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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TRADEWELL ENTERPRISES HK |
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Registered Office : |
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46-48 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.1997. |
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Com. Reg. No.: |
20775904-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery. |
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No. of Employees : |
2 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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.
Source
: CIA
TRADEWELL ENTERPRISES
HK
ADDRESS: Flat C, 15/F., Hang Lung Bank Tsimshatsui
Branch Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 1302, 2327 0648
FAX: 2366 5212
E-MAIL: meeranh@yahoo.com.hk
Manager: Mr. Meeran Haroon Thaika
Establishment: 15th
January, 1997.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Jewellery Trader.
Annual Turnover: HK$65-70 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46‑48 Granville
Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Paragon Impex, India.
Tradewell Enterprises Co. Ltd., Thailand.
Tradewell Enterprises HK Ltd., Hong
Kong. (Same address)
[Commenced dormancy on 31st March, 2008]
Tradewell Enterprises Inc., US.
20775904-000-01
Manager: Mr. Meeran Haroon Thaika
Name: Mr. Meeran Haroon THAIKA
Residential Address: Flat G,
30/F., Sorrento Tower 6, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 15th January, 1997 as a partnership
concern jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran
Haroon under the Hong Kong Business Registration Regulations.
The subject changed to a sole proprietorship as Ms. Sadhika Thaika
Meeran Haroon retired on 15th June, 1997.
Originally the subject was registered under the name of Tradewell
Enterprises, name changed to the present style on 17th July, 1997.
Initially the subject was located at 10A, Grand Right Centre, 10 Cameron
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 3/F., Hon Kwong
Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in July 1997; to
Room 1105, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong in December 2000; to Room 1101, 11/F. of the same building in May 2003;
and further moved to the present address in February 2009.
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.
Employees: 2.
Commodities Imported: India, Belgium, US, other European countries, etc.
Markets: Japan,
other Asian countries, etc.
Annual Turnover: HK$65-70 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities:
Making 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.
Tradewell Enterprises HK is a sole proprietorship set up and owned by
Mr. Meeran Haroon Thaika who is an Indian.
He has been in Hong Kong for a very long time. He is a Hong Kong ID holder and have got the
right to reside in Hong Kong permanently
The subject is a jewellery diamond importer, exporter and
wholesaler. According to the subject, it
is also a “general trader”.
The jewellery is manufactured in the subject’s factories in China, with
associates sourcing office in India (Mumbai).
The subject is trading in the following commodities:-
·
14KT, 18KT gold diamond jewellery;
·
0.01 pt to 5.00 cts round diamond;
·
0.01 pt to 5.00cts marquise, pear, princess
diamond;
·
Diamond studded watches; &
·
Fancy cut diamond, etc.
It is trading in loose diamonds like Marquise, Pears, Tappers, Bagguets,
Pears, etc.
Commodities or raw materials are imported from India, Belgium, the
United States, other European countries, etc.
The subject has customers in Japan, Hong Kong, Thailand, other Asian
countries, the United States, the United Arab Emirates, Saudi Arabia, Qatar,
etc. Currently the subject has got
associated firms in India, Thailand and the United States. The business of these firms is rather active.
The subject has had an associated company Tradewell Enterprises HK Ltd.
also located the operating address of the subject. However, this firm has commenced dormancy
since 31st March, 2008. This firm is
jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon.
The annual sales turnover of the subject ranges from HK$65 to 70
million. Making a small profit every
year. Overall business is good.
As the history of the subject in Hong Kong is over sixteen years, on the
whole, consider it good for normal business engagements.
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.53.29 |
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|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
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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.