MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
FOREVER LUCKY
DIAMOND LTD. |
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Registered Office : |
Flat 603, 6/F., Oriental Centre, 67-71 Chatham Road South,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.11.2007 |
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Com. Reg. No.: |
38613788 |
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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 products, precious stones, etc. |
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No. of Employees : |
2 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
FOREVER
LUCKY DIAMOND LTD.
ADDRESS: Flat 603, 6/F., Oriental Centre,
67-71 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
(Formerly
located at: Flat A, 10/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.)
PHONE: 3116 0455, 6622 7151
FAX: 3116 4405
Managing
Director: Mr. Jatin Champaklal Magiya
Incorporated on: 8th November, 2007.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat 603, 6/F., Oriental Centre, 67-71 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
38613788
1183312
Managing Director: Mr. Jatin Champaklal Magiya
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 19-03-2013)
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Name |
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No. of shares |
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Jatin Champaklal MAGIYA |
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5,000,000 |
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Hema Jatin MAGIYA |
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5,000,000 |
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––––––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 19-03-2013)
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Name (Nationality) |
Address |
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Jatin Champaklal MAGIYA |
Flat 603, 6/F., Oriental Centre, 67-71 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
|
Hema Jatin MAGIYA |
Flat 603, 6/F., Oriental Centre, 67-71 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 19-03-2013)
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Name |
Address |
Co. No. |
|
CBEST Solutions Ltd. |
Suite 705, 7/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
1295959 |
The subject was incorporated on 8th November, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat A, 13/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat A, 10/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong in November 2010 and further to the present address in March 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 and jewellery products, precious stones, etc.
Employees: 2.
Commodities Imported: India, other Asian countries, etc.
Markets: Japan, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Indebtedness: HK$195,550.50 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 08-11-2012)
Mortgage or Charge:-
Date of Mortgage: 15-06-2010
Amount: To secure all monies in respect of general banking facilities
Property: 2/51st parts or shares of and in Kowloon Inland Lot No. 8435 (10/F. of Tung Fai Building, 27A Cameron Road, Kowloon, Hong Kong.)
Mortgagee: The Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made a small profit in 2012.
Condition: Business is normal.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10 million ordinary shares of HK$1.00 each, Forever Lucky Diamond Ltd. is equally owned by Hema Jatin Magiya and Jatin Champaklal Magiya. The two Magiyas are Indian and also acting as the directors of the subject. Both are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
At the very beginning, the subject’s issued share capital was just HK$10,000.00, increased to the present amount on 19th December, 2011.
The subject is a diamond and jewellery product trader. It is trading in diamond jewellery, fine jewellery, antique products, watches, jewellery boxes, other accessories, etc.
Rough diamonds, loose, polished and cut diamonds are chiefly imported from India. The subject has got regular suppliers in India. Some of the rough diamonds are polished or processed in Hong Kong. Finished products and polished diamonds are exported or re-exported to Taiwan, South Korea, Japan, India, other Asian countries, the Middle East, North America, Eastern and Western Europe, etc. Business keeps on improving.
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 is going to take part in “HKTDC Hong Kong International Jewellery Show 2014” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014. Its booth No. is 3G-J51.
The subject’s business is chiefly handled by the two Magiyas. History in Hong Kong is just over five years.
Hema Jatin Magiya can be reached at his mobile phone number 66227151.
On the whole, consider the subject good for normal business engagements in small credit amounts.
Property information of the company:-
Property Location: 10/F., Tung Fai Building, 27A Cameron Road, Kowloon, Hong Kong.
Owner: Forever Lucky Diamond Ltd.
Date of Purchase: N.A.
Purchased Price: N.A.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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15-06-2010 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.92 |
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|
1 |
Rs.84.44 |
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Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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.