|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
DECENT COLORSTONE CO. LTD. |
|
|
|
|
Registered Office : |
Unit 905, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon |
|
|
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Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
11.02.2006 |
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Com. Reg. No.: |
36508757 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
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LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF GEMSTONES. |
|
|
|
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No. of Employees : |
8.
(Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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|
|
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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) |
|
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
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 |
DECENT COLORSTONE
CO. LTD.
Unit 905, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon,
Hong Kong.
and old address at:
Unit 106, 1/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong. )
PHONE: 852-2739 7136
FAX: 852-2739 7138
E-MAIL: anil@decent.com.hk
sales@decent.com.hk
Managing Director: Mr. Anil Batwara
Incorporated on: 11th
February, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Gemstone Trader.
Employees:
8. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DECENT COLORSTONE
CO. LTD.
Registered Head
Office:-
Unit 905, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon,
Hong Kong.
Trading Names:-
DCS International, Hong Kong.
Decent Colorstone Co., Hong Kong.
Decent Gems, Hong Kong.
Jewellery Supermart (H.K) Co., Hong Kong.
Luster Gems, Hong Kong.
Pan International Ltd., Hong Kong.
Sino Trading Co., Hong Kong.
YL Enterprises, Hong Kong.
Associated
Companies:-
Decent Gems & Jew Co. Ltd., Hong Kong. (Same address)
Decent Colorstone (Thai) Ltd., Thailand.
Decent Jewelry Co. Ltd., Hong Kong.
(Same address)
Sun Gems, India.
36508757
1023883
Managing Director: Mr. Anil
Batwara
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry dated 11-02-2013)
|
Name |
|
No. of shares |
|
Anil BATWARA |
|
3,000,000 ======= |
(As per registry dated 11-02-2013)
|
Name (Nationality) |
Address |
|
Anil BATWARA |
Flat A, 11/F., Tower 6, One Silversea 18 Hoi Fai Road, Tai Kok Tsui,
Kowloon, Hong Kong. |
(As per registry dated 11-02-2013)
|
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 11th February, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject has changed its registered address for many times. Last time, it is located at ‘Unit 06, 1/F.,
Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong’,
moved to the present address in mid‑2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Gemstone Trader.
Lines: All kinds of gemstones.
Employees: 8.
(Including associates)
Commodities Imported: India, Thailand, etc.
Markets: US, Taiwan, Italy, other European
countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank
Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Indian Overseas
Bank, Hong Kong Branch.
DBS Bank (Hong
Kong) Ltd., Hong Kong.
Standing:
Small.
Having issued 3 million ordinary shares of HK$1.00 each, Decent Colorstone
Co. Ltd. is wholly owned by Mr. Anil Batwara who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is also the only director of the subject.
The subject has had a number of trading names while one of them is
Decent Colorstone Co., a Hong Kong-registered company located at the same
address.
The subject is trading in all kinds of gemstones and jade which are
imported from India, Thailand and China.
Prime markets are the other Asian countries, Southeast Asia, Western
Europe, North America, etc. Business is
rather active.
The subject is one of the members of the Decent Group of companies.
the purpose of manufacturing and exporting all kinds of cubic zirconia
(CZ) and synthetic stones.
The manufacturing base of the Group is in China, with its own cutting
factory to cut CZ and synthetic stones.
Apart from about 220 staff employed in the factory, it also subcontracts
to many small factories to maintain mass production and timely delivery to meet
the customers orders.
Now, Decent Group has newly introduced “SWISS STAR®” machine cut CZ to
the industry, which is a top quality Swiss machine cut stone that shows a “star
effect” in it. It is produced by fully
automated European machinery, and all of the stones are high quality. The size of “Swiss Star” ranges from 0.80 mm
to maximum 10 mm.
The Group’s factory also produces machine cut CZ in many shapes like
oval, pear, square, marquise, octagon, trillion, and fancy shapes.
Meanwhile, the Group also produces all kinds of normal hand cut CZ,
synthetic spinel, corundum, glass stones, and hydro thermal quartz.
The sales offices of the Group are located in all major Asian countries
including Thailand, Hong Kong, China, and India.
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 participated at
the Bangkok Gems & Jewelry Fair under synthetic pavilion booth no G48-50
HALL 1, and also the India International Jewellery Show in Mumbai under the
company name Sun Gems.
The business of the subject is active.
Regular suppliers and customers have been maintained. History in Hong Kong is over seven years.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
23-11-2010 |
Instrument: Charge Over Deposits - CD 1 Property: 1) By fixed Charge: All the Company’s rights in respect of the following:- (i) The sum deposited by
the company or for its benefit in the account or as evidenced by deposit
instrument or other evidence of indebtedness specified in the schedule below,
including renewals of such sums; and (ii) All other sums in
any currency from time to time standing to the credit of the Company or the
credit of any other person for the Company’s benefit, on any account in the
company’s sole or joint names maintained with the Bank or any other SCB Group
Company including renewals of such sums; and all interest from time to time
accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: All Deposits held with any SCB Group Company. Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and
liabilities |
|
20-05-2011 |
Instrument: Charge on Cash Deposit to secure
liabilities Property: 1) By way of first fixed
charge and agreement to charge: the Deposit and all right, title and interest
of the Company 2) By way of set-off: any
sum standing to the credit of any one or more of the accounts of the Company
with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
|
03-08-2011 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt:
2011 FD 140 1 Date of Receipt: 03-08-2011 Amount of Deposit:
HK$3,200,000.00 Rate of Interest: 0.5% Maturity Date of Deposit:
30-01-2012 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All liabilities |
|
17-04-2012 |
Instrument: Assignment of Receivables - General Property: All book and other debts, receivables, and all monies now and from
time to time due or owing to or purchased or otherwise acquired by the
customer and the full benefit of all guarantees, encumbrance, rights of
set-off, security reservation of proprietary rights, rights of tracing and
liens, claims and remedies in respect of such monies Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies and liabilities |
|
31-08-2012 |
Instrument: All moneys in respect of general
banking facilities and interest thereon Property: All those 8/1,148 part or share of and in All That piece or parcel of
ground registered in the Land Registry as Section B of Kowloon Marine Lot No.
113 and of and in the messages erections and buildings thereon now known as
Hilder Centre, Together with the sole and exclusive right and privilege to
hold use occupy and enjoy All That Workshop Unit 5 on the 19/F. of the
building Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All moneys in respect of general banking facilities and interest
thereon |
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.