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Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EXCELLA INTERNATIONAL LTD. |
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Registered Office : |
Unit 912B, 9/F., Tower A, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.07.2012. |
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Com. Reg. No.: |
60100416 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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
EXCELLA INTERNATIONAL
LTD.
(Incorporated in the British Virgin Islands)
Address: Unit 912B, 9/F.,
Tower A,
Hunghom
Commercial Centre,
37-39 Ma Tau
Wai Road, Hung Hom,
Kowloon,
Hong Kong.
(Your enquiry at:
9128, 9/F. of the same building)
PHONE: 852-3741 1966
FAX: 852-8104 5009
Managing Director: Mr. Jigar Ashok Parmar
Registered in Hong Kong on: 17th July, 2012.
(Non-Hong Kong Company)
Organization: Limited
Company.
Capital: Provided
by its Head Office.
Business Category: Diamond Trader.
Employees:
2.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
263 Main Street, Road Town, Tortola, British Virgin Islands.
Hong Kong Principal Place of Business:-
Unit 912B, 9/F., Tower A, Hunghom Commercial Centre, 37-39 Ma Tau Wai
Road, Hung Hom, Kowloon, Hong Kong.
Associated Company:-
More Goal Ltd., British Virgin Islands.
(same address)
60100416
F0019232
17th July, 2012.
(Non-Hong Kong Company)
Managing Director: Mr. Jigar Ashok Parmar
Authroized Representative Other Than Individual: C.K. Liu & Co.
[Address: 13/F., Wah Kit
Commercial Centre, 302 Des Voeux Road Central, Hong Kong.]
(As per registry dated 17-07-2012)
|
Name (Nationality) |
Address |
|
Jigar Ashok PARMAR |
Zaveri Baug, Narnarayan Temple, 227 Kalbadevi Road, Mumbai 400002,
India. |
(As per registry dated 17-07-2012)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated in the British
Virgin Islands as a limited company. It has
established a principal place of business in Hong Kong and was registered
on 17th July, 2012 as a Non Hong Kong company under Part XI of the Hong Kong
Companies Ordinance.
Formerly the subject was located at 13/F., Wah Kit Commercial Centre,
302 Des Voeux Road Central, Hong Kong where is the operating address
of an accountant firm C.K. Liu & Co., moved to the present address with
effect from 8th May, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Employees: 2.
Commodities Imported: India, etc.
Markets: Hong
Kong.
Terms/Sales:
CAD, or as per
contracted.
Terms/Buying: L/C, advanced
T/T, etc.
Capital:
Provided by
its Head Office.
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Unknown .
Commercial Morality: Satisfactory
Bankers:-
Hang Seng Bank
Ltd., Hong Kong.
DBS Bank (Hong
Kong) Ltd., Hong Kong.
Standing:
Small.
Excella International Ltd. is a Non-HK Company incorporated in the
British Virgin Islands. It was
registered in Hong Kong in July 2012.
The subject moved to the present address in May 2013. Its Hong Kong old registered office was in an
accountant firm located at “13/F., Wah Kit Commercial Centre, 302 Des Voeux
Road Central, Hong Kong” known as “C. K. Liu & Co.” which is handling its
correspondences and documents.
C. K. Liu & Co. is also the Authorized Representative of the
subject in Hong Kong.
The subject has 2 employees in Hong Kong. According to your given phone number 852-3741
1966 we can reach an Indian Mr. Petal who is the representative of the
subject. Currently, Petal is residing in
Hong Kong.
The director of the subject Mr. Jigar Ashok Parmar is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. Currently, he is residing in Mumbai, India.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong and the other Asian countries.
Business is still under development.
However, Hong Kong is its prime market, according to Petal.
Besides operating the subject, Mr. Parmar is also operating another firm
in Hong Kong known as More Goal Ltd. which is also a BVI-registered firm. More Goal and the subject are engaged in the
same lines of business.
The subject’s business in Hong Kong is still under development. History in Hong Kong is just about eleven
months.
Since the history of the subject is short, consider it good for business
engagements on L/C basis for the time being.
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.