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Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
S. GOLDI (ASIA) LTD. |
|
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Registered Office : |
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon |
|
|
|
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Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
30.04.2007 |
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|
|
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Com. Reg. No.: |
37907085 |
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|
|
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Legal Form : |
Private Limited Company |
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|
|
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF POLISHED DIAMONDS,
JEWELLERY, ETC. |
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|
|
|
No. of Employees : |
15 |
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 : |
No Complaints |
|
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) |
|
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
S. GOLDI (ASIA) LTD.
ADDRESS: Room 901, 9/F., Chevalier House, 45-51
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3170 5172
FAX: 3171 4224
E-MAIL: info@sgoldi.com
Managing Director: Mr.
Mansukhbhai Bhikhabhai Budheliya
Incorporated on: 30th April, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$5,000,000.00
Business Category: Diamond Trader.
Annual Turnover: US$30~35
million.
Employees:
15.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated/Affiliated Companies:-
D. Goldi BVBA, Belgium.
Jewel Goldi (India), India.
M B Impex Ltd., Hong Kong.
M B Impex, Hong Kong.
R. Goldi (Shanghai) Diamond Co. Ltd., China.
S.Goldi, Hong Kong. (Same address)
Shree Ramkrishna Export Pvt. Ltd., India.
The Jewelry Co., India.
TJC Jewelry Inc., USA.
V. Goldi Ltd., Israel.
etc.
37907085
1128283
Managing Director: Mr.
Mansukhbhai Bhikhabhai Budheliya
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 30-04-2012)
|
Name |
|
No. of shares |
|
Mansukhbhai Bhikhabhai BUDHELIYA |
|
5,000,000 ======= |
(As per registry dated 30-04-2012)
|
Name (Nationality) |
Address |
|
Mansukhbhai Bhikhabhai BUDHELIYA |
Flat A, 12/F., Golden Mansion 83-85, Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
|
Nileshkumar Popatbhai CHANCHAD |
Flat G, 10/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 30-04-2012)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung,
Lantau Island, Hong Kong. |
The subject was incorporated on 30th April, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit K2, 12/F., Kaiser Estate, Phase
2, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to Unit 03 &
05, 12/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon,
Hong Kong in late 2010, and further to the present address with effect
from 28th October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Polished
diamonds, jewellery, etc.
Employees: 15.
Commodities Imported: Belgium, India, Israel, etc.
Markets: Belgium,
US, other Asian countries, Australia, Middle East, etc.
Annual Turnover: US$30~35 million.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
Advanced T/T, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 1,000,000.00 |
|
26-07-2011 |
paid up |
HK$ 4,000,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 5,000,000.00 ============= |
Increase of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$10,000,000.00 |
on |
26-07-2011 |
Indebtedness: HK$5,688,944.47 (Total amount outstanding on
all mortgages and charges as per last Annual Return dated 30-04-2012)
Mortgage or Charge: (See attachment)
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 contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Standing:
Good.
Having issued 5 million ordinary shares of HK$1.00 each, S. Goldi (Asia)
Ltd. is wholly owned by Mr. Mansukhbhai Bhikhabhai Budheliya. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject increased its issued share capital from HK$1 million to HK$5
million in July 2011.
The subject is a diamond trader.
It is an affiliated company of Shree Ramkrishna Exports Pvt. Ltd. [SRKE]
which was set up in 2004 in India. The
founder of SRKE Govind Dholakia is also the Chairman of the SRKE Group of
companies.
The subject is trading in the same products as SRKE. It is responsible for the markets of the Asia
Pacific region. Its core products are
loose diamonds, fancy diamonds, carat size diamonds, certified stones — GIA
Dossiers ad GIA up to 3 carats. Other
products include ladies’ ring, ladies’ bangle, feather shape jewellery,
etc. Products are exported to China,
Japan, South Korea, Taiwan and Southeast Asia, Europe, North America, etc.
SRKE is one of India’s leading diamond manufacturers. SRKE is trading in diamonds, ranging from
0.30 to 3.00 carats in weight and D to J colours. Founded in 1976 by Govind Dholakia, SRKE
today has a 5,000 strong workforce in India.
Its office and factory area is about 250,000 sq.ft.
In 2003, SRKE established its own jewellery outlet, Jewel Goldi, at
Seepz, Mumbai, to make diamond-studded jewellery for international
markets. In 2004, SRKE set up Jewel
Goldi (India), at MIDC, Mumbai, to serve the domestic market.
SRKE provides the subject will all kinds of diamonds and jewellery
products. According to SRKE, it has
invested in a state-of-the-art manufacturing facility at Surat with the
capacity to process more than 720 thousand carats of ough diamonds annually
(approx. 60,000 carats Rough Diamonds every Month).
SRKE is also operated by Mr. Mansukhbhai Bhikhabhai Budheliya. Besides Hong Kong, the Group now has
affiliated companies in Israel, the United States, India, Belgium, China, etc.
In 2010, “srkexport.com” was registered as a company in Hong Kong with a
Tag line – “a diamond mine online”, to cater to the China market and extend
SRKE’s online services to the other Asian countries.
It achieved DTC Sightholder status on 30th March 2012. In the same year, it was honoured with “ECGC
- D&B Indian Exporters Excellence Awards 2012”. It is the Second Runner-up for the category -
Most Socially Responsible Exporter at the ECGC - D&B Indian Exporters Excellence
Awards 2012.
In 2012, it was honoured with “Silver Certificate of Merit” by The Jury
and the Executive Committee of The Economic Times India Manufacturing
Excellence Awards 2012 for Manufacturing and Supply Chain Excellence.
In 2013, it got the membership of United States Green Building Council
(USGBC).
The subject has had an associated company R. Goldi (Shanghai) Diamond
Co. Ltd. in Shanghai, China. This firm
was set up in 2007 and now located at Room 421, 4/F., Jinmao Building, 88
Century Road, Pudong New Area, 200120 Shanghai, China.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong, Macau and other foreign
large cities such as Las Vegas. For
instance, it is going to take part in “HKTDC Hong Kong International Jewellery
Show 2013” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
The subject is fully supported by SRKE.
As the history of the subject in Hong Kong is over five years, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
24-08-2011 |
Instrument: Mortgage Property: 196/19,060th parts or shares of and in The Remaining Portion of Kowloon
Inland Lot No. 7072, Kowloon Inland Lot No. 8670, Kowloon Inland Lot No. 8567
and Kowloon Inland Lot No. 7074 (Unit 1 on 9/F. of Chevalier House, 45-51
Chatham Road South, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
All moneys |
|
10-02-2012 |
Instrument: Deed of Confirmation and Rectification Property: 196/19,060th parts or shares of and in The Remaining Portion of
Kowloon Inland Lot No. 7072, Kowloon Inland Lot No. 8670, Kowloon Inland Lot
No. 8567 and Kowloon Inland Lot No. 7074 (Unit 1 on 9/F. of Chevalier House,
45-51 Chatham Road South, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
All moneys |
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.
-
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.
-
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.54.63 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.