MIRA INFORM REPORT

 

 

Report Date :           

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SHRENUJ  JEWELRY  (FAR  EAST)  LTD.

 

 

Registered Office :

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

13.05.2006

 

 

Com. Reg. No.:

36752328

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc.

 

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 :

Regular

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company Name

 

SHRENUJ JEWELRY  (FAR  EAST)  LTD.

 

 

Company ADDRESS

 

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:                        2766 3800

FAX:                 2766 3893

E-MAIL:                        shrenujjos@shrenuj.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Nihar Nitin Parikh

 

 

SUMMARY

 

Incorporated on:             13th May, 2006.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,000,000.00

Issued:              HK$936,000.00

 

Business Category:        Diamond Trader.

 

Group Net Sales:           Rs 188,995.87 million  (Year ended 31-03-2010)

 

Employees:                   50.  (Including affiliates)

 

Main Dealing Banker:     Bank of India, Hong Kong Branch.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.

 

Holding Company:-

Shrenuj (Mauritius) Pvt. Ltd., Republic of Mauritius.

 

Ultimate Holding Company:-

Shrenuj & Co. Ltd., India.

 

Affiliated Companies:-

Shrenuj Group of Companies

·         Alija International Pty. Ltd., Australia.

·         Arisia Jewellery Pvt. Ltd., India.

·         Astral Holding Inc., USA.

·         Astral Jewels LLC, USA.

·         Astral USA Inc., USA.

·         Bernie’s International LLC, USA.

·         Copem & Shrenuj, Italy.

·         Daily Jewellery Ltd., Hong Kong.  [Trading as Joeliesse]  (Same address)

·         Ever Gold (HK) Ltd., Hong Kong.  (Same address)

·         Facet (Hong Kong) Ltd., Hong Kong.  (Same address)

·         Global Marine Diamond Corporation, USA.

·         Inter-Gems (H.K.) Ltd., Hong Kong.  (Same address)

·         Jomard SAS, France.

·         Kiara Jewellery (H.K.) Ltd., Hong Kong.  (Same address)

·         Kiara Jewellery Pvt. Ltd., India.

·         Lume Germany GmbH, Germany.

·         Lume Group AG, Switzerland.

·         Shrenuj (Shanghai) Diamonds Pvt. Ltd., China.

·         Shrenuj Australia Pty. Ltd., Australia.

·         Shrenuj Botswana Pty. Ltd., Botswana.

·         Shrenuj Diajewels Ltd., India.

·         Shrenuj DMCC, UAE.

·         Shrenuj Gems & Jewellery Ltd., India.

·         Shrenuj GmbH, Germany.

·         Shrenuj Japan Corporation, Japan.

·         Shrenuj Lifestyle Ltd., India.

·         Shrenuj N.V., Belgium.

·         Shrenuj Overseas Ltd., India.

·         Shrenuj South Africa Pty. Ltd., South Africa.

·         Shrenuj USA LLC, USA.

·         Simon Golub & Sons Inc., USA.

·         SWA Trading Ltd., Israel.

·         Trapz LLC, USA.

etc.

 

BUSINESS REGISTRATION NUMBER 

 

36752328

 

 

COMPANY FILE NUMBER 

 

1044799

 

 

MANAGEMENT

 

Managing Director:  Mr. Nihar Nitin Parikh

 

CAPITAL

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$936,000.00

 

 

SHAREHOLDER

(As per registry dated 13-05-2010)

 

Name

 

No. of shares

Shrenuj (Mauritius) Pvt. Ltd.

St. James Court, Suite 308, St. Denis Street, Port Louis, Republic of Mauritius.

 

936,000

======

 

 

DIRECTORS  

(As per registry dated 13-05-2010)

 

Name

(Nationality)

 

Address

Nihar Nitin PARIKH

D-33 Tahnee Heights, Petit Hall, 66 Nepean Sea Road, Mumbai-6, India.

 

Vishal Shreyas DOSHI

405 Dharam Palace 100-103, N.S. Patkar Marg, Mumbai-400 007, India.

 

SECRETARY 

(As per registry dated 13-05-2010)

 

Name

Address

Co. No.

Reliable Computing & Accounting Ltd.
[Resignd on 07-04-2011]

Room 903, 9/F., Nathan Centre,
580G-K Nathan Road, Mongkok, Kowloon, Hong Kong.

0227077

 

 

HISTORY

 

The subject was incorporated on 13th May, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Shrenuj (Jewelry Outsourcing) Ltd., name changed to the present style on 12th October, 2007.

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, etc.

 

Employees:                   50.  (Including affiliates)

 

Commodities Imported:   India, Europe, etc.

 

Markets:                       Hong Kong, other Asian countries, Europe, etc.

 

Group Net Sales:-

·         Rs 146,010.03 million  (Year ended 31-03-2009)

·         Rs 188,995.87 million  (Year ended 31-03-2010)

·         Rs 128,407.68 million  (9 months ended 31-12-2009) – Unaudited

·         Rs 172,223.37 million  (9 months ended 31-12-2010) – Unaudited

 

Terms/Sales:                 L/C, T/T, etc.

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$936,000.00

 

Group Net Profit After Taxation & Minority Interests:-

·         Rs 2,369.38 million  (Year ended 31-03-2009)

·         Rs 5,077.49 million  (Year ended 31-03-2010)

·         Rs 3,719.03 million  (9 months ended 31-12-2009) – Unaudited

·         Rs 4,403.70 million  (9 months ended 31-12-2010) – Unaudited

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Making very active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Bank of India, Hong Kong Branch.

 

Standing:                      Normal.

 

 

GENERAL

 

Shrenuj Jewelry (Far East) Ltd. is a wholly-owned subsidiary of Shrenuj (Mauritius) Pvt. Ltd. [SMPL] which was registered in the Republic of Mauritius.  The ultimate holding company of the subject Shrenuj & Co. Ltd. [Shrenuj] is an India-based firm.  The directors of the subject are in India.

The subject shares the same operating address with Facet (Hong Kong) Ltd. [Facet] which is also a Hong Kong-registered firm.  The subject and Facet are diamond traders.

The subject is trading in the products of its ultimate parent Shrenuj.  Shrenuj is a listed firm with shares actively traded on Bombay Stock Exchange [BSE] and National Stock Exchange [NSE].

The followings are the financial highlights of the subject for the FY 2009/2010:-

 

Year ended 31-03-2010

(Unit: Rs million)

Capital

49.47

Reserves

213.92

Total Assets

263.39

Total Liabilities

263.39

Turnover

565.71

Profit Before Taxation

3.38

Profit After Taxation

3.38

 

Shrenuj is one of the largest diamond and jewellery manufacturing companies in India having an international presence in 15 countries with a geographically diversified customer base, favourable economies of scale, ability to source roughs from strategic partners, growing retail presence and market linked production mix.  Its activities are carried out in accordance with good corporate practices.

Shrenuj’s policies and practices are not only consistent with the statutory requirement but also underline its commitment to operate in the best interest of the stakeholders.  It will continue to focus its resources, strengths and strategies to achieve its vision of becoming a global company, while upholding the core values of transparency, integrity, honesty and accountability.

The world diamond market has recovered well from the bottoms of 2008-09.  The recovery has been prompt and sustained and we expect the trend to continue over the coming years.  The US market cannot remain on the margin for long, given its resilience in the past.  Shrenuj also expects the Euro zone to emerge out of the current crisis within the next twelve months.  The markets in China and India continue to perform well while the smaller markets of Australia and South East Asia hold promise for the future.

For the year ended 31st March, 2010, the turnover of the Group amounted to Rs 188,995.87 million (2009: Rs 146,010.03 million).  Group net profit after taxation and minority interest for the year was Rs 5,077.49 million (2009: Rs 2,369.38 million).

For the nine months ended 31st December, 2010, the turnover of the Group amounted to Rs 172,223.37 million (same period of 2009: Rs 128,407.68 million).  Group net profit after taxation and minority interests for the period was Rs 4,403.70 million (same period of 2009: Rs 3,719.03 million).

The turnover of the Group increased substantially in FY 2010/2011, so did its net profit after taxation and minority interests.

The subject has had an associated company in Hong Kong known as Inter‑Gems (H.K.) Ltd.  This firm is 85%-owned by SMPL.

The subject is fully supported by the Shrenuj Group.

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

 

COURT CASES:            None per our.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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