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Report No. : |
330799 |
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Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAIPINGYANG TRADING LTD. |
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Registered Office : |
22/F, No. 280 Portland Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.07.2014 |
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Com. Reg. No.: |
63566314 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Jewellery and Diamonds. |
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No. of Employees : |
10. (Including Associates) |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
HONGKONG - 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 |
TAIPINGYANG
TRADING LTD.
ADDRESS: 22/F, No. 280 Portland
Street, Mongkok, Kowloon, Hong Kong.
[Formerly
located at: Room 505B, 5/F., Block A, Hunghom Commercial Centre, 39 Ma Tau Wai
Road, Hunghom, Kowloon, Hong Kong]
PHONE: 852-5321
6201, 3152 3834
Managing Director:
Mr. Meher Deepak Kulkarni
Incorporated on: 10th July 2014.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Jewellery
Trader.
Group Revenue: INR 124,360.00 million (Year ended 31-03-2014)
Employees: 10. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 505B, 5/F., Block A, Hunghom Commercial Centre, 39
Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Aston Luxury Group Ltd., Hong Kong. (Same address)
Ultimate Holding
Company:-
Gitanjali Gems Ltd., India.
Associated Companies:-
Gitanjali Group of Companies
Abbeycrest (Thailand) Ltd., Thailand.
Alfred Terry Ltd., UK.
Asmi Jewellery India Ltd., India.
Aston Diamond Resources SA (Pty.) Ltd., South Africa.
BLU SRL, Italy.
Crown Aim Ltd., Hong Kong. (Same address)
D’Damas Jewellery (India) Private Ltd., India.
Decent Investment & Finance Private Ltd., India.
Decent Securities & Finance Private Ltd., India.
Diadem Ranka Desire Lifestyle Pvt. Ltd., India.
Diamlink Inc., US.
Diamlink Jewelery Inc., US.
eGitanjali Ltd., India.
Eureka Finstocks Private Ltd., India.
GGL Diamonds LLC., US.
Giantti Jewellery Trading (SH) Co. Ltd., China.
Gili India Ltd., India.
Gitanjala Infratech Ltd., India.
Gitanjali Brands Ltd., India.
Gitanjali Capital Private Ltd., India.
Gitanjali Exports Corporation Ltd., India.
Gitanjali Gold & Precious LLC, UAE.
Gitanjali Jewellery Retail Ltd., India.
Gitanjali Jewels LLC, UAE.
Gitanjali Lifestyle Ltd., India.
Gitanjali Resources BVBA, Belgium.
Gitanjali USA Inc., US.
Gitanjali Ventures DMCC, U.A.E.
Hyderabad Gems SEZ Ltd., India.
Jewelry Marketing Co LLC., US.
Leading Italian Jewels (Singapore) Pte. Ltd., Singapore.
Leading Italian Jewels SRL, Italy.
Leading Jewels of Japan Kabushiki Kaisha, Japan.
LJOW Holdings LLC., US.
Maya Retail Ltd., India.
MMTC Gitanjali Ltd., India.
MobileNxt Teleservices Private Ltd., India.
N&J Finstocks Private Ltd., India.
Nakshatra Brands Ltd., India.
Nashik Multi Services SEZ Ltd., India.
Samuels Jewelers Inc., US.
Shubhlavanyaa Jewels Crafts Pvt. Ltd., India.
Spectrum Jewellery Ltd., India.
Tianxin Diamonds (Shanghai) Co. Ltd., China.
Tri-star Worldwide LLC, US.
63566314
2119022
Managing Director:
Mr. Meher Deepak Kulkarni
Contact Person: Mr. Kuldeep Singh
HK$10,000.00
(As per registry
dated 02-09-2015)
|
Name |
|
No. of shares |
|
Indiandirectory.HK Ltd., Hong Kong. |
|
1 |
|
Aston Luxury Group Ltd., Hong Kong. |
|
9,999 |
|
|
|
–––––– |
|
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Total: |
10,000 ===== |
(As per registry
dated 10-07-2014)
|
Name (Nationality) |
Address |
|
Meher Deepak KULKARNI |
Flat No. 511, Block B-2, Lokbharati, Marol Maroshi
Road, Andheri (E), Mumbai – 400059, India. |
(As per registry
dated 10-07-2014)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Services Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road,
Kwai Chung, New Territories, Hong Kong. |
1906147 |
The subject was incorporated
on 10th July 2014 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: Jewellery
Trader.
Lines: All
kinds of jewellery and diamonds.
Employees: 10. (Including associates)
Commodities Imported: China,
Europe, US, etc.
Group Turnover: INR 93,772.90 million (Year ended 31-03-2011)
INR 124,982.76
million (Year ended 31-03-2012)
INR 164,184.96 million (Year ended 31-03-2013)
INR 124,360.00
million (Year ended 31-03-2014)
Markets: Asian
countries, Middle East, Europe, etc.
Annual Turnover: Un-reported.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Issued Share Capital: HK$10,000.00
Group profit after tax: INR
3,548.11 million (Year ended 31-03-2011)
INR
4,872.51 million (Year ended 31-03-2012)
INR 5,916.93 million
(Year ended 31-03-2013)
INR 3,352.20 million
(Year ended 31-03-2014)
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000
ordinary shares of HK$1.00 each, Taipingyang Trading Ltd. is almost wholly
owned by Aston Luxury Group Ltd. [Aston], a Hong Kong-registered firm also
located at the same address. The
ultimate holding company Gitanjali Gems Ltd. [Gitanjali] is an India-based
company.
The Hong Kong contact
person Kuldeep Singh is an Indian. He is
a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject is
trading in all kinds of jewellery products.
Aston is a wholly
owned subsidiary of Gitanjali of India.
Gitanjali has acquired 100% stake in the subject for an undisclosed
amount. Gitanjali, a listed-firm in
India, is a member of the Gitanjali Group [Group].
The Group acquired
the subject that has strong distribution network to Hong Kong, China,
Japan, the US, Middle East and Europe.
The Group also
acquired a Chinese company that manufactures and distributes jewellery to the
USA, Italy, Japan, the UK, the UAE, the Middle‑East and Australia. This acquisition strengthened the Group’s
international manufacturing base and facilitated access to the Chinese
market. It also enhanced the Group’s
merchandising capabilities as well as the ability to capture additional
profits.
The subject has an
associated jewellery manufacturing unit in China and plans to set up jewellery
retailing in that country.
The Group operates across
the United States, the United Kingdom, Belgium, Italy and the Middle East, as
well as in Thailand, Southeast Asia, China and Japan. The bouquet of brands owned by the Group in
Italy includes “Stefan Hafner”, “iO Si”, “Novelle
Bague”, “Porrati” and “Valente”. The Gitanjali Group also owns speciality
retail chain in the United States under the brands of “Samuels” and “Rogers”.
Gitanjali is now a
majestic figure in the global gems and jewellery industry. It is present in
every major jewellery market of the world namely, the USA (which alone accounts
for 30 % of the global jewellery market), India, Japan, China and the
Middle-East. Its appetite for innovation
and for the enhancement of customer delight has swelled further. It operates through 10 global offices
and has 6 regional offices. It employs
over 6,000 people.
For the year ended
31st March, 2014, the revenue of the Group amounted to INR 124,360.00 million
(2013: INR 164,184.96 million), decreased by 24.3% as compared with previous
year. Group profit after tax in the year
amounted to INR 3,352.20 million (2013: INR 5,916.93 million), decreased by
43.3%.
The subject is fully
supported by the Gitanjali Group.
History in Hong Kong is just over eight months.
On the whole, since
the history of the subject is short in Hong Kong, consider it good for normal
credit requirements on L/C basis or in small credit amounts.
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.63.37 |
|
|
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
|
|
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.