MIRA INFORM REPORT

Report Date :

09.08.2014

IDENTIFICATION DETAILS

Name :	3 ACE DIAMONDS

Registered Office :	Room 1718, 17/F., Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon

Country :	Hong Kong

Date of Incorporation :	01.12.2011

Com. Reg. No.:	54193069-000-12

Legal Form :	Partnership

Line of Business :	Importer, Exporter & Wholesaler All Kinds of Diamonds

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company name & address

3 ACE DIAMONDS

ADDRESS: Room 1718, 17/F., Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 852-2368 4688

FAX: 852-2368 4188

MANAGEMENT:

Manager: Mr. Tvshar Arvind Kumar Shah

SUMMARY

Establishment: 1st December, 2011.

Organization: Partnership.

Capital: Not disclosed.

Business Category: Diamond Trader.

Employees: 2.

Main Dealing Banker: The Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

Name

3 ACE DIAMONDS

ADDRESS

Head Office:-

Room 1718, 17/F., Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

54193069-000-12

MANAGEMENT

Manager: Mr. Tvshar Arvind Kumar Shah

PARTNERS

Name: Mr. Tvshar Arvind Kumar SHAH

Residential Address: 5/F., Fortuna House, 58A Granville Road, Kowloon, Hong Kong.

Name: Mr. Manoj Ramesh JHAVERI

Residential Address: Flat B, 7/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

The subject was established on 1st December, 2011 as a sole proprietorship concern owned by Mr. Tvshar Arvind Kumar Shah under the Hong Kong Business Registration Regulations.

The subject became a partnership as Mr. Manoj Ramesh Jhaveri joined in as a partner on 20th February, 2012.

Formerly the subject was located at 5/F., Fortuna House, 58A Granville Road, Kowloon, Hong Kong, moved to Room 1601, 16/F., Workingport Commercial Building, 3-4 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong in August 2013, and further moved to the present address in early July 2014.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of diamonds

Employees: 2.

Commodities Imported: India, other Asian countries

Markets: Hong Kong, China, other Asian countries

Terms/Sales: As per contracted.

Terms/Buying: Prepayment, L/C, T/T

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Made a very small profit in 2013.

Condition: Business is improving.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory

Banker: The Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

3 Ace Diamonds is a partnership jointly owned by Mr. Tvshar Arvind Kumar Shah and Mr. Manoj Ramesh Jhaveri, both of whom are an India merchants. They are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently. The former is also manager of the subject.

At the very beginning, the subject’s registered address was in a private building located at 5/F., Fortuna House, 58A Granville Road, Kowloon, Hong Kong. This is the residence of Shah. Now, the subject has moved to the present address since early July 2014.

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, China and the other Asian countries. Business is keeps on improving.

The business of the subject is chiefly handled by the two partners. History in Hong Kong is just over two years.

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis or in very small credit amount for the time being.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	TPT

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%)

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