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Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PDC LTD. |
|
|
|
|
Registered Office : |
Room 1201, 12/F., Tower 2, Harbour Centre, 8 Hok Cheung
Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
12.07.2012 |
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|
|
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Com. Reg. No.: |
60082410 |
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|
|
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Legal Form : |
Private Limited Company |
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|
|
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF DIAMONDS AND GEMSTONES |
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|
|
|
No. of Employees : |
01 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
PDC LTD.
ADDRESS: Room
1201, 12/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-2715 0088, 2722 1000
FAX: 852-2715 0090
E-MAIL: surajhk@netvigator.com
Managing Director: Mr. Suraj
Jatin Mahta
Incorporated on: 12th July, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$15,000,000.00
Issued: HK$100,000.00
Business Category: Diamond
Trader.
Employee: 1.
Main Dealing Banker:The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1201, 12/F., Tower 2, Harbour Centre, 8 Hok
Cheung Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Crystal Galaxy Ltd., British Virgin Islands.
60082410
1772581
Managing Director: Mr. Suraj Jatin Mahta (Mobile: 852-9013 6645)
Contact Person: Mr. Benny
Chu (Mobile: 852-6676 3266)
Nominal Share Capital: HK$15,000,000.00 (Divided into
15,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
SHAREHOLDER: (As per registry dated
12-07-2013)
|
Name |
|
No.
of shares |
|
Crystal Galaxy
Ltd. OMC Chambers, Wickhams Cay 1, Road Town,
Tortola, British Virgin Islands. |
|
100,000 ====== |
DIRECTOR: (As per registry dated
12-07-2013)
|
Name (Nationality) |
Address |
|
Suraj Jatin MAHTA |
12 Kamal
Building, 69 Walkeshwar Road, Walkeshwar, Mumbai 400006, India. |
SECRETARY: (As
per registry dated 12-07-2013)
|
Name |
Address |
Co.
No. |
|
Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23‑29 Wing
Wo Street, Central, Hong Kong. |
0109535 |
The subject was incorporated on 12th July, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of PDC Ltd., name changed to The Gemesis Company (HK) Ltd. on 24th September, 2012 and further back to PDC Ltd. which is the present style on 30th November, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Diamonds and gemstones
Employee: 1.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Thailand, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$15,000,000.00 (Divided into 15,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly 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.
Having issued 100,000 ordinary shares of HK$1.00 each, PDC Ltd. is a wholly owned subsidiary of Crystal Galaxy Ltd. which is a BVI-registered firm.
The director of the subject Mr. Suraj Jatin Mahta is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject. However, Mahta currently is in Hong Kong and he can be reached at his mobile phone number 852-9013 6645. Another contact person of the subject Mr. Benny Chu is a Hongkongnese. He can be reached at his mobile phone number 852-6676 3266.
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, Thailand and the other Asian countries. Business is still under development.
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 took part in “52nd Bangkok Gems & Jewellery Fair 2013” which had been held in Bangkok, Thailand during the period of 6th to 10th September, 2013.
The subject’s business is chiefly handled by Mr. Benny Chu. History in Hong Kong is just over a year.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses the
address of its secretariat as its correspondence address only. Subject operates
from some other country and does not have a base in Hong Kong. Such companies
are registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.
DIAMOND INDUSTRY – INDIA
-
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.
-
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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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.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
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.
-
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.