MIRA INFORM REPORT
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Report No. : |
341678 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERJEWEL (HK) CO. LTD. |
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Registered Office : |
Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
18854001 |
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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, Emerald, Precious Stones. |
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No. of Employees : |
8 |
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 –March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
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 |
HONGKONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
internationalTRADE%20CO.%20LTD.%20-%20341678%2022-Sep-2015_files/image006.gif){kind=small}
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.
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Source
: CIA |
Company
Name and address
INTERJEWEL
(HK) CO. LTD.
ADDRESS: Room 608, 6/F., Heng Ngai
Jewelry Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2367
8455
FAX: 852-2366
4177
E-MAIL: info@interjewel.com.hk
MANAGEMENT
Managing Director:
Mr. Pratish Rupen Kothari
SUMMARY
Incorporated on: 10th May, 1994.
Organization: Private Limited Company.
Issued Share Capital:
HK$50,000,000.00
Business Category: Jewellery
Trader.
Employees: 8.
Main Dealing Banker: The
Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 608, 6/F., Heng Ngai Jewelry Centre, 4 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong.
Trading as:-
Little Rocks (H.K.) Company, Hong Kong. [BR No. 18854001-001]
Holding Company:-
Interjewel Singapore Pte. Ltd., Singapore.
Associated
Companies:-
Interjewel (Thailand) Co. Ltd., Thailand.
Interjewel Designs, India.
Interjewel Europe NV, Belgium.
Interjewel Pvt. Ltd., India.
Interjewel Shanghai Co. Ltd., China.
Interjewel USA Inc., US.
BUSINESS
REGISTRATION NUMBER:
18854001
COMPANY
FILE NUMBER:
0477617
MANAGEMENT
Managing Director:
Mr. Pratish Rupen Kothari
Contact Person: Mr. Sham Kai Ping
ISSUED
SHARE CAPITAL
HK$50,000,000.00
SHAREHOLDERS
(As per registry
dated 10-05-2015)
|
Name |
|
No. of shares |
|
Interjewel Singapore Pte. Ltd. 38 Beach Road, #29-11 South Beach Tower, Singapore
189767. |
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25,500,000 |
|
Pratish Rupen KOTHARI |
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24,500,000 |
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––––––––– |
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Total: |
50,000,000 ======== |
DIRECTORS
(As per registry
dated 10-05-2015)
|
Name (Nationality) |
Address |
|
Pratish Rupen KOTHARI |
Unit B, 32/F., Block 6, Harbour Place, 8 Oi King
Street, Hunghom, Kowloon, Hong Kong. |
|
Dipan Jagdish PATEL |
Flat A1, 8/F., Block A, BurlingtonHouse, 92-94 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong. |
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Shashin Suresh MEHTA |
111/19 Lumpini Place Condominium Soi Sribumphen,
Thungmahamek, Sathorn, Bangkok 10120, Thailand. |
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Ketan Suresh MEHTA |
603, K.B.S. Building, 30-38 Mahaesak Soi 3, Bangkok
10500, Thailand. |
SECRETARY
(As per registry
dated 10-05-2015)
|
Name |
Address |
Co. No. |
|
Gem Glad Secretaries Ltd. |
Room 1502, 15/F., 101 King’s Road, North Point,
Hong Kong. |
1001061 |
HISTORY
The subject was
incorporated on 10th May, 1994 as a private limited liability company under the
Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Diamond World Holdings Ltd., name
changed to the present style on 24th August, 2007.
Formerly the subject
was located at Unit E1, 2/F., Kaiser Estate, Phase 1, 41 Man Yue Street,
Hunghom, Kowloon, Hong Kong, moved to the present address with effect from 4th
June, 2010.
Apart from these, neither
material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones
Employees: 8.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, Belgium, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$50,000,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active and
satisfactory condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality:
Satisfactory.
Bankers:-
The Royal Bank of
Scotland N.V., Hong Kong Branch.
Antwerpse DiamantBank
NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 50
million ordinary shares, Interjewel (HK) Co. Ltd. is jointly owned by
Interjewel Singapore Pte. Ltd. which is a Singapore-based firm holding 51%, and
Mr. Pratish Rupen Kothari who is an Indian holding 49%.
The subject is a
diamond importer, exporter and wholesaler.
It has had an associated company in India known as Interjewel Pvt. Ltd.
[Interjewel]. Besides the subject,
Interjewel Pratish Rupen Kothari is one of the CEOs and founders of
Interjewel. Now, he is residing in Hong
Kong. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently. He is also managing director of the subject.
In 2015, two more
directors were appointed.
The subject is
trading in carat diamonds, loose diamonds, colour and white diamonds,
carat-size diamonds, diamond rings, etc.
It also offers customers with all kinds of diamond manufacturing
service. Most of its products have been
certified by the GIA and the IGI.
Interjewel was
established in 1970 and was able to established in-house manufacturing polished
diamonds by 1975.
Interjewel operates
three cutting and polishing facilities respectively in Mumbai, Surat, Navsari
and Ahmedabad.
Interjewel is one of the
few companies with the honour of being supplied with rough diamonds from the
leading mines of the world.
Interjewel is
specialised in polished diamonds in varied sizes, shapes, colours and
clarity. All diamond over 0.30 points
and SI2 purity are sent to reputed Grading Laboratories for grading and
certification. It routinely has its
diamonds certified by the GIA and the IGI.
Interjewel serves a
global customer-base which includes customers in the United States, the United
Kingdom, the Middle East, Asia, Australia and South Africa. It also has a significant presence in the
Indian market where the focus is on selling polished to mostly independent
jewellers and small chains.
Interjewel Shanghai
Co. Ltd., a China-registered company which is one of the members of the
Interjewel Group, is a member of Shanghai Diamond Exchange.
Overall business of
the Interjewel Group is active and steady.
Business is lucrative.
In order to penetrate
the international market further, the subject 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-E20.
Besides, it is 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 3rd to 7th March, 2016.
Its booth No. is CEC 3F-F09.
The business of the
subject is chiefly handled by Mr. Kothari Pratish Rupen. The contact person is Mr. Sham Kai Ping who
is a Hongkongnese.
The subject operates
from a self-owned office in Hong Kong.
On the whole, since
the history of the subject in Hong Kong is over twenty-one years, consider it
good for normal business engagements.
REMARK
Property information
of the company:-
Property Location: Workshop
Unit No. 8 on 6/F., Heng Ngai Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Interjewel
(HK) Co. Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-08-2010 |
- |
The Royal Bank of Scotland N.V., Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE
OR CHARGE
|
Date |
Description
of Instrument |
Mortgagee |
|
23-01-2002 |
Debenture |
Antwerpse DiamantBank NV (also known as Antwerp Diamond
Bank NV), Hong Kong Branch. |
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28-01-2002 |
Debenture |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
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19-08-2010 |
Mortgage |
The Royal Bank of Scotland N.V., Hong Kong Branch. |
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16-02-2015 |
Debenture |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.