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Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADILA PRIVATE LTD. |
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|
|
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Registered Office : |
Unit A, 6/F., Mau Lam Commercial Building, 16-18 Mau Lam Street,
Jordan, Kowloon |
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|
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
10.12.2010 |
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Com. Reg. No.: |
53433341 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery and diamonds, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
No Operating Office in Hong Kong |
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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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
ADILA PRIVATE
LTD.
c/o Buttar.HK Ltd.
Unit A, 6/F., Mau
Lam Commercial Building, 16-18 Mau Lam
Street, Jordan, Kowloon, Hong Kong.
PHONE: 2740 9091
FAX: 2264 8622
E-MAIL: infoadila@gmail.com
Managing
Director: Mr. Syed
Riyaz Syed Anwar
Incorporated on: 10th December, 2010.
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: Satisfactory.
ADILA PRIVATE
LTD.
Registered
Head Office:-
c/o Buttar.HK Ltd.
Unit A, 6/F., Mau Lam
Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon,
Hong Kong.
Associated
Company:-
Wealthy Mark
Private Ltd., Hong Kong.
53433341
1539102
Managing
Director: Mr. Syed
Riyaz Syed Anwar
Contact
Person: Mr. Mohammed Mukhtar
Shaikh
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 10-12-2011)
|
Name |
|
No.
of shares |
|
Syed Riyaz SYED ANWAR |
|
10,000 ===== |
(As per registry dated 10-12-2011)
|
Name (Nationality) |
Address |
|
Syed Riyaz SYED ANWAR |
Navrang Chawl, Room No. 1, Quresh Nagar, Kurla, Bombay-70, India. |
(As per registry dated 10-12-2011)
|
Name |
Address |
Co.
No. |
|
Buttar.HK
Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong. |
0975326 |
The
subject was incorporated on 10th December, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the registered address was located at 9/F., Aztec House, 2 Mau Lam Street,
Jordan, Kowloon, Hong Kong, moved to the present
address in August 2011. Both addresses
are the operating office of Buttar.HK Ltd. which is a commercial service
provider.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Jewellery and diamonds, etc.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Prepayment, L/C, T/T, D/P, etc.
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: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly 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: Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, Adila
Private Ltd. is wholly owned by Mr. Syed Riyaz Syed Anwar
who is an Indian. He is an India
passport holder and does not have the right to reside in Hong Kong
permanently. He is the only director of
the subject and currently residing in Mumbai, India.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Unit A,
6/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is
handling its correspondences and documents.
Buttar.HK Ltd. is the corporate secretary of the subject. Buttar.HK Ltd. has had two offices in Hong
Kong, including the above-mentioned one.
The
subject has no employees in Hong Kong.
The contact person of the subject Mr. Mohammed Mukhtar
Shaikh is also an Indian. Shaikh is the sole
shareholder and director of a Hong Kong registered firm Wealthy Mark Private
Ltd. [Wealthy Mark].
Registered
in Hong Kong on 10th December, 2010, Wealthy Mark also does not have its
operating address in Hong Kong. Its
registered office is in a Hong Kong-registered firm located at Room 736, 7/F.,
Beverley Commercial Centre 87-105 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong known as Excellent Luck Ltd.
[Excellent Luck] which is handling its correspondences and documents. Buttar.HK Ltd. is also the corporate
secretary of Wealthy Mark.
The
subject is a diamond trader. It is
trading in all kinds of loose, cut and polished diamonds. The subject is cooperating well with Wealthy
Mark.
It
is likely that the subject has got an associated or an affiliated company in
Mumbai, India which is also a diamond trader.
The
India 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
subject’s business in Hong Kong is not active.
History in Hong Kong is just over a year and eight months.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.55.38 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.