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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SWIFT TRADING LTD. |
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Registered Office : |
Shop 68, LG/F., |
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Country : |
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Date of Incorporation : |
22.06.2010 |
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Com. Reg. No.: |
52483298 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS AND JEWELLERY |
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No. of Employees : |
3. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source
: CIA |
SWIFT TRADING LTD.
ADDRESS: Shop 68, LG/F., Houston
Centre, 63 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not Available
Managing Director: Mr. Ramjee
Prasad Paudel
Incorporated on: 22nd June, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Diamond
& Jewellery Trader.
Employees: 3. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SWIFT TRADING
LTD.
Registered
Office:-
Shop 68, LG/F., Houston Centre, 63 Mody Road, Tsimshatsui, Kowloon, Hong
Kong.
Affiliated/Associated
Companies:-
Basilica Jewelry Ltd.
Room 505, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong.
Chau Shan Trading Ltd., Hong Kong.
(Same address)
Cornell Trading (HK) Ltd., Hong Kong.
Irony (Hong Kong) Ltd., Hong Kong.
Nippon Incorporation Ltd., Hong Kong.
Nisha International Network Ltd., Hong Kong. (Dissolved)
P. K. Impex, Hong Kong.
Pal Gems, India.
Rose Jewels Ltd., Hong Kong.
Swift Trading Ltd., Hong Kong.
52483298
1471377
Nominal Share Capital: HK$100,000.00
(Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 22-06-2013)
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Name |
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No. of share |
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Ramjee Prasad PAUDEL |
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100,000 ====== |
(As per registry dated 22-06-2013)
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Name (Nationality) |
Address |
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Ramjee Prasad PAUDEL |
2/F., 1-3 Swatow Street, Wanchai, Hong Kong. |
(As per registry dated 22-06-2013)
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Name |
Address |
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Tika Devi PAUDEL |
2/F., 1-3 Swatow Street, Wan Chai, Hong Kong. |
The subject was incorporated on 22nd June, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Himalayan Finance
Ltd., name changed to the present style on 31st May, 2011.
Formerly the subject’s registered address was located at Room 406B,
4/F., Mirror Tower, 61 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong where was the operating office of a
commercial service provider Gurung & Shum Business Solutions Ltd. It moved to the present address in May, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery
Employees: 3. (Including associates)
Commodities Imported: India
Markets: Hong
Kong, China, other Asian countries, UAE
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T
Nominal Share Capital: HK$100,000.00
(Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100
000.00
Profit or Loss: Made
very small profit in 2013.
Condition: Business
is improving.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
Swift Trading Ltd. has issued 100,000 ordinary share of HK$1.00 which
are wholly owned by Mr. Ramjee Prasad Paudel who is residing in Hong Kong. He is also the director of the subject. Paudel is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently.
The subject is a diamond and gem trader.
Ramjee Prasad Paudel is also the managing director of another company
Chau Shan Trading Ltd. [Chau Shan] which is also located at the same
address. Being also a diamond trader, Chau
Shan is wholly owned by Mr. Vijen Girishchandra Jhaveri who is an Indian.
Jhaveri is also the owner and director of another firm which is
registered in Hong Kong known as Basilica Jewelry Ltd. [Basilica]. It has got another associated companies Rose
Jewels Ltd. [Rose] and Nippon Incorporation Ltd. [Nippon]. Nippon and Basilica are also located at the
same address as the subject. Jhaveri has
had an associated diamond and jewellery factory in Shenzhen Special Economic
Zone, China.
To our knowledge, Paudel is also the director of Irony (Hong Kong) Ltd.
which is a Hong Kong-registered company.
Irony (Hong Kong) Ltd. is also located at the same address.
Your given phone number 852-6183 2331 does not belong to the
subject. This number belongs to Gurung
& Shum Business Solutions Ltd. which is the secretarial company of the
subject. We had reach Gurung & Shum
and it confirmed that the subject is one of its clients.
Besides operating the subject, Mr. Ramjee Prasad Paudel had operated
another firm known as Nisha International Network Ltd. [Nisha] which was
located at the same operating address.
However, this company has been dissolved.
The history of the subject in Hong Kong is over three years.
Since the history of the subject is short in Hong Kong, consider it good
for business engagements on L/C basis or in very small credit amounts.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.32 |
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|
1 |
Rs.101.78 |
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Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.