|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BASILICA
JEWELRY LTD. |
|
|
|
|
Formerly Known As : |
Easy Way Trading
(HK) Ltd |
|
|
|
|
Registered Office : |
Room 505, 5/F., Beverley Commercial Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
19.12.2007 |
|
|
|
|
Com. Reg. No.: |
38766068 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds diamonds and jewellery products |
|
|
|
|
No. of Employees : |
2. (Including
associate) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
Payment Behaviour : |
No Complaints |
|
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 |
BASILICA JEWELRY LTD.
Room 505, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 6952 6805 (mobile)
FAX: Not available
E-MAIL: vijenjhaveri@yahoo.com
Managing Director: Mr. Vijen Girishchandra Jhaveri
Incorporated on: 19th December, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Diamond Trader.
Employees: 2. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 505, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Rose Jewels Ltd., Hong Kong. (Same address)
P.K. Impex, Hong Kong.
Pal Gems, India.
38766068
1196645
Managing Director: Mr. Vijen Girishchandra Jhaveri
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 19-12-2011)
|
Name |
|
No. of shares |
|
Vijen Girishchandra JHAVERI |
|
3,000,000 |
|
|
|
======= |
(As per registry
dated 19-12-2011)
|
Name (Nationality) |
Address |
|
Vijen Girishchandra JHAVERI |
12/F., Hai Xin Building, 17 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong. |
(As per registry
dated 19-12-2011)
|
Name |
Address |
Co.
No. |
|
Hmgc Corporate Practice Ltd. |
Room 460B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
1127329 |
The subject was incorporated on 19th December, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Easy Way Trading (HK) Ltd., name changed to the present style on 29th August, 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds diamonds and jewellery products.
Employees: 2. (Including associate)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, India, Japan, Southeast Asia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Profit or Loss: Making a small profit in the past two years.
Condition: Business is normal.
Facilities: Making rather 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 1 million ordinary shares of HK$1.00 each, Basilica Jewelry Ltd. was equally owned by Mr. Vijen Girishchandra Jhaveri and Mr. Kailash Agarwal. Now, the subject has increased its ordinary shares to 3 million which is wholly-owned by Mr. Vijen Girishchandra Jhaveri. The old latter shareholder Agarwal has retired.
Jhaveri is the only director of the subject. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject’s operating office is located at Room 505, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
The subject is a diamond trader. It has got an associated company Rose Jewels Ltd. [Rose] located at the same operating address. Rose and the subject are engaged in the same lines of business.
It also has got an affiliated company in India known as Pal Gems. The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds. The subject imports loose, polished and cut diamonds from India. Pal Gems seems to be its main supplier. It is likely that Agarwal in India is administrating the business of Pal Gems. The subject markets its products in Hong Kong, exports to India, Japan, Southeast Asia, etc. Business has been normal. It made a small profit in the past two years.
Besides Pal Gems, the subject has had another affiliate P.K. Impex.
P.K. Impex is also a diamond trader located at Flat E, 6/F., Cameron Plaza, 23‑25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong where was Jhaveri’s old registered address in Hong Kong.
The subject’s business is chiefly handled by Jhaveri himself. History is over four years in Hong Kong.
On the whole, consider it good for normal business engagements in small credit amounts.
|
Date |
Particulars |
Amount |
|
24-02-2012 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the Following assets. (i) Export Credits; (ii) Export Collection Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; and (b) Charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets:- (i) the Goods together with their proceeds; and (ii) the Deposit; and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the Bank’s possession. Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All or any money and liabilities which shall from time to time to due, owing or incurred in whatsoever manner to the Bank by the Borrower whether actually or contingently, solely or jointly and whether as borrower or surety |
|
24-02-2012 |
Instrument: Legal Charge/Mortgage Property: 1/30 part or share of and in K.I.L. 8762 R.P. & K.I.L. 9798 R.P. (12 Floor, Hai Xin Mansion, No. 15-17 Hart Avenue, Kowloon) Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All moneys |
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.56.99 |
|
UK Pound |
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
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.