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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
M/S GREENFIELD CORPORATION |
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Registered Office : |
Room 803, 8/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.06.1976 |
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Com. Reg. No.: |
04765307-000-06 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of precious
stones & diamonds |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
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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 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 |
M/S
GREENFIELD CORPORATION
Room 803, 8/F.,
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong
Kong.
PHONE: 852-2376 3436
FAX: 852-2376 3693
Manager: Mr. Ashokkumar Kantilal Jhaveri
Establishment: 21st June, 1976.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 6. (Jointly with associates)
Main Dealing Banker: Shanghai Commercial Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
M/S
GREENFIELD CORPORATION
Head
Office:-
Room 803, 8/F.,
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong
Kong.
Mailing
Address:-
P.O. Box 96148,
Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Affiliated
Companies:-
J. K. Gems, Hong
Kong.
R. J. Exports,
Hong Kong.
04765307-000-06
Manager: Mr. Ashokkumar Kantilal Jhaveri
Name: Mr. Ashokkumar Kantilal JHAVERI
Residential
Address: Flat B, 8/F., Hang Seng Bank
Building, 4 Hankow Road, Kowloon, Hong Kong.
The
subject was established on 21st June, 1976 as a sole proprietorship concern
owned by Mr. Ashokkumar Kantilal Jhaveri under the Hong Kong Business
Registration Regulations.
The
subject was originally located at 8-C, Rattan House, 4 Hankow Road, Tsim Sha
Tsui, Kowloon, Hong Kong. On 21st
December, 1999, it moved to Flat B, 7/F., Bo Yip Building, 6 Ashley Road, Tsim
Sha Tsui, Kowloon, Hong Kong and further moved to the current address on 11th
April, 2007.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of precious stones & diamonds.
Employees: 6. (Jointly with associates)
Commodities Imported: Mainly sourced from India, Belgium, Africa, America & etc.
Markets: Hong Kong (Main), etc.
Terms/Sales: COD , L/C, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Business is profitable.
Condition: Keeping in a normal and satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met as contractged.
Commercial Morality: Satisfactory.
Banker: Shanghai Commercial Bank Ltd., Hong Kong.
Standing: Normal.
M/S
Greenfield Corporation was established in Hong Kong on 21st June, 1976 by Mr.
Ashokkumar Kantilal Jhaveri who is an Indian merchant. He has been in Hong Kong for a long time.
Since
its establishment, the subject has been a diamond trader. It imports diamond, precious stones,
gemstones from Belgium, India, America, etc. and sells in the local market or
re-exports to the other Asian countries.
Customers include jewellery manufacturers and retailers in Hong Kong.
The
subject is now located at the same address as its associated business partners
which are also engaged in the same line of business. These affiliates include J. K. Gems and R. J.
Exports which are operated by Mr. Jayant Kumar Kantilal Jhaveri and Mr.
Rakesh Zaveri respectively.
The
subject’s business is kept in a normal and satisfactory manner. Regular clients and foreign suppliers are
maintained. There are no derogatory data
about the subject in our database.
The
history of the subject is over 38 years and four months in Hong Kong.
Judging
from its past performances, 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.61.31 |
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|
1 |
Rs.99.00 |
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Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
PDT |
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 |
-- |
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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.