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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
BLUE SPARKS LTD. |
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Registered Office : |
Room D, 5/F., |
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Country : |
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Date of Incorporation : |
15.06.2009 |
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Com. Reg. No.: |
50796366 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds. |
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No of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
(Formerly located at:-
Room 1505, 15/F., Lee Wai Commercial Building,
1-3 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong
BLUE SPARKS LTD.
ADDRESS: Room D, 5/F., Wah Fai
Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 2245, 9042 6959
FAX: 852-2366 4245
MANAGEMENT:
Managing Director: Mr. Amit Kumar
Incorporated on: 15th June, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond
Trader.
Employees: 3. (Including associates)
Main Dealing Banker: Public
Bank of Hong Kong, Hong Kong.
Banking Relation: Satisfactory.
BLUE SPARKS
LTD.
Registered Head
Office:-
Room D, 5/F., Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
Anki Impex Ltd., Hong Kong.
Diva Diam, Hong Kong.
DVH Industries (Asia) Ltd., Hong Kong.
Gems Luck HK Ltd., Hong Kong.
(Same address)
Victory Jewellery, Hong Kong.
[Business ceased]
50796366
1345731
Managing Director: Mr. Amit Kumar
(Mobile No.: 852-9042 6959)
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 29-06-2014)
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Name |
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No. of shares |
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Amit KUMAR |
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10,000 ===== |
(As per registry dated 15-06-2012)
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Name (Nationality) |
Address |
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Amit KUMAR |
Flat E, 45/F., Block 16, Caribbean Coast, Crystal Cove, 1 Kin Tung Road,
Tung Chung. Lantau Island, Hong Kong. |
(As per registry dated 29-06-2014)
|
Name |
Address |
Co. No. |
|
Central Dynamic Secretarial Ltd. |
Unit 5-6, 7/F., Greenfield Tower, Concordia Plaza, 1 Science Museum
Road, Tsimshatsui, Kowloon, Hong Kong. |
0563433 |
The subject was incorporated on 15th June, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
At the very beginning, the subject was located at Room 1505, 15/F., Lee
Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong,
moved to Room 1213, 12/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong
Kong where was the operating address of Billion Rise Secretaries Ltd. in March
2010. It moved back to the present
address with effect from 27th February, 2012. It move to the present address in June 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of
diamonds, etc.
Employees: 3. (Including associates)
Commodities Imported: India
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
a very small profit in past three years.
Condition: Business
is fairly active.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Public Bank of Hong Kong, Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Blue Sparks Ltd.
is wholly-owned by Mr. Amit Kumar who is an India merchant. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently. He is also the only director of the subject.
At the very beginning, the 10,000 shares were owned by Mr. Amit
Kumar. On 5th March, 2010, Kumar
transferred his shares to Mr. Vilas Pandurang Gurav who was the previous
shareholder. He transferred all his shares
back to Kumar in June, 2011.
The subject moved to the present address in June 2014. The new office is in a residential building.
Kumar is also the only shareholder and director of Anki Impex Ltd. which
is located at the same address of the subject.
Besides, Kumar is also the manager and sole proprietor of Diva Diam
which was established on 9th September, 2006.
Kuma can be reached at his Hong Kong mobile phone number 852-9042 6959.
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, Japan and the other Asian countries. Business keeps on improving.
Previously, Kuma was also the owner of Victory Jewellery which was a
Hong Kong-registered firm. However,
this firm has ceased business since 14th January, 2012.
The subject’s business is chiefly handled by Kumar himself. He has three employees in his firm.
The history of the subject in Hong Kong is over five years and two
months.
On the whole, consider the subject good for normal business engagements.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.47 |
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1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
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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.