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MIRA
INFORM REPORT
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Report No. : |
495398 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
CROWN AIM LIMITED |
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Registered Office : |
Room 505B, 5/F., Block A, Hunghom Commercial Centre, 39 Ma
Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.12.2010 |
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Com. Reg. No.: |
53762154 |
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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
Diamonds. |
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No. of Employees : |
10. (Including
Associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kongs economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainlands capital markets and has reinforced Hong Kongs leading role as Chinas offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company Name and address
CROWN
AIM LIMITED
ADDRESS: Room 505B, 5/F., Block A,
Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-5321
6201, 3152 3834
MANAGEMENT
Managing Director: Mr.
Nareshkumar Bhikhurao Jadav
SUMMARY
Incorporated on: 9th
December, 2010.
Organization:
Private Limited Company.
Issued Share Capital: US$6,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group revenue: INR 165,728.7
million (Year ended 31-03-2017)
Employees:
10. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered
Head Office:-
Room 505B, 5/F., Block A, Hunghom Commercial
Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Holding
Company:-
Aston Luxury Group Ltd., Hong Kong. (Same address)
Ultimate
Holding Company:-
Gitanjali Gems Ltd., India.
Associated
Companies:-
Gitanjali Group of
Companies
Abbeycrest (Thailand) Ltd., Thailand.
Alfred Terry Ltd., UK.
Asmi Jewellery India Ltd., India.
DDamas Jewellery (India) Private Ltd.,
India.
Decent Investment & Finance Private Ltd.,
India.
Decent Securities & Finance Private Ltd.,
India.
Diamlink Inc., US.
Diamlink Jewelery Inc., US.
Eureka Finstocks Private Ltd., India.
GGL Diamonds LLC., US.
Giantti Jewellery Trading (Shanghai) Co.
Ltd., China.
Gili India Ltd., India.
Gitanjali Brands Ltd., India.
Gitanjali Exports Corporation Ltd., India.
Gitanjali Infratech Ltd., India.
Gitanjali Jewellery Retail Ltd., India.
Gitanjali Jewels LLC, U.A.E.
Gitanjali Lifestyle Ltd., India.
Gitanjali USA Inc., US.
Gitanjali Ventures DMCC, U.A.E.
GSTV (HK) Co. Ltd., Hong Kong. (Formerly known as Imacbc Co Ltd.)
Hyderabad Gems SEZ Ltd., India.
Jewelry Marketing Co LLC., US.
Jewelsouk Marketplace Ltd., India. (Formerly known as eGitanjali Ltd.)
Leading Italian Jewels SRL, Italy.
Leading Jewels of Japan Kabushiki Kaisha,
Japan.
LJOW Holdings LLC., US.
Maya Retail Ltd., India.
MMTC Gitanjali Ltd., India.
MobileNxt Teleservices Private Ltd., India.
N&J Finstocks Private Ltd., India.
Nakshatra Brands Ltd., India.
Nashik Multi Services SEZ Ltd., India.
Samuels Jewelers Inc., US.
Spectrum Jewellery Ltd., India.
Tianxin Diamonds (Shanghai) Co. Ltd., China.
Tri-star Worldwide LLC, US.
Vidarbha Multi Products SEZ Ltd., India.
etc.
BUSINESS REGISTRATION NUMBER
53762154
COMPANY FILE NUMBER
1538177
MANAGEMENT
Managing Director: Mr. Nareshkumar Bhikhurao JADAV
ISSUED SHARE CAPITAL
US$6,000,000.00
SHAREHOLDER
(As per registry dated 09-12-2016)
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Name |
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No. of shares |
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Aston Luxury Group Ltd., Hong Kong. |
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6,000,000 ======= |
DIRECTOR
(As per
registry dated 20-03-2017)
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Name (Nationality) |
Address |
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Nareshkumar Bhikhurao JADAV |
Flat A1, 1/F., Block 15A, Austin Mansion,
Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per
registry dated 09-12-2016)
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Name |
Address |
Co. No. |
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Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei
Muk Road, Kwai Chung, New Territories, Hong
Kong. |
2086550 |
HISTORY
The
subject was incorporated on 9th December, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Room 1001-1004A, 10/F., Champion Building, 287-291
Des Voeux Road Central, Hong Kong where is the operating office of Gateway
Registrations Ltd., moved to Room 1101, 11/F., Guardforce Centre, 3 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong with effect from 6th July, 2011,
and further to the present address in June 2014.
The
subject changed its shareholders in March 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of
jewellery and diamonds.
Employees: 10. (Including associates)
Commodities Imported: China, Europe, US,
etc.
Group Turnover: INR 139,844.94
million (Year ended 31-03-2016)
INR
165,728.66 million (Year ended
31-03-2017)
Markets: Asian countries, Middle
East, Europe, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL INFORMATION
Issued Share Capital: US$6,000,000.00
Group profit after tax attributable to owners
of the company:
INR
1,037.14 million (Year ended 31-03-2015)
INR
1,677.15 million (Year ended 31-03-2016)
Profit or Loss: Made
small profits in past years.
Condition: Business is normal.
Facilities: Making active use of
general banking facilities.
Payment: No Complaints
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Having
issued 6,000,000 ordinary shares of US$1.00 each, Crown Aim Limited is wholly
owned by Aston Luxury Group Ltd. [Aston], a Hong Kong-registered firm also
located at the same address. The
ultimate holding company Gitanjali Gems Ltd. [Gitanjali] is an India-based
company.
The
subject moved to the current operating address in June 2014.
It is a
diamond and jewellery trader. Its
products are marketed in Hong Kong, exported to the other Asian countries,
Europe, the Middle East, North America, etc.
The
managing director of the subject Nareshkumar Bhikhurao Jadav is an Indian. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong. He
was appointed on 20th March, 2017.
The
subject has an associated company in Hong Kong known as GSTV (HK) Co. Ltd.
which is 20.2% held by Gitanjali. This
company is engaged in jewellery selling via TV channel.
Aston is
a wholly owned subsidiary of Gitanjali of India. Gitanjali has acquired 100% stake in the
subject for an undisclosed amount.
Gitanjali, a listed-firm in India, is a member of the Gitanjali Group
[Group]. It is also a sightholder.
The Group
acquired the subject that has strong distribution network to Hong Kong,
China, Japan, the Unit States, the Middle East and Europe.
The Group
also acquired a Chinese company that manufactures and distributes jewellery to
the United States, Italy, Japan, the United Kingdom, the UAE, the Middle‑East
and Australia. This acquisition has
strengthened the Groups international manufacturing base and facilitated access
to the Chinese market.
The
subject has a jewellery manufacturing unit in China.
The
subject also owns a 100% subsidiary called Alfred Terry Holdings Ltd. and a
step-down subsidiary known as Alfred Terry Ltd., located in London, for
jewellery distribution in the United Kingdom.
Alfred Terry Ltd., a 46‑year old company, has a wide distribution
networks catering to chain stores and standalones in the United Kingdom. The network covers nearly 2,000 jewellery
shops.
The Group
also has set up Aston Luxury Group in Hong Kong to explore and expand the
international business of the Group in the Asia Pacific region.
Incorporated
in 1966, the Surat-based Gitanjali Group is one of the largest branded
jewellery companies in India with interests in diamond jewellery, retail and
lifestyle businesses.
The Group
operates across the United States, the United Kingdom, Belgium, Italy and the
Middle East, as well as in Thailand, Southeast Asia, China and Japan. The bouquet of brands owned by the Group in
Italy includes Stefan Hafner, iO Si, Novelle
Bague, Porrati and Valente. The Gitanjali Group also owns speciality
retail chain in the United States under the brands of Samuels and Rogers.
Gitanjali
is now a significant company in the global gems and jewellery industry. It is
present in major jewellery market of the world, namely, the United States
(which alone accounts for 30 % of the global jewellery market), India, Japan,
China and the Middle-East.
Gitanjali
operates through 10 global offices and has 6 regional offices. It employs over 6,000 people.
For the
year ended 31st March, 2017, the revenue of the Group amounted to INR 165.7
billion (2016: INR 139.8 billion), increased by 18.5% as compared with previous
year. Group profit after tax
attributable to owners of the company in the year amounted to INR 1.7 billion
(2016: INR 1.0 billion), grew by 70.0%.
According
to the Group, the annual revenue of the subject ranges from INR 5 to 6
billion.
The
business of the subject is chiefly handled by Mr. Nareshkumar Bhikhurao JADAV.
The
subject is fully supported by the Gitanjali Group. History in Hong Kong is just over six years
and nine months.
On the
whole, in view of the background of the subject, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.85 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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HKD |
1 |
INR 8.32 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SCs 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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.