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Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOP
NICE INTERNATIONAL TRADING
LTD |
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|
|
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Registered Office : |
c/o Global Associates Ltd. 10/F., Tack Building, 48 Gilman Street, Central |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
18.10.2012 |
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Com. Reg. No.: |
60494950 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trader of loose, polished and cut diamonds |
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NO. OF EMPLOYEES : |
NOT AVAILABLE |
RATING & COMMENTS
|
MIRA’s Rating : |
Nb |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
---- |
NB |
New Business |
---- |
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Status : |
New business |
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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 – 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 |
TOP NICE INTERNATIONAL TRADING LTD
c/o Global Associates Ltd.
10/F., Tack Building, 48 Gilman Street, Central, Hong Kong.
PHONE: 852-2850 8081
FAX: 852-2850 8093
Managing Director: Mr. Harakchand Manmal Shah
Incorporated on: 18th October, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Global Associates Ltd.
10/F., Tack Building, 48 Gilman Street, Central, Hong Kong.
60494950
1813627
Managing Director: Mr. Harakchand Manmal Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 29-10-2012)
|
Name |
|
No.
of shares |
|
GNL12
Ltd., Hong Kong. |
|
1 |
|
Harakchand Manmal SHAH |
|
9,999 |
|
|
|
––––– |
|
|
Total: |
10,000 ===== |
(As per registry
dated 29-10-2012)
|
Name (Nationality) |
Address |
|
Harakchand
Manmal SHAH |
Room No. 11, 3/F., Kahan Baug,
Bldg-12, 2nd Carpenter Street, Mumbai-400004, India. |
(As per registry
dated 29-10-2012)
|
Name |
Address |
Co.
No. |
|
Global Associates Ltd. |
Unit A, 10/F., Tack Building, 48 Gilman Street, Central,
Hong Kong. |
1695695 |
The subject was incorporated on 18th October, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at 14/F., Chun Wo Commercial Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address of a commercial service provider Gateway Registrations Ltd. The subject moved to the present address with effect from 29th October, 2012 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Thailand, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Prepayment, L/C, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Alternation of
Issued Capital:-
|
Initially |
paid up |
HK$ 1.00 |
|
29-10-2012 |
paid up |
HK$ 9,999.00 |
|
Total: |
paid up |
HK$10,000.00 =========== |
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 10,000 ordinary share of HK$1.00, Top Nice International Ltd. is wholly owned by Mr. Harakchand Manmal Shah who 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. Currently, he is residing in Mumbai, India.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong’ known as Global Associates Ltd. which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The director of the subject cannot be reached as he is in Mumbai, India.
According to our secondary sources. the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds.
The subject may have got an associated company in Mumbai, India which is also operated by Shah. The India firm is also a diamond manufacturer and trader.
It is also likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over eight months
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis
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.63.79 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
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.