|
Report Date : |
31.05.2014 |
|
|
|
|
Tel. No.: |
852 37411967 |
IDENTIFICATION DETAILS
|
Name : |
IDEAS & DESIGNS LTD. |
|
|
|
|
Registered Office : |
263 Main Street, Road Town, Tortola, British Virgin Islands |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
17.07.2012 |
|
|
|
|
Com. Reg. No.: |
60099960 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Importer,
Exporter and Wholesaler of all kinds of diamonds |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small company |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
IDEAS & DESIGNS LTD.
ADDRESS: c/o
Kay International
Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, Hunghom, 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:-
c/o Kay
International
Unit E1, 3/F., Hang
Fung Industrial Building, Phase 1, 2G Hok Yuen Street, Hunghom, Kowloon, Hong
Kong.
Affiliated Company:-
Kay International,
Hong Kong. (Same address)
Associated Companies:-
Excella
International Ltd., British Virgin Islands.
More Goal Ltd.,
British Virgin Islands.
60099960
F0019231
Managing
Director: Mr. Jigar Ashok Parmar
Contact
Person: Mr. Petal
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 was 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
Markets: Hong
Kong.
Terms/Sales: CAD, or as per contracted.
Terms/Buying: L/C,
advanced T/T
Authorised Capital:
US$50,000.00
Issued & Paid
Up Capital: US$10,000.00
Profit or Loss: Kept
a balance account in 2013.
Condition: Business
is improving.
Facilities: Making
rather 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 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 now 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. This is also the operating
address of Kay International, a Hong Kong-registered company which is a diamond
trader.
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. However More Goal is located at a different
address.
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, Hunghom, 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 1967.
The subject’s
business is improving in Hong Kong.
History in Hong Kong is just about two years.
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th October
2010 is as under –
-
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.
-
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.