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Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ELEGANT EXPORT |
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Registered Office : |
C/o SBC Corporate Services Ltd. Unit 503, 5/F., |
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Country : |
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Date of Incorporation : |
20.06.2008 |
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Com. Reg. No.: |
39460326-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer,
Exporter and Wholesaler of All kinds of diamonds |
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No of Employees : |
5 [Including Associates] |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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 |
C/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord Tower 2,
30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
(Registered Office)
ELEGANT EXPORT
ADDRESS: C/o Hesperus Jewellery Co. Ltd.
Unit 801, 8/F.,
Supreme House, 2A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2739
4685
FAX: 852-2367
9239
E-MAIL: hesperusjew@gmail.com
Manager: Mr. Chan Yuen Cheung
Establishment: 20th June, 2008.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 5. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ELEGANT EXPORT
Operating Office:
C/o Hesperus Jewellery Co. Ltd.
Unit 801, 8/F., Supreme House, 2A Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Registered Office:-
C/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord Tower 2, 30 Canton
Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated
Companies:-
Divine Impex, Hong Kong. (Same owner & same address)
Hesperus Jewellery Co. Ltd., Hong Kong. (Same address)
39460326-000-06
Manager: Mr. Chan Yuen Cheung
Name: CHAN Yuen Cheung
Residential Address: Flat B,
9/F., Grand Excelsior, 83 Waterloo Road, Kowloon,
Hong Kong.
The subject was established on 20th June, 2008 as a sole proprietorship
concern owned by Mr. Ketan Kumar Doshi
under the Hong Kong Business Registration Regulations.
The subject became a partnership as Mr. Piyushkumar
Prakashkumar Shah joined in as a partner on 16th
August, 2010. On 15th September, 2010, Doshi retired and the subject had become a sole
proprietorship again since then. On 1st
July, 2013 a new partner Mr. Chan Yuen Cheung joined in. However, P P Shah
retired on 30th June, 2014. Now, the subject
is solely owned by Chan Yuen Cheung.
At the very beginning, the subject was located at Unit A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai, Hong Kong, moved to 13/F., Wah
Kit Commercial Centre, 302 Des Voeux Road Central,
Hong Kong in July 2010 and further to the present address in September
2010. The last address is one of the
operating addresses of a commercial service provider SBC Corporate Services
Ltd.
The subject’s operating office moved to the present address in 1st July,
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
Employees: 5. (Including associates)
Commodities Imported: India,
other Asian countries
Markets: Hong Kong,
Japan, other Asian countries
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Capital: Not disclosed.
Profit or Loss: Making a very
small profit in past three years.
Condition: Business is
fairly active in Hong Kong.
Facilities: Making fairly
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Elegant Export is a sole proprietorship owned and operated by
Mr. Chan Yuen Cheung who is a Hong Kong merchant. He is also manager of the subject. He took over the business of the subject
formally on 1st July, 2014.
The subject’s registered office is in a commercial service firm located
at Unit 503, 5/F., Silvercord Tower 2,
30 Canton Road, Tsimshatsui, Kowloon,
Hong Kong known as SBC Corporate Services Ltd. [SBC] which is handling its
correspondences and documents. SBC has
had several branch offices in Hong Kong.
The subject’s operating office has moved to Unit 801, 8/F., Supreme
House, 2A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
This is the operating address of Hesperus Jewellery
Co. Ltd. [Hesperus] which is also operated by Chan Yuen Cheung. The subject moved to this formally on 1st
July, 2014.
Hesperus was incorporated on 26th April, 1994 in Hong Kong. It is jointly owned by Mr. Chan Yuen Cheung,
holding 99%, and his wife Ms. Chan Pui King, holding
just 1%.
The subject and Hesperus are engaged in the same lines of business.
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, Japan, China and the other Asian countries. Business is improving.
The subject’s business is chiefly handled by Chan himself. History in Hong Kong is over six years
and five months.
The subject has had an associated company Divine Impex
which is also owned and operated by Chan.
Divine Impex is also located at the same
address.
On the whole, since the subject has been taken over by Mr. Chan Yuen
Cheung recently, consider it good for normal business engagements in moderate
credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.61.88 |
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|
1 |
Rs.96.90 |
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Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
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 |
-- |
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.