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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
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Name : |
TOP NICE
INTERNATIONAL TRADING LTD. |
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Registered Office : |
c/o Global Associates Ltd. 10/F., |
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Country : |
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Date of Incorporation : |
18.10.2012 |
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Com. Reg. No.: |
60494950 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
According to our Secondary Sources, subject is trading in Loose, Polished and Cut Diamonds. |
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No of Employees : |
No Employees in (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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in |
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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 – 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 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 |
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Source
: CIA |
TOP NICE
INTERNATIONAL TRADING LTD.
Registered Head
Office:-
c/o Global Associates Ltd.
10/F., Tack Building, 48 Gilman Street, Central, Hong Kong.
Associated
Company:-
Bloom Able Ltd., Hong Kong. (Same address)
60494950
1813627
18th October, 2012.
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 18-10-2013)
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Name |
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No.
of shares |
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Harakchand Manmal SHAH |
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10,000 ===== |
(As per registry
dated 18-10-2013)
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Name (Nationality) |
Address |
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Harakchand
Manmal SHAH |
Room No. 11, 3/F., Kahan Baug,
Building-12, 2nd Carpenter Street, Mumbai-400004, India. |
(As per registry
dated 18-10-2013)
|
Name |
Address |
Co.
No. |
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Global Associates Ltd. |
Unit A, 10/F., Tack Building, 48 Gilman Street, Central,
Hong Kong. |
1695695 |
The subject was incorporated on 18th October, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at 14/F., Chun Wo Commercial Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address of a commercial service provider Gateway Registrations Ltd. The subject moved to the present address with effect from 29th October, 2012 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary share of HK$1.00, Top Nice International Ltd. is wholly owned by Mr. Harakchand Manmal Shah who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject. His registered address is in Mumbai, India.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong” known as “Global Associates Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The director of the subject cannot be reached as he is not in Hong Kong.
According to our secondary sources. the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds.
Products are chiefly sourced from India.
The subject has had an associated company known as Bloom Able Ltd. located at the same address.
Having issued 10,000 ordinary shares of HK$1.00 each and incorporated on 25th October, 2012, Bloom Able Ltd. is also wholly owned by Harakchand Manmal Shah. This company is also a diamond trader.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year.
On the whole, 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.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
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 |
|
US Dollar |
1 |
Rs.61.95 |
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UK Pound |
1 |
Rs.97.15 |
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Euro |
1 |
Rs.76.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
DPT |
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.