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Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
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Name : |
DIMONTE TRADING CO. |
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Registered Office : |
Flat C, 10/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.04.2001 |
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Com. Reg. No.: |
31691929-000-04 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds and
jewellery products. |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
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 - 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
levies excise duties on only four commodities, namely: 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, 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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 |
DIMONTE TRADING
CO.
Flat C, 10/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2366 9677
FAX: 852-2366 9667
Manager: Mr. Devang Navinchandra Parekh
Establishment: 2nd
April, 2001.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employee: 1.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Co. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DIMONTE TRADING
CO.
Head Office:-
Flat C, 10/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon,
Hong Kong.
Affiliated
Company:-
Dimonte Trading Ltd., Hong Kong.
[Dissolved]
31691929-000-04
Manager: Mr. Devang Navinchandra Parekh (Mobile:
852-9020 3425)
Name: Mr. Devang Navinchandra PAREKH
Residential Address: Flat B,
6/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Rakesh Surendra SHAH
Residential Address: Flat B,
6/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 2nd April, 2001 as a partnership concern
owned by Mr. Devang Navinchandra Parekh and Mr. Rakesh Surendra Shah under the
Hong Kong Business Registration Regulations.
Initially the subject was located at Flat C, 3/F., Hankow Centre, 1-C
Middle Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat A-6, 16/F., Block
A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong in April
2002; to Flat B, 6/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong in June 2003; to Flat A, 6/F., Kimberley Mansion, 15 Austin Avenue,
Tsimshatsui, Kowloon, Hong Kong in April 2004; to Flat E, L3/F., Block T6,
Villa Verde, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong
in March 2008; to Flat B, 10/F., Kam Kok Mansion, 82-84 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong in April 2009; and further to the present
address in April 2012.
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 products.
Employee: 1.
Commodities Imported: India,
other Asian countries, Belgium, other European countries, etc.
Markets: Japan, South Korea, Southeast Asia,
Europe, Middle East, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Business is satisfactory.
Facilities: Making rather active use of
general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Industrial & Commercial Bank of China
(Asia) Co. Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Dimonte Trading Co. is a partnership jointly owned by two Indian:
Mr. Devang Navinchandra Parekh and Mr. Rakesh Surendra Shah. Both of them are Hong Kong ID Card
holders and have got the right to reside in Hong Kong permanently.
The subject moved to the present address located at Flat C, 10/F.,
Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon, Hong Kong in April
2012.
The subject’s registered address and operating office is located at a
residential building Hilton Tower which is not trespassed by outsiders. The subject’s registered address seems
to be the new residential address of the two partners. The subject has not updated its information
filed with the Inland Revenue Department Business Registration Office of the
Hong Kong SAR Government.
The subject is a diamond importer, exporter and wholesaler. Polished diamonds, loose and cut diamonds are
imported from India, Belgium and other European countries, etc. Some of the commodities are polished diamonds
while some are rough diamonds. The
subject is significant for its white diamond, diamond platinum rings, diamond
earrings, pendants, gold and diamond pendants, diamond and jewellery set.
Finished products and polished diamonds are exported to Japan, South
Korea, other Asian countries, the Middle East, etc. Business is normal.
The subject is able to make a small profit in the past years.
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. The subject’s business is
chiefly handled by the two partners. The
contact person Devang Navinchandra Parekh can be reached at his Hong Kong
mobile phone number at 852-9020 3425.
As the history of the subject in Hong Kong is over twelve years, on the
whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
<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.