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Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ABLE BRIGHT INTERNATIONAL TRADING LTD. |
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Registered Office : |
Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.02.2012 |
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Com. Reg. No.: |
59392436 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of diamond and jewellery
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No of Employees : |
Not Available [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.] |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Dissolves By Deregistration |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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 |
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.
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Source
: CIA |
ABLE BRIGHT
INTERNATIONAL TRADING LTD.
Registered Office:-
Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon, Hong Kong.
Associated Company:- (same address)
Winful Trading Ltd., Hong Kong. [Dissolved by Deregistration]
59392436
1703856
Managing Director: Mr. Durgesh Sharma
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 08-02-2013)
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Name |
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No. of shares |
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Durgesh SHARMA |
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10,000 ===== |
(As per registry
dated 08-02-2013)
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Name (Nationality) |
Address |
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Durgesh SHARMA |
275/3 Near Esi Luna Agency, Kalabagh, Ajmer Rajasthan,
India. |
(As per registry
dated 08-02-2013)
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Name |
Address |
Co. No. |
|
Global Associates Ltd. |
Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong. |
1695695 |
The subject was incorporated on 8th February, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject 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., moved to
Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon,
Hong Kong with effect from 27th March, 2012.
The subject was dissolved by deregistration on 12th July, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Please be advised that Able Bright International Trading Ltd. is a
private limited company which applied for deregistration in March 2013. It was formally dissolved by deregistration
on 12th July, 2013.
Having issued 10,000 ordinary shares of HK$1.00 each, the subject was
wholly owned by Mr. Durgesh Sharma who was an
Indian. He was an India passport holder
and did not have the right to reside in Hong Kong permanently. He was also the only director of the subject.
The subject commenced business in February 2012.
The subject’s registered address was in a private building located at
“Unit A2, 10/F., National Court, 242 Nathan Road, Jordan, Kowloon,
Hong Kong”. This seemed to be the
residence of Sharma when he was in Hong Kong.
The residential building was not trespassed by outsiders.
The subject’s telephone number and fax number had not registered with
local telephone company nor listed on telephone directories.
The subject was a diamond and jewellery
importer, exporter and wholesaler. It
traded in loose, polished and cut diamonds.
Most of the commodities were imported from India. Prime markets were Hong Kong, China, the
other Asian countries, Europe etc.
The subject’s business was chiefly handled by Sharma himself. History in Hong Kong was just over a year.
The subject had an associated company Winful
Trading Ltd. located at the same address.
This firm was also operated by Sharma and engaged in the same lines of
business. However, this firm was also
dissolved by deregistration on 12th July, 2013.
Since the subject has been dissolved by deregistration, consider it not
suitable for any business engagements.
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 |
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US Dollar |
1 |
Rs. 58.48 |
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|
1 |
Rs. 98.67 |
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Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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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 |
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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.