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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
B M. FANCY (HK) LTD. |
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Registered Office : |
Flat F, 7/F., |
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Country : |
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Date of Incorporation : |
22.07.2006 |
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Com. Reg. No.: |
37106091 |
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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 |
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No. of Employees : |
Not Available |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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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 |
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'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, it again faces a possible slowdown as exports to the
Euro zone and US slump. 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 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. 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 exports 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 28 million in 2011, 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 2011
mainland Chinese companies constituted about 43% of the firms listed on the
Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to
5% in 2011. Credit expansion and tight housing supply conditions caused Hong
Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in
2011. 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.
|
Source : CIA |
B M. FANCY (HK)
LTD.
Flat F, 7/F., South Sea Apartments, 81 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2334 2050
FAX: 2334 2070
E-MAIL: marquise4u@hotmail.com
Managing Director: Mr. Nirav Arun
Parekh
Incorporated on: 22nd July, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond
Trader.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
B. M.
FANCY (HK) LTD.
Registered Head
Office:-
Flat F, 7/F., South Sea Apartments, 81 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong.
37106091
1061585
Managing Director: Mr. Nirav Arun
Parekh
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 22-07-2012)
|
Name |
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No. of shares |
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Bipinbhai Dhanjibhai KALATHIYA |
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10,000 ===== |
(As per registry dated 22-07-2012)
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Name (Nationality) |
Address |
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Nirav Arun PAREKH |
Room 5-A, 1/F., Moti Mansion, Khetwadi, 5th Lane, Mumbai 400-004,
India. |
(As per registry dated 22-07-2012)
|
Name |
Address |
Co. No. |
|
Vigor Corporate Services Ltd. |
Room 508, 5/F., Cheung Fung Commercial Building, 21-25 Cheung Sha Wan
Road, Kowloon, Hong Kong. |
1413726 |
The subject was incorporated on 22nd July, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 371, 3/F., Conic Investment
Building, 13 Hok Yuen Street, Hunghom, Kowloon, Hong Kong, moved to Flat H,
17/F., Tower 12, Costa Del Sol II-B, Laguna Verde, 8 Laguna Verde Avenue,
Hunghom, Kowloon, Hong Kong in September 2009; and further to the present
address in early 2010.
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.
Employees: Nil.
Commodities Imported: India,
Belgium Israel, US, etc.
Markets: Asia,
Middle East, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Business
remains profitable.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met as agreed.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having 10,000 ordinary shares of HK$1.00 each and incorporated in July
2006, B. M. Fancy (HK) Ltd. is wholly owned by Mr. Bipinbhai Dhanjibhai Kalathiya
who is an Indian residing in Gujarat, India.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently.
Originally, the shares held by Bipinbhai Dhanjibhai Kalathiya was held
by Mr. Lathiya Bharatkumar Babuhhai.
Shares were transferred by the latter to the former on 4th January,
2008.
The director of the subject Mr. Nirav Arun Parekh is also an India
passport holder and does not have the right to reside in Hong Kong permanently.
The subject’s registered address is not in a commercial building but a
residential building known as South Sea Apartments which is in Tsimshatsui,
Kowloon, Hong Kong. It is likely that
the shareholder and director of the subject would reside in this address when
they are in Hong Kong. It has no
employees.
Nirav Arun Parekh can be reached at his mobile phone number 6291 3929.
The subject is a diamond importer, exporter and wholesaler. Diamonds are imported from India, Belgium and
other European countries, the United States, etc. Some of the commodities are polished and cut
diamonds. Finished products and cut or
polished diamonds are marketed in Hong Kong, exported or re-exported to Japan,
India, other Asian countries, the Middle East, Europe, etc.
According to the subject, it manufactures all kinds of loose diamonds,
and is specialized in marquise, fancy shape and pear shaped diamonds range from
7 to 0.7 cts, with all quality from VVS-Sl.
India is the main supplying country of loose diamonds. The subject has had an affiliated company in
India.
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 took part in
“HKTDC Hong Kong International Jewellery Show 2012” which had been held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
16th to 20th February, 2012. Besides, it
is going to take part in “HKTDC Hong Kong International Jewellery Show 2013”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 5th to 9th March, 2013.
The business of the subject is normal.
History in Hong Kong is just over six years and three months. Business is chiefly handled by Nirav Arun
Parekh himself.
On the whole, since the registered address of the subject is in a
private building, consider it good for normal business engagements on L/C basis
or in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.99 |
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|
1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.