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Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
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Name : |
RADIANT EXPORTS |
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Registered Office : |
Room 6B, 22/F., Far East Consortium Building, 121 Des Voeux Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.05.2008 |
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Com. Reg. No.: |
39244207-000-05 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Trading of diamond importer, exporter and wholesaler |
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No. of Employees : |
Number of Employees Not Available in Hong Kong [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.] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
No Operating Office In Hong Kong |
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
RADIANT
EXPORTS
Registered
Office:-
c/o HKBSS Ltd.
Room 6B, 22/F.,
Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong.
[Tel: 852-2541
6632; Fax: 852-2541 9339]
39244207-000-05
5th May, 2008.
Sole
Proprietorship
Name: Mr. Jigar Prakashchandra VIDANI
Residential
Address: 403, Panchratna, Apartment A Lines, Surat 395007, India.
Radiant
Exports is a sole proprietorship set up on 5th May, 2008 and owned by Mr. Jigar
Prakashchandra Vidani under the Hong Kong Business Registration Regulations.
At
the very beginning, the subject’s registered address was in the operating
office of an accountant firm located at 7/F., Hong Kong Trade Centre, 161‑167
Des Voeux Road Central, Hong Kong known as Fung, Yu & Co., Certified Public
Accountants which had handled its correspondences and documents. The subject changed its registered address as
it has changed its commercial service provider to HKBSS Ltd. [HKBSS] which was
located at Room 1B, 20/F., Far East Consortium Building, 121 Des Voeux Road
Central, Hong Kong in June 2012, since then.
HKBSS moved to 6B, 22/F. of the same building in October, 2012, so did
the registered address of the subject.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Radiant
Exports is a sole proprietorship owned by Mr. Jigar Prakashchandra Vidani 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 manager of the subject.
The
subject does not have its own operating office.
Its registered office is in a secretarial firm located at Room 6B, 22/F.,
Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong known as
HKBSS Ltd. which is handling its correspondences and documents.
The
subject has no employees in Hong Kong.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like
marquise, pears, tappers, buggets and rose cut diamonds range from 0.05 cts to
0.60 cts. Commodities are chiefly
imported from India, Belgium, etc. Prime
markets are Hong Kong, India and the other Asian countries.
Being
a one-man company, the subject’s business is chiefly operated by Jigar
Prakashchandra Vidani himself. It was
reported that Vidani had been in Hong Kong most of the time.
Vidani
has had an associated company which is a diamond manufacturer in Surat, India.
The
history of the subject in Hong Kong is over five years. Regular customers have been developing.
On
the whole, 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.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.82.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
-- |
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.