MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
IN COLLECTION |
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Registered Office : |
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.06.2001 |
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Com. Reg. No.: |
31944936-000-06 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds and jewellery
products, emerald, precious stones, etc. |
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No. of Employees : |
6. (Including associate) |
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 |
|
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 |
IN COLLECTION
Room 901, 9/F.,
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2311 3011
FAX: 2311 1167
E-MAIL: camy@incollectiondiamo.com
enquiry@incollectiondiamo.com
Manager: Mr. Kamlesh Jivanbhai
Shah
Establishment: 23rd June,
2001.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Annual Turnover: HK$55~60 million.
Employees: 6. (Including associate)
Main Dealing Banker: Bank of
India, Hong Kong Branch.
Banking Relation: Satisfactory.
IN COLLECTION
Head Office:-
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
Associated China
Factory:-
56 Feng Xiang North Road, Ronggui, Shunde District, Foshan City,
Guangdong Province, China.
[E-mail: incollection009.cn@gmail.com]
Affiliated/Associated
Companies:-
Dimano Stone LLC, UAE.
Dimoni Ltd., Hong Kong.
[Dissolved]
In 9 Collection, Singapore.
In Collection Ltd., Hong Kong.
(Same address)
Nine Diam, India.
31944936-000-06
Manager: Mr. Kamlesh Jivanbhai
Shah
Name: Mr. Kamlesh Jivanbhai SHAH
Residential Address: Flat A,
11/F., Tower 2, Harbourfront Landmark, 11 Wan Hoi Street, Hunghom,
Kowloon, Hong Kong.
The subject was established on 23rd June, 2001 as a sole proprietorship
concern owned by Mr. Kamlesh Jivanbhai Shah under the Hong Kong Business
Registration Regulations.
At the very beginning, the subject was located at Room 105-108, 1/F.,
Wong On Plaza, 62 Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to
11/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong
Kong in November 2001, and further moved to the present address in September
2005.
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, emerald, precious stones, etc.
Employees: 6.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong
Kong, other Asian countries, North America, Western Europe, etc.
Annual Turnover: HK$55~60
million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active manner.
Facilities: Is making use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of India, Hong Kong Branch.
Standing: Small.
In Collection is a sole proprietorship set up and owned by Mr. Kamlesh
Jivanbhai Shah who is an Indian. He is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
Established in June 2001, the subject is a jewellery and diamond
trader. It is engaged in manufacturing,
importing and exporting all kinds of jewellery products. It mainly produces 14K and 18K gold jewellery
accented with gemstones, diamonds, sapphires, emeralds, pearls and
semi-precious stones. It is trading in
diamond bracelets, diamond brooches, earrings, necklaces, diamond rings,
pendants, etc. Raw materials such as cut
and polished diamonds are imported from India, Belgium, and other European
countries. Finished products are
exported to Japan, the United States, China, Singapore, Malaysia, the
Philippines, Indonesia, the United Arab Emirates, etc.
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 usually takes
part in Hong Kong International Jewellery Show [HKIJS] and Hong Kong Jewellery
& Gem Fair. The former is usually
held in March while the latter, in September.
HKIJS is organized by Hong Kong Trade Development Council in
Hong Kong every year.
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.
The subject is a member of The Indian Chamber of Commerce Hong Kong and
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
Besides, the subject had got an affiliated factory in Foshan City,
Guangdong Province, China known employing about 250 persons. Business is rather active.
The subject has had an associated company In Collection Ltd. [ICL] which
is also located at the same operating address.
Shah is also the only director of the subject.
Apart from ICL, other associated offices have been set up in Thailand,
Malaysia and the United States. Its main
associated company in Dubai, the United Arab Emirates is known as Dimano Stone
LLC.
Its associate in Singapore is known as “In 9 Collection”.
The annual sales turnover of the subject and ICL ranges from HK$55 to 60
million. Making a small profit every
year.
The subject’s business is chiefly handled by Shah.
As the history of the subject in Hong Kong is over eleven years and ten
months, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.84.44 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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.