MIRA INFORM REPORT
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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
TSAI CHEN DIAMONDS LIMITED |
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Formerly Known as : |
Franky's Diamond
(HK) Limited |
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Registered Office : |
Suite 1903, 19/F Empress Plaza, 17-19 Chatham
Road South, Tsim Sha Tsui |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.2013 |
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Com. Reg. No.: |
F0019681 |
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Legal Form : |
Foreign Company |
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Line of Business : |
Subject is an Offshore company |
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No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Offshore 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
|
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.
Source
Cia
Contact Points
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Company Name: |
Tsai Chen Diamonds Limited |
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Supplied Name: |
TSAI CHEN DIAMONDS LTD. |
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Supplied Address: |
SUITE 1903, 19/F EMPRESS PLAZA, 17-19 CHATHAM ROAD SOUTH, TSIM SHA
TSUI,HONG KONG |
Note: The exact name is as above.
Credit Summary
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Credit Opinion: |
Since we consider
subject as an offshore company and we didn’t find subject’s business entity
either in Hong Kong or anywhere else, thus we did not give credit rating at
present. |
Special Note
We cannot find subject’s any operation information or valid contact information in Hong Kong through public files according to supplied name.
We visited the supplied address, but did not find the subject on it. We tried to obtain some information of the subject from the guard of the building but he declined to disclose any information for confidential reasons.
Based on subject’s registered files and our investigation, we consider subject as an offshore company.
We found subject’s registered files from local registry, supplying as following for reference.
Company Identification Details
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Registered Name: |
|
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Registered Address: |
Suite 1903, 19/F
Empress Plaza, 17-19 Chatham Road South, Tsim Sha Tsui, Hong Kong |
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Date of Registration: |
2013-3-1 |
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Registered Number: |
F0019681 |
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Business Registration No.: |
61041170 |
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Registered Capital: |
USD 50,000 |
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Paid-up Capital: |
USD 50,000 |
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Legal Form: |
Foreign Company |
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Place of Origin: |
British Virgin Islands |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2014-3-1 |
History
Subject was incorporated on 2013-3-1 with the registered number F0019681 as Private Limited Liability Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
2013-6-24 |
Tsai Chen Diamonds Limited |
|
2013-3-1 |
Franky's Diamond (HK) Limited |
Corporate Structure
Subject did not register any subsidiaries or branches, from
other source we can not obtain the relevant information, either.
Shareholders
Subject is not the company of Hong Kong, thus we cannot obtain the detail information of shareholders from local registry of Hong Kong.
Management Information
Core Management
Detailed
Information of Directors:
|
1 |
|
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Name: |
Kanai Dharmesh Jaysukhbhai |
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Address: |
102 Arpan Tower, Opp. Fire Station, Katargam
Rd., Surat City, Pin 395004, Gujarat, India |
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Position: |
Director |
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Passport Number: |
K4804530 |
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Issuing Country: |
Republic of India |
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2 |
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Name: |
Lodestar Secretaries Limited |
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Address: |
13F, Wah Kit Commercial Centre, 300 Des Voeux
Rd. Central, Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
113023 |
Operation Information
Subject does not have business entity in Hong Kong.
Financial Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of the
subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration
Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Attachment
Address: Suite 1903, 19/F Empress Plaza, 17-19 Chatham Road South, Tsim Sha Tsui, Hong Kong
Empress Plaza, 17-19 Chatham Road South, Tsim Sha Tsui, Hong Kong
Empress Plaza,
17-19 Chatham Road South, Tsim Sha Tsui, Hong Kong
19/F Empress
Plaza, 17-19 Chatham Road South, Tsim Sha Tsui, Hong Kong
Suite 1903, 19/F
Empress Plaza, 17-19 Chatham Road South, Tsim Sha Tsui, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
UK Pound |
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.