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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
AGELESS ENTERPRISES |
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Registered Office : |
House 27,
Boulevard Du Palais, The |
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Country : |
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Date of Incorporation : |
22.02.2010 |
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Com. Reg. No.: |
51835886-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds
and jewellery products, etc |
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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 : |
Slow but correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly
dependent on international trade and finance - the value of goods and services
trade, including the sizable share of re-exports, is about four times GDP. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, it again faces a possible slowdown as exports to
the Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. The government is pursuing efforts to introduce additional use of RMB in
Hong Kong financial markets and is seeking to expand the RMB quota. The
mainland has long been Hong Kong's largest trading partner, accounting for
about half of Hong Kong's exports by value. Hong Kong's natural resources are
limited, and food and raw materials must be imported. As a result of China's
easing of travel restrictions, the number of mainland tourists to the territory
has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering
visitors from all other countries combined. Hong Kong has also established
itself as the premier stock market for Chinese firms seeking to list abroad. In
2011 mainland Chinese companies constituted about 43% of the firms listed on
the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's
market capitalization. During the past decade, as Hong Kong's manufacturing
industry moved to the mainland, its service industry has grown rapidly. Growth
slowed to 5% in 2011. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise
5.3% in 2011. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983
|
Source
: CIA |
AGELESS ENTERPRISES
House 27,
Boulevard Du Palais, The Beverly Hills, 23 Sam Mun Tsai Road, Tai Po, New
Territories, Hong Kong.
PHONE: 8135 1343
FAX: 3914 6726
Manager: Mr. Shailesh Ganmal Jain
Establishment: 22nd February, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
AGELESS ENTERPRISES
Registered
Office:-
House 27,
Boulevard Du Palais, The Beverly Hills, 23 Sam Mun Tsai Road, Tai Po, New
Territories, Hong Kong.
Associated
Companies:-
Ageless
Enterprises, Hong Kong.
Deep Gems, Hong
Kong. (Same address and same owner)
K.P. Sanghvi &
Sons, India.
Risingmoon
Enterprises Ltd., British Virgin Islands.
Samdimon
(Shanghai) Ltd., China.
Samdimon
(Thailand) Co. Ltd., Thailand.
Samdimon Inc.,
Japan.
Samdimon Inc.,
USA.
Samdimon N.V.,
Belgium.
51835886-000-02
Manager: Mr. Shailesh Ganmal Jain
Name: Mr. Shailesh Ganmal JAIN
Residential
Address:
Flat F, 11/F.,
Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
The
subject was established on 22nd February, 2010 as a sole proprietorship concern
owned by Mr. Shailesh Ganmal Jain under the Hong Kong Business Registration
Regulations.
Formerly
the subject was located at Flat F, 11/F., Hilton Tower, 96 Granville Road,
Tsimshatsui, Kowloon, Hong Kong, moved to the present address in April 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries and Europe.
Markets: Hong Kong, Japan, India, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Prepayment, L/C, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit in the past year.
Condition: Business is improving.
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: Small.
Ageless
Enterprises is a sole proprietorship set up and owned by Mr. Shailesh Ganmal
Jain who is an Indian. He is a Hong Kong
ID Card holder and has got the right to reside in Hong Kong permanently.
The
subject commenced business in February 2010.
Its registered address is in the residence of the sole proprietor. The residential building is not trespassed by
outsiders. The subject moved to the
present address in April 2012.
The
subject has no employees in Hong Kong.
It is a diamond importer, exporter and wholesaler. It is trading in single-cut diamond, full cut
loose diamond, carat size diamonds, blue sapphire, etc. The subject is also a commission agent. Business is improving in Hong Kong.
To
our knowledge, Jain has been trading in diamonds for a very long time. The business of the subject is just handled
by Jain himself.
Most
of the commodities are imported from India, other Asian countries and
Europe. Prime markets are Hong Kong,
Japan, India and the other Asian countries.
Besides
the subject, Shailesh Ganmal Jain is operating another firm known as Deep Gems
which is located at the same address of the subject. Established on 18th January, 2010, Deep Gems
is a gem trading company. In fact the
subject and Deep Gems are engaged in the same lines of business, more or less.
Shailesh
Ganmal Jain is also the director of Samdimon-HK Ltd. [Samdimon HK] which is
located at a different address.
Samdimon
HK is a member of the Samdimon Group.
Samdimon
HK is a reputed supplier of quality diamonds.
Its main market is Asia which includes such as South Korea, Taiwan and
China. It is also targeting emerging
markets such as Australia. The wide
range of goods supplied by the subject includes diamonds form 0.005 to 5 carats
in white, Brown, Colour, MQ, White Natts and Certificate stones.
Samdimon
HK sources its goods from KP Shanghvi, Mumbai in India. KP Sanghvi is a DTC Sightholder, known
worldwide as a reputed manufacturer and supplier of polished diamonds, having
international network with key centres like Antwerp, New York and Dubai.
The
Samdimon Group now has had associated companies in Thailand, Belgium, the
United States, Japan, Israel, China and India.
Overall business is good.
Since
the history of the subject is just over two years in Hong Kong, on the whole,
consider it good for normal business engagements on L/C basis for the time
being.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
-- |
NB |
New Business |
-- |
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.