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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
GOOD LUCK CREATION (H.K.) |
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Registered Office : |
Flat 808, 8/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Hung Hom, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
04.07.2005 |
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Com. Reg. No.: |
35785772-000-07 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
TRADER OF ALL KINDS OF PRECIOUS STONES AND SEMI-PRECIOUS
STONES |
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No. of Employees : |
3 |
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 – 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 |
|
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
GOOD LUCK
CREATION (H.K.)
ADDRESS: Flat 808, 8/F., Block A, Focal Industrial
Centre, 21 Man Lok Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-6342 7201
E-MAIL: goodluckcreationhk@hotmail.com
Manager: Mr. Krisaan Kumar Dusad
Establishment: 4th
July, 2005.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Precious Stone Trader.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Head Office:-
Flat 808, 8/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hung Hom, Kowloon, Hong Kong.
Associated Companies:-
Goodluck Creation Co. Ltd., Thailand.
Park Gem, Italy.
35785772-000-07
Manager: Mr. Krisaan Kumar Dusad
Name: Mr. Krisaan Kumar DUSAD
Residential Address: Room F,
16/F., Star Mansion, Minden Row, 3-5 Mody Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 4th July, 2005 as a sole proprietorship
concern owned by Mr. Krisaan Kumar Dusad under the Hong Kong Business
Registration Regulations.
At the very beginning, the subject was located at Room 1708, 17/F., Star
Mansion, 3-5 Minden Row, Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to
Room 1401, 14/F. of the same building in October 2005 and further to the
present address in October 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Precious
Stone Trader.
Lines: All
kinds of precious stones and semi-precious stones.
Employees: 3.
Commodities Imported: India, other Asian countries, etc.
Markets: Asian
countries, Italy, other European countries, 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:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
Good Luck Creation (H.K.) is a sole proprietorship set up and owned by
Mr. Krisaan Kumar Dusad who is an Indian.
Being manager of the subject, he is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
According to the subject, it is a precious stone trader. Dusad can be reached at his mobile phone
number 852-6342 7201.
The subject is engaged in buying and selling Precious and Semiprecious
rough and mineral stones. The followings
are the products carried:-
Beryl Emeralds --- Colombia, Russia, Zambia and Brazil
Corroundums like Ruby --- Burma, Madagascar
Mozambique & Thailand. Sapphire (BLUE, YELLOW, PINK & MULTY
SAPPHIRE ) --- Sri Lanka, Burma, Australia and Thailand
The subject trades in emerald rough stones, ruby rough stones, sapphire
rough stones, coral rough stones.
Currently the subject has had the following two associates:-
Goodluck Creation Co. Ltd., Thailand;
Park Gem, Italy.
Both firms carries the same products as the subject. The subject exports its products to Thailand,
the other Asian countries, Italy, the other European countries, etc. Business is chiefly handled by Dusad
himself. Overall business is active.
As the history of the subject is about eight years in Hong Kong, on the
whole, consider it good for normal business engagements.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
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|
1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
-- |
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.