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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
LUCK MEGA LTD. |
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Registered Office : |
C/o Hashmi Secretarial Services Ltd., Unit B, 3/F., |
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Country : |
Hongkong |
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Date of Incorporation : |
14.02.2014 |
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Com. Reg. No.: |
62740894 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds, Gems and Jewellery. |
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No. of Employees : |
No employees in NOTE : It is to
be noted that the company does not have its own operating office in |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hongkong |
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 |
HONGKONG - 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 |
Your “Room A, 18/F., Rise Commercial Building, Granville Road,
Tsimshatsui, Kowloon, Hong Kong” is not correct as there is no Room A at 18/F.
of the building. However there is ‘Room
1’ at 18/F. of the building which is occupied by a firm known as China-Tech
Property Management Ltd. This company
has nothing to do with the subject.
LUCK MEGA
LTD.
Registered
Office:-
c/o Hashmi Secretarial Services Ltd.
Unit B, 3/F., Chun Wah Commercial Building,
30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
[Tel: 852-2366 0401; Fax: 852-2367 7505]
Holding
Company:-
Company Kit Secretarial Services Ltd., Hong
Kong.
Associated
Company:-
Daimur Gemsjewellery LLC. Ltd., Hong
Kong. [Dissolved]
62740894
2036788
14th February, 2014.
Nominal Share Capital: HK$10,000.00 (Divided
into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As
per registry dated 14-02-2014)
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Name |
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No. of share |
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Company Kit Secretarial Services Ltd.,
Hong Kong. |
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1 = |
(As
per registry dated 11-07-2014)
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Name (Nationality) |
Address |
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TAN Sai |
Room 202, Gate#1, Building 15, Changchun
Area 3, Yiwu City, Zhejiang Province, China. |
(As
per registry dated 18-02-2014)
|
Name |
Address |
Co. No. |
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Hashmi Secretarial Services Ltd. |
Unit B, 3/F., Chun Wah Commercial
Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong. |
0770656 |
The subject was incorporated on 14th February, 2014 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Unit A, 3/F.,
Cheong Sun Tower, 116-118 Wing Lok Street, Sheung Wan, Central, Hong Kong where
was the operating address of a commercial service provider Company Kit
Secretarial Ltd. The subject moved to the
present address with effect from 18th February, 2014 as it has changed its
commercial service provider since then.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Luck Mega Ltd. is a private limited company set up in February
2014. It has issued just one ordinary
share of HK$1.00 which is owned by Company Kit Secretarial Services Ltd., a
Hong Kong-secretarial company. The
secretarial company is just a nominal shareholder.
The director of the subject Mr. Tan Sai is a China merchant. Tan Sai is a China passport holder and does
not have the right to reside in Hong Kong permanently. He is also only director of the subject. The registered address of Tan Sai is in Yiwu
City, Zhejiang Province, China. He was
appointed director of the subject on 11th July, 2014.
The subject does not have its own operating office. Its registered office is in a secretarial
firm located at Unit B, 3/F., Chun Wah Commercial Building, 30 Minden
Avenue, Tsimshatsui, Kowloon, Hong Kong known as Hashmi Secretarial Services
Ltd. [Hashmi] which is handling its correspondences and documents. Operated by India merchants, Hashmi is also
the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is a diamond, gems and jewellery importer, exporter and
wholesaler. It is trading in loose,
polished and cut diamonds as well as jewellery products. Most of the commodities are imported from
India. Prime market is China. Business is still under development.
The subject’s business is chiefly handled by Mr. Tan Sai himself.
The subject had an associated company Daimur Gemsjewellery LLC. Ltd.
[Daimur] located at the same address.
Daimur was a private limited company set up in June 2013. However this firm has been dissolved by
deregistration since 31st October, 2014.
This company was also a gem and jewellery product trader.
The history of the subject in Hong Kong is just over nine months.
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
for the time being.
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.61.87 |
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1 |
Rs.96.83 |
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Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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.