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MIRA INFORM REPORT
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Report No. : |
483599 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PROFIT CROWN ENTERPRISES LIMITED |
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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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s 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 (30.06.2017) |
Current Rating (30.09.2017) |
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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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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s 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 Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source : CIA |
Company
name and address
Report on: PROFIT
CROWN ENTERPRISES LIMITED
(Business
names: T.N.K. GEMS and MOKSH)
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
MANAGEMENT
Managing Director:
Mr. Bhaven Nayan Jhaveri
SUMMARY
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: ABN
AMRO Bank N.V., Hong Kong.
Banking Relation: Good.
ADDRESS
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]
Associated Companies:-
Kokusai Shinju Co. Ltd., Japan.
Tanvirkuma Diamonds Ltd., India.
BUSINESS
REGISTRATION NUMBER
18624066
COMPANY
FILE NUMBER
0427263
MANAGEMENT
Managing Director: Mr.
Bhaven Nayan Jhaveri
Contact Person: Mr. Kuntal Shah
ISSUED
SHARE CAPITAL
HK$5,000,000.00
SHAREHOLDERS
(As per registry dated 15-06-2017)
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Name |
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No. of shares |
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Bhaven Nayan JHAVERI |
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2,500,000 |
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Hitesh Rajendra JHAVERI |
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2,500,000 |
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–––––––– |
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Total: |
5,000,000 ======= |
DIRECTORS
(As per registry dated 15-06-2017)
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Name (Nationality) |
Address |
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Hitesh Rajendra JHAVERI |
Flat J, 10/F., Block 2, Royal Peninsula, Hunghom,
Kowloon, Hong Kong. |
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Bhaven Nayan JHAVERI |
Flat J, 10/F., Block 2, Royal Peninsula, Hunghom, Kowloon,
Hong Kong. |
SECRETARY
Bhaven Nayan JHAVERI
(As per registry dated 15-06-2017)
HISTORY
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.
OPERATIONS
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: Hong
Kong, China, Japan, South Korea, other Asian countries, Europe, North America.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, Advanced payment,
etc.
MEMBERSHIP: The
Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKP0555]
FINANCIAL
INFORMATION
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Business
is active.
Facilities: Making
rather active use of general banking facilities.
Payment: No complaints
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.
ABN AMRO Bank N.V., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 5
million ordinary shares of HK$1.00 each, Profit Crown Enterprises Limited
formerly was equally owned by Mr. Kuntal Shah and Mr. Hitesh Rajendra
Jhaveri. However, the former transferred
his shares to Mr. Bhaven Nayan Jhaveri on 9th February, 2011.
Now, the subject is
equally owned by Mr. Bhaven Nayan Jhaveri and Mr. Hitesh Rajendra
Jhaveri. Both of whom are Indian. They are also directors of the subject. Both are Hong Kong ID holders and have got the
right to reside in Hong Kong.
Mr. Bhaven Nayan
Jhaveri is also the individual secretary of the subject. He is also the managing director of the
subject as well. He can be reached at
his Hong Kong mobile phone number 852-6386 7700.
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 address. 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 products:-
All kinds of loose diamonds, white diamonds, diamond collection,
3.06 carat diamonds, fancy cut diamonds, round diamonds.
The subject’s products are marketed in Hong Kong, China
and exported to Japan, South Korea, India, the other Asian countries, Europe,
North America, etc. Business is active.
The subject is also the agent of Eternity Jewels which is
an India-based firm. It 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, it is going to take part in “HKTDC Hong
Kong International Diamond, Gem & Pearl Show 2018” which will be held in
Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February
to 3rd March, 2018. Its booth No. is AWE
5-K01.
The products of Moksh include earrings, bangles, diamond
earrings, bracelets, pearl earrings, etc.
All the products bear the brand name MOKSH.
The subject’s business is mainly handled by Bhaven Nayan
Jhaveri.
The subject joined in the Hong Kong General Chamber of
Commerce, Hong Kong, as a member in 2014.
The history of the subject in Hong Kong is over 24 years
and six months.
On the whole, consider it good for normal business
engagements.
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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02-04-2002 |
Charge on All Deposits to secure Obligations of the
Chargor |
ABN AMRO Bank N.V., Hong Kong Branch. |
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15-07-2004 |
Debenture |
ABN AMRO Bank N.V., Hong Kong Branch. |
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30-06-2016 |
Mortgage |
ABN AMRO Bank N.V., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.48 |
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1 |
INR 86.41 |
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Euro |
1 |
INR 76.54 |
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HKD |
1 |
INR 8.11 |
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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PRA |
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Report Prepared
by : |
SYL |
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
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.