|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
IDEAS & DESIGNS LTD. |
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Registered Office : |
263 Main Street, Road Town, Tortola |
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Country : |
British Virgin Islands |
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Date of Incorporation : |
17.07.2012 (Non-Hong Kong Company) |
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Com. Reg. No.: |
60099960 |
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Legal Form : |
Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds |
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No. of Employees : |
2. |
RATING & COMMENTS
|
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 : |
Not Incorporated in Hong Kong |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
British Virgin Islands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ECGC Country Risk Classification List – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BRITISH VIRGIN
ISLANDS - ECONOMIC OVERVIEW
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.
|
Source
: CIA |
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.
|
Source
: CIA |
IDEAS &
DESIGNS LTD.
Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-3741
1967, 3741 1966
FAX: 852-8104
5009
Managing Director: Mr. Jigar Ashok Parmar
Registered in Hong Kong on: 17th
July, 2012.
(Non-Hong Kong
Company)
Organization: Limited Company.
Capital: Authorised: US$50,000.00
Issued & Paid Up: US$10,000.00
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
IDEAS & DESIGNS LTD.
Registered
Office:-
263 Main Street, Road Town, Tortola, British Virgin Islands.
Hong Kong
Principal Place of Business:-
Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
Associated
Companies:-
Excella International Ltd., British Virgin Islands.
More Goal Ltd., British Virgin Islands.
60099960
F0019231
Managing Director: Mr. Jigar Ashok Parmar
Authorized Representative Other Than Individual: C.K. Liu & Co.
[Address: 13/F.,
Wah Kit Commercial Centre, 300-302 Des Voeux Road Central, Hong Kong.]
Authorised Capital: US$50,000.00
Issued & Paid Up Capital: US$10,000.00
(As per registry dated 17-07-2013)
|
Name (Nationality) |
Address |
|
Jigar Ashok PARMAR |
Zaveri Baug, Narnarayan Temple, 227 Kalbadevi Road, Mumbai-400002,
India. |
(As per registry dated 17-07-2013)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 300‑302 Des Voeux Road
Central, Hong Kong. |
0113023 |
The subject was incorporated in the British
Virgin Islands as a limited company. It has
established a principal place of business in Hong Kong and was registered on
17th July, 2012 as a Non Hong Kong company under Part XI of the Hong Kong
Companies Ordinance.
Formerly the subject was located at 13/F., Wah Kit Commercial Centre,
300‑302 Des Voeux Road Central, Hong Kong where is the
operating address of an accountant firm C.K. Liu & Co., moved to the
present address with effect from 8th 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.
Employees: 2.
Commodities Imported: India,
etc.
Markets: Hong
Kong.
Terms/Sales: CAD, or as per
contracted.
Terms/Buying: L/C, advanced T/T, etc.
Authorised Capital: US$50,000.00
Issued & Paid Up Capital: US$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Ideas & Designs Ltd. was incorporated in the British Virgin
Islands. It was registered in Hong Kong
in July 2012.
The director of the subject Mr. Jigar Ashok Parmar is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. His registered address is in Mumbai, India.
The subject is located at “Unit E1, 3/F., Phase 1, Hang Fung Industrial
Building, 2G Hok Yuen Street, Hung Hom, Kowloon, Hong Kong” where is the new
operating address of the subject.
The subject was located at “13/F., Wah Kit Commercial Centre, 300-302
Des Voeux Road Central, Hong Kong” where was the operating office of an
accountant firm C. K. Liu & Co. It
moved to the present address in May, 2013.
The subject has 2 employees in Hong Kong.
Besides operating the subject, Parmar is also operating another firm
known as More Goal Ltd. [More Goal] which was also registered in the British
Virgin Islands.
The subject is a diamond importer, exporter and wholesaler. It has had an associated company in Mumbai,
India.
More Goal and the subject are engaged in the same lines of business.
Besides operating the subject and More Goal, Jigar Ashok Parmar is
operating another firm known as Excella International Ltd. [Excella] which is
also a BVI-registered firm.
The registered address of Excella is located at Unit 912B, 9/F., Tower
A, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hung Hom, Kowloon, Hong
Kong. Excella is also a diamond
trader. Excella is also located at the
same operating address of the subject.
The business of the subject and Excella is handled by an Indian Mr.
Petal who can be reached at the phone number 852-3741 1966 or 3741 1967.
The subject’s business is improving in Hong Kong. History in Hong Kong is just over a year.
On the whole, since the history of the subject is short and was
registered in the British Virgin Islands, consider it good for normal business
engagements on L/C basis.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.54 |
|
|
1 |
Rs101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.