MIRA INFORM REPORT
|
Report No. : |
326829 |
|
Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
RENAO LIMITED |
|
|
|
|
Registered Office : |
2207-09, Lippo Centre, Tower 2, 22nd Floor Admiralty |
|
|
|
|
Country : |
Hongkong |
|
|
|
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Date of Incorporation : |
17.06.2014 |
|
|
|
|
Com. Reg. No.: |
63471006 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Diamond |
|
|
|
|
No. of Employees : |
About 3 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
|
|
Status : |
New Business |
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|
|
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Payment Behaviour : |
Unknown |
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|
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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.
|
Source
: CIA |
Contact
Points
|
Company Name: |
Renao Limited |
|
Supplied Name: |
Renao Limited |
|
Trading Address: |
Unit 1015, 10/F., Peninsula Square, No. 18, Sung On Street, Hung
Hom, Kowloon, Hong Kong |
|
Supplied Address: |
2207-09, Lippo Centre Tower 2, 22nd FLoor Admiralty |
Note: The exact name
and address are as above. The supplied address belongs to another company named
“Asia-Pacific Business Centre” which is providing registered and accounting services.
Credit
Summary
|
Credit Opinion: |
Since the
subject is a newly established company, the future development remains to be
seen. At this stage credits require securities. |
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
2207-09, Lippo Centre, Tower 2, 22nd Floor
Admiralty, Hong Kong |
|
Telephone Number: |
+852-9158-9758 |
|
Date of Registration: |
2014-6-17 |
|
Registered Number: |
2109534 |
|
Business Registration No.: |
63471006 |
|
Registered Capital: |
HKD 10,000 (USD 1,290) (As of 2015.6, 1 HKD = 0.129 USD) |
|
Paid-up Capital: |
HKD 10,000 (USD 1,290) =10,000 Shares@ HKD 1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
66729--Diamonds, non-industrial, otherwise worked,
but not mounted or set (cm) |
|
Principal Activities: |
Trading of diamond. |
|
Staff: |
About 3 employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-6-17 |
History
Subject was incorporated on 2014-6-17 with the
registered number 2109534 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Parent Company
|
Name: |
Divine Star (HK) Limited |
|
Address: |
Unit 1015, 10/F., Peninsula Square, No. 18, Sung On Street, Hung
Hom, Kowloon, Hong Kong |
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Divine Star (HK) Limited |
5,100 |
51% |
|
Shah, Amish Rajendra |
2,450 |
24.5% |
|
Shah, Ritesh Rajendra |
2,450 |
24.5% |
|
Total |
10,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Divine Star (HK) Limited |
|
Address: |
Unit 1015, 10/F.,
Peninsula Square, No. 18, Sung On Street, Hung Hom, Kowloon, Hong Kong |
|
2 |
|
|
Name: |
Shah, Amish Rajendra |
|
Address: |
392 Central PK W 6V New York NY 10025 United
States |
|
3 |
|
|
Name: |
Shah, Ritesh Rajendra |
|
Address: |
1605, 16/F, Casa Grande Tower No2 Senapati Bapat Marg,
Lower Parel Mumbai 400013, India |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Mody Niket Kumarpal |
|
Address: |
Flat E, 9/F, Tower 2, Sorrento, Tsirn Sha
Tsui, Kowloon, Hong Kong |
|
Position: |
|
|
ID Number: |
M208319 |
|
2 |
|
|
Name: |
Shah, Amish Rajendra |
|
Address: |
392 Central PK W 6V New York NY 10025 United
States |
|
Position: |
Director |
|
Passport Number: |
Z1960173 |
|
Issuing Country: |
India |
|
3 |
|
|
Name: |
Shah, Ritesh Rajendra |
|
Address: |
1605, 16/F, Casa Grande Tower No2 Senapati Bapat Marg, Lower
Parel Mumbai 400013, India |
|
Position: |
Director |
|
Passport Number: |
Z2469270 |
|
Issuing Country: |
India |
|
4 |
|
|
Name: |
Kaizen Secretaries Limited |
|
Address: |
Room 2103, Futura Plaza, 111 How Ming
Street, Kwun Tong, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
640440 |
Personnel Structure
|
Total Employees |
Operation
Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit 1015, 10/F., Peninsula Square, No. 18, Sung On Street, Hung Hom,
Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Unit 15 on 10 Floor of West Wing Eninsula
Square No.18 Sung on Street Kowloon |
|
Owners: |
Ddragon (Hong Kong) Company Limited |
|
Memorial Number: |
07010800900034 Assignment |
|
Date of Instrument: |
2006-12-22 |
|
Date of Registration: |
2007-1-8 |
|
Consideration Value: |
HKD 3,300,000.00 |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
12081401730146 |
|
2012-7-30 |
|
|
Date of Registration: |
2012-8-14 |
|
Nature: |
Rental Assignment |
|
In Favor of: |
|
|
2 |
|
|
Memorial No.: |
12081401730137 |
|
Date of Instrument: |
2012-7-30 |
|
Date of Registration: |
2012-8-14 |
|
Nature: |
Mortgage |
|
In Favor of: |
Hang Seng Bank Limited |
|
Consideration: |
All moneys |
|
3 |
|
|
Memorial No.: |
06112201520055 |
|
Date of Instrument: |
2006-11-16 |
|
Date of Registration: |
2006-11-22 |
|
Nature: |
Agreement for Sale And Purchase Remarks: See Assignment Mem.
NO.07010800900034 |
|
In Favor of: |
Ddragon (Hong Kong) Company Limited |
|
Consideration: |
HKD 3,300,000.00 |
Production
Information
Subject is a trader of diamonds without any
production activities.
Purchase
Information
It is introduced that subject purchases diamonds
from both home and abroad, such as India and South Africa, etc.
Sales Information
Subject is engaged in trading of diamonds.
Subject’s major products are loose diamonds.
Subject’s sales regions cover all over the
World.
Subject’s major types of customers are
individual, manufacturers of watch and jewelry, retailers of diamonds, etc.
Settlements
PURCHASE
Domestic Purchase
|
Products |
Loose diamonds. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Loose diamonds. |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Loose diamonds. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Loose diamonds. |
|
Selling Terms |
L/C, T/T, etc. |
Financial
Information
The subject has no
obligation to supply its financial statement to the third party according to
the relevant policy in Hong Kong and the only source from which we can obtain
the information is the subject itself.
Subject’s relevant staff rejected to disclose
the financial information; from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special
Note
Interview Details
|
Name |
Mr. Keyur Rach |
|
Department: |
Sales Department |
Industry
Information
66729--Diamonds, non-industrial, otherwise
worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
113,655 |
854,839 |
1,452,417 |
10,085,815 |
|
Brazil |
33 |
1,437 |
174 |
5,836 |
|
Australia |
2,033 |
41,188 |
10,332 |
181,710 |
|
Belgium |
81,093 |
1,198,674 |
1,070,230 |
181,710 |
|
Germany |
154 |
614 |
18,279 |
80,845 |
|
Canada |
202 |
1,578 |
7,643 |
104,109 |
|
Switzerland |
5,866 |
161,374 |
56,112 |
1,665,846 |
|
Japan |
36,378 |
286,671 |
497,269 |
3,174,371 |
|
Thailand |
65,194 |
243,239 |
657,318 |
3,002,179 |
|
India |
765,990 |
3,982,962 |
12,544,931 |
64,883,740 |
|
The Mainland of China |
117,833 |
912,624 |
1,337,780 |
10,148,553 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
54 |
4,421 |
|
Israel |
61 |
10,875 |
153 |
38,772 |
|
-- |
-- |
3 |
116 |
|
|
Thailand |
-- |
-- |
422 |
1,865 |
|
USA |
140 |
2,916 |
2,982 |
55,371 |
|
Belgium |
2 |
74 |
463 |
70,594 |
|
Singapore |
-- |
-- |
28 |
4,990 |
|
The Mainland of China |
186 |
496 |
4,894 |
15,396 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
We arranged the site-visit for the following address, and confirm the
subject is located on it by confirming with the relevant staff. But the guard
of the building did not let us take photos in it. The following information is
for your reference.
Address: Unit 1015, 10/F.,
Peninsula Square, No. 18, Sung On Street, Hung Hom, Kowloon, Hong Kong
Peninsula Square, No. 18, Sung On Street, Hung Hom,
Kowloon, Hong Kong
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.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.