MIRA INFORM REPORT
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Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ANJU
DIAMONDS HK LTD. |
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Registered Office : |
Room 1701, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.04.2009 |
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Com. Reg. No.: |
50626436 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Diamond and jewellery |
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No. of Employees
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10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
ANJU DIAMONDS HK
LTD.
Room 1701, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 5166 7999
FAX: 2425 4999
Managing Director: Mr. Anand Jayantilal Kothari
Incorporated on: 23rd April, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Jewellery Trader.
Employees: 10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Room 1701, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
50626436
1334251
Managing Director: Mr. Anand Jayantilal Kothari
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 23-04-2011)
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Name |
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No. of shares |
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Rishi Mafatlal KOTHARI |
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500,000 |
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Anand Jayantilal KOTHARI |
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500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry
dated 23-04-2011)
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Name (Nationality) |
Address |
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Rishi Mafatlal KOTHARI |
Flat No. 201, 2/F., Panchsheel, C-Road, Church Gate, Mumbai-400020, India. |
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Anand Jayantilal KOTHARI |
Flat No. 304, 3/F., Panchsheel, C-Road, Church Gate, Mumbai-400020, India. |
(As per registry
dated 23-04-2011)
|
Name |
Address |
Co.
No. |
|
Champion Corporate Ltd. |
Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong. |
0657221 |
The subject was incorporated on 23rd April, 2009 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 and Exporter.
Lines: Diamond and jewellery.
Employees: 10.
Commodities Imported: India, Europe, other Asian countries, etc.
Markets: China, other Asian countries, North America, Middle East, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Making a small profit in 2011.
Condition: Keeping in a normal manner.
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: Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Anju Diamonds HK Ltd. is equally owned by Mr. Rishi Mafatlal Kothari and Anand Jayantilal Kothari. Both of whom are Indian while the latter is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject is trading in diamonds and jewellery which are marketed in China, exported to the other Asian countries, North America, the Middle East, Europe, etc.
According to the subject, it is a member of the CMD Jewelry Group [CMD]. Now, the Group has set up associates or subsidiaries in Asia, the USA, Europe and the Middle East. CMD’s branch companies in Antwerp and New York are serving their customers in diamonds. Other associated companies in Tokio, Moscou, Dubai, Brussels and Mardid serve the Group’s regional commercial hubs.
The subject is the Group’s financial headquarters. The production of jewellery is monitored by the subject’s branch companies in China and Bangkok of Thailand. The Thailand factory is manufacturing medium to high end jewellery products while the China factory is manufacturing low end products.
As associated company of CMD known as AA Diamond, in New York, the USA, is specialised in diamonds cutting and trading.
According to the Group, it is able to offer its customers with various collection in gold or silver. It also receives OEM orders.
The CMD Group has set up a jewellery school in order to train skill labours.
The subject is owned by the Kothari family. History in Hong Kong is less than three years. Business is improving.
On the whole, consider it good for normal business engagements in moderate credit amounts.
DIAMOND INDUSTRY –
INDIA
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.02 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.66.18 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.