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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
J.K.BHANSALI & CO
(HK) LTD. |
|
|
|
|
Registered Office : |
Room 1402, 14/F., Kowloon Centre, 29-39 Ashley Road, Tsimshatsui,
Kowloon |
|
|
|
|
Country : |
|
|
|
|
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Date of Incorporation : |
15.03.2011 |
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|
|
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Com. Reg. No.: |
58084535 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds |
|
|
|
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No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
J.K.BHANSALI
& CO (HK)
LTD.
Room 1402, 14/F.,
Kowloon Centre, 29-39 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 6192 6424
FAX: 3520 2674
E-MAIL: hongkong@jkbhansali.com
Managing Director: Mr. Ritesh Nilesh Shah
Incorporated on: 15th March, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$3,220,000.00
Issued: HK$3,220,000.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
J.K.BHANSALI &
CO (HK) LTD.
Registered
Head Office:-
Room 1402, 14/F.,
Kowloon Centre, 29-39 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
J.K.Bhansali &
Co, India.
Associated
Companies:-
Prism Enterprises
Pvt. Ltd., India.
Prism Jewellery,
India.
58084535
1573707
Managing
Director: Mr. Ritesh Nilesh Shah
Nominal Share
Capital: HK$3,220,000.00 (Divided into 3,220,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,220,000.00
(As per registry dated 15-03-2012)
|
Name |
|
No.
of shares |
|
J.K.Bhansali & Co Unit No.
GW-3020, G-Block, Bharat Diamond Bourse Bandra-Kurla Complex, Bandra-Kurla
Link Road, Bandra (East) Mumbai-400051, India. |
|
3,187,800 |
|
Nirav Jitendra BHANSALI |
|
32,200 |
|
|
|
–––––––– |
|
|
Total: |
3,220,000 ======= |
(As per registry dated 15-03-2012)
|
Name (Nationality) |
Address |
|
Nirav Jitendra
BHANSALI |
25/27, Cliff Building, 3/F., Ridge Road,
Mumbai 400006, India. |
|
Ritesh Nilesh
SHAH |
Flat 6E, 6/F., Comfort Building, 86-88
Nathan Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Saurin
Dineshbhai SHAH |
11A, Hang Lung Bank Building, 46-48
Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 15-03-2012)
|
Name |
Address |
Co.
No. |
|
Taxbase
Consultants Ltd. |
Room 1426, 14/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon,
Hong Kong. |
0411324 |
The
subject was incorporated on 15th March, 2011 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: All kinds of diamonds.
Employees: 5.
Commodities Imported: India, Europe, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, Advanced T/T, D/P, etc.
Nominal Share
Capital: HK$3,220,000.00 (Divided into 3,220,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,220,000.00
Alternation
of Capital:-
|
Initially |
paid up |
HK$
100,000.00 |
|
March 2012 |
paid up |
HK$ 3,120,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$
3,220,000.00 ============== |
Increases
of Nominal Capital:-
|
From |
HK$ 100,000.00 |
to |
HK$ 3,220,000.00 |
in |
March 2012 |
Mortgage
or Charge:-
Date of Floating
Charge Over Assets
Amount: All monies and the discharge
of all obligations and liabilities
Property: All Companys undertaking,
property and assets whatsoever and wheresoever both present and future
including all book and other debts revenues and claims both present and future
due or owning or which may become due or owing to the Company
Mortgagee: ABN AMRO Bank N.V., Hong Kong Branch.
Profit or Loss: Making a small profit in 2011.
Condition: Business is improving.
Facilities: Making fairly 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 100,000 ordinary shares of HK$1.00 each, J.K.Bhansali & Co (HK) Ltd.
was jointly owned by J.K.Bhansali & Co [JKBC], an India-based firm holding
99% interests, and Mr. Nirav Jitendra, Bhansali, holding 1%. In March 2012, the subject’s ordinary shares
were increased to 3,220,000, 99% are held by JKBC while 1% are held by Nirav
Jitendra, Bhansali.
Business
commenced in March 2011, the subject is a diamond and jewellery trader. It is trading in GIA and loose diamonds,
mainly in pointer sizes in Rounds, as well as in fancy shapes.
The
founder of JKBC Mr. Jitendra.K.Bhansali ventured into the diamond business in
the year 1963 and since then, he has been actively supported by his son, Mr.
Nirav Bhansali in driving J.K.Bhansali & Co and its jewellery elite
“Prism”.
JKBC
is a reputed name in the industry for loose diamond cravings. It has its main offices in Mumbai that caters
customers with products from 0.10 ct to 2.00 cts polished diamonds in rounds,
marquise, pears, ovals, hearts, tapers and baguettes. It also has a large variety of certified and
non‑certified goods.
The
jewellery elite of JKBC was established in the year 2001. Within a short span of time, it has gained
reputation as one of the largest suppliers of Indian jewellery in the domestic
market and also has a strong presence in the international market.
JKBC
has had skilled employees, cutting-edge technologies and a plant in India. Its products “Prism” has been widely
recognized nationally and internationally as one of the significant names in
the business today.
The
subject’s business is chiefly handled by Mr. Ritesh Nilesh Shah and
Mr. Saurin Dineshbhai Shah, both of whom are also directors of the
subject.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in
“HKTDC Hong Kong International Jewellery Show 2013” which will be held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
5th to 9th March, 2013.
The
history of the subject in Hong Kong is just over a year and six months in
Hong Kong. Business is improving.
On
the whole, since the history of the subject is short, consider it good for
normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.02 |
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 |
|
<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.