|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL SUCCESS
LTD. |
|
|
|
|
Registered Office : |
Room 05, 13/F., The Hart, 4 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.12.2011 |
|
|
|
|
Com. Reg. No.: |
59289514 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF
ALL KINDS OF DIAMONDS, JEWELLERY PRODUCTS |
|
|
|
|
No. of Employees : |
1. (Including
associate) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Small Company |
|
Payment Behaviour : |
Slow but correct |
|
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 |
EXCEL SUCCESS
LTD.
ADDRESS: Room 05, 13/F., The Hart, 4 Hart
Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
Managing
Director: Mr. Jawahar Lal Parson
Incorporated
on: 23rd December, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$1,550,000.00
Issued: HK$1,550,000.00
Business
Category: Diamond &
Jewellery Trader.
Employee: 1. (Including associate)
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered
Head Office:-
Room 05, 13/F.,
The Hart, 4 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Solitaire (H.K.)
Ltd.
Room 1506, 15/F.,
Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon, Hong Kong.
[Tel: 852-2723 6606; Fax: 852-2723 6605]
59289514
1693622
Managing
Director: Mr. Jawahar Lal Parson
Nominal Share
Capital: HK$1,550,000.00 (Divided into 1,550,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,550,000.00
(As
per registry dated 23-12-2012)
|
Name |
|
No.
of shares |
|
Pratish
Parvin MEHTA |
|
775,000 |
|
Akarsh Pratish MEHTA |
|
775,000 |
|
|
|
–––––––– |
|
|
Total: |
1,550,000 ======= |
(As
per registry dated 23-12-2012)
|
Name (Nationality) |
Address |
|
Jawahar Lal
PARSON |
Flat H, 19/F., Tower 7, Laguna Verde,
Hunghom, Kowloon, Hong Kong. |
|
Pratish Pravin
MEHTA |
112-B, 11/F., Ambassy Apartment, Chs., 46,
Nepean Sea Road, Mumbai 400 036, India. |
|
Akarsh Pratish
MEHTA |
112B, Embassy Apartments, 46 Nepean Sea
Road, Mumbai 400006, India. |
(As
per registry dated 23-12-2012)
|
Name |
Address |
Co.
No. |
|
Lodestar
Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des
Voeux Road Central, Hong Kong. |
|
The
subject was incorporated on 23rd December, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject’s registered address was located at Room 1001-10044A, 10/F.,
Champion Building, 287-291 Des Voeux Road Central, Hong Kong where was the
operating address of a secretarial firm known as GNL11 Ltd. The subject changed its registered address to
Flat E2, 15/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong in July 2012 and further to the present one with effect from
5th 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, jewellery products
Employee: 1. (Including associate)
Commodities
Imported: India, etc.
Markets: Hong Kong, China, other
Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P, etc.
Nominal Share
Capital: HK$1,550,000.00 (Divided
into 1,550,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,550,000.00
Profit or Loss: Kept a balance account in 2012.
Condition: Business is improving.
Facilities: Making rather 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 1,550,000 ordinary shares of HK$1.00 each, Excel Success Ltd. is equally
owned by Mr. Pratish Parvin Mehta and Mr. Akarsh Pratish Mehta. Both of whom are Indian. They are India passport holders and do not
have the right to reside in Hong Kong permanently. The managing director of the subject Mr.
Jawahar Lal Parson is also an Indian. He
is a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The
subject commenced business in December 2011.
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, Japan and the other Asian countries.
Business is improving.
Parson
is operating another firm in Hong Kong known as Solitaire (H.K.) Ltd.
[Solitaire] which is wholly-owned by him.
This firm is located at a different address.
Solitaire
is also a diamond and jewellery trader.
It was incorporated on 10th September, 2007. It trades in bracelet, diamond & pearl
ornament, diamond earring, diamond tourmaline ring, diamond bangle, etc. Products are exported to Australasia, China,
Eastern Europe, Japan, South Korea, the Middle East, North America, Other Asian
Countries, Southeast Asia, Taiwan, Western Europe, etc.
The
history of the subject in Hong Kong is just over a year and eight months.
On
the whole, since the history of the subject is short, consider it good for
normal 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.
-
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.
-
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.
-
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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.