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Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
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Name : |
FACETS HONG KONG LTD. |
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Registered Office : |
Unit 1003, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.03.2007 |
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Com. Reg. No.: |
37767843 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products |
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No of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
FACETS HONG
KONG LTD.
ADDRESS: Unit 1003, 10/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 7770, 2723 7778
FAX: 852-2723 7760, 2723 7768
E-MAIL: facetshongkong@gmail.com
Managing Director: Mr. Kunal Anil Jain
Incorporated on: 27th March, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond
Trader.
Employee: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
FACETS HONG
KONG LTD.
Registered Head Office:-
Unit 1003, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Diadem International, Hong Kong.
37767843
1118713
Managing Director: Mr. Kunal Anil Jain
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 27-03-2013)
|
Name |
|
No. of shares |
|
Kunal
Anil JAIN |
|
1,000,000 ======= |
(As per registry dated 27-03-2013)
|
Name (Nationality) |
Address |
|
Kunal Anil JAIN |
Flat F, 9/F., Companion Court,
15C Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong. |
|
Savita Anil JAIN |
270 Walkeshwar
Road, G/F., 3, A-1 Apartments, Mumbai-400006, India. |
(As per registry dated 27-03-2013)
|
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 27th March, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1F2, 1/F., Block 2, Hang Fung Industrial Building, 2G Hok
Yuen Street, Hunghom, Kowloon,
Hong Kong, moved to the present address with effect from 1st March, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, etc.
Employee: 2.
Commodities Imported: India,
other Asian countries, Europe, etc.
Markets: Hong
Kong, Japan, Taiwan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Made
small profits in the past years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:- The
Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 1 million ordinary shares of HK$1.00 each, Facets Hong
Kong Ltd. is wholly-owned by Kunal Anil Jain who is
an Indian. Formerly Jain resided in
Mumbai, India and now has moved to Hong Kong.
He is a Hong Kong ID holder and has had the right to reside in Hong
Kong permanently. Kunal
Anil Jain is also the managing director of the subject. He can be reached at his Hong Kong mobile
phone number 852-9132 7736.
Being a small Indian trading firm, the subject is a diamond importer,
exporter and wholesaler. It is engaged
in manufacturing loose diamonds like marquise, pears, tappers,
buggets and rose cut diamonds. The followings are some of its significant
products:-
Carat Diamond, GIA Certified Diamond, Fancy Diamond, Heart-Cut Diamond,
1.04 Carat Diamond, etc.
Most of the commodities are imported from Mumbai, India. Prime markets are Hong Kong, Japan,
Taiwan, other Asian countries, etc.
The subject has had an associated company Diadem International, a
Hong Kong-registered company located at Kunal
Anil Jain’s Hong Kong residential address.
Being also a diamond trader, Diadem International is also a diamond
trader.
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 took part in
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2014” which had
been held in Hong Kong Convention and Exhibition Centre, Wanchai,
Hong Kong during the period of 3rd to 7th March, 2014. Its booth No. was AWE 2-T12.
The history of the subject in Hong Kong is about seven years.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
05-02-2009 |
Instrument: Security
Over Deposits with the Bank (Limited Company – Under Seal) Property: Initially HK$500,000
or equivalent and all monies whether now or hereafter standing to the credit
of the Company’s deposit with the Bank under deposit number 817-088446 and
whatever currency it may subsequently be denominated in, any renewal of such
deposit and the interest thereon together with any further moneys in any
deposit account with the Bank at any of its offices Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
To secure all monies in respect of banking facilities |
|
03-08-2011 |
Instrument: Assignment
of Life Insurance Property: Property
Charged: (i) all the Assignor’s claims, options,
privileges, right, title, interest and benefit in and under the Insurance;
and (ii) all the Assignor’s claims and rights against the issuer of the
Policy (No. 28004057-50) upon the terms Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Secured Monies |
|
11-12-2012 |
Instrument: Charge
Over Deposits - CD 1 Property: 1) By fixed Charge: All the
Company’s rights in respect of the following: (i) The
sum deposited by the company or for its benefit in the account or as
evidenced by deposit instrument or other evidence of indebtedness specified
in the schedult below, including renewals of such
sums; and (ii) All other sums in any
currency from time to time standing to the credit of the Company or the
credit of any other person for the Company’s benefit, on any account in the
company’s sole or joint names maintained with the Bank or any SCB Group
company including renewals of such sums, and all interest from time to time
accruing or payable on the sums specified in (i)
and (ii) above; 2) By assignment: All Deposits held with any SCB Group Company. Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations &
liabilities |
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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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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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.
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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.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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.