MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GRAND
NICE ASIA LTD. |
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Registered Office : |
c/o Buttar.HK Ltd., Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.07.2011 |
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Com. Reg. No.: |
58768943 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
subject is a diamond importer,
exporter and wholesaler |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GRAND NICE
ASIA LTD.
Company ADDRESS
Registered Office:-
c/o Buttar.HK Ltd.
Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Associated Company:-
Mega Fame Enterprise Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
58768943
COMPANY FILE NUMBER
1641874
DATE OF INCORPORATION
25th July, 2011.
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Alternation of Capital:-
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25-07-2011 |
paid up |
HK$ 1.00 |
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23-11-2011 |
paid up |
HK$ 9,999.00 |
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––––––––––––– |
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Total: |
paid up |
HK$ 10,000.00 ============ |
SHAREHOLDERS
(As per registry
dated 23-11-2011)
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Name |
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No. of shares |
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GNL11 Ltd., Hong Kong. |
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1 |
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Jai Prakash JAIN |
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9,999 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry
dated 23-11-2011)
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Name (Nationality) |
Address |
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Jai Prakash JAIN |
Opp. Balaji Mandir-Bajranjcolony Bijainagar DT-Ajmer, India. |
SECRETARY
(As per registry
dated 23-11-2011)
|
Name |
Address |
Co.
No. |
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Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong. |
0975326 |
GENERAL
Grand Nice Asia Ltd. was incorporated on 25th July, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit G, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is handling its correspondences and documents. Buttar.HK Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
Formerly the subject’s registered address was located at Room 1001-1004A, 10/F., Champion Building, 287-291 Des Voeux Road Central, Hong Kong where is the operating address of GNL11 Ltd., a nominee firm owned by a commercial service provider. The subject moved to the present address with effect from 23rd November, 2011.
The subject’s lines of business are unknown since the secretarial firm declined to divulge any information about it.
According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary share of HK$1.00 which is owned by Mr. Jai Prakash Jain who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Jain is also the only director of the subject. Currently he is residing in India.
It is likely that the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. It also trades in electronic products and other commodities as entrusted by customers. Most of the commodities are imported from India or sourced from the other Asian countries. Prime markets are Hong Kong, Japan and the other Asian countries. Business is still under development.
It is also likely that the subject has got an associated company in India which is also operated by Jain. The India firm is engaged in the same lines of business as the subject.
It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject is just a one-man company. Business is chiefly handled by Jain himself. History in Hong Kong is just about five months.
Besides operating the subject, Jain is operating another firm knonw as Mega Fame Enterprise Ltd. which is also located at the operating office of Buttar.HK Ltd.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and diverted
funds to businesses like real estate and capital markets. Many of themselves
made money from these businesses but their diamond companies have gone sick and
declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.69.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.