|
Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
S.
GOLDI (ASIA) LTD. |
|
|
|
|
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 & Jewelery |
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|
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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 |
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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 – 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 |
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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 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 |
S. GOLDI (ASIA) LTD.
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3170 5172
FAX: 852-3171 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 30-04-2013)
|
Name |
|
No.
of shares |
|
Mansukhbhai Bhikhabhai
BUDHELIYA |
|
5,000,000 ======= |
(As per registry dated
30-04-2013)
|
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 30-04-2013)
|
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.
Employees: 15.
Commodities Imported: Belgium, India, Israel, etc.
Markets: Belgium, US, China, Japan, South Korea, Taiwan, 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, D/P, 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
Increase of
Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$10,000,000.00 |
on |
26-07-2011 |
Alternation of
Issued 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 ============= |
Indebtedness: HK$5,437,807.37
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 30-04-2013)
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:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. 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 trading in
the following products:
Carat Size Diamonds, Loose Fancy Colour Diamonds, other Loose Diamonds.
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. 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. It is trading in diamonds, ranging from 0.01 to 3.00 carats. These diamonds are available in quality form IF to I3 and colours form D to all colours. All the products include certified as well as non-certified stones, i.e. GIA dossier and GIA certified stones up to 3.00 carats.
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 as well as the Southeast Asian countries.
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 rough 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). It also implemented ISO 50001:2011 Certification with the Certification Body BSI (British Standard Institute). The certificate is being recommended first in India by ANAB (American National Accreditation Board) through BSI.
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 2014” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014. Its booth No. is 3G-C34.
The subject is fully supported by SRKE.
As the history of the subject in Hong Kong is over six years and two months, 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.
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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.
-
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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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.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.