|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
EC JEWELS HK LTD. |
|
|
|
|
Registered Office : |
Flat B2, 11/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
05.11.2012 |
|
|
|
|
Com. Reg. No.: |
60569597 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Diamond & Gemstone Trader of All kinds of diamonds and gemstones. |
|
|
|
|
No. of Employees : |
1 |
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 |
|
Status : |
Business Under Development |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
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 |
EC
JEWELS HK LTD.
ADDRESS: Flat B2, 11/F., Prat Mansions, 26-36 Prat
Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Mr.
Nitin Dusad
Incorporated on: 5th
November, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond & Gemstone Trader.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
EC
JEWELS HK LTD.
ADDRESS:
Registered
Head Office:-
Flat B2, 11/F., Prat Mansions, 26-36 Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong.
60569597
1821071
Managing Director: Mr. Nitin Dusad
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 05-11-2013)
|
Name |
|
No.
of shares |
|
Nitin DUSAD |
|
10,000 ===== |
(As per registry dated 05-11-2013)
|
Name (Nationality) |
Address |
|
Nitin DUSAD |
Flat B, 5/F., Union Mansion, 33-35 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 05-11-2013)
|
Name |
Address |
|
Sonu DUSAD |
Flat B, 5/F., Union Mansion, 33-35 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong. |
The subject was incorporated on 5th
November, 2012 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: Diamond
& Gemstone Trader.
Lines: All
kinds of diamonds and gemstones.
Employee: 1.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales:
L/C or as per
contracted.
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
Mortgage or Charge: (See attachment)
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:
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
China Construction
Bank (Asia) Corporation Ltd., Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of
HK$1.00 each, EC Jewels HK Ltd. is wholly owned by Mr. Nitin Dusad who is an
India merchant.
He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
He is also the only director of the subject. Dusad has been in Hong Kong for a very long as
he has got the Hong Kong ID before setting up the subject.
The subject commenced business in November
2012.
The subject’s registered address is in a
private building located at Flat B2, 11/F., Prat Mansions, 26-36 Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong. It
seems that this is the latest residence of Dudad.
The subject is trading in diamonds and
gemstones. It is significant for ruby
set, ruby necklace and emerald set.
The subject is carrying the following
semi-precious stones: aquamarine, pink amethyst, rubylite, green amethyst, blue
topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink
tourmalines, amethyst, pink topaz, garnet, rose quartz, etc.
Prime markets are Hong Kong, China, other
Asian countries, Europe, etc.
In order to penetrate the international
market further, the subject has taken part in fairs and exhibitions held in
Hong Kong and other foreign large cities.
For instance, it is going to take part in “HKTDC Hong Kong International
Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong AsiaWorld-Expo,
Lantau, Hong Kong during the period of 2nd to 6th March, 2015.
Business chiefly handled by Dudad himself,
the subject has just one employee in Hong Kong.
Since the history of the subject is just
about a year and ten years in Hong Kong, consider it good for normal
business engagements on L/C basis.
|
Date |
Description
of Instrument |
Mortgagee |
|
28-02-2013 |
Assignment of
Receivables – General with notice of Assignment |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
|
15-03-2013 |
Assignment of Life
Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
|
20-06-2014 |
Assignment of
Life Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
|
25-08-2014 |
Mortgage |
China Construction Bank (Asia) Corporation
Ltd., Hong Kong. |
|
25-08-2014 |
Assignment of
Rentals |
China Construction Bank (Asia) Corporation
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.