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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
IDEAS & DESIGNS LTD. |
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Registered Office : |
c/o Hong Kong Secretarial Centre Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, 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.: |
60099960 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamond |
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No. of Employees : |
Not Available |
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 Company |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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'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
IDEAS &
DESIGNS LTD.
(Incorporated in the British Virgin Islands)
ADDRESS:
Registered Office:-
263 Main Street, Road Town, Tortola, British Virgin Islands.
Hong Kong Principal Place of Business:-
c/o Hong Kong Secretarial Centre
Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
Associated Company:-
More Goal Ltd.
c/o C.K. Liu & Co.
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central,
Hong Kong.
60099960
F0019231
17th July, 2012.
(Non-Hong Kong Company)
Authorized 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 06-06-2012)
|
Name (Nationality) |
Address |
|
Jigar Ashok PARMAR |
Zaveri Baug, Narnarayan Temple, 227 Kalbadevi Road, Mumbai 400002,
India. |
(As per registry dated 06-06-2012)
|
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’s principal place of business in Hong Kong was
located at “13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central,
Hong Kong” where was the operating office of an accountant firm C.K. Liu
& Co. The subject moved to the
present address with effect from 20th November, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Ideas & Designs Ltd. was incorporated in the British Virgin
Islands. It was registered in Hong Kong
in July 2012.
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 does not have its own operating office. Its registered office is in a secretarial
centre located at “Unit E1, 3/F., Phase 1, Hang Fung Industrial Building, 2G
Hok Yuen Street, Hung Hom, Kowloon, Hong Kong” which is handling its
correspondences and documents.
The subject was located at “13/F., Wah Kit Commercial Centre, 302 Des
Voeux Road Central, Hong Kong” where was the operating office of an
accountant firm C. K. Liu & Co.
C. K. Liu & Co. has had an associated company known as Lodestar
Secretarial Ltd. which is the corporate secretary of the subject. This firm is also located at the office of
the accountant firm.
The subject has no employees in Hong Kong.
Besides operating the subject, Parmar is also operating another firm
known as More Goal Ltd. [More Goal] which was also registered in the British
Virgin Islands.
To our knowledge, the subject has had a phone number 852-3741 1157 in
Hong Kong. But we cannot reach Jigar
Ashok Parmar because he is always not in the office.
The subject is a diamond importer, exporter and wholesaler. It has had an associated company in Mumbai,
India.
More Goal and the subject are engaged in the same lines of business.
The subject is just a one-man company.
Business is chiefly handled by Parmar himself. History in Hong Kong is just over five
months.
On the whole, since the history of the subject is short and was
registered in the British Virgin Islands, consider it good for normal business
engagements on L/C basis.
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.
-
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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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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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 –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
UK Pound |
1 |
Rs.82.65 |
|
Euro |
1 |
Rs.70.22 |
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 |
|
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 |
|
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 |
|
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 |
|
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.