|
Report No. : |
306309 |
|
Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRANS EXIM LTD. |
|
|
|
|
Formerly Known as : |
J.S.M. Impex Ltd |
|
|
|
|
Registered Office : |
c/o Day Business Centre Ltd. |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.09.1993 |
|
|
|
|
Com. Reg. No.: |
17391800 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· Engaged as trader of Diamond, Jewellery and Precious Stone Importer of Polished, cut
and Loose Diamonds |
|
|
|
|
No of Employees : |
06 (Including affiliates) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small company |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
TRANS EXIM
LTD.
ADDRESS: c/o Diamart Ltd.
Room 1724A, 17/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2877 3191
FAX: 852-2801 4925
E-MAIL: nishit@diamart.diminco.com
Managing Director: Mr. Arvind Kashinath Jadhav
Incorporated on: 16th September, 1993.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Jewellery Trader.
Employees: 6. (Including affiliates)
Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
c/o Day Business Centre Ltd.
Suite 2203, 22/F., Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong.
Operating Office:-
C/o Diamart Ltd.
Room 1724A, 17/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated Companies:-
4C’s Diamonds Distributors, Hong Kong.
C’est Bien KK, Japan.
Diamart Ltd., Hong Kong. [Receiver Appointed]
Digico Holdings Ltd., Hong Kong.
Diminco (Japan) KK, Japan.
Diminco (Pacific) Manufacturing Co. Ltd., China.
Diminco Diamond (Shanghai) Co. Ltd., China.
Diminco Diamond Manufacturing Namibia (Pty) Ltd., Namibia.
Diminco Inc., USA.
Diminco NV, Belgium.
Gemsiam Manufacturing Co. Ltd., Thailand.
Giantti Jewelry Trading Shanghai Co. Ltd., China.
Gitanijali Gems Ltd., India.
Jewel Source Japan KK, Japan.
Jewel Trade DMCC, U.A.E.
Mi Amor NV, Belgium.
Verite Co. Ltd., Japan.
etc.
17391800
0449526
Managing Director: Mr. Arvind Kashinath Jadhav
Mobile Phone No.: 852-6407 1804
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As per registry dated 16-09-2013)
|
Name |
|
No. of shares |
|
Arvind Kashinath
JADHAV |
|
600,000 |
|
Zenit Chetan Kumar SHAH |
|
400,000 |
|
|
|
–––––––– |
|
|
Total: |
1,000,000 ======= |
DIRECTORS: (As per registry dated 16-09-2013)
|
Name (Nationality) |
Address |
|
Arvind Kashinath JADHAV |
Flat G, 6/F., Tower 23A, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
|
Zenit Chetan Kumar SHAH |
2078, Bo-an Nan Road, Shengong Hao Yau, Hao Shan Ghe 13-C, Lohwu District, Shenzhen 518008, China. |
SECRETARY: (As per registry dated 16-09-2013)
|
Name |
Address |
Co. No. |
|
VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. |
0750831 |
The subject was incorporated on 16th September, 1993 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of J.S.M. Impex Ltd., name changed to the present style on 10th November, 1994.
The subject’s registered address formerly was located at Room 1724A, 17/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2012. However, its operating office is still located at its old registered address.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds, jewellery products & precious stones.
Employees: 6. (Including affiliates)
Commodities Imported: Europe, India, Southeast Asia, etc.
Markets: India, Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Charge on All
Deposits to secure Obligations of
the Chargor: 24-10-1996
Amount: To secure all moneys obligations and liabilities
Property: A deposit of US$200,000
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: Business is active and steady.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers: The Royal Bank of Scotland N.V., Hong Kong Branch.
Standing: Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Trans Exim Ltd. is jointly owned by Mr. Arvind Kashinath Jadhav, holding 60% interests; and Mr. Zenit Chetan Kumar Shah [Z C K Shah], holding 40%. Both are India merchants and also directors of the subject.
Mr. Arvind Kashinath Jadhav was appointed director of the subject in September 2010. He is a Hong Kong ID holder and is currently residing in Hong Kong. He can be reached at his Hong Kong mobile phone number
852-6407 1804.
Most of the time, Z C K Shah, an India passport holder, is residing in Shenzhen Special Economic Zone, China where he has had business concerns.
The subject is sharing the office with Diamart Ltd. [Diamart] which is a Hong Kong-registered firm. Diamart has got an associated firm Digico Holdings Ltd. [Digico] which is also a Hong Kong-registered firm located at the same address. Diamart and Digico are also trading in diamonds but owned by different Indian merchants.
Under the Digico Group, another firm Diminco is also located at the same operating office. One of the Managers Mr. Diminco Nimish Shah is a family member of Z C K Shah.
The subject’s registered address is in a business centre known as Day Business Centre Ltd. located at Room 2203, 22/F., Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong.
Besides, the subject has got another associated firm 4C’s Diamonds Distributors located at the same operating address. 4C’s Diamonds Distributors is a partnership jointly owned by Mr. Mayank Navnitlal Shan and Mr. Arvind Kashinath Jadhav. The first is also an Indian. This firm was established on 11th March, 1988.
The subject is a diamond, jewellery and precious stone trader. Polished, cut and loose diamonds are imported from Europe, India, other Asian countries
The subject is one of the significant jewellery firms in Hong Kong that imports cut and polished colour gemstones from India. In 2005, the subject got an award from The Gem & Jewellery Export Promotion Council of India.
The subject has got an affiliated factory in Shenzhen Special Economic Zone, China. Rough diamonds are processed and cut in the China factory while finished products are exported to Japan, some of the Asian countries and Europe.
The business in China is handled by Z C K Shah. Shah is responsible for acquiring products in China while Jadhav is responsible for the subject’s business in Hong Kong. The subject and its affiliated or associated companies acquire jewellery products from the same factory in China. Business keeps on improving.
The subject has been able to maintain a number of regular suppliers and customers for a long time. It has had associated companies in India.
The operating office located at Room 1724 on 17/F., Star House, 3 Salisbury Road, Kowloon, Hong Kong is owned by Diamart Ltd.
The history of the subject is about twenty years and ten months.
On the whole, consider it good for normal business engagements.
Property information of affiliate:-
Property Location:Room 1724 on 17/F., Star House, 3 Salisbury Road, Kowloon, Hong Kong.
Owner: Diamart Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
04-03-2005 |
- |
Belgian Bank, Hong Kong Branch. [Business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.] |
Mortgage to secure general banking facilities |
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.61.74 |
|
|
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.