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Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
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Name : |
PALADONE TRADING
AND MANUFACTURER |
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|
|
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Registered Office : |
Flat 310, 3/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon |
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|
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Country : |
Hong Kong. |
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|
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Date of Incorporation : |
19.01.2010 |
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Com. Reg. No.: |
51695741-000-01 |
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Legal Form : |
Sole
Proprietorship. |
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|
|
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF
ALL KINDS OF DIAMONDS AND JEWELLERY PRODUCTS, ETC. |
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|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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'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 |
PALADONE TRADING
AND MANUFACTURER
ADDRESS: Flat 310, 3/F., Kiu Fung Mansion,
18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 4414, 6160 9140
Manager: Mr. Hasti Mal Lodha
Establishment: 19th January, 2010.
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.
Company ADDRESS
Head Office:-
Flat 310, 3/F., Kiu
Fung Mansion, 18 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
Saraff Overseas
Ltd.
Room 611, 6/F.,
Rise Commercial Building, 5-11 Granville Circuit, Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
Jay Vijay Diamond Co.
Ltd., Thailand.
Saraff Baby Care
Product Co. Ltd., Thailand.
Saraff Biogas
Energies Co. Ltd., Thailand.
Saraff Energies
Ltd., Thailand.
Saraff Enterprises
Co. Ltd., Thailand.
Saraff Infotech
Co. Ltd., Thailand.
Sirter Plast Thai
Ltd., Thailand.
51695741-000-01
MANAGEMENT
Manager: Mr. Hasti Mal Lodha
Name: Mr. Hasti Mal LODHA
Residential
Address:Flat 2, 4/F., Block A, Prat Mansion, 26-36 Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The
subject was established on 19th January, 2010 as a sole proprietorship concern
owned by Mr. Hasti Mal Lodha under the Hong Kong Business Registration
Regulations.
Formerly
the subject was located at Flat 2, 4/F., Block A, Prat Mansion, 26‑36
Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in
October 2011.
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, etc.
Employees: Nil.
Commodities
Imported: India, other
Asian countries, etc.
Markets: Hong Kong, Japan, other
Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made very small profit in 2012.
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.
Paladone
Trading And Manufacturer is a sole proprietorship set up and owned by Mr. Hasti
Mal Lodha who is an Indian. He is a Hong
Kong ID Card holder and has got the right to reside in Hong Kong permanently.
Lodha
is also the manager of the subject.
Business
commenced in January 2010, the subject is a jewellery and diamond trader.
The
subject’s registered address located at Flat 310, 3/F., Kiu Fung Mansion, 18
Austin Avenue, Tsimshatsui, Kowloon, Hong Kong where is the new residential
address of Lodha. The subject moved to this
new address in October 2011
The
subject’s telephone number is 2368 4414.
Lodha can also be reached at his mobile phone number 6160 9140.
Mr.
Hasti Mal Lodha is also the Managing Director of Saraff Overseas Ltd. [Saraff]
which is located at a different address.
Saraff
is equally-owned by Saraff Jay Prakash and Saraff Vijay Kumar. It has issued one million ordinary shares of
HK$1.00 each while each of the shareholders holds 500,000 shares.
Saraff
is a member of the Saraff Group which is based in Thailand.
In
Hong Kong, Saraff is a diamond trader.
It is trading in the following products:-
Loose
diamonds like Marquise, Pears, Tappers, Ovals, Heart, Trillions, Princess Cut,
Emerald Cut, Bagguets and Rose Cut, Round Brilliant, Single Cut and Fancy Cut,
etc.
The
business of Saraff is also handled by Lodha.
The
subject has no employees in Hong Kong.
It
is also a diamond importer, exporter and wholesaler. It is the supplier, importer and exporter of
versatile range of diamonds in a wide variety like rose cut diamonds, rose cut
heart, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy
cut and fancy colour diamonds, briollets beads, old mine cut diamonds round
brilliant cut diamonds, marquise, pears ,oval, heart, emeralad, etc. Most of the commodities are imported from
India and other Asian countries. Prime
markets are Hong Kong, Japan, other Asian countries, etc. Business is still under development.
The
commodities carried by the subject is the same as Saraff which was registered
in Hong Kong. Saraff was incorporated on
25th November, 2009.
The
subject’s business is handled by Lodha himself.
Being a one-man company, the subject is a small firm also engaged in
making investments.
The
subject’s history in Hong Kong is just over three years.
On
the whole, since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
.
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.
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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.
-
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.
-
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.53.14 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.71.93 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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.