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MIRA INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SHINE
STONE (HK) LTD. |
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Registered Office : |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.05.2006 |
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Com. Reg. No.: |
36766082 |
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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, emerald, precious stones, |
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No. of Employees
: |
5 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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
SHINE STONE
(HK) LTD.
Company ADDRESS
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 3521 1444, 2127 4740
FAX: 3521 1441, 3747 4694
E-MAIL: info@shine-stone.net
MANAGEMENT
Managing Director: Mr. Hitesh Parshotambhai Mangukia
SUMMARY
Incorporated on: 19th May, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$13,000,000.00
Issued: HK$13,000,000.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Affiliated Company:-
Sonal Gems (India), India.
BUSINESS REGISTRATION NUMBER
36766082
COMPANY FILE NUMBER
1046366
MANAGEMENT
Managing Director: Mr. Hitesh Parshotambhai Mangukia
CAPITAL
Nominal Share Capital: HK$13,000,000.00 (Divided into 13,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$13,000,000.00
SHAREHOLDERS
(As per registry
dated 19-05-2011)
|
Name |
|
No. of shares |
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Hitesh Parshotambhai MANGUKIA |
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9,100,000 |
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Parita Hitesh MANGUKIYA |
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3,900,000 |
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––––––––– |
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Total: |
13,000,000 ======== |
DIRECTORS
(As per registry
dated 19-05-2011)
|
Name (Nationality) |
Address |
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Hitesh Parshotambhai MANGUKIA |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong. |
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Parita Hitesh MANGUKIYA [Alternate to Hitesh Parshotambhai MANGUKIA] |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 19-05-2011)
|
Name |
Address |
Co.
No. |
|
Champion Corporate Ltd. |
Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong. |
0657221 |
HISTORY
The subject was incorporated on 19th May, 2006 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, emerald, precious stones, etc.
Employees: 5.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Watch Manufacturers Association Ltd., Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$13,000,000.00 (Divided into 13,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$13,000,000.00
Alternation of
Capital:-
|
Initially |
paid up |
HK$ 1,500,000.00 |
|
16-09-2009 |
paid up |
HK$ 1,500,000.00 |
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16-11-2010 |
paid up |
HK$ 10,000,000.00 |
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–––––––––––––––– |
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Total: |
paid up |
HK$ 13,000,000.00 ============== |
Increases of
Nominal Capital:-
|
From |
HK$1,500,000.00 |
to |
HK$ 3,000,000.00 |
on |
16-09-2009 |
|
From |
HK$3,000,000.00 |
to |
HK$13,000,000.00 |
on |
16-11-2010 |
Mortgage or
Charge:-
Date of Mortgage: 23-09-2009
Amount: All moneys
Property: 20/4,978th parts or shares of and in Section D of Kowloon Marine Lot No. 113 [Workshop
7 on 7/F. of Heng Ngai Jewelry Centre (formerly known as Regent Centre), 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.]
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made a small profit in past two years.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 1.5 million ordinary shares of HK$1.00 each, Shine Stone (HK) Ltd. was wholly owned by Mr. Hitesh Parshotambhai Mangukia who is an Indian. H. P. Mangukia is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He was also the only director of the subject. His alternate director, appointed on 16th September, 2009, was Mr. Parita Hitesh Mangukiya.
Formerly the subject was jointly owned by an Indian company, Jay Manav Impex, holding 55% interests; and H. P. Mangukia, holding 45%. On 30th January, 2009, Jay Manav Impex transferred all its shares to H. P. Mangukia. Since then, H. P. Mangukia had become the sole owner of the subject. In September 2009, the subject increased its ordinary shares to 3 million of HK$1.00 each, of which 2.1 million shares were allotted to H. P. Mangukia while the rest 0.9 million shares were allotted to Mr. Parita Hitesh Mangukiya. After the allotment, H. P. Mangukia held 70% interests of the subject while P. H. Mangukiya held 30%.
In November 2010, the subject increased its ordinary shares to 13 million of HK$1.00 each, of which 9.1 million shares are owned by H. P. Mangukia, accounting for 70% interests, and 3.9 million shares are owned by P. H. Mangukiya, accounting for 30%. This is the latest shareholding structure of the subject.
The subject is a family business of the Mangukias.
The subject is a diamond importer, exporter and wholesaler. It is trading in all kinds of loose diamonds and fancy diamonds. Some of the real single cut and full cut diamonds are for watches. The size of full cut and single cut diamond ranges from 0.7 mm to 1.8 mm, colours include white, Ow, TTLB, TTLC, black, etc.
The other main products of the subject are:-
· Diamond Analog Watch
· Ladies’ Diamond Watch
The subject is a subsidiary company of Sonal Gems (India) [Sonal Gems] which is an India-based firm specialized in single cut and full cut diamonds for jewellery and watches. Sonal Gems is in Mumbai, India. This firm is a member of the Sonal Group of Companies in India.
The subject also trades in wristwatches for ladies and men. Most of the commodities are imported from India and Europe. Prime markets are Hong Kong, Japan and the other Asian countries.
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 “Hong Kong Watch & Clock Fair 2012” which will be held in Wanchai, Hong Kong during the period of 5th to 9th September, 2012.
The subject’s business is chiefly handled by the Mangukias themselves. The contact person is Mr. Heet Mangukia.
The subject had got an associated company Shamya Exim Ltd. which was located at the subject’s operating address. However, Shamya Exim Ltd. has moved out since December 2008.
The history of the subject is about five years and seven months in Hong Kong. Overall business is active.
On the whole, consider it good for normal business engagements.
REMARKS:
Property
information of the company:-
Property Location: Workshop 7 on 7/F., Heng Ngai
Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Shine Stone (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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23-09-2009 |
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The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.81 |
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UK Pound |
1 |
Rs.82.00 |
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Euro |
1 |
Rs.68.81 |
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.