MIRA INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
K
& S JEWELLERY
LTD. |
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Registered Office : |
c/o Marvel Impex, Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.07.2011 |
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Com. Reg. No.: |
58620941 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Jewellery and Diamond Trader |
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) |
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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
K &
S JEWELLERY LTD.
Company ADDRESS
c/o Marvel Impex
Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central, Hong Kong.
PHONE: 2850 8485
FAX: 2850 8681
MANAGEMENT
Managing Director: Mr. Ashwani Kumar Deepak Chugani
SUMMARY
Incorporated on: 6th July, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$100,000.00
Business Category: Jewellery Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too early to comment.
Company aDDRESS
Registered Office:-
c/o Marvel Impex
Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central, Hong Kong.
BUSINESS REGISTRATION NUMBER
58620941
COMPANY FILE NUMBER
1627120
MANAGEMENT
Managing Director: Mr. Ashwani Kumar Deepak Chugani
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
SHAREHOLDER
(As per registry
dated 06-07-2011)
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Name |
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No. of shares |
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Mr. Ashwani Kumar Deepak CHUGANI |
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100,000 ====== |
DIRECTOR
(As per registry
dated 06-07-2011
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Name (Nationality) |
Address |
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Mr. CHUGANI Ashwani Kumar Deepak |
Caya Di Sero 30, Noord, Aruba. |
SECRETARY
(As per registry
dated 06-07-2011
|
Name |
Address |
Co.
No. |
|
Multi-Chain Ltd. |
Room 301, Kam On Building, 176A Queen’s Road Central, Hong Kong. |
0209214 |
HISTORY
The subject was incorporated on 6th July, 2011 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: Jewellery Trader.
Lines: All kinds of jewellery, etc.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Aruba, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Prepayment, L/C, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
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 100,000 ordinary shares of HK$1.00 each, K & S Jewellery Ltd. is wholly owned by Mr. Ashwani Kumar Deepak Chugani who is an Indian. Chugani is a Holland passport holder and does not have the right to reside in Hong Kong permanently.
Chugani
is the only director of the subject who currently is residing in Aruba. Aruba,
which has no administrative subdivisions, is one of the four constituent
countries that form the Kingdom of the Netherlands, together with the
Netherlands, Curaçao, and Sint Maarten whose citizens share a single
nationality: Dutch citizen. Chugani
is a Dutch citizen.
The subject does not have its own operating office. Its registered office is in a Hong Kong-registered firm located at ‘Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central, Hong Kong’ known as ‘Marvel Impex’ which is handling its correspondences and documents.
Marvel Impex is owned and operated by an Indian Mr. Naresh R Vaswani. Marvel Impex is trading in piecegoods, fabrics and children’s garments, etc.
It is likely that Naresh R Vaswani is a friend of Chugani who has been permitted to use the operating address of Marvel Impex as its registered address in Hong Kong.
The subject has no employees in Hong Kong. It is a jewellery and diamond trader. Most of the commodities are imported from India. Prime markets are Aruba and European countries. Business is still under development.
It is likely that the subject has got an associated company in Aruba which is also operated by Chugani.
The Aruba 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 Aruba 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. History in Hong Kong is just over three months.
Since the subject does not have its own operating office, history is short 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.