MIRA INFORM REPORT
|
Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARCOS HONG KONG LIMITED |
|
|
|
|
Registered Office : |
Unit 6405, 64/F., Central Plaza, 18 Harbour
Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
29.08.2005 |
|
|
|
|
Com. Reg. No.: |
992677 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
trader of diamonds |
|
|
|
|
No of Employees : |
About 5 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Company Name: |
|
|
Supplied Name: |
Arcos hong Kong Limited |
|
Trading Address: |
Unit 6405, 64/F., Central Plaza, 18 Harbour
Road, Wanchai, Hong Kong |
|
Supplied Address: |
Unit 6405, 64/F Central Plaza, 18 Harbour Road, Wanchai |
Note: The exact name and address are as above.
Credit Summary
|
Credit Opinion: |
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 6405,
64/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong |
|
Telephone Number: |
+852-2521-9292 |
|
Fax Number: |
+852-2521-9636 |
|
E-mail: |
|
|
Date of Registration: |
2005-8-29 |
|
Registered Number: |
992677 |
|
Business Registration No.: |
36029084 |
|
Paid-up Capital: |
USD 300,000 = 300,000 Shares @ USD 1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
66729--Diamonds, non-industrial, otherwise
worked, but not mounted or set (cm) |
|
Principal Activities: |
Trading of diamonds |
|
Staff: |
About 5 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-8-29 |
History
Subject was incorporated on 2005-8-29 with the registered number 992677 as Private Limited Liability Company in Hong Kong.
Corporate Structure
Major Related
Companies
|
1 |
|
|
Name: |
Arcos Belgium N.V. |
|
Address: |
Lange Herentalsestraat 62/70, 2018
Antwerpen, Belgium |
|
Tel: |
+323-227-0658 |
|
Fax: |
+323-227-1870 |
|
2 |
|
|
Name: |
Arcos Diamonds Israel Ltd |
|
Address: |
52520, Diamond Exchange Maccabi Bldg. 2031,
1 Jabotinsky Str., Ramat-Gan, Israel |
|
Tel: |
+972-3-612-8680/1/2 |
|
Fax: |
+972-3-612-8714 |
|
3 |
|
|
Name: |
Arcos East DMCC |
|
Address: |
Jumeirah Lake Towers, Almas Tower, floor 47,
office D, P.O. Box 340510, Dubai, UAE |
|
Tel: |
+9714-428-1312 |
|
Fax: |
+9714-428-1311 |
|
4 |
|
|
Name: |
Arcos USA, Inc. |
|
Address: |
580 Fifth Avenue, NY 10036, New York, USA |
|
Tel: |
+1-212-921-4300 |
|
Fax: |
+1-212-921-4646 |
|
5 |
|
|
Name: |
Arcos Limited |
|
Address: |
2nd Floor, 86 Hatton Garden, London,
EC1N8QQ, UK |
|
Tel: |
+44-20-7831-3004 |
|
Fax: |
+44-20-7242-3174 |
Shareholder
|
Subscription Shares |
Proportion of Investment (%) |
|
|
300,000 |
100% |
|
|
Total |
300,000 |
100% |
Major Shareholder
Information:
|
Name: |
Ojscalrosa |
|
Address: |
7, U1, Lenina, Mimy 678170, Republic of
Sakha (Yakutia) |
Management Information
Core Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Egorov Timur |
|
Address: |
Flat 38A, 38/F., Tower 3, Phase 6, Bel-Air
On The Peak, No.8 Bel-Air Peak Avenue Island South, Hong Kong |
|
Position: |
Director |
|
Passport Number: |
714872431 |
|
Issuing Country: |
Russian Federation |
|
2 |
|
|
Name: |
Kurochkin Oleg |
|
Address: |
Fl.127 Bldg 8, Michurinskiy Prsp, Moscow,
Russian Federation |
|
Position: |
Director |
|
Passport Number: |
51NO.4623602 |
|
Issuing Country: |
Russian Federation |
|
3 |
|
|
Name: |
Malinin Alex Ander |
|
Address: |
Fl.2, Bldg.6, Bolshoy Afanassievsky Per. 119048,
Moscow, Russian Federation |
|
Position: |
Director |
|
Passport Number: |
530182839 |
|
Issuing Country: |
Russian Federation |
|
4 |
|
|
Name: |
Nogovitsyn Vladlen |
|
Address: |
Flat A, 18/F Tower 3 Bel-Air No.8 Bel-Air on
the Peak Island South, Hong Kong |
|
Position: |
Director |
|
ID Number: |
R506125 |
|
5 |
|
|
Name: |
Smagin Evgeny |
|
Address: |
Fl.74, Blk.3, Bldg 1., Ivanteevskaya Street,
107150, Moscow, Russian Federation |
|
Position: |
Director |
|
Passport Number: |
530318531 |
|
Issuing Country: |
Russian Federation |
|
6 |
|
|
Name: |
TMF Secretaries (HK) Limited |
|
Address: |
36/F., Tower Two, Times Square, 1 Matheson
Street, Causeway Bay, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
99444 |
Personnel
Structure
|
Total Employees |
Operation Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit 6405,
64/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong |
Premises
Information
Office address:
|
Address: |
64th Floor, Central Plaza, No.18 Harbour
Road, Hong Kong |
|
Owners: |
Cheer City Properties Limited Protasan Limited |
|
Memorial Number: |
Remarks: Conditions of sale no.12060 of Il
8643 |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
12110500460210 |
|
Date of Instrument: |
2012-10-9 |
|
Date of Registration: |
2012-11-5 |
|
Nature: |
Lease with plan re office unit no. 6409 Remarks: 36 months and 16 days from
2012-6-15 to 2015-6-30 |
|
In Favor of: |
China Water Affairs Management Limited |
|
Consideration: |
The rent is HKD 73,920.00 per month |
|
2 |
|
|
Memorial No.: |
UB9068902 |
|
Date of Instrument: |
2003-9-19 |
|
Date of Registration: |
2003-12-3 |
|
Nature: |
Lease with plan re office 6401 & 6402 for 6 years Remarks: From 2003-9-1 to 2009-8-31 for rent
see memorial with an option to renew for 3 years |
|
In Favor of: |
Royal Consulate General of Saudi Arabia |
|
3 |
|
|
Memorial No.: |
UB8240687 |
|
Date of Instrument: |
2000-10-12 |
|
Date of Registration: |
2000-11-16 |
|
Nature: |
Tenancy agreement re office unit 6401 for 2 years with plan Remarks: From 2000-9-1 to 2002-8-31 monthly
rent is HKD 163,846 with an option to renew for a further term of 2 years |
|
In Favor of: |
Commverge Solutions Limited |
Production
Information
l Subject is a trader of diamonds without any production activities.
Purchase
Information
l Subject purchases products mainly from abroad such as Russia, etc.
Sales
Information
l Subject is engaged in sale of diamonds
l Some diamonds sold by subject has the certifications of GIA or HRD, etc.
l Subject’s sales region focuses on Asia market.
l Subject’s major customers are jewellery manufacturers, retailers and
individuals, etc.
Settlements
Purchase
1.
Domestic Purchase
Subject has little domestic purchase.
2.
Import
|
Products |
Diamonds |
|
Payment Terms |
T/T, etc |
Sales
1.
Domestic Markets
|
Product |
Diamonds, |
|
Selling Terms |
Cash, T/T, etc |
2.
Export
|
Product |
Diamonds, etc |
|
Selling Terms |
T/T, etc |
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.
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant 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.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Department: |
Sales Department |
Industry Information
66729--Diamonds, non-industrial, otherwise
worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
96,110 |
728,817 |
662,210 |
4,475,744 |
|
Armenia |
-- |
-- |
461 |
1,049 |
|
Australia |
1,756 |
23,658 |
3,733 |
54,816 |
|
Belgium |
84,515 |
1,239,263 |
423,171 |
6,622,381 |
|
Canada |
476 |
2,771 |
2,771 |
48,195 |
|
Switzerland |
8,077 |
206,582 |
32,377 |
858,188 |
|
Germany |
709 |
2,321 |
12,087 |
20,158 |
|
Britain |
1,277 |
88,340 |
9,442 |
386,120 |
|
Israel |
65,772 |
1,433,655 |
360,130 |
8,238,886 |
|
India |
981,536 |
4,727,211 |
5,338,417 |
26,201,042 |
|
Malaysia |
3,860 |
18,103 |
19,791 |
137,275 |
|
USA |
129,016 |
1,115,405 |
703,068 |
6,169,441 |
|
The Mainland of China |
114,204 |
798,063 |
516,495 |
3,689,202 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
53 |
749 |
|
Israel |
-- |
-- |
50 |
24,803 |
|
-- |
-- |
3 |
116 |
|
|
Singapore |
-- |
-- |
17 |
208 |
|
Belgium |
13 |
4,441 |
249 |
67,929 |
|
Thailand |
-- |
-- |
251 |
732 |
|
USA |
33 |
924 |
465 |
35,419 |
|
The Mainland of China |
157 |
184 |
2,711 |
8,359 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have
been rounded to the nearest final digit after summing up the constituent trade
figures.
Attachment
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
64/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Unit 6405, 64/F., Central Plaza, 18 Harbour
Road, Wanchai, Hong Kong
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
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.
-
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
UK Pound |
1 |
Rs.96.37 |
|
Euro |
1 |
Rs.76.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
|
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 |
|
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 |
|
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.