MIRA INFORM
REPORT
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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
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Name : |
RNP
JEWELRY DESIGN LTD. |
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Registered Office : |
Unit F, 9/F., |
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Country : |
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Date of Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
51461087 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Wholesaler of all kinds of diamond and jewellery products |
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No. of Employees
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05 |
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 : |
Small Company |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
RNP JEWELRY DESIGN LTD.
Unit F, 9/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 3950 5950
FAX: 3590 5810
E-MAIL: admin@rnpjewelry.com
Managing Director: Ms. Chan Mei Wah
Incorporated on: 25th November, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$31,200,000.00
Business Category: Jewellery Trader.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit F, 9/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Holding Companies:- (Same address)
Legend International Capital Ltd., Hong Kong. [30% owned]
P. J. Design Ltd., Hong Kong. [70% owned]
51461087
1394829
Managing Director: Ms. Chan Mei Wah
Contact Person: Mr. Anson Yung
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$31,200,000.00
(As per registry
dated 25-11-2011)
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Name |
Occupation |
No. of shares |
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P. J. Design Ltd., Hong Kong. |
Corporation |
21,840,000 |
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Legend International Capital Ltd., Hong Kong. |
Corporation |
9,360,000 |
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––––––––– |
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Total: |
31,200,000 ======== |
(As per registry
dated 19-03-2012)
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Name (Nationality) |
Address |
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CHAN Mei Wah |
Unit F, 9/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 25-11-2011)
CHAN
Mei Wah
The subject was incorporated on 25th November, 2009 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.
Activities: Manufacturer, Exporter and Wholesaler.
Lines: All kinds of diamond and jewellery products.
Employees: 5.
Raw Materials: Imported from India, Thailand, Europe, USA, etc.
Markets: Hong Kong, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$31,200,000.00
Profit or Loss: Kept a balance account in 2010.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1,000 ordinary shares of HK$1.00 each, RNP Jewelry Design Ltd. increased its ordinary shares to 2,000 of the same unit value on 19th May, 2011 and further increased to 31,200,000 shares on 23rd September, 2011. The subject is jointly owned by two Hong Kong-registered firms: P. J. Design Ltd., holding 70% interests; and Legend International Capital Ltd., holding 30%. The director of the subject is Ms. Chan Mei Wah.
P. J. Design Ltd. was incorporated in Hong Kong on 11th December, 2007 while Legend International Capital Ltd., incorporated on 12th June, 2009. The latter firm was set up by its shareholders in order to set up the subject.
Currently, the subject is a diamond jewellery manufacturer and wholesaler. It is engaged in manufacturing and exporting bracelets, brooches, earrings, necklaces, rings, pendants, bridal sets, etc. Most of the loose diamonds, loose, cut and polished diamonds are imported from India, Europe and the United States. Finished products such as fine jewellery are exported to the United States, Europe, Russia, Australia and other Asian countries. Russia and Australia are its targeting area for expansion in 2011.
According to the subject, it has had an affiliated factory in Southern China manufacturing all kinds of jewellery products. Currently, the China factory has about 230 employees.
According to the subject, since establishment, its export value has amounted to US$50 million and US$15 million to Europe. Business is still under development.
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 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
The subject’s business is chiefly administered by Ms. Chan Mei Wah. The contact person is Mr. Anson Yung.
On the whole, since the history of the subject in Hong Kong is just over two year and four months, consider it good for normal business engagements on secured basis for the time being.
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.51.28 |
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UK Pound |
1 |
Rs.81.38 |
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Euro |
1 |
Rs.67.01 |
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.