|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MORE MAX LTD |
|
|
|
|
Registered Office : |
c/o Global Associates Ltd., 10/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.12.2012 |
|
|
|
|
Com. Reg. No.: |
60724955 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of business : |
Importer, exporter and wholesaler of all kinds of diamonds, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
---- |
NB |
New Business |
---- |
|
Status : |
New Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
MORE MAX LTD
c/o Global Associates Ltd.
10/F., Tack Building, 48 Gilman Street, Hong Kong.
PHONE: 6334 1948
Managing Director: Mr. Raju
Ramlal Patwa
Incorporated on: 8th December, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too early to comment.
Registered Head
Office:-
c/o Global Associates Ltd.
10/F., Tack Building, 48 Gilman Street, Hong Kong.
Associated
Companies:-
Kind Rainbow Ltd., Hong Kong.
(Same address)
Nice Grace Ltd., Hong Kong. (Same
address)
60724955
1836560
Managing Director: Mr. Raju
Ramlal Patwa
Contact Person: Mr. Nilesh
Bhandar
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 18-12-2012)
|
Name |
|
No. of shares |
|
GNL12 Ltd., Hong Kong. |
|
1 |
|
Raju Ramlal PATWA |
|
9,999 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 18-12-2012)
|
Name (Nationality) |
Address |
|
Raju Ramlal PATWA |
Sunflower Laundry, Raju Gally, Gazdhar Bandh, Santacruz West, Mumbai
54, M.S., India. |
(As per registry dated 18-12-2012)
|
Name |
Address |
Co. No. |
|
Global Associates Ltd. |
Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong. |
1695695 |
The subject was incorporated on 8th December, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at 14/F., Chun Wo
Commercial Centre, 25 Wing Wo Street, Central, Hong Kong where is the operating
office of a commercial service provider GNL12 Ltd. It moved to the present address with effect
from 18th December, 2012 as it has changed its commercial service provider
since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, etc.
Employees: Nil.
Commodities Imported: India,
other Asian countries, etc.
Markets: Hong
Kong, China, Thailand, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Is
making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Too early to comment.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, More Max Ltd. is
wholly owned by Mr. Raju Ramlal Patwa who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 10/F., Tack Building, 48 Gilman Street, Hong Kong known
as Global Associates Ltd. which is handling its correspondences and
documents. This firm is also the corporate
secretary of the subject.
The subject has no employees in Hong Kong. However, it has had a representative in Hong
Kong Mr. Nilesh Bhandar who is also an Indian.
He can be reached at his mobile phone number 852-6334 1948.
According to Nilesh Bhandar, the subject is a diamond trader. It imports diamonds, chiefly loose diamonds,
from India or acquired in Hong Kong.
Products are marketed in Hong Kong, China and exported to Thailand,
etc. Business is still under
development.
The subject has had an associated company in Mumbai, India which is also
operated by Raju Ramlal Patwa. The India
firm is a diamond manufacturer, trader and supplier.
Nilesh Bhandar is also the representative of the following two firms in
Hong Kong:
Kind Rainbow Ltd.
Nice Grace Ltd.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a month in
Hong Kong.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.