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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
c/o Swals Assist HK Room 516, 5/F., |
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Country : |
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Date of Incorporation : |
22.08.2013 |
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Com. Reg. No.: |
61924617 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF TEXTILE PRODUCTS, GARMENTS, DIAMONDS, JEWELLERY,
CHEMICALS AND SUNDRY PRODUCTS. |
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No of Employees : |
4 [Including Associates] |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
EAST OCEAN GLOBAL
LTD.
ADDRESS: c/o
Swals Assist HK
Room 516, 5/F., East Ocean Centre, 98 Granville
Road, Tsimshatsui East, Kowloon, Hong Kong
PHONE: 852-2377
4436 (not 2377 4463)
FAX: 852-2377
4055
E-MAIL: sandeep@swals.com
MANAGEMENT:
Managing Director: Mr. Sandeep
Jagdishprasad Agrawal.
Incorporated on: 22nd August, 2013.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$100,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 4. (Including associates)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
EAST OCEAN GLOBAL
LTD.
Registered Head
Office:-
c/o Sanling Consultants & Associates Ltd.
Room 904, 9/F., Cheong K. Commercial Building, 84-86 Des Voeux Road, Central,
Hong Kong.
Operating
Address:-
c/o Swals Assist HK
Room 516, 5/F., East Ocean Centre, 98 Granville Road,
Tsimshatsui East, Kowloon, Hong Kong.
61924617
1956051
Managing Director: Mr. Sandeep
Jagdishprasad Agrawal.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 08-10-2013)
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Name |
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No. of shares |
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Swetal Bhupendra SAKARIA |
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50,000 |
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Sandeep Jagdishprasad AGRAWAL |
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50,000 |
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––––––– |
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Total: |
100,000 ====== |
(As per registry dated 07-10-2013)
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Name (Nationality) |
Address |
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Sandeep Jagdishprasad AGRAWAL |
Flat 13, 5/F., 11-19 Lee Shing Mansion, Wai Ching Street, Yau Ma Tei,
Kowloon, Hong Kong. |
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Swetal Bhupendra SAKARIA |
295/A, Saumitra Bldg, 8/F., Behind Matunga Station Road, Matunga,
Mumbai-400 019, India. |
(As per registry dated 22-08-2013)
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Name |
Address |
Co. No. |
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Sanling Consultants & Associates Ltd. |
Room 904, 9/F., Cheong K. Commercial Building, 84-86 Des Voeux Road,
Central, Hong Kong. |
0316677 |
The subject was incorporated on 22nd August, 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Textile
Products, Garments, Diamonds, Jewellery, Chemicals, Sundry Products
Employees: 4. (Including associates)
Commodities Imported: China,
other Asian countries
Markets: Asian
countries, Middle East
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or Charge:-
Date: 13-09-2013
Description of Instrument: Security
Over Deposits With The Bank
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
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 Hong Kong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 100,000 ordinary shares of HK$1.00 each, East Ocean Global
Ltd. is equally owned by Mr. Swetal Bhupendra Sakaria and Mr. Sandeep
Jagdishprasad Agrawal.
Its registered office is in a commercial service firm located at “Room
516, 5/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon,
Hong Kong” known as “Swals Assist HK” which is handling its correspondences and
documents. This commercial service firm
is owned and operated by Mr. Sandeep Jagdishprasad Agrawal.
The subject’s registered address is located at “Room 904, 9/F., Cheong
K. Commercial Building, 84-86 Des Voeux Road, Central, Hong Kong” where is the
operating office of a consultant company Sanling Consultants & Associates
Ltd.
We can reach Agrawal at his Hong Kong phone number 852-2377 4436 (not
852-2377 4463). He is nice and
co-operative.
According to Agrawal, the subject is trading in the following
commodities:
Textile Products, Garments, Diamonds, Jewellery, Chemicals, Sundry
Products
The subject’s business is still under development. Business in Hong Kong is chiefly handled by
Sandeep Jagdishprasad Agrawal himself.
History in Hong Kong is less than a year.
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
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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.
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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.
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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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.73 |
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1 |
Rs.101.47 |
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Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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.