.
The history of the
subject is just over five years and ten months in Hong Kong, on the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.33 |
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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NIS |
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.