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Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
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Name : |
NACOLE TRADING
LTD. |
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Registered Office : |
Flat B, 17/F., |
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Country : |
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Date of Incorporation : |
04.03.2014 |
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Com. Reg. No.: |
62837617 |
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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 : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
NACOLE TRADING
LTD.
Flat B, 17/F., Wah Fung Building, 16-23 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3484 2878
FAX: 852-3481 3499
Managing Director: Mr. Mehul Bharat Shah
Incorporated on: 4th March, 2014.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat B, 17/F., Wah Fung Building, 16-23 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
62837617
2046424
Managing Director: Mr. Mehul Bharat Shah (Mobile: 852-5444 0909)
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 04-03-2014)
|
Name |
|
No.
of shares |
|
Mehul Bharat SHAH |
|
10,000 ===== |
(As per registry
dated 04-03-2014)
|
Name (Nationality) |
Address |
|
Mehul Bharat
SHAH |
173, Dubhash Bldg (New Ganga
Bldg), R/40, V.P. Road, Girgaum, Mumbai - 400004 MS, India. |
(As per registry
dated 04-03-2014)
|
Name |
Address |
|
Gaganjot Kaur |
Room 8, Shop B, LG2, Orlins Court, 419R-T Queen’s Road West,
Sai Wan, Hong Kong Island, Hong Kong. |
The subject was incorporated on 4th March, 2014 as a private limited liability company under the Hong Kong Companies Ordinance.
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: 2.
Commodities Imported: India.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$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:-
· ABN AMRO Bank N.V., Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Nacole Trading Ltd. is wholly owned by Mr. Mehul Bharat Shah who is an India merchant. 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’s registered address is in a private building located at “Flat B, 17/F., Wah Fung Building, 16-23 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong”. The contact person Mr. Nurhidayah is an India consultant. There are some other India companies using his office as their registered address.
We can reach M B Shah at your given Hong Kong mobile phone number 852-5444 0909.
According to Shah, the subject is trading in all kinds of diamonds and jewellery. Products are chiefly imported from India. Prime markets are Hong Kong, China, the other Asian countries. It will expand its business to Europe in the immediate future. Business is still under development.
In Hong Kong he has two employees and has been banking with The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The business of the subject is chiefly handled by M B Shah himself. History in Hong Kong is just over four months.
On the whole, since the history of the subject is short in Hong Kong, consider it good for normal business engagements L/C basis.
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.
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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.60.23 |
|
UK Pound |
1 |
Rs.102.86 |
|
Euro |
1 |
Rs.81.44 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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.