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Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
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Name : |
CREATIVE
NUANCES LTD. |
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Formerly Known As : |
Humneo Co. Ltd. |
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Registered Office : |
Flat A, 6/F., |
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Country : |
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Date of Incorporation : |
15.03.1983 |
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Com. Reg. No.: |
08304008 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery and diamond |
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No. of Employees : |
Not Available |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
CREATIVE NUANCES LTD.
Flat A, 6/F., Perth Apartments, 29 Perth Street, Kowloon, Hong Kong.
PHONE: 2715 7689
E-mail: charis.ng@gmail.com
Managing Director: Ms. Ng Hui Yee, Charis (Mobile: 9255 9887)
Incorporated on: 15th March, 1983.
Organization: Private Limited Company.
Capital: Nominal: HK$1,500,000.00
Issued: HK$1,500,000.00
Business Category: Jewellery and Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat A, 6/F., Perth Apartments, 29 Perth Street, Kowloon, Hong Kong.
Business Name:-
Letter Couture, Hong Kong. (Same BR No.)
08304008
0122469
Managing Director: Ms. NG Hui Yee, Charis
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,500,000.00
(As per registry
dated 15-03-2012)
|
Name |
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No. of shares |
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NG Yik |
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750 |
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NG CHEN Shiu Te, Dorothy |
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750 |
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––––– |
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Total: |
1,500 ==== |
(As per registry
dated 15-03-2012)
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Name (Nationality) |
Address |
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NG Yik |
Room 811, 8/F., Hang Shing Mansion, 363 Nathan Road, Kowloon, Hong Kong. |
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NG Hui Yee, Charis |
6/F., Block A, Perth Apartments, 29 Perth Street, Kowloon, Hong Kong. |
NG Hui Yee, Charis (As per registry dated 15-03-2012)
The subject was incorporated on 15th March, 1983 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Orbit Boutique Ltd., name changed to Humneo Co. Ltd. on 25th January, 1990 and further to the present style on 11th November, 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery and diamond.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong and other foreign countries.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500 shares of HK$1,000 each)
Issued Share Capital: HK$1,500,000.00
Profit or Loss: Making a very small profit every year.
Condition: Keeping in a fairly satisfactory manner.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1,500 ordinary shares of HK$1,000.00 each, Creative Nuances Ltd. is equally owned by Mr. Ng Yik and Mrs. Ng Chen Shiu Te, Dorothy.
The subject does not have its own operating office. Its registered address is in a private building located at Flat A, 6/F., Perth Apartments, 29 Perth Street, Kowloon, Hong Kong where is the registered residence of Mrs. Ng Chen Shiu Te, Dorothy. The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The directors of the subject Mr. Ng Yik and Ms. Ng Hui Yee, Charis belong to the same family.
The business name of the subject is “Letters Couture”.
Ms. Ng Hui Yee, Charis is a jewellery designer. Formerly she was a product design consultant at Philips Design. She has been engaged in the following products designing:-
· Consumer electronics designing
· Furniture designing
· Lifestyle products designing
Now, she is chiefly engaged in jewellery designing. Her products are sold under an online shop “Letters Couture”. She has launched her jewellery series since 2009. Products are manufactured by its associated firms in China. Raw materials are imported from India.
“Letters Couture” is selling the following commodities:-
· Customisable Phantom Pendant
· Moon Pendant
· Star Bold Pendant
· Star Burst Pendant
· Gold Wing Bracelet
· Rose Gold Star Bracelet
· Rose Gold Bar Bracelet
· Yellow Gold Star Bracelet
· Yellow Gold Bar Bracelet
The subject’s business is chiefly handled by Ms. Ng Hui Yee, Charis herself who can be reached at her mobile phone number 9255 9887.
Since the registered office of the subject is in a residential building, on the whole, consider it good for normal business engagements on secured basis.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
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UK Pound |
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.