MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

JAH LTD.

 

 

Registered Office :

Unit 902-903, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.10.2014

 

 

Com. Reg. No.:

63944403

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

TRADER OF ALL KINDS OF DIAMONDS AND JEWELLERY

 

 

No of Employees :

20 [Including Associates]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

A1

A1

 

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 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

Company name & address

 

JAH LTD.

 

 

ADDRESS:       Unit 902-903, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.

 

PHONE:            852-2376 2007,  2376 0071

 

FAX:                 852-2376 3734

 

E-MAIL:            uniquedia@netvigator.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Geet Goenka

 

 

SUMMARY

 

Incorporated on:  16th October, 2014.

 

Organization:  Private Limited Company.

 

Issued Share Capital:     HK$10,000.00

 

Business Category:       Diamond & Jewellery Trader.

 

Employees:  20.  (Including associates)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:  Satisfactory.

 

 

Name

 

JAH  LTD.

 

 

ADDRESS

 

Registered Head Office:-

Unit 902-903, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.

Associated Companies:-

Unique Diamonds, Hong Kong.  (Same address)

Unirich Jewellery Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

63944403

 

 

COMPANY FILE NUMBER

 

2156609

 

 

MANAGEMENT

 

Managing Director:  Mr. Geet Goenka

 

 

ISSUED SHARE CAPITAL

 

HK$10,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 16-10-2014)

Name

 

No. of shares

Indiandirectory HK Ltd., Hong Kong.

 

1

Geet GOENKA

 

9,999

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTOR

 

(As per registry dated 16-10-2014)

Name

(Nationality)

 

Address

Geet GOENKA

Room 57B & 58B, Tower 3, Harbourfront Landmark, 11 Wan Hoi Street, Hunghom Kowloon, Hong Kong.

SECRETARY

 

(As per registry dated 16-10-2014)

Name

Address

Co. No.

Buttar Secretarial Services Ltd.

Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.

1906147

 

 

HISTORY

 

The subject was incorporated on 16th October, 2014 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.

 

 

OPERATIONS

 

Activities:          Diamond & Jewellery Trader.

 

Lines:               All kinds of diamonds and jewellery

 

Employees:      20.  (Including associates)

 

Commodities Imported: India, other Asian countries, Europe

 

Markets:            Hong Kong, China, other Asian countries, Europe

 

Terms/Sales:  L/C, T/T

 

Terms/Buying:  L/C, T/T, D/P

 

 

FINANCIAL INFORMATION

 

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:  Met trade commitments as required.

 

Commercial Morality:  Satisfactory

 

Banker:  The Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:  Small.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, JAH Ltd. is almost wholly owned by Mr. Geet Goenka who is an India merchant.  He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently.  He is also the only director of the subject.

The subject is a member of the Unirich Group.

The subject is a diamond and jewellery trader.  It has the following two companies located at the same address:-

Unique Diamonds

Unirich Jewellery Ltd. [Unirich]

The subject is trading in diamond pendants, necklaces, 18K Gold diamond pendants, ruby & diamond jewellery, gemstone pendants, gemstone rings, etc.

Commodities are marketed in Hong Kong, exported to the other Asian countries, Europe, North America, etc.

Unirich Group was founded in 1984 by Sohan Goenka who is Chairman of Unirich Group.  The Group has been serving the gems and jewellery industry for over two decades.

In 1986, Unirich began setting up branches in the US, Japan, Thailand, Europe and Taiwan.

Apart from India, Unirich also sources from Russia and Thailand.  Spectacular materials like shell and onyx are widely used in its products.  To facilitate the myriad demand of its customers, Unirich operates its own plant in Shunde and Panyu in China with 300 staff each.  Every month, over 500 new designs are made to cope with the customers from Europe, Japan, the US and the Middle East.

Unirich is looking into opening up new markets in Mainland China including potential cities like Shanghai and Beijing.

In order to penetrate the international market further, Unirich has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.  For instance, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2015” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 4th to 8th March, 2015.

The subject is operated by the Goenka family.  History in Hong Kong is just over two months.

On the whole, since the history of the subject is short in Hong Kong, consider it good for normal business engagements on L/C basis.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.31

Euro

1

Rs.79.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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%)

 

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