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Report No. : |
356212 |
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Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
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Name : |
NAVSHANTI (HK) LTD. |
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Registered Office : |
Room A, 4/F., Hart House, 12-14 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12.1999 |
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Com. Reg. No.: |
30596421 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Canned foodstuffs, fruit products, all kinds of slippers and toiletries, electric appliances, electronic products, jewellery |
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No. of Employee : |
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 – 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.
|
Source
: CIA |
NAVSHANTI (HK)
LTD.
(Business name: SINO CHAN ENTERPRISES)
Room A, 4/F., Hart
House, 12-14 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 5986, 2366 5383
FAX: 852-2367 7957
E-MAIL: navshanti@biznetvigator.com
nav1@hkstar.com
Managing
Director: Mr. Chandresh Naval Rai Mirpuri
Incorporated
on: 20th
December, 1999.
Organization: Private
Limited Company.
Issued Share
Capital: HK$1,000,000.00
Business
Category: Importer, Exporter and
Wholesaler.
Annual
Turnover: HK$60~90 million.
Employees: 7.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Mailing Address:-
P.O. Box 98473, Tsim
Sha Tsui Post Office, Kowloon, Hong Kong.
Business Name:-
Sino Chan
Enterprises, Hong Kong. (Same address)
Associated Companies:-
Navshanti (Far
East) Ltd., Hong Kong. [Dissolved]
Navshanti (Ghana)
Ltd., West Africa.
Navshanti Trading
Co., UAE.
Neoport Trading
JLT, UAE.
30596421
0698524
Managing
Director: Mr. Chandresh Naval Rai
Mirpuri
Contact
Person: Mr. Kumar Sukhwani
HK$1,000,000.00
SHAREHOLDERS
(As per registry
dated 20-12-2014)
|
Name |
|
No.
of shares |
|
Chandresh
Naval Rai MIRPURI |
|
400,000 |
|
Sanjay
Chandresh MIRPURI |
|
300,000 |
|
Romesh Chandresh MIRPURI |
|
300,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As
per registry dated 20-12-2014)
|
Name (Nationality) |
Address |
|
Romesh
Chandresh MIRPURI |
Flat 16, 11/F., Celestial Heights, Phase
2, 80 Sheung Shing Street, Ho Man Tin, Kowloon, Hong Kong. |
|
Sanjay Chandresh
MIRPURI |
Room 126A, 11/F., Mandarin Court #5, |
|
Chandresh
Naval Rai MIRPURI |
Room 126A, 11/F., Mandarin Court #5, |
Chandresh Naval
Rai MIRPURI (As per registry dated
20-12-2014)
The
subject was incorporated on 20th December, 1999 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: Canned foodstuffs, fruit
products, all kinds of slippers and toiletries, electric appliances, electronic
products, jewellery
Employees: 7.
Commodities I
mported: China, other Asian countries
Markets: Africa, India, other Asian
countries, Middle East, South America
Annual Turnover: HK$60~90 million.
Terms/Sales: L/C,
T/T
Terms/Buying: L/C,
T/T, D/P
Issued Share
Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Assignment
of Life
Insurance: 03-10-2011
Amount: Secured Monies
Property: Property Charged: (i) all the
Assignor’s claims, options, privileges, right, title, interest and benefit in and
under the Insurance; and (ii) all the Assignor’s claims and rights against the
issuer of the Policy (No. 28004336-50) upon the terms
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment: Met
trade commitments as contracted.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having
issued 1 million ordinary shares of HK$1.00 each, Navshanti (HK) Ltd. is
jointly owned by Mr. Chandresh Naval Rai Mirpuri, holding 40% interests; Mr. Sanjay
Chandresh Mirpuri, holding 30%; and Mr. Romesh Chandresh Mirpuri, also
30%. The Mirpuris are also directors of
the subject. They are Hong Kong ID
holders and have got the right to reside in Hong Kong permanently. Currently they are residing in Kowloon, Hong
Kong at the same address while the staff quarters were provided by the subject.
The
subject’s business name is Sino Chan Enterprises. The business name can be regarded as a
subsidiary of the subject which is located at the same address.
The
subject is trading in the following commodities:-
Radios,
electric fans, electronic products such as laptops, digital cameras, etc.,
heaters, irons, kettles, cookers, blenders, cookware, tools, batteries,
footwear, canned foodstuffs, fruit products, slippers, toiletries, hardware,
beverages, luggage, enamelware, hardware, bulbs, lighting products, stationery,
meat mincer, sundry products, detergent, jewellery, jewellery parts, cosmetics,
etc.
In
recent years, the subject has been trying to expand its product lines and
seeking for more suppliers. Commodities
are sourced from China, other Asian countries or acquired from local
suppliers. Prime markets are Africa,
Asian countries, the Middle East, South America, etc. Its prime markets are Ghana, Togo, Nigeria,
Benin, Cote D’ivoire, Guinea, Congo, Sudan, Zaire, Angola, Malawi, Kenya,
Mozambique, Tanzania, Morocco, etc.
The
subject has had associated companies in Ghana and the United Arab
Emirates. The significant one in the
United Arab Emirates is known as Neopont Trading JLT [Neopont]. The subject is also the Hong Kong office of
Neopont. Neopont is trading in food
& beverage, consumer hard goods, apparels, personal care products,
automotive, packaging products, building and construction materials and
products, etc.
The
contact person of the subject Mr. Kumar Sukhwani is also an Indian.
The
annual sales turnover of the subject ranges from HK$60 to 90 million. Business is rather active. Making a small profit every year.
The
subject usually takes part in Canton Commodities Exchange Fair which is held in
Guangzhou City, Guangdong Province, China biannually.
Formerly,
the subject had an associated company Navshanti (Far East) Ltd. located at its
operating address. Incorporated on 14th
March, 1989, Navshanti (Far East) Ltd. was dissolved by winding up voluntarily
in 2001.
The
subject is a family business of the Mirpuris.
As
the history of the subject in Hong Kong is over sixteen years, 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.66.37 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.72.85 |
|
HKD |
1 |
Rs. 8.57 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
AMR |
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Report Prepared
by : |
ASH |
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 |
|
<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.