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Report No. : |
328770 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HANU INTERNATIONAL (H.K.) LTD. |
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Registered Office : |
Room 601, 6/F., Oriental Centre, 67-71 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.06.2013 |
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Com. Reg. No.: |
61666047 |
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Legal Form : |
Private Limited Company |
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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 : |
4. (Including associate) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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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) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
HANU INTERNATIONAL
(H.K.) LTD.
ADDRESS: Room 601, 6/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2377 2492
FAX: 852-2367 0901
E-MAIL: hanuhanu@netvigator.com
Managing Director: Mr. Rakesh
Sharma
Incorporated on: 28th June, 2013.
Organization: Private Limited
Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Jewellery
& Diamond Trader.
Employees: 4. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HANU INTERNATIONAL
(H.K.) LTD.
Registered Head Office:-
Room 601, 6/F., Oriental Centre, 67-71 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
Hanu Impex, Hong Kong. (Same
address)
61666047
1930297
Managing Director: Mr. Rakesh
Sharma
HK$1,000,000.00
(As per registry
dated 28-06-2014)
|
Name |
|
No. of shares |
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Rakesh SHARMA |
|
600,000 |
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Brij Kishore SHARMA |
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200,000 |
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Satya Prakash SHARMA |
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200,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry
dated 28-06-2014)
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Name (Nationality) |
Address |
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Brij Kishore SHARMA |
Flat E, 8/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon, Hong
Kong. |
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Satya Prakash SHARMA |
Flat E, 8/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon,
Hong Kong. |
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Rakesh SHARMA |
Flat G, 9/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon,
Hong Kong. |
(As per registry dated
28-06-2014)
|
Name |
Address |
|
Tejas Kishore DOMADIA |
Flat C, 8/F., Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui,
Kowloon, Hong Kong. |
The subject was incorporated on 28th June, 2013 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room1508, 15/F., Hart Avenue Plaza,
5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present
address with effect from 22nd July, 2014.
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: 4. (Including associate)
Commodities Imported: India, other
Asian countries, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, North America, Western Europe, etc.
Terms/Sales: L/C, Advanced T/T, or as per
contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$1,000,000 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 28-06-2014)
Mortgage or Charge:-
Date of Deposit Deed: 26-11-2013
Amount: All
moneys
Property: By way of a first fixed
charge and as a continuing security for the Obligations, the Company charges
and assigns absolutely all its rights, title to and interest in the Accounts
and all Deposits from time to time in the Accounts and/or comprising the Accounts
maintained with Citibank N.A., any branch and/or Citibank (Hong Kong) Ltd.
Mortgagee: Citibank
N.A., Hong Kong Branch.
Profit or Loss: Made
a small profit in 2014.
Condition: Keeping in a normal
condition.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
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, Hanu International
(HK) Ltd. is jointly owned by Rakesh Sharma, holding 60% interests;
Mr. Brij Kishore Sharma, holding 20%, and Mr. Satya Prakash Sharma, also
20%.
The subject has an associated company Hanu Impex located at the same
address. Established in September 1999,
Hanu Impex and the subject are under the same management.
Hanu Impex is a partnership jointly owned by Mr. Rakesh Sharma, Mr. Brij
Kishore Sharma and Mr. Satya Prakash Sharma.
All the Sharmas belong to the same family. Being India merchants, all of them are Hong
Kong ID Card holders and have got the right to reside in Hong Kong
permanently. The first can be reached at
his Hong Kong mobile phone number 852-9210 5603.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds
like Rose-cut Diamonds, Oval-Cut Diamonds, Intense Yellow Diamonds, Natural
Fancy Colour Diamonds, Drops, Old Cuts, Beads, Marquise, Pears, Tappers,
Briolette & Beads Diamonds, Nizam Beads, Black Diamonds, Brown Diamonds,
Buggets and Rose Cut Diamonds range from 0.05 cts to 0.60 cts. The subject also trades in diamond necklaces
and the other diamond jewellery.
Commodities are chiefly imported from India, the other Asian countries,
Europe, etc.
According to the subject, it is able to offer customers with
high-quality products, competitive prices and prompt delivery. Currently, it has had an associated company
in Malaysia.
The subject’s products are marketed in Hong Kong, exported to China,
Southeast Asia, Europe, the Middle East, etc.
In order to penetrate the international market further, Hanu Impex 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-E15.
The contact person of the subject Ms. Anna Wong is a Hongkongnese. She is the manager of the subject.
The history of the subject in Hong Kong is just about two years.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
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. 63.66 |
|
|
1 |
Rs. 100.50 |
|
Euro |
1 |
Rs. 71.31 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
|
|
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Report Prepared
by : |
DPT |
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 |
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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 |
|
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 |
|
<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.