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Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHINE
STONE (HK) LTD. |
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|
|
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Registered Office : |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen
Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.05.2006 |
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Com. Reg. No.: |
36766082 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but Correct |
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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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SHINE STONE (HK) LTD.
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 3521 1444; 2127 4740
FAX: 3521 1441; 3747 4694
E-MAIL: info@shine-stone.net
Managing Director: Mr. Hitesh Parshotambhai Mangukia
Incorporated on: 19th May, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$18,000,000.00
Issued: HK$18,000,000.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Affiliated Company:-
Sonal Gems (India), India.
36766082
1046366
Managing Director: Mr. Hitesh Parshotambhai Mangukia
Nominal Share Capital: HK$18,000,000.00 (Divided into 18,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$18,000,000.00
(As per registry dated
19-05-2012)
|
Name |
|
No. of shares |
|
Hitesh Parshotambhai MANGUKIA |
|
9,100,000 |
|
Parita Hitesh MANGUKIYA |
|
3,900,000 |
|
Chirag Narshihai DHAMELIYA |
|
5,000,000 |
|
|
|
––––––––– |
|
|
Total: |
18,000,000 ======== |
(As per registry
dated 19-05-2012)
|
Name (Nationality) |
Address |
|
Hitesh Parshotambhai MANGUKIA |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong. |
|
Parita Hitesh MANGUKIYA [Alternate to Hitesh Parshotambhai MANGUKIA] |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 19-05-2012)
|
Name |
Address |
Co.
No. |
|
Champion Corporate Ltd. |
Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong. |
0657221 |
The subject was incorporated on 19th May, 2006 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: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 5.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Watch Manufacturers Association Ltd., Hong Kong.
Nominal Share Capital: HK$18,000,000.00 (Divided into 18,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$18,000,000.00
Alternation
of Capital:-
|
Initially |
paid up |
HK$ 1,500,000.00 |
|
16-09-2009 |
paid up |
HK$ 1,500,000.00 |
|
16-11-2010 |
paid up |
HK$ 10,000,000.00 |
|
12-04-2011 |
paid up |
HK$ 5,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 18,000,000.00 ============== |
Increases
of Nominal Capital:-
|
From |
HK$1,500,000.00 |
to |
HK$ 3,000,000.00 |
on |
16-09-2009 |
|
From |
HK$3,000,000.00 |
to |
HK$13,000,000.00 |
on |
16-11-2010 |
|
From |
HK$13,000,000.00 |
to |
HK$18,000,000.00 |
on |
12-04-2012 |
Mortgage
or Charge:-
Date of Mortgage: 23-09-2009
Amount: All moneys
Property: 20/4,978th parts or shares of and in Section D of Kowloon Marine Lot No. 113 [Workshop
7 on 7/F. of Heng Ngai Jewelry Centre (formerly known as Regent Centre), 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.]
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made a small profit in past three years.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
·
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 1.5 million ordinary shares of HK$1.00 each, Shine Stone (HK) Ltd. was wholly owned by Mr. Hitesh Parshotambhai Mangukia who was an Indian. H. P. Mangukia is a Hong Kong ID Card holder and had the right to reside in Hong Kong permanently. He was also the only director of the subject. His alternate director, appointed on 16th September, 2009, was Mr. Parita Hitesh Mangukiya.
Formerly the subject was jointly owned by an Indian company, Jay Manav Impex, holding 55% interests; and H. P. Mangukia, holding 45%. On 30th January, 2009, Jay Manav Impex transferred all its shares to H. P. Mangukia. Since then, H. P. Mangukia had become the sole owner of the subject. In September 2009, the subject increased its ordinary shares to 3 million of HK$1.00 each, of which 2.1 million shares were allotted to H. P. Mangukia while the rest 0.9 million shares were allotted to Mr. Parita Hitesh Mangukiya. After the allotment, H. P. Mangukia held 70% interests of the subject while P. H. Mangukiya held 30%.
In November 2010, the subject increased its ordinary shares to 13 million of HK$1.00 each, of which 9.1 million shares were owned by H. P. Mangukia, accounting for 70% interests, and 3.9 million shares owned by P. H. Mangukiya, accounting for 30%. This is the latest shareholding structure of the subject.
In March 2012, an addition of 5 million ordinary shares of HK$1.00 each were issued by the subject of which all were allotted to Mr. Chirag Narshihai Dhameliya who is the incoming shareholder. Now, the subject is 50.1% held by H. P. Mangukia, 21.7% held by P. H. Mangukiya and 27.8% held by C. N. Dhameliya.
The subject is a diamond importer, exporter and wholesaler. It is trading in all kinds of loose diamonds, full cut diamonds, single cut diamonds and fancy diamonds. Some of the real single cut and full cut diamonds are for watches. The size of full cut and single cut diamond ranges from 0.7 mm to 1.8 mm, colours include white, Ow, TTLB, TTLC, black, etc.
The other main products of the subject are the following watches:-
· Diamond Analog Watch;
·
Ladies’
Diamond Watch.
The subject is a subsidiary company of Sonal Gems (India) [Sonal Gems] which is an India-based firm specialized in single cut and full cut diamonds for jewellery and watches. Sonal Gems is in Mumbai, India. This firm is a member of the Sonal Group of Companies in India.
The subject also trades in wristwatches for ladies and men. Most of the commodities are imported from India and Europe. Prime markets are Hong Kong, Japan and the other Asian countries.
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 “Hong Kong Watch & Clock Fair 2012” which will be held in Wanchai, Hong Kong during the period of 5th to 9th September, 2012.
The subject’s business is chiefly handled by the shareholders themselves.
The subject had got an affiliated company Shamya Exim Ltd. which was located at the subject’s operating address. However, Shamya Exim Ltd. has moved out since December 2008.
The history of the subject is over six years in Hong Kong. Overall business is active.
On the whole, consider it good for normal business engagements.
REMARKS:
Property information of the company:-
Property Location: Workshop 7 on 7/F., Heng Ngai
Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Shine Stone (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
23-09-2009 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.