|
Report No. : |
327132 |
|
Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
S. GOLDI (ASIA) LTD. |
|
|
|
|
Registered Office : |
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South,
Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
30.04.2007 |
|
|
|
|
Com. Reg. No.: |
37907085 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of business : |
Importer, Exporter and Wholesaler of Carat Size Diamonds, Feather
Jewellery, Loose Diamond Stones, Ladies’ Bangle, Loose Fancy Colour Diamonds,
Other Loose Diamonds. |
|
|
|
|
No of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 |
S. GOLDI (ASIA)
LTD.
ADDRESS: Room 901, 9/F., Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3170
5172
FAX: 852-3171
4224
E-MAIL: info@sgoldi.com
Managing Director: Mr. Mansukhbhai Bhikhabhai Budheliya
Incorporated on: 30th April, 2007.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Diamond
Trader.
Annual Turnover: US$30~US$35 million.
Employees: 12.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
D. Goldi BVBA, Belgium.
Jewel Goldi (India), India.
R. Goldi (Shanghai) Diamond Co. Ltd.,
China.
S. Goldi, Hong Kong. (same address)
Shree Ramkrishna Export Pvt. Ltd., India.
The Jewelry Co., India.
TJC Jewelry Inc., USA.
V. Goldi Ltd., Israel.
etc.
37907085
1128283
Managing Director: Mr. Mansukhbhai Bhikhabhai Budheliya
HK$5,000,000.00
(As per registry
dated 30-04-2014)
|
Name |
|
No. of shares |
|
Mansukhbhai Bhikhabhai BUDHELIYA |
|
5,000,000 ======= |
(As per registry
dated 30-04-2014)
|
Name (Nationality) |
Address |
|
Mansukhbhai Bhikhabhai BUDHELIYA |
Flat A, 12/F., Golden Mansion 83-85, Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
|
Nileshkumar Popatbhai CHANCHAD |
Flat G, 10/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry
dated 30-04-2014)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Unit 324, 3/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon,
Hong Kong. |
The subject was incorporated on 30th April, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit K2, 12/F., Kaiser Estate, Phase
2, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to Unit 03 &
05, 12/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon,
Hong Kong in late 2010, and further to the present address with effect
from 28th October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Polished
Diamonds, Jewellery.
Employees: 12.
Commodities Imported:Belgium, India, Israel, etc.
Markets: Belgium, US, China,
Japan, South Korea, Taiwan, other Asian countries, Australia, Middle East, etc.
Annual Turnover: US$30~US35
million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, Advanced T/T, D/P, etc.
Issued Share Capital: HK$5,000,000.00
Indebtedness: HK$5,156,506.28
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 30-04-2014)
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Business is active.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 5 million ordinary shares of HK$1.00 each, S. Goldi (Asia)
Ltd. is wholly owned by Mr. Mansukhbhai Bhikhabhai Budheliya who is an
Indian. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently.
The subject increased its issued share capital from HK$1 million to HK$5
million in July 2011.
The subject is a diamond trader.
It is trading in the following products: Carat Size Diamonds, Feather
Jewellery, Loose Diamond Stones, Ladies’ Bangle, Loose Fancy Colour Diamonds,
other Loose Diamonds, etc.
It is an affiliated company of Shree Ramkrishna Exports Pvt. Ltd. [SRKE]
which was set up in 2004 in Mumbai, India.
The founder of SRKE Govind Dholakia is also the Chairman of the SRKE
Group of companies. The subject is a
marketing affiliate of SRKE.
The subject is trading in the same products as SRKE. It is responsible for the markets of the Asia
Pacific region. Its core products are
loose diamonds, fancy diamonds, carat size diamonds, certified stones — GIA
Dossiers ad GIA up to 3 carats. Products
are exported to China, Japan, South Korea, Taiwan and Southeast Asia, Europe,
North America, etc. Business is active.
SRKE is one of India’s leading diamond manufacturers. It is trading in diamonds, ranging from 0.01
to 3.00 carats. These diamonds are available
in quality form IF to I3 and colours form D to all colours. All the products include certified as well as
non-certified stones, i.e. GIA dossier and GIA certified stones up to 3.00
carats.
In 2003, SRKE established its own jewellery outlet, Jewel Goldi, at
Seepz, Mumbai, to make diamond-studded jewellery for international
markets. In 2004, SRKE set up Jewel
Goldi (India), at MIDC, Mumbai, to serve the domestic market as well as the
Southeast Asian countries.
SRKE provides the subject will all kinds of diamonds and jewellery
products. According to SRKE, it has
invested in a state-of-the-art manufacturing facility at Surat with the
capacity to process more than 720 thousand carats of rough diamonds annually
(approx. 60,000 carats Rough Diamonds every Month).
Besides Hong Kong, the SRKE Group now has affiliated companies in
Israel, the United States, India, Belgium, China, etc.
The subject has had an associated company R. Goldi (Shanghai) Diamond
Co. Ltd. in Shanghai, China. This firm
was set up in 2007 and now located at Room 421, 4/F., Jinmao Building, 88
Century Road, Pudong New Area, 200120 Shanghai, China.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong, Macau and other foreign
large cities such as Las Vegas.
For instance, it is going to take part in “HKTDC Hong Kong International
Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong
AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd to 6th March,
2015. Its booth No. is AWE 2-H40.
The subject is fully supported by SRKE.
Business is normal.
As the history of the subject in Hong Kong is over seven years and ten
months, on the whole, consider it good for normal business engagements.
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.63.88 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.72.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.