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Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MORE GOAL LTD. |
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Registered Office : |
Unit 1207B, 12/F., Heng Ngai Jewelry Centre, |
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Country : |
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Date of Incorporation : |
17.07.2012 |
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Com. Reg. No.: |
60099839 |
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Legal Form : |
Limited Company [Non-Hong Kong Company] |
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Line of Business : |
Importer and Exporter of All Kinds of Loose Diamonds and Jewellery. |
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No of Employees : |
2 [Including Associates] |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
MORE GOAL LTD.
(Incorporated in the British Virgin Islands)
Address:
Unit 1207B, 12/F., Heng Ngai Jewelry Centre,
4 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
(Principal Place of Business)
And
13/F., Wah Kit Commercial Centre,
302 Des Voeux Road Central,
Hong Kong.
(Authorized Representative’s Address)
MORE GOAL
LTD.
ADDRESS: Unit 1207B, 12/F., Heng Ngai
Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3741 1157, 2741 1967
FAX: 852-8104 5009
Managing Director: Mr. Jigar
Ashok Parmar
Registered in Hong Kong on: 17th July, 2012
Organization: Limited Company
(Non-Hong Kong Company).
Capital: Authorised: US$50,000.00
Issued & Paid Up: US$10,000.00
Business Category: Diamond
Trader.
Employees: 2. (Including associates)
Main Dealing Bankers: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
263 Main Street, Road Town, Tortola, British Virgin Islands.
Principal Place of Business in Hong Kong:-
Unit 1207B, 12/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
Associated
Companies:-
Excella International Ltd., British Virgin Islands.
Ideas & Designs Ltd., British Virgin Islands.
60099839
F0019230
MANAGEMENT:
Managing Director: Mr. Jigar
Ashok Parmar
Name: C.K. Liu & Co.
Address: 13/F., Wah Kit
Commercial Centre, 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 17-07-2014)
|
Name (Nationality) |
Address |
|
Jigar Ashok PARMAR |
Zaveri Baug, Narnarayan Temple, 227 Kalbadevi Road, Mumbai 400002,
India. |
(As per registry dated 17-07-2014)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 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’s principal place of business was located at 13/F.,
Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hogn Kong moved to the
present address in May 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and
Exporter
Lines: All kinds of loose
diamonds and jewellery.
Employees: 2. (Including associates)
Commodities Imported: India,
other Asian countries
Markets: Hong Kong, other
Asian countries, Europe
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
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 fairly
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
More Goal 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.
The subject’s Hong Kong registered office is in an accountant firm
located at 13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central,
Hong Kong known as C. K. Liu & Co. which is handling its
correspondences and documents. C. K. Liu
& Co. has had an associated company known as Lodestar Secretarial Ltd.
which is the corporate secretary of the subject. This firm is also located at the
above-mentioned address.
Its principal place of business in Hong Kong now is located at Unit
1207B, 12/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon,
Hong Kong.
The subject is also an importer, exporter of diamonds and
jewellery. It is trading in loose,
polished and cut diamonds. Most of the
commodities are imported from India.
Prime markets are Hong Kong, Japan and the other Asian countries. It is also a commission agent. Business keeps on improving.
Besides operating the subject, Parmar is also operating another firm
known as Excella International Ltd. [Excella].
Also incorporated in the British Virgin Islands, Excella is also a
diamond trader and owned by Parmar.
Another company Ideas & Designs Ltd. [Ideas & Designs] is also
owned by Parmar and located at the same address. Ideas & Designs is also a BVI‑registered
company.
The subject’s business is chiefly handled by Parmar himself. History in Hong Kong is just over two
years and two months.
On the whole, since the history of the subject is short, 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.61.75 |
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|
1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
|
<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.