MIRA INFORM REPORT
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Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
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Name : |
CLIMAX
TECH LTD. |
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Registered Office : |
Flat F-E, 16/F., Harilela Mansion, 81 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.05.2011 |
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Com. Reg. No.: |
58428026 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler
of Diamonds, electronic products, etc. |
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No. of Employees
: |
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
a1 |
a1 |
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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
CLIMAX TECH LTD.
Company ADDRESS
Flat F-E, 16/F., Harilela Mansion, 81 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 6202 9751
MANAGEMENT
Manager: Mr. Dipendra Gurung
SUMMARY
Incorporated on: 27th May, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too early to comment.
Company aDDRESS:
Registered Head Office:-
Flat F-E, 16/F., Harilela Mansion, 81 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
58428026
COMPANY FILE NUMBER
1607920
MANAGEMENT
Manager: Mr. Dipendra Gurung
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
SHAREHOLDERS
(As per registry
dated 22-09-2011)
|
Name |
|
No.
of shares |
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Topworld
(Corporate Services ) Ltd., Hong Kong. |
|
1 |
|
Dipendra GURUNG |
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9,999 |
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|
|
–––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry
dated 22-09-2011)
|
Name (Nationality) |
Address |
|
Dipendra GURUNG |
Flat B, 15/F., Block 5, Han Ford Garden, 333
Castle Peak Road, Tuen Mun, New Territories, Hong Kong. |
SECRETARY
(As per registry
dated 27-05-2011)
|
Name |
Address |
Co.
No. |
|
Topworld
Secretarial Ltd. |
7/F., Kin On Commercial Building, 49-51 Jervois Street, Sheung Wan,
Hong Kong. |
0574763 |
HISTORY
The
subject was incorporated on 27th May, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Initially
the subject was located at 7/F., Kin On Commercial Building, 49‑51 Jervois
Street, Sheung Wan, Hong Kong where is the operating address of a commercial
service provider Topworld Secretarial Ltd.
The subject moved to the present address with effect from 22nd
September, 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Diamonds, electronic products, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Too early to comment.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having
issued 10,000 ordinary shares of HK$1.00 each, Climax Tech Ltd. is wholly owned
by Dipendra Gurung who is an Indian. He
is a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The
subject moved to an old residential building known as Harilela Mansion in
September 2011. This office seems to be
the corresponding address of the subject.
The subject has no employees in Hong Kong.
Gurung
can be reached at his mobile phone number 6202 9751. However, your given fax number 658428026 is
not correct.
It
is likely that the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Japan and the other Asian countries.
The subject also trade in other commodities such as electronic products,
telecommunication products, etc. as entrusted by foreign customers. It is also a commission agent.
The
business of the subject is still under development. History in Hong Kong is just over six months.
On
the whole, since the history of the subject is short in Hong Kong, consider it
good for normal 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.
-
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
|
UK Pound |
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.43 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.