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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
RICHMEN INTERNATIONAL LTD. |
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Registered Office : |
c/o Buttar.HK Ltd. Unit R, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street,
Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.01.2010 |
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Com. Reg. No.: |
51691331 |
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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. |
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No. of Employees : |
No Employees in Hong Kong [It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there.] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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 |
RICHMEN
INTERNATIONAL LTD.
c/o Buttar.HK Ltd.
Unit R, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong.
PHONE: 852-2312 0148
FAX: 852-2375 6513
Managing Director: Mr. Deven Nagindas Jhaveri
Incorporated on: 6th January, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond
Trader.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
RICHMEN
INTERNATIONAL LTD.
Registered
Office:-
c/o Buttar.HK Ltd.
Unit R, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong.
Associated
Companies: (Same address)
Al Sidra Jewellery Ltd., Hong Kong.
Sun World Inc. Ltd., Hong Kong.
51691331
1408711
Managing Director: Mr. Deven
Nagindas Jhaveri
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 06-01-2012)
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Name |
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No. of shares |
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Deven Nagindas JHAVERI |
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10,000 ===== |
(As per registry dated 06-01-2012)
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Name (Nationality) |
Address |
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Devan Nagindas JHAVERI |
Flat 22, Sailor Apartments, 24 Ridge Road, Malbar Hill, Mumbai 6,
India. |
(As per registry dated 06-01-2012)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 6th January, 2010 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: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong, other Asian countries,
etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
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: Keeping a balance account in Hong
Kong.
Condition: Business is under development.
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 10,000 ordinary shares of HK$1.00 each, Richmen
International Ltd. is wholly-owned by Mr. Deven Nagindas Jhaveri who is an
Indian. He is an India passport holder
and does not have the right to reside in Hong Kong permanently. Jhaveri is also the only director of the
subject.
Business commenced in January 2010, the subject does not have its own
operating office. Its registered office
is in a commercial service firm located at 1/F., Mau Lam Commercial Building,
16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which
is handling its correspondences and documents.
Buttar.HK Ltd. is also the corporate secretary of the subject.
It makes no difference as the subject is located at “Room A” or “Room R”
since the whole floor is occupied by Buttar.HK Ltd. The room number is meaningless.
The subject has no employees in Hong Kong. It is a diamond importer, exporter and
wholesaler. It is engaged in
manufacturing loose diamonds like marquise, pears, tappers, buggets and rose
cut diamonds. Commodities are chiefly
imported from Mumbai, India.
Most of the time, Jhaveri is not in Hong Kong. It is likely that the subject has got an
associated company in Mumbai, India which is also operated by Jhaveri. The India firm deals with foreign parties
under the name of the subject and let foreign firms correspond with the
subject’s registered address in Hong Kong.
The subject has got two associated companies known as Al Sidra Jewellery
Ltd. and Sun World Inc. Ltd. located at the same registered address. Incorporated on 23rd January, 2010 in
Hong Kong, Al Sidra Jewellery Ltd. is also owned and operated by Jhaveri.
Having issued 10,000 ordinary shares of HK$1.00 each and incorporated on
11th January, 2010, Sun World Inc. Ltd. is also wholly-owned by Jhaveri.
The two associated firms are also diamond traders.
The subject’s business in Hong Kong is not active, so do the associates.
Since the subject does not have its own operating office and has no
employees in Hong Kong, on the whole, consider it good for business engagements
on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
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|
1 |
Rs.92.05 |
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Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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.