MIRA INFORM REPORT
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Report Date : |
27.01.2012 |
IDENTIFICATION DETAILS
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Name : |
FACETS
HONG KONG LTD. |
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Registered Office : |
Unit 1003, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.03.2007 |
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Com. Reg. No.: |
37767843 |
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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, etc. |
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No. of Employees
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01 |
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 – September 30th, 2011
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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
FACETS HONG
KONG LTD.
company address
Unit 1003, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2723 7770
FAX: 2723 7760
E-MAIL: facetshongkong@gmail.com
MANAGEMENT
Managing Director: Mr. Kunal Anil Jain
SUMMARY
Incorporated on: 27th March, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Trader.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Unit 1003, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
37767843
COMPANY FILE NUMBER
1118713
MANAGEMENT
Managing Director: Mr. Kunal Anil Jain
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDER
(As per registry
dated 27-03-2011)
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Name |
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No. of shares |
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Kunal Anil JAIN |
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1,000,000 ======= |
DIRECTORS
(As per registry
dated 27-03-2011)
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Name (Nationality) |
Address |
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Kunal Anil JAIN |
Flat D, 7/F., Hang Wan Building, 40-44 Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
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Savita Anil JAIN |
270 Walkeshwar Road, G/F., 3, A-1 Apartments, Mumbai-400006, India. |
SECRETARY
(As per registry
dated 27-03-2011)
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Name |
Address |
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Bayani Divino Bautista PONCE |
13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 27th March, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1F2, 1/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong, moved to the present address with effect from 1st March, 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, etc.
Employee: 1.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, Japan, Taiwan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, 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$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Made a small profit in 2009 & 2010.
Condition: Business is normal.
Facilities: Trying to make 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.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, Facets Hong Kong Ltd. is wholly-owned by Kunal Anil Jain who is an Indian. Formerly Jain resided in Mumbai, India and now has moved to Hong Kong. He is a Hong Kong ID holder and has had the right to reside in Hong Kong permanently. Kunal Anil Jain is also the managing director of the subject.
Being a small Indian trading firm, the subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds. Most of the commodities are imported from Mumbai, India. Prime markets are Hong Kong, Japan, Taiwan, other Asian countries, etc.
The old Managing Director of the subject Bayani Divino Bautista Ponce is also an Indian who is a Hong Kong ID card holder. Ponce is also the secretary of a number of Indian firms in Hong Kong.
The history of the subject in Hong Kong is over four years and nine months.
On the whole, consider the subject good for normal business engagements in small credit amounts.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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05-02-2009 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under Seal) Property: Initially HK$500,000 or equivalent and all monies whether now or hereafter standing to the credit of the Company’s deposit with the Bank under deposit number 817-088446 and whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further moneys in any deposit account with the Bank at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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03-08-2011 |
Instrument: Assignment of Life Insurance Property: Property Charged: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy (No. 28004057-50) upon the terms Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Secured Monies |
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.49.97 |
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UK Pound |
1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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.