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Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANN FOOK
LTD. |
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Registered Office : |
Unit D, 21/F., Wing Cheong Commercial Building, 19-25 Jervois Street,
Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.03.2011 |
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Com. Reg. No.: |
58146202 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Diamond & Jewellery Trader like, Diamond, jewellery, watches, etc. |
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No. of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s 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 : |
Moderate |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
MANN FOOK
LTD.
Unit D, 21/F.,
Wing Cheong Commercial Building, 19-25 Jervois Street, Sheung Wan, Hong Kong.
PHONE: 2581 3900
FAX: Not available
General
Manager: Mr. Shobha Bhagwan Khemlani
Incorporated on: 28th March, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond & Jewellery Trader.
Employees: 3. (Including affiliates)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
MANN FOOK
LTD.
Registered
Head Office:-
Unit D, 21/F.,
Wing Cheong Commercial Building, 19-25 Jervois Street, Sheung Wan, Hong Kong.
Affiliated
Companies:-
H. M. (Asia), Hong
Kong. (Same address)
Mang-Han Ltd.,
Hong Kong. (Same address)
58146202
1579865
General
Manager: Mr. Shobha Bhagwan Khemlani
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 28-03-2012)
|
Name |
|
No.
of share |
|
Shobha Bhagwan KHEMLANI |
|
1 = |
(As per registry dated 28-03-2012)
|
Name (Nationality) |
Address |
|
Naresh
Manghanmal SADHWANI |
1202 Petit Tower, Kemps Corner, Mumbai,
India. |
(As per registry dated 28-03-2012)
|
Name |
Address |
|
Shobha
Bhagwan KHEMLANI |
Flat A2, 12/F., Park View Court, 1 Lyttelton Road, Mid Levels, Hong
Kong. |
The
subject was incorporated on 28th 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 & Jewellery Trader.
Lines: Diamond, jewellery, watches, etc.
Employees: 3. (Including affiliates)
Commodities Imported: India, Belgium, Thailand, etc.
Markets: Hong Kong, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
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: Satisfactory.
Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Small.
Having
issued just one ordinary share of HK$1.00, Mann Fook Ltd. is wholly owned by
Shobha Bhagwan Khemlani who is an Indian.
He is a Hong Kong ID Card holder and has got the right to reside in
Hong Kong permanently.
The
director of the subject Mr. Naresh Manghanmal Sadhwani is also an Indian who is
residing in Mumbai, India.
The
subject shares its operating office with the following two firms in
Hong Kong:-
·
H. M. (Asia)
·
Mang-Han Ltd.
Both
firms are operated by Indian.
The
subject is trading in all kinds of diamond products such as diamond rings,
diamond ear-rings, watches, etc. It is
trading in fine diamond jewellery in 14K & 18K, solitaires and loose
diamonds, rings, bracelets, earrings, necklaces, bangles and pendants,
etc.
With
an extensive network of manufacturing facilities throughout the Indian sub-continent
and China, coupled with a vast distribution network within the United States
and Europe, the subject is able to market is products effectively.
The
subject has had an associated company in Mumbai, India which is administered by
Naresh Manghanmal Sadhwani. The India
firm is a diamond processing factory. It
supplies the subject will all kinds of diamond and jewellery products.
The
subject markets its products in Hong Kong, exported to the other Asian
countries, Europe, etc. Business is
still under development.
The
subject’s business is chiefly handled by Shobha Bhagwan Khemlani. History in Hong Kong is just over a year and
two months.
On
the whole, since the history of the subject is short in Hong Kong, consider it
good for normal business engagements on L/C basis.
-
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.
-
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.
-
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.56.42 |
|
|
1 |
Rs.87.37 |
|
Euro |
1 |
Rs.69.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.