MIRA
INFORM REPORT
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Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
CHINALINK INDUSTRY |
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Registered Office : |
C/o Louis Lai Co. Secretarial Services Ltd. 9/F., Surson Comercial Building, 140-142 Austin Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.08.2006 |
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Com. Reg. No.: |
34244715-001-01 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of gems, beads, diamonds, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 and address
CHINALINK INDUSTRY
(Operated by ASIATIC TRADE LTD.)
Company Address
c/o Louis Lai Co.
Secretarial Services Ltd.
9/F., Surson Comercial Building,
140-142 Austin Road,
Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 2314 3668
FAX: 2199 7822, 2314 3113
E-MAIL: gaurav@kataruka.com
MANAGEMENT
Manager: Mr. Kishorilal Jhabarmal
Kataruka
SUMMARY
Establishment: 2nd August, 2006.
Organization: Sole
Ownership.
Capital:
Not
disclosed.
Business Category: Jewellery Trader.
Employees:
Nil.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
company ADDRESS
Head Office:-
c/o Louis Lai Co. Secretarial Services Ltd.
9/F., Surson Comercial Building, 140-142 Austin Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated
Company:-
Earth Stone Inc., India.
BUSINESS REGISTRATION NUMBER
34244715-001-01
MANAGEMENT
Manager: Mr. Kishorilal Jhabarmal
Kataruka
SOLE OWNER
Asiatic Trade Ltd., Hong Kong.
(See attachment)
HISTORY
The subject was established
on 2nd August, 2006 as a sole ownership firm with Asiatic Trade Ltd. as the
proprietor under the Hong Kong Business Registration Regulations.
At the very beginning, the subject
was located at 9/F., Surson Comercial Building, 140-142 Austin Road,
Tsimshatsui, Kowloon, Hong Kong where is the operating office of Louis Lai Co.
Secretarial Services Ltd., moved to 1/F., Xiu Ping Commercial Building, 104
Jervois Street, Sheung Wan, Hong Kong in February 2010, moved back to 9/F.,
Surson Comercial Building in March 2010.
Apart from these, neither
material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of gems, beads, diamonds, etc.
Employees: Nil.
Commodities Imported: Europe, India, other Asian countries, etc.
Markets: Europe,
Middle East, South Korea, other Asian countries, Australia, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL INFORMATION
Capital: Not
disclosed.
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Trying
to make use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of India, Hong Kong Branch.
Indian
Overseas Bank, Hong Kong Branch.
Standing:
Small.
GENERAL
Chinalink Industry is the
business name of Asiatic Trade Ltd. [ATL] which is a Hong Kong-registered
firm. The subject is a gem, diamond and
jewellery trader, so does ATL.
Having issued 1,000
ordinary shares of HK$10.00 each, ATL is equally owned by Kishorilal Jhabarmal
Kataruka and Lata Kataruka, both of whom are India passport holders. They are also directors of ATL and currently
residing in Seoul, South Korea.
The subject does not have
its own operating office. Its registered
office is in a commercial service firm located at 9/F., Surson Comercial
Building, 140‑142 Austin Road, Tsimshatsui, Kowloon, Hong Kong known as
Louis Lai Co. Secretarial Services Ltd. which is handling its correspondences
and documents. Louis Lai Co. Secretarial
Services Ltd. is also the corporate secretary of ATL.
The registered address of
ATL is located at a different address.
It is located at 1/F., Xiu Ping Commercial Building, 104 Jervois Street,
Sheung Wan, Hong Kong where is the operating address of an accountant firm Fung
& Pang C.P.A. Ltd.
The subject has no
employees in Hong Kong.
The subject is an exporter
and importer of diamonds, precious and semi‑precious stones, gem stones,
beads, nugget beads, cabochons, fancy beads, cubic zirconium, pearl, jewellery,
fresh water pearl, biwa pearl, keshi pearl, rough and related items. Imported from India, the subject’s products
are marketed in Hong Kong, and re-exported to South Korea. It is likely that South Korea is the prime
market of the subject.
The subject has got an
affiliated manufacturing firm Earth Stone Inc. established in 1998 in Jaipur
which is in the eastern part of Rajasthan, India. This firm is one of the largest manufacturers
of beads, gemstones, precious and semi-precious stones in India.
To our knowledge, the two
Katarukas have set up a jewellery firm in Seoul, South Korea.
It is likely that the Korea
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 Korea firm also exports commodities to
foreign markets under the name of the subject and its registered address in
Hong Kong.
The subject’s business in
Hong Kong is not active.
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.
Company name
ASIATIC TRADE
LTD.
(Business name: CHINALINK
INDUSTRY)
Company ADDRESS
c/o Fung & Pang C.P.A. Ltd.
1/F., Xiu Ping Commercial Building, 104 Jervois Street, Sheung Wan,
Hong Kong.
BUSINESS REGISTRATION NUMBER
34244715-000-01
COMPANY FILE NUMBER
0881141
DATE OF INCORPORATION
30th January, 2004.
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of
HK$10.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry
dated 30-01-2011)
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Name |
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No. of shares |
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Kishorilal Jhabarmal KATARUKA |
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500 |
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Lata KATARUKA |
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500 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry
dated 30-01-2011)
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Name (Nationality) |
Address |
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Kishorilal Jhabarmal KATARUKA |
107 Dong 2302 Ho, LG Han Gang Zai Apartment 430, I Chon-Dong, Youn
San-Ku, Seoul, Korea. |
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Lata KATARUKA |
107 Dong 2302 Ho, LG Han Gang Zai Apartment 430, I Chon-Dong, Youn
San-Ku, Seoul, Korea. |
SECRETARY
(As per registry
dated 30-01-2011)
|
Name |
Address |
Co. No. |
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Louis Lai Co. Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui,
Kowloon, Hong Kong. |
0686503 |
REMARKS
It was originally registered under the name of Potentia International
Ltd., name changed to the present style on 22nd July 2009.
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 |
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US Dollar |
1 |
Rs.53.27 |
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1 |
Rs.82.09 |
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Euro |
1 |
Rs.68.90 |
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.