MIRA INFORM REPORT
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Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
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Name : |
JB
PACO LTD. |
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Formerly Known As : |
J.B. Collection
(H.K.) Ltd |
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Registered Office : |
Room 502-503, 5/F., Harbour Centre, Tower 2, 8 Hok Cheung
Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.07.1998 |
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Com. Reg. No.: |
21845398 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of find jewellery, diamonds, etc. |
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No. of Employees
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10. (Including affiliates in |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 |
JB PACO LTD.
Room 502-503, 5/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2375 7878
FAX: 2375 8080, 2721 3718
E-MAIL: jbjhk@jbjewelry.com.hk
Manager: Ms. Lai Ka Wai
Incorporated on: 3rd July, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 10. (Including affiliates in Hong Kong)
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 502-503, 5/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
J.B. International Mfg. Ltd., Hong Kong. (Same address)
Associated/Affiliated
Companies:-
JB Group of Companies
J. B. International Sourcing (India) Ltd., Hong Kong. [Dissolved]
J. B. Jewelry (HK) Ltd., Hong Kong. [Compulsory winding up]
J. B. Jewelry (Mfg) Ltd., Hong Kong. [Dissolved]
J.B. Diamonds (H.K.) Ltd., Hong Kong.
J.B. Diamonds, India.
J.B. Gold Trading Ltd., Hong Kong. [Dissolved]
J.B. International Sourcing Ltd., Hong Kong.
JB Group Management Ltd., Hong Kong.
Miral Gems Co. Ltd, Thailand.
Sugem (H.K.) Ltd., Hong Kong. [Receiver appointed]
Sugem Coloron Co., Hong Kong.
Sugem Inc., USA.
Sugem Pte. Ltd., Singapore.
Sugem, Hong Kong.
Tristars Alliance Ltd., Hong Kong.
etc.
21845398
0648992
Manager: Ms. Lai Ka Wai
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 03-07-2009)
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Name |
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No. of shares |
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J.B. International Mfg. Ltd., Hong Kong. |
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9,999 |
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Bhupendra Jivrajbhai SURANI |
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1 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 31-10-2009)
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Name (Nationality) |
Address |
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Bhupendra Jivrajbhai SURANI [Designed on 13-01-2010] |
31 King’s Park Hill Road, Homantin, Kowloon, Hong Kong. |
(As per registry dated
03-07-2009)
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Name |
Address |
Co.
No. |
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DSC (Corporate Services) Ltd. [Resigned on 01-01-2010] |
Room 1910-1913, 19/F., Hutchison House, 10 Harcourt Road, Central, Hong Kong. |
0535845 |
The subject was incorporated on 3rd July, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of K.K. Collection (H.K.) Ltd., name changed to J.B. Collection (H.K.) Ltd. on 1st June, 2001, and further to the present style on 12th August, 2009.
Formerly the subject was located at Room 808, 8/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong, moved to Room 1105-1108, 11/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong in October 2003; and further to the present address in May 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of find jewellery, diamonds, etc.
Employees: 10. (Including affiliates in Hong Kong)
160. (China)
Commodities Imported: Belgium, India, Europe, etc.
Markets: Asia, Middle East, Europe, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge:-
Date of Debenture: 17-07-2001
Amount: General credit facilities of sum of HK$15,000,000
Property:
1) All freehold and leasehold property of the Company
2) All stocks shares bonds and securities of any kind
3) All book and other debts revenues and claims
4) The uncalled capital goodwill and patents patent applications trade marks trade names registered designs
and copyrights and all licences and ancillary and connected rights relating to the intangible property
5) The undertaking and all other assets of the Company
Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Profit or Loss: Keeping a balance account in the past year.
Condition: Keeping in a fair condition.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of India, Hong Kong Branch.
· Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, JB Paco Ltd. is a wholly-owned subsidiary of J.B. International Mfg. Ltd. which is a Hong Kong-registered firm located at the subject’s operating address.
Formerly known as J.B. Collection (H.K.) Ltd., the subject was operated by Mr. Varsha Bhupendra Surani who was an Indian. Now, V. B. Surani had retired, then the subject had been operated by Bhupendra Jivrajbhai Surani who was the only director of the subject. However, B. J. Surani resigned on 13 January, 2010. So far, the subject’s director has not been appointed. On 1st January, 2010, the subject’s corporate secretary DSC (Corporate Services) Ltd. resigned.
The subject is trading in diamond jewellery (OEM), gemset jewellery (colour stones, OEM), loose diamonds (from India), etc.
The subject and its holding company belong to the JB Group which was established in Surat, India. In 1965, JB Group started the business of diamonds manufacturing, cutting and polishing. The Group has been appointed as a Diamond Trading Company [DTC] sightholder since 1994 and diversified into jewellery manufacturing in 1996.
JB Group was recognized as a significant trading house by India government in 1998 and received award from DTC as the “Highest Export Group” in 1999.
The Group started and initiated OBM jewellery in 2003 bearing the brand name “Julia & Anni D’oro”. The subject’s designer Ms. Julia Ho joined JB Group in 2003 leading its diamond designing team including 12 designers. The team is also responsible for the marketing of its “Julia & Anni D’oro” products.
Currently, the Group’s main factory is in Panyu, Guangzhou City, Guangdong Province, China employing about 160 persons. Monthly production capacity is about 5,000 to 6,000 pieces of jewellery products.
JB Group was founded by Jivraj Surani and Bhagwan Kukadia in 1965. Very soon, the Group quickly evolved to become a renowned state-of-the-art manufacturer and distributor of polished diamond and diamond jewellery worldwide.
The Group today has multifarious businesses which are run and managed by professionals. Its business portfolio encompasses diamond and jewellery manufacturing, properties development, hospitality, IT park, consultancy, raw materials sourcing, mining, alternate energy and IT/BPO services.
JB Group has gone from strength to strength since its inception as a diamond cutting and polishing four decades ago in India. Now its businesses has been diversified to an Energy and Properties conglomerate with a combined Global Sales Turnover of about US$3 billion. The businesses of the Group is quite significant.
Besides Hong Kong, today the Group has a very strong operational presence in the Greater China, Indonesia, Thailand, Singapore, the Sultanate of Oman, the United Arab Emirates, Africa and the United States. However, the deregistration, winding up and name changed of the following firms are the derogatory data of the Group:-
J. B. Jewelry (HK) Ltd., Hong Kong. [Compulsory winding up]
J. B. Jewelry (Mfg) Ltd., Hong Kong. [Dissolved by deregistration]
J.B. Gold Trading Ltd., Hong Kong. [Dissolved]
Tristars Alliance Ltd., Hong Kong.
[Name changed from J. B. Jewelry (France) Ltd.]
The subject’s contact person Ms. Lai Ka Wai is a Hongkongnese who is also the manager of the subject.
The subject has got many affiliated companies located at its operating address. One of its main associated company Sugem (H.K.) Ltd. is jointly owned by Mr. Bhupendra Jivrajbhai Surani, holding 85.5% interests; Mr. Varsha Bhupendra Surani, holding 9.5%; and the subject, 5.0%. However, this firm has been received.
The history of the subject in Hong Kong is over thirteen years and eight months.
On the whole, consider it good for normal business engagements in small 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.50.92 |
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UK Pound |
1 |
Rs.81.21 |
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Euro |
1 |
Rs.67.85 |
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.