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Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MORE GOAL LTD. |
|
|
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Registered Office : |
Unit 1207B, 12/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street,
Hunghom, Kowloon |
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|
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Country : |
Hong Kong |
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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
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
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
-
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.
-
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.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.