MIRA INFORM REPORT
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Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
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Name : |
DONOVANS
LTD. |
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Registered Office : |
c/o MJM Management Services Ltd., Flat C, G/F., Kaiser Estate 1, 41 Man Yue Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.10.2002 |
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Com. Reg. No.: |
33217438 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery and diamond products. |
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No. of Employees
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15 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
DONOVANS LTD.
Company ADDRESS
Unit 103B, 1/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong
PHONE: 2363 2812
FAX: 2363 6013
E-MAIL: info@donovans.com.hk
MANAGEMENT
Managing Director: Mr. Yeh Yuan Chi, Franky
SUMMARY
Incorporated on: 15th October, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered
Office:-
c/o MJM Management Services Ltd.
Flat C, G/F., Kaiser Estate 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Head Office:-
Unit 103B, 1/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong
Holding Company:-
Copartner International Ltd., British Virgin Islands.
Associated Company:-
Pure Concepts Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
33217438
COMPANY FILE NUMBER
0817769
MANAGEMENT
Managing Director: Mr. Yeh Yuan Chi, Franky
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
SHAREHOLDER
(As per registry
dated 15-10-2011)
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Name |
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No. of shares |
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Copartner International Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
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10,000 ===== |
DIRECTORS
(As per registry
dated 15-10-2011)
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Name (Nationality) |
Address |
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SIN Nga Yan, Benedict |
Flat C, G/F., Kaiser Estate 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong. |
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SIN Wai Kin, David |
26 Black’s Link, Deep Water Bay, Hong Kong. |
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WONG Foot Keong |
Unit B, 22/F., Tower 19, Phase 4, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
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YEH Yuan Chi |
Unit B, 22/F., Tower 19, Phase 4, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 15-10-2011)
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Name |
Address |
Co.
No. |
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MJM Management Services Ltd. |
Flat C, G/F., Kaiser Estate 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong. |
0372580 |
HISTORY
The subject was incorporated on 15th October, 2002 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 jewellery and diamond products.
Employees: 15.
Commodities Imported: India, other Asian countries, Europe, US, etc.
Markets: Hong Kong, Australasia, Central & South America, North America, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
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: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Donovans Ltd. is wholly owned by Copartner International Ltd. which is a BVI-registered firm.
The subject is a jewellery manufacturer and trader.
The subject is a manufacturer of fine jewellery. It provides an extensive range of 9K, 10K, 14K and 18K gold jewellery accented with diamonds and gemstones available in bracelets, bangles, earrings, necklaces, pendants and rings.
Catering for medium to high-end market, the subject annually launches 1,800 designs of jewellery with a China factory and in-house design team. Its simple, traditional, elegant, classic and contemporary pieces are sold to retailers and wholesalers in most countries of the world. Its prime markets are Hong Kong, Australasia, Central & South America, North America, Western Europe, etc.
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 “HKTDC Hong Kong International Jewellery Show 2012” which will be held in Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
The subject has had an associated company Pure Concepts Ltd. [PCL] which is also a diamond trader.
Having issued 10,000 ordinary shares of HK$1.00 each, PCL is jointly owned by QI Asset Management Ltd., a Cayman Islands-registered firm holding 25% interests; and Wonking (Hong Kong) Ltd., a Hong Kong-registered firm holding 75%.
The directors of the subject are Mr. Yeh Yuan Chi, Mr. Magandran S. Rajadurai and Mr. Ronald Lawrench D’Souza. The second is a Malaysia passport holder and currently residing in Malaysia.
The subject’s business is chiefly handled by Mr. Franky Yeh Yuan Chi. History in Hong Kong is over nine years.
On the whole, consider the subject good for normal business engagements.
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.52.17 |
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UK Pound |
1 |
Rs.80.64 |
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Euro |
1 |
Rs.69.43 |
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.