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Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KOEX
JEWEL’S |
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Registered Office : |
Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.10.1999 |
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Com. Reg. No.: |
30417112-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds diamonds, gem stones, etc. |
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No. of Employees : |
Not available |
RATING & COMMENTS
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MIRA’s 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
KOEX JEWEL’S
Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Manager: Mr. Mayank Babubhai Savani
Establishment: 9th October, 1999.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
30417112-000-10
Manager: Mr. Mayank Babubhai Savani
Name: Mr. Mayank Babubhai SAVANI
Residential Address: Flat B, 7/F., Tower 8, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue,
Hunghom, Kowloon,
Hong Kong.
The subject was established on 9th October, 1999 as a sole proprietorship concern owned by Mr. Lee Sung Woo under the Hong Kong Business Registration Regulations.
The following
table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
LEE Sung Woo |
09-10-1999 |
01-04-2002 |
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Mayur Narendrakumar PATEL |
01-12-2001 |
01-11-2011 |
|
Dhairya Ramesh VIRANI |
13-07-2011 |
22-12-2011 |
|
Mayank Babubhai SAVANI |
01-12-2011 |
--- |
Initially the subject was located at Flat A, 6/F., Bo Yip Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in November 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: All kinds diamonds, gem stones, etc.
Employees: Nil.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: South Korea, other Asian countries, Middle East, Thailand, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Just making a very small profit every year.
Condition: Business is normal.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Koex Jewel’s is a sole proprietorship operated and owned by Mr. Mayank Babubhai Savani who is an Indian. Savani is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He joined in the subject on 1st December, 2011.
The old sole proprietor Dhairya Ramesh Virani retired on 22 December, 2011.
The earliest owner of the subject Mr. Lee Sung Woo was a South Korean. He was a South Korea passport holder who retired on 1st April, 2002. Now, the subject is solely owned by Savani.
The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.
The subject’s registered address is located at Flat A, 17/F., Tower 15A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. This office is not in a commercial building but a residential building. Costa Del Sol has been claimed to be a luxury building which is not trespassed by outsiders.
The subject is trading in loose, polished and cut diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, etc. Raw materials, polished and cut diamonds are imported from India, Belgium and other European countries, etc. Finished products and polished diamonds are exported or re-exported to South Korea, Taiwan, the other Asian countries, Europe, the Middle East, etc.
The subject is also a commission agent.
Business chiefly handled by Savani himself, the subject is just a one-man company. Keeping a balance account or making a very small profit in most of the past years. The subject also has had some customers in South Korea. Overall business is fairly active.
On the whole, since the history of the subject in Hong Kong is over thirteen years and six months, consider it good for normal business engagements in small credit amounts.
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.54.44 |
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UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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 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.