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Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
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Name : |
NAVSHANTI
(HK) LTD. |
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Registered Office : |
Room A, 4/F., Hart House, |
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Country : |
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Date of Incorporation : |
20.12.1999 |
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Com. Reg. No.: |
30596421 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Canned foodstuffs, fruit products, all kinds of slippers and toiletries, electric appliances, electronic products, jewellery, etc. |
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No. of Employees : |
09 employees |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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Source : CIA |
NAVSHANTI (HK) LTD.
Room A, 4/F., Hart House,
PHONE: 2366 5986
FAX: 2367 7957
E-MAIL: navshanti@biznetvigator.com
Managing Director: Mr. Chandresh Naval Rai Mirpuri
Incorporated on: 20th December, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$80~100 million.
Employees: 9.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Registered Head
Office:-
Room A, 4/F., Hart House,
Business Name:
Sino Chan Enterprises, Hong Kong. (Same address)
Associated
Companies:-
Navshanti (Far East) Ltd.,
Navshanti (Ghana) Ltd., West Africa.
Navshanti Trading Co., UAE.
30596421
0698524
Managing Director: Mr. Chandresh Naval Rai Mirpuri
Contact Person: Mr. Kumar Sukhwani
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 20-12-2011)
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Name |
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No. of shares |
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Chandresh Naval Rai MIRPURI |
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400,000 |
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Sanjay Chandresh MIRPURI |
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300,000 |
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Romesh Chandresh MIRPURI |
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300,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry
dated 20-12-2010)
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Name (Nationality) |
Address |
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Chandresh Naval Rai MIRPURI |
Room 126A, 11/F., Mandarin
Court #5, |
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Romesh Chandresh MIRPURI |
Room 126A, 11/F., Mandarin
Court #5, |
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Sanjay Chandresh MIRPURI |
Room 126A, 11/F., Mandarin
Court #5, |
Chandresh
Naval Rai MIRPURI (As per registry dated
20-12-2011)
The subject was incorporated on 20th December, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Canned foodstuffs, fruit products, all kinds of slippers and toiletries, electric appliances,
electronic products, jewellery, etc.
Employees: 9.
Commodities Imported: China, other Asian countries, etc.
Markets: Africa, Asian countries, Middle East, South America, etc.
Annual Turnover: HK$80~100 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or
Charge:-
Date of Assignment of Life Insurance: 03-10-2011
Amount: Secured Monies
Property: Property Charged: (i) all the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy (No. 28004336-50) upon the terms
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a rather active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Navshanti (HK) Ltd. is jointly owned by Mr. Chandresh Naval Rai Mirpuri, holding 40% interests; Mr. Sanjay Chandresh Mirpuri, holding 30%; and Mr. Romesh Chandresh Mirpuri, also 30%. The Mirpuris are also directors of the subject. They are Hong Kong ID holders and have got the right to reside in Hong Kong permanently.
The subject’s business name is Sino Chan Enterprises which is located at the same address.
The subject is
trading in the following commodities:-
Radios, cassette players, electric fans, heaters, irons, kettles, cookers, blenders, cookware, tools, batteries, footwear, canned foodstuffs, fruit products, slippers, toiletries, hardware, beverages, luggage, enamelware, hardware, bulbs, lighting products, stationery, meat mincer, sundry products, detergent, jewellery, jewellery parts, cosmetics, etc.
In recent years, the subject has been trying to expand its product lines and seeking for more suppliers. Commodities are sourced from China, other Asian countries or acquired from local suppliers. Prime markets are Africa, Asian countries, the Middle East, South America, etc. Its prime markets are Ghana, Togo, Nigeria, Benin, Cote D’ivoire, Guinea, Congo, Sudan, Zaire, Angola, Malawi, Kenya, Mozambique, Tanzania, Morocco, etc.
The contact person of the subject Mr. Kumar Sukhwani is also an Indian.
The annual sales turnover of the subject ranges from HK$80 to 100 million. Business is rather active. Making a small profit every year.
The subject usually takes part in Canton Commodities Exchange Fair which is held in Guangzhou City, Guangdong Province, China biannually.
The subject had an affiliated company Navshanti (Far East) Ltd. located at its operating address. Incorporated on 14th March, 1989, Navshanti (Far East) Ltd. was dissolved by winding up voluntarily in 2001.
The subject is a family business of the Mirpuris.
As the history of the subject in Hong Kong is over twelve years, on the whole, 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 |
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US Dollar |
1 |
Rs.55.20 |
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UK Pound |
1 |
Rs.88.38 |
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Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.