MIRA INFORM REPORT
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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
HIND
INTERNATIONAL INVESTMENT LTD. |
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Registered Office : |
Unit B-D, 13/F., |
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Country : |
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Date of Incorporation : |
05.12.1980 |
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Com. Reg. No.: |
07030454 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
subject manufactures stainless steel watches with diamonds, chronographs, etc. |
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No. of Employees
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20 persons |
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 |
HIND INTERNATIONAL
INVESTMENT LTD.
Unit B-D, 13/F., Yally Industrial Building, 6 Yip Fat Street, Wong Chuk Hang, Aberdeen, Hong Kong.
PHONE: 2873 3103, 2873 5310
FAX: 2873 5210
E-MAIL: info@hindint.com.hk
Managing Director: Mr. Dinesh Kumar Jhunjhnuwala
Incorporated on: 5th December, 1980
Organization: Private Limited Company.
Capital: Nominal: HK$15,000,000.00
Issued: HK$10,000,000.00
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$140~160 million.
Employees: 20. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office & Factory:-
· Unit B-D, 13/F., Yally Industrial Building, 6 Yip Fat Street, Wong Chuk Hang, Aberdeen, Hong Kong.
· G.P.O. Box 2964, Hong Kong.
Overseas Office:
China.
Subsidiary:-
ZZYZX 2001 Ltd., Hong Kong. [Dissolved]
07030454
0090261
Managing Director: Mr. Dinesh Kumar Jhunjhnuwala
Nominal Share Capital: HK$15,000,000.00 (Divided into 15,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry
dated 05-12-2010)
|
Name |
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No. of shares |
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Dinesh Kumar JHUNJHNUWALA |
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600,000 |
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Fortune Holding Ltd., Hong Kong. [It is not a Hong Kong-registered firm, believed it is incorporated overseas.] |
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9,100,000 |
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Manoj Kumar JHUNJHNUWALA |
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300,000 |
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––––––––– |
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Total: |
10,000,000 ======== |
(As per registry
dated 05-12-2010)
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Name (Nationality) |
Address |
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Laxmi Niwas JHUNJHNUWALA (Indian) |
6/F., 23C Robinson Road, Hong Kong. |
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Dinesh Kumar JHUNJHNUWALA (Indian) |
6/F., 23C Robinson Road, Hong Kong. |
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Manoj Kumar JHUNJHNUWALA (Indian) |
6/F., 23C Robinson Road, Hong Kong. |
Dinesh Kumar JHUNJHNUWALA (As per registry dated 05-12-2010)
The subject was incorporated on 5th December, 1980 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Falkirk Ltd., name changed to the present style on 1st May, 1987.
The head office/factory was moved to the present location from 11/F., Man Hing Industrial Centre, 4 Yip Fat Street, Wong Chuk Hang, Aberdeen, Hong Kong in 1998.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines:-
· Import — watch movements.
· Export and Manufacture — analog quartz watches.
Brand Names: EMPRESS, LIFESTAR, SUDIMA, ZZYZX and IMPULSE.
Office/Factory Space: 579 sq.m.
Employees: 20. (Hong Kong)
Raw Materials: Imported watch components from Japan, France, etc.
Markets: Europe, US, India, North America, etc.
Annual Turnover: HK$140~160 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C or 30 days credit.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$15,000,000.00 (Divided into 15,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of Capital:-
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Initially |
paid up |
HK$ 5,000,000.00 |
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24-06-1995 |
paid up |
HK$ 5,000,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 10,000,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$5,000,000.00 |
to |
HK$15,000,000.00 |
on |
23-06-1995 |
Mortgage or Charge: (See attachment)
Profit or Loss: Traded at a profitable angle.
Condition: Keeping in an active and good condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
· Indian Overseas Bank, Hong Kong Branch.
· The Bank of East Asia Ltd., Hong Kong.
· Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch.
Standing: Good.
Incorporated in December 1980, Hind International Investment Ltd. is a subsidiary company of Fortune Holding Ltd., a firm said to be Hong Kong‑based but has not registered with the Hong Kong Companies Registry. Fortune Holding Ltd. is holding 91% stake of the subject.
According to the subject, its predecessor was set up in 1958.
The subject is an Indian firm, belongs to the Jhunjhnuwala family, principally engaged in manufacturing and exporting analog quartz watches. It has claimed to be one of the oldest watch manufacturing companies in Hong Kong.
It is assembling watches in Hong Kong with watch movements imported from Japan and Europe. Some of its watches are imported from China. Most of its watches bear the following brand names: “Empress”, “Lifestar”, “Sudima”, “ZZYZX” and “Impulse”. The last one “Impulse” got its registration in Hong Kong in February 2005. The subject manufactures stainless steel watches with diamonds, chronographs, etc. Most of the watches are exported to the United States, Spain, Italy, India, other European countries. Business has been active and steady.
The unit price of its product ranges from US$3.00 to US$500.00. Products can be manufactured on OEM terms.
In order to further penetrate the international market, the subject has been participating the “Watch & Clock Fair” which is held in Hong Kong annually.
The subject has a history of over thirty-one years in Hong Kong and has developed long term business ties with a number of foreign suppliers and clients in the United States and Europe. Annual sales turnover ranges from HK$140 to 160 million. Considerably good profits were made in some of the past years.
Chiefly administered by Mr. Dinesh Kumar Jhunjhnuwala, on the whole, the subject is considered good for normal business engagements.
|
Date |
Particulars |
Amount |
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19-12-1995 |
Instrument: Undertaking Relating to Deposits Property: Receipt
No. : MU 956715 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All moneys now or which shall at any time hereafter be owing from the Company or any Third Party now or hereafter designated to Indian Overseas Bank |
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28-01-2003 |
Instrument: Charge on a Bank Account Property: By way of assignment and charge by way of first fixed charge, all the right, title and interest of the Company whatsoever, present and future, in and to any moneys from time to time standing to the credit of, or eligible for credit to, the Company’s account with the Bank numbered 630569322675 which expression shall include all and any other accounts, of whatsoever nature and in whatsoever currency denominated which may from time to time be opened by the Company with the Bank Mortgagee: Fortis Bank Asia HK, Hong Kong Branch. [Name changed to Belgian Bank but the business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.] |
All moneys which are now or may at any time hereafter be or become from time to time due or owing to the Bank by the Company |
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26-05-2005 |
Instrument: Assignment of DC Proceeds re export bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment |
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15-09-2010 |
Instrument: Mortgage Property: 27/1,002nd parts or shares of and in The Remaining Portion of Section 33 of Inland Lot No. 623 and The Remaining Portion of Section 34 of Inland Lot No. 623 [Unit B on 2/F. (together with its corresponding Private Roof) of Block 4 and Carpark No. 28 on Lower G/F. of AQUA 33, 33 Consort Rise, Hong Kong.] Mortgagee: Oversea-Chinese Banking Corporation Ltd., Singapore. |
To secure the Secured Indebtedness |
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15-09-2010 |
Instrument: Mortgage Property: 27/1,002nd parts or shares of and in The Remaining Portion of Section 33 of Inland Lot No. 623 and The Remaining Portion of Section 34 of Inland Lot No. 623 [Unit B on 1/F. of Block 4 and Carpark No. 33 on Lower G/F. of AQUA 33, 33 Consort Rise, Hong Kong.] Mortgagee: Oversea-Chinese Banking Corporation Ltd., Singapore. |
To secure the Secured Indebtedness |
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.53.23 |
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UK Pound |
1 |
Rs.86.14 |
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Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
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.