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Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
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Name : |
N
D TRADING |
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Registered Office : |
c/o P. K. Lui & Co. Room 905, 9/F., |
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Country : |
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Date of Incorporation : |
15.05.2010 |
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Com. Reg. No.: |
52261165-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds
(Including Loose Diamonds Like Marquise, Pears, Tappers, Buggets And Rose Cut
Diamonds) |
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No. of Employees |
no employees
in (It is to
be noted that the concern does not have its own operating office in Hong Kong.
The concern 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
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MIRA’s Rating : |
Ca |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 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.
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Source
: CIA |
N D TRADING
c/o P. K. Lui & Co.
Room 905, 9/F., Seaview Commercial Building, 23 Connaught Road West, Hong Kong.
PHONE: 852-2540 7383
FAX: 852-3909 1822
Manager: Mr. Nilesh Dahanuwala
Establishment: 15th May, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
c/o P. K. Lui & Co.
Room 905, 9/F., Seaview Commercial Building, 23 Connaught Road West, Hong Kong.
52261165-000-05
Manager: Mr. Nilesh Dahanuwala
Name: Mr. Nilesh DAHANUWALA
Residential Address: 104/A Saraswat, Apartments, Cabin X Road, Kharigaon, Bhayander (E), Thane 401105,
India.
The subject was established on 15th May, 2010 as a sole proprietorship concern owned by Mr. Nilesh Dahanuwala under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: all kinds of diamonds (including loose diamonds like marquise, pears, tappers, buggets
and rose cut diamonds)
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, other Asian countries, etc.
Terms/Sales: L/C, or as per contracted, etc.
Terms/Buying: L/C, T/T, prepayment, etc.
Capital: Not disclosed.
Profit or Loss: Made 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 Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
N D Trading is a sole proprietorship set up and owned by Mr. Nilesh Dahanuwala who is an Indian. He is an India passport holder. Dahanuwala is also the manager of the subject.
The subject does not have its own operating office. Its registered office is in an accountant firm located at Room 905, 9/F., Seaview Commercial Building, 23 Connaught Road West, Hong Kong known as P. K. Lui & Co. which is handling its correspondences and documents. The accountant firm has had an associated concern Presson Secretarial Services Ltd. [Presson] located at the same operating address. Presson is a Hong Kong-registered firm.
The subject’s operating address seems to be in the Hong Kong residence of Nilesh Dahanuwala which is unknown to us.
The subject has no employees in Hong Kong.
We can reach nobody at your given Hong Kong mobile phone number 852‑6481 5753 as this line “cannot be connected”. It seems that the owner of the mobile has turn off his mobile phone.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds. The subject has got an affiliated concern in India which is its supplier.
Business commenced in May 2010, the subject is just a one-man concern. Its business in Hong Kong is fairly active. History in Hong Kong is just over three years.
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 concern does not have its own operating office in Hong Kong. The
concern 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
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Indian Rupees |
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US Dollar |
1 |
Rs.61.18 |
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|
1 |
Rs.102.55 |
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Euro |
1 |
Rs.81.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.