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Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG CAPITAL CO. |
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Registered Office : |
Flat J, 3/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon |
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Country : |
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Date of Incorporation : |
14.04.1994 |
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Com. Reg. No.: |
17986419-000-04 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of diamonds, etc. |
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No. of Employees : |
Not Available |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
HONG KONG
CAPITAL CO.
Address: Flat J, 3/F.,
Block 2, Royal Peninsula,
8 Hung Lai Road,
Hunghom,
Kowloon,
Hong Kong.
(Your address given as:
BLK 25/F., TOWER ONE ROYAL PENINSULA HUNGHOM KOWLOON HONG KONG P O BOX
86207 )
PHONE: 2311 2102
FAX: 2721 0173
Manager: Mr. Rajendrakumar
Jayantilal Soni
Establishment: 14th
April, 1994.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat J, 3/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong.
P.O. Box 86249, Gillies Avenue Post Office, Kowloon, Hong Kong.
Associated Company:-
Ronak Gems, Hong Kong. (Same address
and same owner)
17986419-000-04
Manager: Mr. Rajendrakumar
Jayantilal Soni
Name: Mr. Rajendrakumar
Jayantilal SONI
Residential Address: 14/F.,
Front Portion, Ocean View Court, 25 Chatham Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 14th April, 1994 as a sole proprietorship
concern owned by Mr. Kamlesh Jivanbhai Shah under the Hong Kong Business
Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Kamlesh Jivanbhai SHAH |
14-04-1994 |
18-07-2001 |
|
Rajendrakumar Jayantilal SONI |
01-08-1994 |
04-09-1994 |
|
Abdul Samad Ibrahim SOLKAR |
01-08-1994 |
20-08-1995 |
|
Prakash Kirtilal MEHTA |
17-07-2001 |
11-10-2001 |
Initially the subject’s registered address was located at “Unit D &
E, 16/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong,”
moved to “Room 108, 1/F., Wing On Plaza, 62 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong” in September 1998; to “Flat 7 & 8, 8/F., Guardforce
Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong” in May 2004;
to “14/F., Front Portion, Ocean View Court, 25 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong” where is the residential address of the sole proprietor in
July 2004; to “Flat B, 7/F., Golden Mansion, 83-85 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong” in August 2005; to “Flat F, 26/F., Block 1, Royal
Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong” in July 2007; to
“Flat D, 18/F., Block 1” of the same building in July 2008; to “Flat G, 3/F.,
Block 2” of the same building in December 2009; and further moved to “Flat J,
3/F., Block 2” of the same building in January 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of diamonds, etc.
Employees: Nil.
Raw Materials: India, Belgium, other European countries, etc.
Markets: Hong
Kong, other Asian countries, North America, Western Europe, etc.
Terms/Sales:
COD or as per
contracted.
Terms/Buying: L/C,
D/P, T/T, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal condition.
Facilities: Making fairly active use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Standing:
Small.
Hong Kong Capital Co. is a sole proprietorship owned and operated by
Mr. Rajendrakumar Jayantilal Soni who is an Indian. Soni retired from the subject in September
1994 but joined in again in October 2001.
Now, the subject is still controlled by him. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject’s registered address is located at “Flat J, 3/F., Block 2,
Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.” This office is not in a commercial building
but a residential building. It is likely
that Soni has moved to this new address but does not make any amendments on the
subject’s registration materials. It
seems that the subject’s operating address is also Soni’s residential
address. The residential building is not
trespassed by outsiders. Soni moved to
this address in January 2010.
The subject has no employees in Hong Kong.
The subject is a diamond trader.
It is dealing in fine coloured diamonds.
Products include fancy coloured diamonds, unusual rose cut and briolette
cut diamonds and all kinds of loose diamonds.
Diamonds are chiefly imported from India, Belgium and other European
countries, etc. Most of the commodities
are polished and cut diamonds. Polished
and cut diamonds are exported or re-exported to Japan, other Asian countries,
Europe, the Middle East and North America.
Business is rather active.
The subject is just a one-man company.
Keeping a balance account or just making a very small profit in most of
the past years.
Soni is also the sole proprietor of another diamond trading firm known
as Ronak Gems. This firm was set up on
30th October, 1989 and also located at the above-mentioned address. Ronak Gems and the subject are engaged in the
same lines of business, more or less.
This firm is a gemstone trader.
On the whole, since the history of the subject in Hong Kong is over
eighteen years, consider it good for normal business engagements.
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.55.15 |
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|
1 |
Rs.86.30 |
|
Euro |
1 |
Rs.67.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<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.