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Report No. : |
335229 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
MANTRA JEWELS |
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Registered Office : |
Unit 1210,
12/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.12.2010 |
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Com. Reg. No.: |
53452993-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesalers of all Kinds of Diamonds. |
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No. of Employees : |
2 |
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 : |
Small Company |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
MANTRA
JEWELS
Unit 1210, 12/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 5822
MANAGEMENT
Manager: Mr. Shelendra Bunt
Establishment: 1st December, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit 1210, 12/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:- (Same owner and same address)
Rose Diam, Hong Kong.
53452993-000-12
Managing Director: Mr. Shelendra Bunt
Name: Mr. Shelendra BUNT
Residential Address: 102/A,
Alsharhan Building, Rigga Road, Deira, Dubai, UAE.
The subject was established on 1st December, 2010 as a sole proprietorship concern owned by Mr. Shelendra Bunt under the Hong Kong Business Registration Regulations.
Formerly the subject was located at ‘Flat D, 14/F., Winston Mansion,
121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong’, moved to the present address in December, 2013.
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: 2.
Commodities Imported: India, Belgium, other European countries.
Markets: Hong Kong, Japan, China, India, other Asian countries.
Terms/Sales: COD, CAD, L/C, T/T.
Terms/Buying: L/C, pre-payment.
Capital: Not disclosed.
Profit or Loss: Made small profits in past two years.
Condition: Business is normal.
Facilities: Making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Mantra Jewels is a sole proprietorship set up and owned by Mr. Shelendra Bunt who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Besides operating the subject, Bunt has set up another firm known as Rose Diam located at the same operating office.
The subject and Rose Diam and are diamond traders.
Formerly, the subject’s registered address was located at Flat D, 14/F., Winston Mansion, 121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. This office was not in a commercial building but a residential building. It moved to the present address in December 2013.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds. Most of the commodities are imported firm India. It has got affiliated suppliers in Mumbai, India.
Products are marketed in Hong Kong, exported to China, India, Japan, Taiwan and the other Asian countries. Business is normal.
The subject’s business is chiefly handled by Bunt himself. History in Hong Kong is over four years and eight months.
On the whole, consider it good for normal business engagements in small credit amounts.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
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UK Pound |
1 |
Rs.98.93 |
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Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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.