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Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
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Name : |
JEWELEX HK LTD. |
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Registered Office : |
Unit 605, 6/F., Guardforce Centre, |
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Country : |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
34014453 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER
AND EXPORTER OF ALL KINDS OF DIAMONDS, JEWELLERY AND PRECIOUS STONES. |
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No of Employees : |
7 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
JEWELEX HK LTD.
ADDRESS: Unit 605, 6/F., Guardforce
Centre, 3 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3756 9900
FAX: 852-3756 9911
E-MAIL: diamonds.hk@jewelexgroup.com
jewelex@pacific.net.hk
jewelexhk@hotmail.com
MANAGEMENT:
Managing Director: Mr. Jamil
Khalil Fakih
Incorporated on: 22nd October, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$15,610,000.00
Issued: HK$15,610,000.00
Business Category: Diamond
Trader.
Employees: 7. (Including associate)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
JEWELEX HK LTD.
Registered Head
Office:-
Unit 605, 6/F., Guardforce Centre, 3 Hok Yuen Street, Hunghom, Kowloon,
Hong Kong.
Holding Company:-
Diajewel S.A., Luxembourg.
Associated/Affiliated
Companies:-
·
Jewelex Group of
Companies
·
Centerac Technologies Ltd., India.
·
Galaxy Jewels Ltd., Hong Kong.
·
Indogem (HK) Ltd., Hong Kong. [Dissolved]
·
Jewelex Antwerp N.V., Belgium.
·
Jewelex Australia Pty. Ltd., Australia.
·
Jewelex Dubai LLC, UAE.
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Jewelex Europe N.V., Belgium.
·
Jewelex India Pvt. Ltd., India.
·
Jewelex International Pvt. Ltd., India.
·
Jewelex Israel Ltd., Israel.
·
Jewelex Japan Ltd., Japan.
·
Jewelex New York Ltd., USA.
·
Jewelex Shanghai Ltd., China.
·
Kesaria & Co. Ltd., China.
·
Legend International Enterprises Ltd., British
Virgin Islands.
34014453
0867320
Managing Director: Mr. Jamil
Khalil Fakih
Nominal Share Capital: HK$15,610,000.00 (Divided into 15,610,000 shares
of HK$1.00 each)
Issued Share Capital: HK$15,610,000.00
(As per registry dated 22-10-2013)
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Name |
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No. of shares |
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Diajewel S.A. 46A, Avenue J.F. Kennedy, 1855 Luxembourg. |
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15,610,000 ======== |
(As per registry dated 22-10-2013)
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Name (Nationality) |
Address |
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Jamil Khalil FAKIH |
Flat A, 30/F., Tower 10, Carmel Cove, Caribbean Coast, Tung Chung,
Lantau Island, Hong Kong. |
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Deep Nilesh BHANSALI |
Flat C, 4/F., Block 5, Royal Peninsula, 8 Hung Lai Road, Kowloon, Hong
Kong. |
(As per registry dated 22-10-2013)
|
Name |
Address |
Co. No. |
|
Vimet Corporate Consultants & Secretaries Ltd. |
Room 1105, 11/F., Haleson Building, 1 Jubilee Street, Central,
Hong Kong. |
0381676 |
The subject was incorporated on 22nd October, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A2, 14/F., China Insurance
Building, 48 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to Unit 1507,
15/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong with
effect from 24th February, 2011, and further to the present address in January
2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamond, jewellery and precious stones.
Employees: 7.
(Including associate)
Commodities Imported: Imported
from Belgium, Israel, India, other Asian countries
Markets: Thailand,
Other Asian countries, Belgium, North America
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P and T/T.
Nominal Share Capital: HK$15,610,000.00 (Divided into 15,610,000 shares
of HK$1.00 each)
Issued Share Capital: HK$15,610,000.00
Mortgage or
Charge:-
Date of Debenture: 13-09-2006
Amount: General
banking facilities
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.]
Profit or Loss: Making
a small profit in the past years.
Condition: Keeping
in a satisfactory condition.
Facilities: Making
active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Very Good.
Jewelex HK Ltd. is a wholly-owned subsidiary of Diajewel S.A. which is a
Luxembourg-based firm. Previously, the
subject’s minor shareholder was Jamil Khalil Fakih who transferred his ten
shares to Diajewel S.A. on 25th May, 2012.
Being a diamond trader, the subject in fact is a member of the Jewelex
Group. The Group is Mumbai-based. It is famous for its polished diamonds and
studded jewellery.
The directors of the subject are Mr. Deep Nilesh Bhansali and Mr. Jamil
Khalil Fakih. Being Hong Kong ID Card holders,
they have got the right to reside in Hong Kong permanently.
Besides the subject, Bhansali and Fakih are operating another firm
Galaxy Jewels Ltd. [Galaxy Jewels] which is also a Hong Kong-registered
firm. Incorporated on 18th May, 2009,
Galaxy Jewels is jointly owned by Bhansali and Fakih. The former is holding 99% interests while the
latter, just 1%.
Besides the subject and Galaxy Jewels, Fakih had operated another firm
Indogem (HK) Ltd. [Indogem].
Incorporated on 18th March, 1993, Indogem has been dissolved by
deregistration.
The Jewelex Group now has set up subsidiaries or affiliated companies in
India, China, Japan, the United Arab Emirates, the United States, Australia,
Belgium, etc. The corporate headquarters
of the Jewelex Group are in India. The
key member of the Group is Jewelex India Pvt. Ltd. which is in Mumbai, India.
The Group is known for delivering fine diamond jewellery with a focus on
innovative designs and specializes in finely-made certified and non-certified
loose diamonds from 0.50 to 3.00 carat.
It is worthwhile to note that Centerac Technologies Ltd (CTL) has
acquired Jewelex Group in its list of prestigious clients. CTL is in the process of developing a
Tablet-based application that will help Jewelex supplement their existing
business channels.
The subject is
trading in the following commodities:-
·
Diamond Bangle;
·
Diamond Cufflinks;
·
Diamond Jewellery Set;
·
Fun Cufflinks for Men;
·
Gold Diamond Bangle;
·
Jewellery Puff Heart Bra;
·
Necklace; &
·
Pearl Cufflinks.
The subject imports cut and polished diamonds from its affiliated
companies and re-exported to worldwide countries. Business is rather active. Annual sales turnover is significant.
The old director of the subject Nishit Pravinchandra Kothari was a
Belgium passport holder. Now, he is
responsible for the business of Jewelex Antwerp N.V. and Jewelex Europe
N.V. Both firms are in Antwerp, Belgium.
One of the significant firms of the Group in China is Jewelex Shanghai
Ltd. which is in Shanghai, China. A firm
known as Kesaria & Co. Ltd. is using the office of Jewelex Shanghai as its
registered address. Jewelex Shanghai is
trading in GIA certified diamonds.
Business is rather active. The
contact person is a Mr. Li who is a Chinese.
The history of the subject in Hong Kong is over ten years and ten
months.
The subject is fully supported by the Jewelex Group.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.47 |
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|
1 |
Rs.100.43 |
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Euro |
1 |
Rs.79.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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.