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Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
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Name : |
NAV
YASH EXIM LTD. |
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Formerly Known As : |
ANZ Natural
Resources ( |
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Registered Office : |
Front Portion, 4/F., |
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Country : |
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Date of Incorporation : |
30.05.2011 |
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Com. Reg. No.: |
58438443 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamond Trader of all kinds jewellery and diamonds, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRAs 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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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 |
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.
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Source : CIA |
NAV YASH EXIM LTD.
Front Portion, 4/F., Ocean View Court, 41 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 9004
FAX: 2367 1722, 2877 1658
Managing Director: Mr. Hemkapur Ramaslal Patel
Incorporated on: 30th May, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$18,000.00
Issued: HK$18,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
· Front Portion, 4/F., Ocean View Court, 41 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
P.O.
Box 90183, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
0
Associated
Companies:-
Ambica Diamonds, Hong
Kong. (Same address)
[Established on 22-10-1984 bearing BR No. 09283584-000-10]
Neelkanths Diamonds, Hong Kong. (Same address)
J D National Resources & Finance Ltd. (Not registered in Hong Kong)
58438443
1608960
Managing Director: Mr. Hemkapur Ramaslal Patel
Nominal Share Capital: HK$18,000.00 (Divided into 18,000 shares of HK$1.00 each)
Issued Share Capital: HK$18,000.00
(As per registry
dated 31-05-2012)
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Name |
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No. of shares |
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Mr. Jignesh Dillip GOSALIA |
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9,000 |
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Mr. Hemkapur Ramanlal PATEL |
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9,000 |
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Total: |
18,000 ===== |
(As per registry
dated 31-05-2012)
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Name (Nationality) |
Address |
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Hemkapur Ramanlal PATEL |
Front Portion, 4/F., Ocean View Court, 41 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Jignesh Dilip GOSALIA |
Room 6, 10/F., Creative Mansion, 6 Chatham Court, Tsimshatsui, Kowloon, Hong Kong. |
Jignesh Dilip GOSALIA
(As per registry dated 31-05-2012)
The subject was incorporated on 30th May, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of ANZ Natural Resources (Hong Kong) Ltd., name changed to the present style on 3rd April, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Diamond Trader.
Lines: All kinds jewellery and diamonds, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, South Korea, Taiwan, North America, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$18,000.00 (Divided into 18,000 shares of HK$1.00 each)
Issued Share Capital: HK$18,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making 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.
Having issued 18,000 ordinary shares of HK$1.00 each, Nav Yash Exim Ltd. is equally owned by Mr. Jignesh Dillip Gosalia and Mr. Hemkapur Ramanlal Patel. Both of whom are Indian. Being directors of the subject, they are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
H. R. Patel is the Managing Director of the subject which commenced business in May 2011.
The subject does not have its own operating office. Its registered address is in a private building located at Front Portion, 4/F., Ocean View Centre, 41 Mody Road, Tsimshatsui, Kowloon, Hong Kong. This is the residence of H. R. Patel. The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong. The mailing address of the subject is P.O. Box 90183, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
The subject has got associated companies known as Ambica Diamonds and Neelkanths Diamonds located at its operating address.
The subject is
also a diamond trader. It is trading in
the following commodities:-
· Cubic Zirconia Simulated Diamond;
Diamond
(From India); &
Jewellery
Silver (From India).
Most of the products are exported to Japan, South Korea, Taiwan, North America, Europe, etc. and marketed in Hong Kong as well.
H. R. Patel can be reached at his mobile phone number 9709 3437.
The subject has maintained regular suppliers and overseas customers. It has had sufficient working capital to support the current running. No derogatory data has been heard. History in Hong Kong is just over a year. History is short.
Since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis for the time being.
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 |
|
US Dollar |
1 |
Rs.54.73 |
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UK Pound |
1 |
Rs.88.61 |
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Euro |
1 |
Rs.71.34 |
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 SCs 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.