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Report No. : |
326062 |
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Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE EXPRESS TRADING LTD |
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Registered Office : |
4/F., Grand Building, 50 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
06.09.2005 |
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Com. Reg. No.: |
36010710 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and
jewellery products |
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No. of Employees : |
3 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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% 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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
FORTUNE EXPRESS
TRADING LTD.
ADDRESS: 4/F., Grand Building, 50 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3170 1050
FAX: 852-2722 5758
WITH FORMER LOCATED AT:
C/o Wings Int’l Business Consultant Ltd.
X653, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road, Wanchai, Hong Kong.)
MANAGEMENT:
Managing Director: Mr. Jigar Amit Jhaveri
Incorporated on: 6th September, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
4/F., Grand Building, 50 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Fortune Express Diamonds International, Hong Kong. (Same address)
Fortune Express International Ltd., Hong Kong. (Same address)
36010710
0994365
Managing Director: Mr. Jigar Amit Jhaveri
HK$1,000,000.00
(As per registry dated 06-09-2014)
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Name |
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No. of shares |
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Sanjay Yogeshchandra ZAVERI |
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999,990 |
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Sheetal Sanjay ZAVERI |
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10 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 05-01-2015)
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Name (Nationality) |
Address |
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Jigar Amit JHAVERI |
4/F., Grand Building, 50 Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
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Namrata Suryakant JHAVERI |
4/F., Grand Building, 50 Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 06-09-2014)
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Name |
Address |
Co. No. |
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Dhun’s Management Services Ltd. |
7/F., Man On Commercial Building, |
0027006 |
The subject was incorporated on 6th September, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at X653, Room B, 14/F., Wah Hen Commercial Centre, 383 Hennessy Road, Wanchai, Hong Kong where was the operating address of a commercial service provider Wings Int’l Business Consultant Ltd. The subject moved to the present address in July 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products
Employees: 3.
Commodities Imported: China, Europe, North America
Markets: China, India, other Asian countries.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather 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 1 million ordinary shares of HK$1.00 each, Fortune Express Trading Ltd. is jointly owned by Sanjay Yogeshchandra Zaveri and Mr. Sheetal Sanjay Zaveri. Their registered addresses are in Taipei, Taiwan.
The directors of the subject are Mr. Jigar Amit Jhaveri and Mr. Namrata Suryakant Jhaveri.
Both are Hong Kong ID holders and have got the right to reside in Hong Kong permanently.
The subject has had an associated company Fortune Express Diamonds International [FEDI], a Hong Kong-registered company located at the same address. The subject and FEDI are engaged in the same lines of business.
The subject is a diamond trader. The subject is trading in the following products: Fancy Diamonds, Diamond Rings, Yellow Diamond Bracelets, Loose Diamonds
Products are exported to Taiwan, India, other Asian countries
The contact person of FEDI Jigar Amit Jhaveri who is also is also a director of the subject.
In order to penetrate the international market further, FEDI has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2016” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st to 5th March, 2016. Its booth No. is AWE 5-J37.
The subject has had associated companies in Taiwan which is operated by the shareholders of the subject.
The business of the subject is chiefly handled by the two directors of the subject. History in Hong Kong is over nine years and nine months.
On the whole, consider the subject 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.11 |
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1 |
Rs.97.84 |
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Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.