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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
K & S JEWELLERY LTD. |
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Registered Office : |
Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.07.2011 |
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Com. Reg. No.: |
58620941 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Jewellery Trader of All kinds of jewellery products, etc |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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'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
K & S
JEWELLERY LTD.
c/o Marvel Impex
Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central,
Hong Kong.
PHONE: 2850 8485
FAX: 2850 8681
E-MAIL: marvelhk@netvigator.com
Managing Director: Mr. Ashwani
Kumar Deepak Chugani
Incorporated on 6th July, 2011
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$100,000.00
Business Category: Jewellery
Trader.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
K &
S JEWELLERY LTD.
Registered
Office:-
c/o Marvel Impex
Room 12A05, 12A/F., Enterprises Building, 228-238 Queen’s Road Central,
Hong Kong.
58620941
1627120
Managing Director: Mr. Ashwani
Kumar Deepak Chugani
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 06-07-2012)
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Name |
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No. of shares |
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Mr. Ashwani Kumar Deepak CHUGANI |
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100,000 ====== |
(As per registry dated 24-09-2012)
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Name (Nationality) |
Address |
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Mr. CHUGANI Ashwani Kumar Deepak |
Caya Di Sero 30, Noord, Aruba. |
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Mr. Chugani Hitesh Deepak |
22R Malmokweg, Noord, Aruba. |
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Mr. Chugani Dipak Daulatram KanHyalal |
29 Pigeon Road, Pointe Blanche, Street Maarteen, Aruba. |
(As per registry dated 06-07-2012)
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Name |
Address |
Co. No. |
|
Multi-Chain Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong
Kong. |
0209214 |
The subject was incorporated on 6th July, 2011 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: Jewellery
Trader.
Lines: All
kinds of jewellery products, etc.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Aruba,
etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Prepayment, L/C, etc.
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 100,000 ordinary shares of HK$1.00 each, K & S Jewellery
Ltd. is wholly owned by Mr. Ashwani Kumar Deepak Chugani who is an Indian. Chugani is a Holland passport holder and does
not have the right to reside in Hong Kong permanently.
Chugani is the only director of the subject who currently is residing in
Aruba which has no administrative subdivisions, is one of the four constituent
countries that form the Kingdom of the Netherlands, together with the
Netherlands, Curaçao, and Sint Maarten whose citizens share a single
nationality: Dutch citizen. It is
therefore Chugani is a Dutch citizen.
The subject does not have its own operating office. Its registered office is in a Hong
Kong-registered firm located at “Room 12A05, 12A/F., Enterprises Building,
228-238 Queen’s Road Central, Hong Kong” known as “Marvel Impex” which is
handling its correspondences and documents.
Marvel Impex is owned and operated by an Indian Mr. Naresh R
Vaswani. Marvel Impex is trading in
piecegoods, fabrics and children’s garments, etc.
It is likely that Naresh R Vaswani is a friend of Chugani who has been
permitted to use the operating address of Marvel Impex as its registered
address in Hong Kong.
The subject has no employees in Hong Kong. It is a jewellery and diamond trader. Most of the commodities are imported from
India. Prime markets are Aruba and some
of the European countries. Business is
improving.
It is likely that the subject has got an associated company in Aruba
which is also operated by Chugani.
The Aruba firm deals with foreign parties under the name of the subject
and let foreign firms correspond with the subject’s registered address in
Hong Kong. The Aruba firm also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year.
Since the subject does not have its own operating office, history is
short and has no employees in Hong Kong, consider it good for business
engagements on L/C basis.
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.
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.44 |
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|
1 |
Rs.81.33 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.