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Report No. : |
324226 |
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Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
PROFIT CROWN ENTERPRISES LTD. |
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Registered Office : |
Room 1215, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.06.1993 |
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Com. Reg. No.: |
18624066 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of jewellery and jewellery products |
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No of Employees : |
4. (Including associates) |
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
|
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 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% 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 |
PROFIT CROWN
ENTERPRISES LTD.
ADDRESS: Room 1215, 12/F., Fu Hang Industrial
Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2314 7585
FAX: 852-2723 7585
E-MAIL: tnkgems@netvigator.com
Managing Director: Mr. Bhaven
Nayan Jhaveri
Incorporated on: 15th June, 1993.
Organization: Private Limited
Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Jewellery
Trader.
Employees: 4. (Including associates)
Main Dealing Banker: Axis
Bank, Hong Kong.
Banking Relation: Good.
PROFIT CROWN
ENTERPRISES LTD.
Registered Head Office:-
Room 1215, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 98085, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Business Names:- (Same address)
T.N.K. Gems, Hong Kong. [BR
No.: 18624066-001]
Moksh, Hong Kong. [BR No.:
18624066-003]
Affiliated/Associated Companies:-
Kokusai Shinju Co. Ltd., Japan.
Tanvirkuma Diamonds Ltd., India.
18624066
0427263
Managing Director: Mr. Bhaven
Nayan Jhaveri
Contact Person: Mr. Kuntal Shah
HK$5,000,000.00
(As per registry
dated 15-06-2014)
|
Name |
|
No. of shares |
|
Bhaven JHAVERI |
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2,500,000 |
|
Hitesh R. JHAVERI |
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2,500,000 |
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–––––––– |
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Total: |
5,000,000 ======= |
(As per registry
dated 15-06-2014)
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Name (Nationality) |
Address |
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Hitesh R. JHAVERI |
Flat J, 10/F., Block 2, Royal Peninsula, Hunghom, Kowloon, Hong Kong. |
|
Bhaven Nayan JHAVERI |
Flat J, 10/F., Block 2, Royal Peninsula, Hunghom, Kowloon, Hong Kong. |
Bhaven Nayan JHAVERI (As per
registry dated 15-06-2014)
The subject was incorporated on 15th June, 1993 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of jewellery and jewellery products.
Employees: 4. (Including associates)
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Japan,
South Korea, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, Advanced payment,
etc.
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKP0555]
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Business
is profitable.
Condition: Maintaining
in an active condition.
Facilities: Making
rather active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Axis Bank, Hong
Kong.
The Royal Bank of
Scotland N.V., Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very
Good.
Having issued 5 million ordinary shares of HK$1.00 each, Profit Crown
Enterprises Ltd. was equally owned by Mr. Kuntal Shah and Mr. Hitesh R.
Jhaveri. However, the former transferred
his shares to Mr. Bhaven Jhaveri on 9th February, 2011. Now, the subject is equally owned by Mr.
Bhaven Jhaveri and Mr. Hitesh R. Jhaveri.
Both of whom are Indian. Both are
also directors of the subject. Mr.
Bhaven Nayan Jhaveri is also the individual secretary of the subject. He is also the managing director of the
subject.
The contact person of the subject is Mr. Kuntal Shah.
The subject has been operating two companies, namely, T.N.K. Gems and
Moksh which are also located at the same operating office. T.N.K. Gems, Moksh and the subject are engaged
in the same lines of business.
The subject is a polished and cut diamond trader, supplier and jewellery
manufacturer. It is trading in the
following commodities:-
The subject is also the agent of Eternity Jewels which is an India-based
firm. Eternity Jewels has got the other
liaison offices in the United States, Japan, Thailand and affiliated firm in
other countries of the world.
The subject also has got an affiliated factory Tanvirkuma Diamonds Ltd.
which is an India-based firm. Tanvirkuma
Diamonds Ltd. is the subject’s main supplier.
In order to penetrate the international market further, T.N.K. Gems and
Moksh have taken part in fairs and exhibitions held in Hong Kong and other
foreign large cities. For instance, both
are going to take part in “HKTDC Hong Kong International Jewellery Show 2016”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 5th to 9th March, 2016.
The subject’s products are exported to Japan, South Korea, other Asian
countries, Europe, North America, etc.
Business is active.
The subject’s business is mainly handled by Bhaven Nayan Jhaveri. Long term business ties have been developed
with some of the local and foreign buyers.
The subject joined in the Hong Kong General Chamber of Commerce,
Hong Kong, as a member in 2014.
As the history of the subject in Hong Kong is over twenty-one years and
eleven months, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 63.94 |
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|
1 |
Rs. 98.63 |
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Euro |
1 |
Rs. 69.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.