|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIEXPO ENTERPRISES LTD. |
|
|
|
|
Registered Office : |
Unit 914A, 9/F., Tower B, Hunghom Commercial Centre, 37 Ma Tau Wai Road,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
26.03.1982 |
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Com. Reg. No.: |
07746083 |
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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 |
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No of Employees : |
4 (Including associate) |
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 |
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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) |
|
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 |
UNIEXPO ENTERPRISES
LTD.
ADDRESS: Unit 914A, 9/F., Tower B, Hunghom
Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2524 9083
FAX: 852-2356 8400
E-MAIL: jkjhaveri@gmail.com
Managing Director: Mr. Jagdish
Kantilal Jhaveri
Incorporated on: 26th March, 1982.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Diamond
Trader.
Annual Turnover: HK$110-150 million.
Employees: 4. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 914A, 9/F., Tower B, Hunghom Commercial Centre, 37 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong.
Associated Company:-
B. J. Jewels Ltd., Hong Kong.
(Same address)
07746083
0110215
Managing Director: Mr. Jagdish
Kantilal Jhaveri
Nominal Share Capital: HK$500,000.00
(Divided into 5,000 shares of HK$100.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 26-03-2014)
|
Name |
|
No. of shares |
|
Kalpana Jagdish JHAVERI |
|
4,998 |
|
Jagdish Kantilal JHAVERI |
|
2 |
|
|
|
––––– |
|
|
Total: |
5,000 ==== |
(As per registry dated 26-03-2014)
|
Name (Nationality) |
Address |
|
Jagdish Kantilal JHAVERI |
Flat A, 5/F., Perth Apartment, 29 Perth Street, Homantin, Kowloon,
Hong Kong. |
|
Bhavik Jagdish JHAVERI |
Flat A, 5/F., Perth Apartment, 29 Perth Street, Homantin, Kowloon,
Hong Kong. |
|
Kalpana Jagdish JHAVERI |
Flat A, 5/F., Perth Apartment, 29 Perth Street, Homantin, Kowloon,
Hong Kong. |
(As per registry dated 26-03-2014)
|
Name |
Address |
Co. No. |
|
Dhun’s Management Services Ltd. |
7/F., Man On Commercial Building, 12‑13 Jubilee Street, Central,
Hong Kong. |
0027006 |
The subject was incorporated on 26th March, 1982 as a private limited
liability company under the Hong Kong Companies Ordinance.
It moved to the present address in January 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds
Employees: 4. (Including associate)
Commodities Imported: Belgium,
India, Israel, US, etc.
Markets: Australia,
Europe, North America, etc.
Annual Turnover: HK$110-150
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$500,000.00 (Divided into 5,000 shares of
HK$100.00 each)
Issued Share Capital: HK$500,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a
satisfactory manner.
Facilities: Making rather active
use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
The Royal Bank of Scotland N.V., Hong Kong Branch.
Standing: Good.
Having issued 5,000 ordinary shares of HK$100.00 each, Uniexpo
Enterprises Ltd. is jointly owned by Mr. Jagdish Kantilal Jhaveri and
Mrs. Kalpana Jagdish Jhaveri. They
are an Indian couple. Belonging to the
Jhaveri family, the shareholders are Hong Kong ID Card holders and have got the
right to reside in Hong Kong permanently.
The shareholders and Bhavik Jagdish Jhaveri are directors of the
subject.
The subject has had an associated company B. J. Jewels Ltd. located at
its operating office. Having issued 3
ordinary shares of HK$1.00 each, B. J. Jewels Ltd. is equally owned by Mr.
Jagdish Kantilal Jhaveri, Mr. Kalpana Jagdish Jhaveri and Mr. Bhavik
Jagdish Jhaveri.
The subject and B. J. Jewels are engaged in the same lines of
business. They are trading in the
following products:-
The subject imports loose diamonds from Belgium, India, Israel, the
United States, etc. and exported to Australia, Europe, North America, the
Middle East, etc. Business is active.
The annual sales turnover of the subject ranges from HK$110 to 150
million. Making a small profit every
year. It is able to maintain a number of
regular suppliers and overseas customers.
The subject is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong.
The subject and its associate are operated by the Jhaveri family.
As the history of the subject is over 32 years and six months in Hong
Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
01-11-1988 |
Instrument: A Charge on
Cash Deposit Property: A first fixed charge on a deposit of HK$1,000,000 Mortgagee: Algemene Bank
Nederland N.V., Hong Kong Branch.
[Name changed to ABN AMRO Bank N.V. and further to The Royal Bank of
Scotland N.V.] |
To secure all obligations & liabilities |
|
12-07-1990 |
Instrument: A Charge on
Cash Deposit Property: A first fixed charge on a deposit of HK$1,000,000 Mortgagee: Algemene Bank
Nederland N.V., Hong Kong Branch.
[Name changed to ABN AMRO Bank N.V. and further to The Royal Bank of
Scotland N.V.] |
To secure all obligations & liabilities |
|
09-10-1990 |
Instrument: Property: A first fixed charge on a deposit of CAD285,000 Mortgagee: Algemene Bank Nederland
N.V., Hong Kong Branch. [Name
changed to ABN AMRO Bank N.V. and further to The Royal Bank of Scotland N.V.] |
To secure all 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.
-
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.
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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.
-
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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.