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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
RICHMEN
INTERNATIONAL LTD. |
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Registered Office : |
c/o
Buttar.HK Ltd., Unit R, 1/F., |
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Country : |
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Date of Incorporation : |
06.01.2010 |
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Com. Reg. No.: |
51691331 |
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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, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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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 |
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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 |
RICHMEN INTERNATIONAL LTD.
c/o Buttar.HK Ltd.
Unit R, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: 2312 0148
FAX: 2375 6513
Managing Director: Mr. Deven Nagindas Jhaveri
Incorporated on: 6th January, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Buttar.HK Ltd.
Unit R, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Associated
Companies:-
Al Sidra Jewellery Ltd., Hong Kong.
Sun World Inc. Ltd., Hong Kong.
51691331
1408711
Managing Director: Mr. Deven Nagindas Jhaveri
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 06-01-2012)
|
Name |
|
No. of shares |
|
Deven Nagindas JHAVERI |
|
10,000 ===== |
(As per registry
dated 06-01-2012)
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Name (Nationality) |
Address |
|
Devan Nagindas JHAVERI |
Flat 22, Sailor Apartments, 24 Ridge Road, Malbar Hill, Mumbai 6, India. |
(As per registry
dated 06-01-2012)
|
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 6th January, 2010 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, etc.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, 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 under development.
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, Richmen International Ltd. is wholly-owned by Mr. Deven Nagindas Jhaveri who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Jhaveri is also the only director of the subject.
Business commenced in January 2010, the subject does not have its own operating office. Its registered office is in a commercial service firm located at 1/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 also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds. Commodities are chiefly imported from Mumbai, India.
Most of the time, Jhaveri is not in Hong Kong. It is likely that the subject has got an affiliated company in Mumbai, India which is also operated by Jhaveri. 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 has got two associated companies known as Al Sidra Jewellery Ltd. and Sun World Inc. Ltd. located at the same registered address. Incorporated on 23rd January, 2010 in Hong Kong, Al Sidra Jewellery Ltd. is also owned and operated by Jhaveri.
Having issued 10,000 ordinary shares of HK$1.00 each and incorporated on 11th January, 2010, Sun World Inc. Ltd. is also wholly-owned by Jhaveri.
The two associated firms are also diamond traders.
The subject’s business in Hong Kong is not active.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on secured basis.
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.55.70 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.