|
Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
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Registered Office : |
C/o Denzong Trade Link Room 1805, 18/F., Royal Commercial Centre, |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
24.10.2008 |
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Com. Reg. No.: |
39928681 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds, jewellery packing boxes, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office In Hong Kong |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ATLANTA PACIFIC
(HK) LTD.
ADDRESS: c/o Denzong Trade Link
Room 1805, 18/F., Royal Commercial Centre, 56 Parkes Street, Jordan,
Kowloon, Hong Kong.
PHONE: 2723 8407
FAX: 2723 8487
Managing Director: Mr. Harshad
Rai Kothari
Incorporated on: 24th
October, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Denzong Trade Link
Room 1805, 18/F., Royal Commercial Centre, 56 Parkes Street, Jordan,
Kowloon, Hong Kong.
Affiliated Companies:-
Cell Pacific Ltd., Hong Kong.
(Same address)
Denzong Trade Link, Hong Kong.
(Same address)
Silver Sands Ltd., Hong Kong.
(Same address)
39928681
1282172
Managing Director: Mr. Harshad
Rai Kothari
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 24-10-2011)
|
Name |
|
No. of share |
|
Harshad Rai KOTHARI |
|
5,000,000 ======= |
(As per registry dated 24-10-2011)
|
Name (Nationality) |
Address |
|
Harshad Rai KOTHARI |
265, Bipin Behari Ganguly Street, 4/F., Kolkata-12, India. |
(As per registry dated 24-10-2011)
|
Name |
Address |
Co. No. |
|
HMGC Corporate Practice Ltd. |
Room 406B, 4/F., 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
1127329 |
The subject was incorporated on 24th October, 2008 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: Diamonds,
jewellery packing boxes, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: India,
other Asian countries, Europe, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active 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.
Having issued 5 million ordinary shares of HK$1.00 each, Atlanta Pacific
(HK) Ltd. is wholly owned by Mr. Harshad Rai Kothari who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. Kothari is also the only director of the
subject and currently residing in India.
The subject does not have its own operating office. Its registered office is in a Hong
Kong-registered firm located at Room 1805, 18/F., Royal Commercial Centre, 56
Parkes Street, Jordan, Kowloon, Hong Kong known as Denzong Trade Link [Denzong]
which is handling its correspondences and documents. Denzong is engaged in diversified
economy. The subject may be a business
partner of Denzong which is operated by Mr. Gautam Kumar Sarraf who is also an
Indian. Denzong has had the following
associated firms located at its operating address:-
·
Silver Sands Ltd., Hong Kong; &
·
Cell Pacific Ltd., Hong Kong.
The subject is trading in diamonds, jewellery packing boxes,
accessories, etc. Commodities are
chiefly sourced from India, China and other Asian countries. Prime markets are India, other Asian
countries, Europe, etc.
It is likely that the subject has got an associated company in Kolkata,
India which is also operated by Kothari.
It is likely that 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
India firm also exports commodities to foreign markets under the name of the
subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not very active. History in Hong Kong is just over three
years.
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.
-
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.
-
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.
-
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.
-
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.
-
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.88.45 |
|
Euro |
1 |
Rs.71.52 |
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 |
|
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.