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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CORNELL TRADING
(HK) LTD. |
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|
|
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Registered Office : |
Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon |
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|
|
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Country : |
Hong Kong |
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Date of Incorporation : |
01.02.2013 |
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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 ALL KINDS OF DIAMONDS
& JEWELLERY |
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|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
CORNELL
TRADING (HK) LTD.
c/o Gurung &
Shum Business Solutions Ltd.
Room 406B, 4/F.,
Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 3749 9221
FAX: 3747 5784
Managing
Director: Mr. Vijen Girishchandra
Jhaveri
Incorporated on: 1st February, 2013.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond & Jewellery trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CORNELL
TRADING (HK) LTD.
Registered
Office:-
c/o Gurung &
Shum Business Solutions Ltd.
Room 406B, 4/F., Mirror
Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Associated
Companies:-
Basilica Jewelry
Ltd.
Room 505, 5/F.,
Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong.
P. K. Impex, Hong
Kong.
Pal Gems, India.
Rose Jewels Ltd.,
Hong Kong.
60960127
1859961
Managing
Director: Mr. Vijen Girishchandra
Jhaveri
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As per registry dated 01-02-2013)
|
Name |
|
No.
of share |
|
Vijen Girishchandra JHAVERI |
|
1 = |
(As per registry dated 01-02-2013)
|
Name (Nationality) |
Address |
|
Vijen
Girishchandra JHAVERI |
12/F., Hai Xin Building, 17 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 01-02-2013)
|
Name |
Address |
Co.
No. |
|
Gurung
& Shum Business Solutions Ltd. |
Room 406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong. |
1348317 |
The
subject was incorporated on 1st February, 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: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds & jewellery.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
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: Too early to comment
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued just one ordinary share of HK$1.00, Cornell Trading (HK) Ltd. is wholly
owned by Mr. Vijen Girishchandra Jhaveri who is an Indian.
Jhaveri
is the only director of the subject. He
is a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Room
406B, 4/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong
Kong” known as “Gurung & Shum Business Solutions Ltd.” which is handling
its correspondences and documents. This
firm is also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
Jhaveri
is also the owner and director of another firm which is registered in Hong Kong
known as Basilica Jewelry Ltd. [Basilica].
The operating office of Basilica is located at Room 505, 5/F., Beverley
Commercial Centre, 87‑105 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.
Currently,
Jhaveri is residing at 12/F., Hai Xin Building, 17 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
The
subject is a diamond trader. It has got
another associated company Rose Jewels Ltd. [Rose] located at the above-mention
address. Rose and the subject are
engaged in the same lines of business.
The
subject also has got an affiliated company in India known as Pal Gems. This firm is a diamond importer, exporter and
wholesaler. It is engaged in
manufacturing loose diamonds like marquise, pears, tappers, buggets and rose
cut diamonds. The subject imports loose,
polished and cut diamonds from India.
Pal Gems seems to be its main supplier.
We
cannot reach Vijen Girishchandra Jhaveri at your given mobile phone number
86-138288 53805. This is a China
line. We had made several calls but no
one answered.
The
subject’s business is chiefly handled by Jhaveri himself. History is just over a month in Hong Kong.
The
subject’s business is still under development.
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.
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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.
-
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.54.29 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.