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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERJEWEL (HK) CO. LTD. |
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Formerly Known as: |
Diamond World Holdings Ltd. |
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Registered Office : |
Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
18854001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds and
jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
8 |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
INTERJEWEL (HK)
CO. LTD.
Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.
PHONE: 2367 8455
FAX: 2366 4177
E-MAIL: info@interjewel.com.hk
pratish@interjewel.com.hk
Managing Director: Mr. Pratish
Rupen Kothari
Incorporated on: 10th May, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$50,000,000.00
Issued: HK$50,000,000.00
Business Category: Jewellery
Trader.
Employees: 8.
Main Dealing Banker: The Royal
Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
INTERJEWEL (HK)
CO. LTD.
Registered Head Office:-
Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.
Trading as:-
Little Rocks (H.K.) Company, Hong Kong.
[BR No. 18854001-001]
Holding Company:-
Interjewel Singapore Pte. Ltd., Singapore.
Associated Companies:-
Interjewel Designs, India.
Interjewel Europe NV, Belgium.
Interjewel Pvt. Ltd., India.
Interjewel Thailand Co. Ltd., Thailand.
Interjewel USA Inc., USA.
18854001
0477617
Managing Director: Mr. Pratish
Rupen Kothari
Nominal Share Capital: HK$50,000,000.00 (Divided into 50,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$50,000,000.00
(As per registry dated 10-05-2012)
|
Name |
|
No. of shares |
|
Interjewel Singapore Pte. Ltd. 80 Raffles Place, #25-01 UOB Plaza, 048624 Singapore. |
|
25,500,000 |
|
Pratish Rupen KOTHARI |
|
24,500,000 |
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|
––––––––– |
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Total: |
50,000,000 ======== |
(As per registry dated 10-05-2012)
|
Name (Nationality) |
Address |
|
Pratish Rupen KOTHARI |
Flat B, 10/F., Tower 2, Harbourfront Landmark, 11 Wan Hoi Street,
Hunghom, Kowloon, Hong Kong. |
|
Ketan Suresh MEHTA |
603, K.B.S. Building, 30-38 Mahaesak Soi 3, Bangkok 10500, Thailand. |
(As per registry dated 23-07-2012)
|
Name |
Address |
Co. No. |
|
Gem Glad Secretaries Ltd. |
Room 1502, 15/F., 101 King’s Road, North Point, Hong Kong. |
1001061 |
The subject was incorporated on 10th May, 1994 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Diamond World
Holdings Ltd., name changed to the present style on 24th August, 2007.
Formerly the subject was located at Unit E1, 2/F., Kaiser Estate, Phase
1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to the present
address with effect from 4th June, 2010.
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, emerald, precious stones, etc.
Employees: 8.
Commodities Imported: India, Belgium,
other European countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, Belgium, US, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$50,000,000.00
(Divided into 50,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$50,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active and
satisfactory condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Royal Bank of Scotland N.V.,
Hong Kong Branch.
Antwerpse DiamantBank NV (also known as
Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Good.
Having issued 50 million ordinary shares of HK$1.00 each, Interjewel
(HK) Co. Ltd. is jointly owned by Interjewel Singapore Pte. Ltd. which is a
Singapore-based firm holding 51%, and Mr. Pratish Rupen Kothari who is an
Indian holding 49%.
The subject is a diamond importer, exporter and wholesaler. It has had an associated company in India
known as Interjewel Pvt. Ltd. [Interjewel].
Besides the subject, Interjewel has set up a number of associated companies
in Thailand, Belgium and the United States.
Pratish Rupen Kothari is one of the CEOs and founders of Interjewel.
The subject is trading in carat diamonds, loose diamonds, colour and
white diamonds, carat-size diamonds, diamond rings, etc. It also offers customers with all kinds of
diamond manufacturing service. Most of
its products have been certified by the GIA and the IGI.
The predecessor of the subject Diamond World Holdings Ltd. was an
affiliated firm of D. Navinchandra & Co., also an India-based firm.
Established in 1970, D. Navinchandra & Co. is one of the leading
exporters of cut and polished diamonds, carat diamond and diamond studded
jewellery in India. It is a registered
trading house recognised by the Government of India, Ministry of Commerce.
Having been ISO9001 certified, D. Navinchandra & Co. is one of the
few diamond companies which is able to get rough diamonds from four of the
leading miners of the world, namely, Diamond Trading Company [DTC] and Argyle
Diamond Mine (Australia), Diavik Diamond Mine (Canada) and Murowa Mines
(Zimbabwe).
D. Navinchandra & Co. has established a global network with offices
in large cities of the world. It is
exporting Cut & Polished diamonds to many countries which include the
United States, the United Kingdom, Belgium, Italy, Germany, Japan, the Middle
East, Hong Kong, Australia, Singapore and Thailand.
Interjewel operates three cutting and polishing facilities respectively
in Mumbai, Surat, Navsari and Ahmedabad.
Now, the subject still has had business ties with D. Navinchandra &
Co. Its jewellery and diamonds are
chiefly imported from India and Belgium.
Prime markets are the United States, Belgium, Japan, Singapore and the
other Asian countries. Singapore is its
prime market as its holding company is a Singapore-based firm.
The business of the subject is chiefly handled by Mr. Kothari Pratish
Rupen.
Overall business of the Interjewel Group is active and steady. Business is lucrative.
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 subject operates from a self-owned office in Hong Kong.
On the whole, since the history of the subject in Hong Kong is over eighteen
years, consider it good for normal business engagements.
Property information of the company:-
Property Location: Workshop Unit No. 8 on 6/F., Heng Ngai Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Interjewel
(HK) Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-08-2010 |
- |
The Royal Bank of Scotland N.V., Hong Kong Branch. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
23-01-2002 |
Instrument: Debenture Property: 1) All freehold and
leasehold property of the Company 2) All stocks, shares,
bonds and securities of any kind whether marketable or otherwise and all other
interests including loan capital of the Company 3) All book and other
debts, revenues and claims 4) The uncalled capital,
goodwill and all patents, patent applications, trade marks, trade names,
registered designs and copyrights and all licences and ancillary and
connected rights relating to the intangible property 5) The undertaking and
all other assets of the Company Mortgagee: Antwerpse DiamantBank NV (also known
as Antwerp Diamond Bank NV), Hong Kong Branch. |
General credit facilities of sum of HK$7,800,000 |
|
28-01-2002 |
Instrument: Debenture Property: All the Company’s undertaking and property and assets Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. [Now known as The Royal Bank
of Scotland N.V.] |
General banking facilities |
|
19-08-2010 |
Instrument: Mortgage Property: 19/4,978th parts or shares of and in Section D of Kowloon Marine Lot
No. 113 (Workshop Unit No. 8 on 6/F. of Heng Ngai Jewelry Centre, 4 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong.) Mortgagee: The Royal Bank of Scotland N.V.,
Hong Kong Branch. |
General banking facilities |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.46 |
|
UK Pound |
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
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 |
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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 |
|
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 |
|
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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.