|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SILKON INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
C/o Krsna Group Ltd. Suite 1508, 15/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09.01. 2013 |
|
|
|
|
Com. Reg. No.: |
60855041 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of all kinds of diamonds and jewellery products, emerald, precious stones. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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 |
|
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
SILKON INTERNATIONAL
LTD.
ADDRESS: c/o Krsna Group Ltd.
Suite 1508, 15/F., Empress Plaza, 17-19
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369 8722
FAX: 852-3740 0159
Managing Director: Mr. Puran Singh Bajetha
Incorporated on: 9th
January, 2013.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond and Gemstone Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Krsna Group Ltd.
Suite 1508, 15/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
H.K. Dia Trading
Flat B1, 15/F., Golden Crown Court, 66-40 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
60855041
1849500
Managing Director: Mr. Puran
Singh Bajetha
Nominal Share Capital: HK$10,000.00 (Divided into 10,000shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 09-01-2013)
|
Name |
|
No. of shares |
|
Harilal Ramchand SHAH |
|
10,000 ===== |
(As per registry dated 09-01-2013)
|
Name (Nationality) |
Address |
|
Puran Singh BAJETHA |
Flat B1, 15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong. |
|
Harilal Ramchand SHAH |
61, 6/F., Kalpavrusha Building, 27 Kher Road, Walkeshwar Road, Mumbai,
400006, India. |
(As per registry dated 09-01-2013)
|
Name |
Address |
Co. No. |
|
AT Accounting & Secretarial Services Ltd. |
Room 909, 9/F., Office Tower Two, Grand Plaza, 625 & 639 Nathan
Road, Mongkok, Kowloon, Hong Kong. |
0985965 |
The subject was incorporated on 9th January, 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond
and Gemstone Trader.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones
Employees: Nil.
Commodities Imported: India, Belgium, other European countries, other Asian countries,
etc.
Markets: Japan,
India, other Asian countries, Europe, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Unknown .
Commercial Morality: Satisfactory
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Silkon International
Ltd. is wholly owned by Mr. Harilal Ramchand Shah who is an Indian. The directors of the subject are Harilal
Ramchand Shah and Mr. Puran Singh Bajetha.
The latter is also an Indian.
Currently Shah is in India.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Suite 1508, 15/F., Empress Plaza, 17‑19 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong” known as “Krsna Group Ltd.” which
is handling its correspondences and documents.
The subject has no employees in Hong Kong.
The subject has had an associated company H.K. Dia Trading [HKDT], a
Hong Kong-registered firm engaged in diamond trading. The subject and HKDT are engaged in the same
lines of business.
HKDT is a sole proprietorship set up and owned by Mr. Puran Singh
Bajetha who is a Hong Kong ID Card holder and has got the right to reside in
Hong Kong permanently. He is also
the manager of HKDT. However, the
registered address of HKDT is located at the residence of Bajetha.
The subject is a loose diamond and precious stone importer, exporter and
wholesaler. It is also a commission
agent.
The subject is the supplier, importer and exporter of diamonds in a wide
variety like rose cuts diamonds, rose cut heart. It also trades in emerald, ruby, sapphire,
aqumarine, taurmaline amythist blue topaz, and other coloured stones. Its diamonds are imported from India, Belgium
and other European countries, etc.
Finished products and polished diamonds are marketed in Hong Kong or exported
or re-exported to China, Japan, India, other Asian countries, and the United
States. Business is fairly active.
The subject has had affiliated companies in Thailand, India and the
United States.
The subject’s business is chiefly handled by Bajetha himself. History in Hong Kong is just over five months
in Hong Kong.
On the whole, since the history of the subject is short, consider it
good for normal 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.
-
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.
-
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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.