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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
JEWELEX HK LTD. |
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Registered Office : |
Unit 7, 15/F., |
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Country : |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
34014453 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamond, jewellery and precious stones. |
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No. of Employees : |
7. (Including associate) |
RATING & COMMENTS
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MIRAs 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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
JEWELEX HK
LTD.
ADDRESS: Unit 7, 15/F., Peninsula Square,
18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2312 6088, 2312 6075
FAX: 2314 1551
E-MAIL: hongkong@jewelexgroup.com
jewelexhk@hotmail.com
jewelex@pacific.net.hk
Managing Director: Mr. Jamil
Khalil Fakih
Incorporated on: 22nd October,
2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$15,610,000.00
Issued: HK$15,610,000.00
Business Category: Diamond Trader.
Employees:
7. (Including associate)
Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 7, 15/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong.
Holding Company:-
Diajewel S.A., Luxembourg.
Associated/Affiliated Companies:-
Jewelex Group of Companies
Galaxy Jewels Ltd., Hong Kong.
Indogem (HK) Ltd., Hong Kong.
[Dissolved]
Jewelex Antwerp N.V., Belgium.
Jewelex Australia Pty. Ltd., Australia.
Jewelex Dubai LLC, UAE.
Jewelex Europe N.V., Belgium.
Jewelex India Pvt. Ltd., India.
Jewelex International Pvt. Ltd., India.
Jewelex Japan Ltd., Japan.
Jewelex New York Ltd., USA.
Jewelex Shanghai, China.
Legend International Enterprises Ltd., British Virgin Islands.
etc.
34014453
0867320
Managing Director: Mr. Jamil
Khalil Fakih
Nominal Share Capital: HK$15,610,000.00 (Divided into 15,610,000 shares
of HK$1.00 each)
Issued Share Capital: HK$15,610,000.00
(As per registry dated 22-10-2011)
|
Name |
|
No. of shares |
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Diajewel S.A. 46A, Avenue J.F. Kennedy, 1855 Luxembourg. |
|
15,609,990 |
|
Jamil Khalil FAKIH |
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10 |
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Total: |
15,610,000 ======== |
(As per registry dated 22-10-2011)
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Name (Nationality) |
Address |
|
Jamil Khalil FAKIH |
Flat A, 30/F., Tower 10, Carmel Cove, Caribbean Coast, Tung Chung,
Lantau Island, Hong Kong. |
|
Deep Nilesh BHANSALI |
Flat E, 30/F., Block 3, Royal Peninsula, 8 Hung Lai Road, Kowloon,
Hong Kong. |
(As per registry dated 22-10-2011)
|
Name |
Address |
Co. No. |
|
Vimet Corporate Consultants & Secretaries Ltd. |
Room 1105, 11/F., Haleson Building, 1 Jubilee Street, Central,
Hong Kong. |
0381676 |
The subject was incorporated on 22nd October, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A2, 14/F., China Insurance
Building, 48 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address with effect from 24th February, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamond, jewellery and precious stones.
Employees: 7. (Including associate)
Commodities Imported: Imported from Belgium, Israel, India, other Asian countries, etc.
Markets: Thailand,
Other Asian countries, Belgium, North America, etc
Terms/Sales:
L/C or as per contracted.
Terms/Buying: L/C,
D/P and T/T.
Nominal Share Capital: HK$15,610,000.00 (Divided into 15,610,000
shares of HK$1.00 each)
Issued Share Capital: HK$15,610,000.00
Mortgage or Charge:-
Date of Debenture:
13-09-2006
Amount: General banking facilities
Property: All the Companys undertaking and
property and assets
Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch.
[Now known as The Royal Bank of Scotland N.V.]
Profit or Loss: Business is profitable.
Condition: Keeping
in a satisfactory condition.
Facilities: Making
active use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Banker:
The Royal Bank of Scotland N.V., Hong Kong Branch.
Standing:
Normal.
Jewelex HK Ltd. is almost a wholly-owned subsidiary of Diajewel S.A.,
which is a Luxembourg-based firm.
Being a diamond trader, the subject in fact is a member of the Jewelex
Group.
The directors of the subject are Mr. Deep Nilesh Bhansali and Mr. Jamil
Khalil Fakih. Being Hong Kong ID Card
holders, they have got the right to reside in Hong Kong permanently. The latter is also the minor shareholder of
the subject.
Besides the subject, Bhansali and Fakih are operating another firm
Galaxy Jewels Ltd. [Galaxy Jewels] which is also a Hong Kong-registered
firm. Incorporated on 18th May, 2009,
Galaxy Jewels is jointly owned by Bhansali and Fakih. The former is holding 99% interests while the
latter, just 1%.
Besides the subject and Galaxy Jewels, Fakih had operated another firm
Indogem (HK) Ltd. [Indogem].
Incorporated on 18th March, 1993, Indogem has been dissolved by
deregistration.
The Jewelex Group now has set up subsidiaries or affiliated companies in
India, China, Japan, the United Arab Emirates, the United States, Australia,
Belgium, etc. The corporate headquarters
of the Jewelex Group are in India. The
key member of the Group is Jewelex India Pvt. Ltd. which is in Mumbai, India.
The subject is trading in the following commodities:-
·
Diamond Jewellery Set
·
Diamond Bangle
·
Gold Diamond Bangle
·
Jewellery Puff Heart Bra
·
Fun Cufflinks for Men
·
Diamond Cufflinks
·
Pearl Cufflinks
The subject imports cut and polished diamonds from its affiliated
companies and re-exported to worldwide countries. Business is rather active. Annual sales turnover is significant.
The old director of the subject Nishit Pravinchandra Kothari was a
Belgium passport holder. Now, he is
responsible for the business of Jewelex Antwerp N.V. and Jewelex Europe
N.V. Both firms are in Antwerp, Belgium.
The history of the subject in Hong Kong is over eight years and five
months.
The subject is fully supported by the Jewelex Group.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
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 |
|
US Dollar |
1 |
Rs.50.90 |
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|
1 |
Rs.80.77 |
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Euro |
1 |
Rs.67.40 |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 SCs 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.