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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
WALASONS LTD |
|
|
|
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Registered Office : |
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.04.2007 |
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Com. Reg. No.: |
38240773 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamonds. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 (31.03.2012) |
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 |
WALASONS LTD.
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2311 5052, 2311 5054
FAX: 2311 5053
E-MAIL: info@walasons.com
walasons@yahoo.com
Managing Director: Mr.
Pareshkumar Mansukhbhai Katrodia
Establishment: 2nd April, 2007.
Incorporated on: 1st August, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Diamond
Trader.
Group Annual Turnover: HK$190~200
million.
Employees: 4.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WALASONS LTD.
Registered Head
Office:-
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated
Company:-
Manee Diam Co. Ltd.
322/54 Surawongwattanakarn, 22nd Floor, Suite-B, Surawongse Road,
Sipraya, Bangrak, Bangkok 10500, Thailand.
[Tel 66 2631 8990 (4 lines),
Fax: 66 2631 8996
E-mail: maneediam@yahoo.com]
38240773
1154678
Managing Director: Mr. Pareshkumar Mansukhbhai Katrodia
Sales Manager: Ms. Sonja Chan
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 01-08-2012)
|
Name |
|
No. of shares |
|
Pareshkumar Manuskhbhai KATRODIA |
|
500,000 ====== |
(As per registry dated 21-11-2012)
|
Name (Nationality) |
Address |
|
Pareshkumar Mansukhbhai KATRODIA |
Flat C, 26/F., Tower 4, The Greenwood of Laguna Verde Phase 1, 8
Laguna Verde Avenue, Hunghum, Kowloon, Hong Kong. |
(As per registry dated 01-08-2012)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated on 1st August, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance to take over the business
of Walasons which was a sole proprietorship concern established on 2nd April,
2007 and owned by Mr. Pareshkumar Mansukhbhai Katrodia under the Hong Kong
Business Registration Number 37780910.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds.
Brand Name: Techno Star.
Employees: 4.
Commodities Imported: Thailand,
India, Europe, etc.
Markets: Hong
Kong, Asian countries, Europe, North America, etc.
Group Annual Turnover: HK$190~200 million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKW0471]
Nominal Share Capital: HK$500,000.00
(Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 300.00 |
|
14-12-2009 |
paid up |
HK$ 499,700.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 500,000.00 ============= |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$500,000.00 |
on |
14-12-2009 |
Profit & Loss: Making
a small profit every year.
Condition: Keeping in an active
condition.
Facilities: Making
active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Having issued 300 ordinary shares of HK$1.00 each at the very beginning,
Walasons Ltd. was equally owned by the members of the Italia or Italiya family,
namely, Mr. Prakash Shambhubhai Italia, Mr. Nilesh Sambhubhai Italiya and
Sharda Nilesh Italiya.
Now, the subject’s issued ordinary shares have been increased to 500,000
which all have been transferred to Mr. Pareshkumar Mansukhbhai Katrodia who is
also 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.
There was a sole proprietorship known as Walasons which was established
on 2nd April, 2007 under the Hong Kong Business Registration Number 37780910
located at the subject’s address. Owned
and set up by Mr. Pareshkumar Mansukhbhai Katrodia, Walasons has ceased
business formally since 30th December, 2007. Now, Katrodia is holding 100% of the
subject’s stake.
The subject is a leading provider of polished diamonds and loose
diamonds for use in pendants, bracelets, earrings and brooches. Bearing the brand name of Techno Star,
products have been exported to Czech which has got many retailers.
Besides loose diamonds, the subject also trades in fine jewellery and
luxury watches.
The subject is an affiliate of Manee Diam Co. Ltd. [Manee Diam] which is
headquartered in Bangkok, Thailand.
Now, the global sales turnover of Manee Diam ranges from US$28 to 32
million. Business is supposed to be
good. It is a leading provider of white
colour natural polished diamond. The
subject also has got an affiliated company bearing the same name in India
[India Walasons]. India Walasons has
been a diamond manufacturing, exporting and importing company since 1972.
The subject has been a Diamond Manufacturing, Export & Import
Company since its establishment. It has
had diamond manufacturing & trading centres in Surat and Mumbai in
India. It has Diamond manufacturing unit
in Surat of India, Jewellery manufacturing unit in China.
Being a major player on the international diamond stage, India Walasons
has got a manufacturing unit in Surat, India, and is providing customers with
quality diamonds utilizing the state of the art equipment.
India Walasons serve the customers across the Asia (including strong bases
in Thailand, Hong Kong, China, Vietnam ), the Middle East, Europe and the
United States.
The subject’s main markets are the following countries and regions:
Thailand, Hong Kong, China, Vietnam, the Philippines, Malaysia, Singapore,
India, the United States, Russia, Turkey, etc.
The Sales Manager Ms. Sonja Chan is an employee of the subject. She is a Hongkongnese.
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 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 annual sales turnover of the Group ranges from HK$190 to 200
million. Overall business is good. History in Hong Kong is over five years.
On the whole, in view of the background of the subject, 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.
-
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.
-
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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
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.