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Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
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Name : |
CROWN AIM LTD |
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Registered Office : |
Room 1101, 11/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.12.2010 |
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Com. Reg. No.: |
53762154 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
jewellery and diamonds, etc. |
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No. of Employees : |
5. |
RATING & COMMENTS
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MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CROWN AIM LTD
Room 1101, 11/F., Guardforce
Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 3152 3834
FAX: Not available
Managing
Director: Mr. Kuldeep Singh
Incorporated on : 9th December, 2010.
Organization : Private Limited Company.
Capital: Nominal : US$100,000,000.00
Issued : US$4,000,000.00
Business Category : Importer, Exporter and Wholesaler.
Employees : 5.
Main Dealing Banker : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation : Satisfactory.
CROWN AIM LTD.
Registered
Head Office:-
Room 1101, 11/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Holding
Company:-
Able Era Holdings
Ltd., Hong Kong. (Same address)
Penultimate
Holding Company:-
Aston Luxury Group
Ltd., Hong Kong. (Same address)
Ultimate
Holding Company:-
Gitanjali Gems
Ltd., India.
Associated
Companies:-
Alfred Terry
Holdings Ltd., UK.
Alfred Terry Ltd.,
UK.
Alliance Jewellers
Pvt. Ltd., Lebanon.
Brightest Circle
Jewellery Pvt. Ltd., India.
DIT Group SpA,
Italy.
Gitanjali
Lifestyle Ltd., India.
Morellato India
Pvt. Ltd., India.
Salasar Retail
Ltd., India.
53762154
1538177
Managing Director: Mr. Kuldeep Singh
Nominal Share
Capital: US$100,000,000.00 (Divided into 100,000,000 shares of US$1.00 each)
Issued Share
Capital: US$4,000,000.00
(As per registry dated 09-12-2011)
|
Name |
|
No.
of shares |
|
Able Era Holdings Ltd., Hong Kong. |
|
4,000,000 ======= |
(As per registry dated 09-12-2011)
|
Name (Nationality) |
Address |
|
Sajeed Ahamed
Baba Sahab DESAI |
Springs 1, ST 2, Villa-30-2, Bedrooms,
Dubai, UAE. |
|
Kuldeep SINGH |
Flat H, 27/F., Tower 6, Phase 2, Caribbean
Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong. |
(As per registry dated 09-12-2011)
|
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 9th December, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Room 1001-1004A, 10/F., Champion Building, 287-291
Des Voeux Road Central, Hong Kong where is the operating office of Gateway
Registrations Ltd., moved to the present address with effect from 6th July,
2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities : Importer, Exporter and Wholesaler.
Lines : All kinds of jewellery and diamonds, etc.
Employees : 5.
Commodities Imported : China, Europe, US, etc.
Markets : Asian countries, Middle East, Europe, etc.
Terms/Sales : L/C, T/T, etc.
Terms/Buying : L/C, T/T, etc.
Nominal Share Capital : US$100,000,000.00 (Divided into 100,000,000 shares of US$1.00 each)
Issued Share Capital : US$4,000,000.00
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 contracted.
Commercial Morality : Satisfactory.
Banker : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing : Small.
Having
issued 4,000,000 ordinary shares of US$1.00 each, Crown Aim Ltd. is wholly
owned by Able Era Holdings Ltd., a Hong Kong-registered firm located at the
same operating address. The penultimate
holding company is Aston Luxury Group Ltd. [Aston], a Hong Kong-registered firm
also located at the same address. The subject
moved to the current operating address in early July 2011.
The
Hong Kong director of the subject Kuldeep Singh is an Indian. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently.
Aston,
a wholly owned subsidiary of jewellery retailer Gitanjali Gems Ltd. of India,
has acquired 100% stake in the subject for an undisclosed amount.
The
subject is trading in all kinds of diamonds and jewellery products. It is a distributor of jewellery to China,
Japan, the United States, the Middle East and Europe. Additionally, it has a jewellery manufacturing
unit in China and plans to set up jewellery retailing in that country.
The
subject also owns a 100% subsidiary called Alfred Terry Holdings Ltd. and a
step-down subsidiary called Alfred Terry Ltd., located in London, for jewellery
distribution in the United Kingdom.
Alfred Terry Ltd., a 45-year-old company, has a wide distribution
networks catering to chain stores and standalones in the United Kingdom. The network covers nearly 2,000 jewellery
shops.
Incorporated
in 1966, Surat-based Gitanjali Group is one of the largest branded jewellery
companies in India with interests in diamond jewellery, retail and lifestyle
businesses. The Group operates across
the United States, the United Kingdom, Belgium, Italy and the Middle East, as
well as in Thailand, Southeast Asia, China and Japan. The bouquet of brands owned by the Group in
Italy includes Stefan Hafner, iO Si, Novelle Bague, Porrati and Valente. The Gitanjali Group also owns speciality
retail chain in the United States under the brands of Samuels and Rogers.
In
February of 2011, the Group paid an undisclosed sum and took over DIT Group
SpA, the Italian unit of Dubai jewellery maker Damas International that owns
brands like Stefan Hafner, IO Si, Roberta Porrati and Nouvelle Bague.
The
latest acquisition of the Group was just about a year after it had acquired the
remaining 50% stake in its Indian joint venture Morellato India Pvt. Ltd. for
an undisclosed sum.
In
December 2009, the Group, through its subsidiary Gitanjali Lifestyle Ltd., also
acquired majority stake in Salasar Retail Ltd., a Delhi-based retailer with 10
stores in northern India.
The
subject is fully supported by the Gitanjali Group. History in Hong Kong is just over a year and
two months.
On
the whole, since the history of the subject is short, consider it good for
normal business engagements on L/C basis for the time being.
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.
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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.49.31 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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 SCs 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.