|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERJEWEL (HK) CO. LTD. |
|
|
|
|
Registered Office : |
Room 608, 6/F., Heng Ngai Jewelry Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
10.05.1994 |
|
|
|
|
Com. Reg. No.: |
18854001 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds
and jewellery products, emerald, precious stones |
|
|
|
|
No. of Employees |
08 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
INTERJEWEL (HK)
CO. LTD.
ADDRESS: Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2367 8455
FAX: 852-2366 4177
E-MAIL: info@interjewel.com.hk
pratish@interjewel.com.hk
Managing Director: Mr. Pratish Rupen Kothari
Incorporated on: 10th May, 1994.
Organization: Private Limited Company.
Issued Capital: HK$50,000,000.00
Business Category: Jewellery Trader.
Employees: 8.
Main Dealing Banker: The Royal Bank of
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Trading as:-
Little Rocks (H.K.) Company, Hong Kong. [BR No. 18854001-001]
Holding Company:-
Interjewel Singapore Pte. Ltd., Singapore.
Associated
Companies:-
Interjewel Designs, India.
Interjewel Europe NV, Belgium.
Interjewel Pvt. Ltd., India.
Interjewel Shanghai Co. Ltd., China.
Interjewel Thailand Co. Ltd., Thailand.
Interjewel USA Inc., US.
18854001
0477617
Managing Director: Mr. Pratish Rupen Kothari
Contact Person: Mr. Sham Kai Ping
ISSUED CAPITAL: HK$50,000,000.00
(As per registry
dated 10-05-2014)
|
Name |
|
No. of shares |
|
Interjewel Singapore Pte. Ltd. 80 Raffles Place, #25-01 Uob Plaza, 048624 Singapore. |
|
25,500,000 |
|
Pratish Rupen KOTHARI |
|
24,500,000 |
|
|
|
––––––––– |
|
|
Total: |
50,000,000 ======== |
(As per registry
dated 10-05-2014)
|
Name (Nationality) |
Address |
|
Pratish Rupen KOTHARI |
Unit B, 32/F., Block 6, Harbour Place 8, Oi King Street, Hunghom, Kowloon, Hong Kong. |
|
Ketan Suresh MEHTA |
603, K.B.S. Building, 30-38 Mahaesak Soi 3, Bangkok‑10500, Thailand. |
(As per registry dated
10-05-2014)
|
Name |
Address |
Co. No. |
|
Gem Glad Secretaries Ltd. |
Room 1502, 15/F., 101 King’s Road, North Point, Hong Kong. |
1001061 |
The subject was incorporated on 10th May, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Diamond World Holdings Ltd., name changed to the present style on 24th August, 2007.
Formerly the subject was located at Unit E1, 2/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to the present address with effect from 4th June, 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, emerald, precious stones
Employees: 8.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, other Asian countries, Belgium, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Capital: HK$50,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Royal Bank of Scotland N.V., Hong Kong Branch.
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Very
Good.
Having issued 50 million ordinary shares, Interjewel (HK) Co. Ltd. is jointly owned by Interjewel Singapore Pte. Ltd. which is a Singapore-based firm holding 51%, and Mr. Pratish Rupen Kothari who is an Indian holding 49%.
The subject is a diamond importer, exporter and wholesaler. It has had an associated company in India known as Interjewel Pvt. Ltd. [Interjewel]. Besides the subject, Interjewel has set up a number of associated companies in Thailand, Belgium, the United States and Shanghai, China.
Pratish Rupen Kothari is one of the CEOs and founders of Interjewel. Now, he is residing in Hong Kong. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also managing director of the subject.
The subject is trading in carat diamonds, loose diamonds, colour and white diamonds, carat-size diamonds, diamond rings. It also offers customers with all kinds of diamond manufacturing service. Most of its products have been certified by the GIA and the IGI.
The predecessor of the subject Diamond World Holdings Ltd. was an affiliated firm of D. Navinchandra & Co., also an India-based firm.
Established in 1970, D. Navinchandra & Co. is one of the leading exporters of cut and polished diamonds, carat diamond and diamond studded jewellery in India. It is a registered trading house recognised by the Government of India, Ministry of Commerce.
Having been ISO9001 certified, D. Navinchandra & Co. is one of the few diamond companies which is able to get rough diamonds from four of the leading miners of the world, namely, Diamond Trading Company [DTC] and Argyle Diamond Mine (Australia), Diavik Diamond Mine (Canada) and Murowa Mines (Zimbabwe).
D. Navinchandra & Co. has established a global network with offices in large cities of the world. It is exporting Cut & Polished diamonds to many countries which include the United States, the United Kingdom, Belgium, Italy, Germany, Japan, the Middle East, Hong Kong, Australia, Singapore and Thailand.
Interjewel operates three cutting and polishing facilities respectively in Mumbai, Surat, Navsari and Ahmedabad.
Interjewel is one of the few companies with the honour of being supplied with rough diamonds from the leading mines of the world.
Interjewel is specialised in polished diamonds in varied sizes, shapes, colours and clarity. All diamond over 0.30 points and SI2 purity are sent to reputed Grading Laboratories for grading and certification. It routinely has its diamonds certified by the GIA and the IGI.
Interjewel serves a global customer-base which includes customers in the United States, the United Kingdom, the Middle East, Asia, Australia and South Africa. It also has a significant presence in the Indian market where the focus is on selling polished to mostly independent jewellers and small chains.
Overall business of the Interjewel Group is active and steady. Business is lucrative.
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 Jewellery Show 2014” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014.
Besides, 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. Its booth No. is CEC 3CON-029.
The business of the subject is chiefly handled by Mr. Kothari Pratish Rupen. The contact person is Mr. Sham Kai Ping who is a Hongkongnese.
The subject operates from a self-owned office in Hong Kong.
On the whole, since the history of the subject in Hong Kong is over twenty years, consider it good for normal business engagements.
Property information of the company:-
Property Location: Workshop Unit No. 8 on 6/F., Heng Ngai Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Interjewel (HK) Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-08-2010 |
- |
The Royal Bank of Scotland N.V., Hong Kong Branch. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
23-01-2002 |
Instrument: Debenture Property: 1) All freehold and leasehold property of the Company 2) All stocks, shares, bonds and securities of any kind whether marketable or otherwise and all other interests including loan capital of the Company 3) All book and other debts, revenues and claims 4) The uncalled capital, goodwill and all patents, patent applications, trade marks, trade names, registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property 5) The undertaking and all other assets of the Company Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
General credit facilities of sum of HK$7,800,000 |
|
28-01-2002 |
Instrument: Debenture Property: All the Company’s undertaking and property and assets Mortgagee: ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland N.V.] |
General banking facilities |
|
19-08-2010 |
Instrument: Mortgage Property: 19/4,978th parts or shares of and in Section D of Kowloon Marine Lot No. 113 (Workshop Unit No. 8 on 6/F. of Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.) Mortgagee: The Royal Bank of Scotland N.V., Hong Kong Branch. |
General banking facilities |
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.
-
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.
-
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.
-
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 –
-
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.
-
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.61.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.