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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
NAVSHANTI (HK) LTD. |
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Registered Office : |
Room A, 4/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12.1999 |
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Com. Reg. No.: |
30596421 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Canned foodstuffs, fruit products,
all kinds of slippers and toiletries, electric appliances, electronic
products, jewellery |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
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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 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 |
NAVSHANTI (HK)
LTD.
Room A, 4/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2366 5986, 2366
5383
FAX: 852-2367 7957
E-MAIL: navshanti@biznetvigator.com
nav1@hkstar.com
Managing Director: Mr. Chandresh Naval Rai Mirpuri
Incorporated on: 20th
December, 1999.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$60~80
million.
Employees:
6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
NAVSHANTI (HK)
LTD.
Registered Head Office:-
Room A, 4/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon, Hong
Kong.
Mailing Address:-
P.O. Box 98473, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Business Name: Sino Chan
Enterprises, Hong Kong. (Same address)
Associated
Companies:-
Navshanti (Far East) Ltd., Hong Kong.
[Dissolved]
Navshanti (Ghana) Ltd., West Africa.
Navshanti Trading Co., UAE.
30596421
0698524
Managing Director: Mr. Chandresh Naval Rai Mirpuri
Contact Person: Mr. Kumar Sukhwani
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 20-12-2012)
|
Name |
|
No. of shares |
|
Chandresh Naval Rai MIRPURI |
|
400,000 |
|
Sanjay Chandresh MIRPURI |
|
300,000 |
|
Romesh Chandresh MIRPURI |
|
300,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 01-05-2013)
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Name (Nationality) |
Address |
|
Chandresh Naval Rai MIRPURI |
Room 126A, 11/F., Mandarin Court #5, |
|
Romesh Chandresh MIRPURI |
11/F., Celestial Heights, Phase 2, 80 Sheung Shing Street, KIL 11124,
Ho Man Tin, Kowloon, Hong Kong. |
|
Sanjay Chandresh MIRPURI |
Room 126A, 11/F., Mandarin Court #5, |
Chandresh Naval Rai MIRPURI (As
per registry dated 20-12-2012)
The subject was incorporated on 20th December, 1999 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: Canned
foodstuffs, fruit products, all kinds of slippers and toiletries, electric
appliances, electronic products, jewellery.
Employees: 6.
Commodities Imported:China, other Asian
countries, etc.
Markets: Africa,
India, other Asian countries, Middle East, South America, etc.
Annual Turnover: HK$60~80 million.
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:-
Date of Assignment
of Life Insurance: 03-10-2011
Amount: Secured Monies
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. 28004336-50) upon the terms
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
rather active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Navshanti (HK)
Ltd. is jointly owned by Mr. Chandresh Naval Rai Mirpuri, holding 40%
interests; Mr. Sanjay Chandresh Mirpuri, holding 30%; and Mr. Romesh Chandresh
Mirpuri, also 30%. The Mirpuris are also
directors of the subject. They are Hong
Kong ID holders and have got the right to reside in Hong Kong permanently.
The subject’s business name is Sino Chan Enterprises. The business name can be regarded as a
subsidiary of the subject which is located at the same address. Currently they are residing in Kowloon, Hong
Kong at the same address while the staff quarters were provided by the subject.
The subject is trading in the following commodities:-
Radios, cassette players, electric fans, electronic products such as
laptops, digital cameras, etc., heaters, irons, kettles, cookers, blenders,
cookware, tools, batteries, footwear, canned foodstuffs, fruit products,
slippers, toiletries, hardware, beverages, luggage, enamelware, hardware,
bulbs, lighting products, stationery, meat mincer, sundry products, detergent,
jewellery, jewellery parts, cosmetics, etc.
In recent years, the subject has been trying to expand its product lines
and seeking for more suppliers.
Commodities are sourced from China, other Asian countries or acquired
from local suppliers. Prime markets are
Africa, Asian countries, the Middle East, South America, etc. Its prime markets are Ghana, Togo, Nigeria,
Benin, Cote D’ivoire, Guinea, Congo, Sudan, Zaire, Angola, Malawi, Kenya,
Mozambique, Tanzania, Morocco, etc.
The subject has had associated companies in Ghana and the United Arab
Emirates.
The contact person of the subject Mr. Kumar Sukhwani is also an Indian.
The annual sales turnover of the subject ranges from HK$60 to 80
million. Business is rather active. Making a small profit every year.
The subject usually takes part in Canton Commodities Exchange Fair which
is held in Guangzhou City, Guangdong Province, China biannually.
The subject had an affiliated company Navshanti (Far East) Ltd. located
at its operating address. Incorporated
on 14th March, 1989, Navshanti (Far East) Ltd. was dissolved by winding up
voluntarily in 2001.
The subject is a family business of the Mirpuris.
As the history of the subject in Hong Kong is about fourteen years, on
the whole, consider it good for normal business engagements.
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.62.27 |
|
|
1 |
Rs.103.66 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
<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.