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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
JOYEE
CORPORATION LTD. |
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Registered Office : |
c/o Union
Secretarial Services Ltd., 9/F., |
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Country : |
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Date of Incorporation : |
24.03.2011 |
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Com. Reg. No.: |
58127155 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamond Trader of all kinds of diamonds and jewellery products, 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 |
JOYEE CORPORATION LTD.
c/o Union Secretarial Services Ltd.
9/F., Tak Lee Commercial Building, 113-117 Wanchai Road, Wanchai, Hong Kong.
PHONE: 2832 9229
FAX: 2832 9239
Managing Director: Mr. Ajit Tolaram Panjabi
Incorporated on: 24th March, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Union Secretarial Services Ltd.
9/F., Tak Lee Commercial Building, 113-117 Wanchai Road, Wanchai, Hong Kong.
Associated
Company:-
Gold Leaf Design Ltd., Hong Kong.
58127155
1577963
Managing Director: Mr. Ajit Tolaram Panjabi
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 24-03-2012)
|
Name |
|
No. of share |
|
Ajit Tolaram PANJABI |
|
1 = |
(As per registry
dated 24-03-2012)
|
Name (Nationality) |
Address |
|
Ajit Tolaram PANJABI |
9/F., Tak Lee Commercial Building, 113-117 Wanchai Road, Wanchai, Hong Kong. |
(As per registry
dated 24-03-2012)
|
Name |
Address |
Co.
No. |
|
Union Secretarial Services Ltd. |
9/F., Tak Lee Commercial Building, 113‑117 Wanchai Road, Wanchai, Hong Kong. |
0252992 |
The subject was incorporated on 24th March, 2011 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: Diamond Trader.
Lines: All kinds of diamonds and jewellery products, 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, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
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 required.
Commercial Morality: Too early to comment.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1 ordinary share of HK$1.00 each, Joyee Corporation Ltd. is wholly owned by Mr. Ajit Tolaram Panjabi who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Panjabi is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “9/F., Tak Lee Commercial Building, 113-117 Wanchai Road, Wanchai, Hong Kong” known as “Union Secretarial Services Ltd.” which is handling its correspondences and documents. Union Secretarial Services Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
Business commenced in March 2011, the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan, India and the other Asian countries. Business is still under development.
Besides operating the subject, Panjabi is also operating another firm Gold Leaf Design Ltd. [Gold Leaf] in Hong Kong. Having issued 100,000 ordinary shares of HK$1.00 each, Gold Leaf is wholly owned by Panjabi. This firm is located at a different address.
The businesses of the subject and Gold Leaf are chiefly handled by Panjabi himself. History in Hong Kong is just over a year.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured 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.
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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.76 |
|
UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.67.43 |
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 |
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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 |
|
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 |
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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.