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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AURA JEWELS LTD. |
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Registered Office : |
Flat D, 12/F., Union Mansion, 33-35 Chatham Road South,
Tsimshatui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.08.2012 |
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Com. Reg. No.: |
60231049 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
TRADER OF ALL KINDS OF DIAMONDS AND JEWELLERY PRODUCTS |
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No of Employees : |
No Employees in Hong Kong [It is to be noted that the company does not
have its own operating office in Hong Kong. The company uses the address of
its secretariat as its correspondence address only. Subject operates from
some other country and does not have a base in Hong Kong. Such companies are
registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.] |
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 : |
Business is Improving |
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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 |
AURA JEWELS
LTD.
ADDRESS: Flat D, 12/F., Union
Mansion, 33-35 Chatham Road South, Tsimshatui, Kowloon, Hong Kong.
PHONE: 852-6402 1744
FAX: Not available
Managing Director: Mr. Harshil
Chetan Maniyar
Incorporated on: 15th August,
2012.
Organization: Private Limited
Company.
Capital: Nominal: US$1,500,000.00
Issued:
US$350,000.00
Business Category: Diamond & Jewellery Trader.
Employee: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
AURA JEWELS
LTD.
Registered Head Office:-
Flat D, 12/F., Union Mansion, 33-35 Chatham Road South, Tsimshatui,
Kowloon, Hong Kong.
60231049
1787370
Managing Director: Mr. Harshil
Chetan Maniyar
(Mobile
Phone No.: 852-6402 1744)
Nominal Share Capital: US$1,500,000.00 (Divided into 1,500,000 shares of
US$1.00 each)
Issued Share Capital: US$350,000.00
(As per registry dated 24-09-2013)
|
Name |
|
No. of shares |
|
Harshil Chetan MANIYAR |
|
350,000 ====== |
(As per registry dated 15-08-2013)
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Name (Nationality) |
Address |
|
Harshil Chetan MANIYAR |
A-23, 2/F., Aashiyana Sodawala Lane, Borivili (West), Mumbai 400092,
India. |
(As per registry dated 15-08-2013)
|
Name |
Address |
Co. No. |
|
Pan Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok
Street, Sheung Wan, Hong Kong. |
1254491 |
The subject was incorporated on 15th August, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1207, 12/F., Wing Tuck
Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong, moved to the
present address with effect from 21st September, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond & Jewellery Trader.
Lines: All kinds of diamonds and
jewellery products.
Employee: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: US$1,500,000.00 (Divided into 1,500,000 shares of
US$1.00 each)
Issued Share Capital: US$350,000.00
Profit or Loss: Kept a balance account in 2013.
Condition: Business is improving.
Facilities: Making fairly 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: Small.
Having issued 350,000 ordinary shares of US$1.00 each, Aura Jewels Ltd.
is wholly owned by Mr. Harshil Chetan Maniyar who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject commenced business in August 2012.
The subject’s registered address is in a private building located at
Flat D, 12/F., Union Mansion, 33-35 Chatham Road South, Tsimshatui, Kowloon,
Hong Kong. This is the residence of
Maniyar when he is in Hong Kong.
The residential building is not trespassed by outsiders. The subject has no employee in Hong Kong.
The subject’s telephone number and fax number have not registered with
local telephone company nor listed on telephone directories. However, Maniyar can be reached at his Hong
Kong mobile phone number at
852-6402 1744.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Japan and the other Asian countries.
Business is improving.
The subject also trades in jewellery products and acting as a commission
agent.
Maniyar has had diamond suppliers in Mumbai, India.
The subject originated India. It
has been serving diamond industry since the early 80’s. It is a family business. Its associated company in Antwerp was set up
in the early 90’s. It is specialised in
diamonds of all colour and shapes below 50 pointers.
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 is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2014”
which will be held in the same Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 3rd to 7th March, 2014. Its booth No. is AWE 1-E14.
The subject is just a one-man company.
Business is chiefly handled by Maniyar himself. History in Hong Kong is just over a year and
six months. On the whole, since the history of the subject is short, consider
it good for normal business engagements on L/C basis.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
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. 62.12 |
|
|
1 |
Rs. 103.93 |
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Euro |
1 |
Rs. 85.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
-- |
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.