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Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
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Name : |
DIASOURCE INC |
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Registered Office : |
Flat G, 15/F., |
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Country : |
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Date of Incorporation : |
11.03.2011 |
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Com. Reg. No.: |
53865609-000-03 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS AND GEMSTONES |
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No of Employees : |
1 |
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 01, 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 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.
|
Source
: CIA |
DIASOURCEINC
ADDRESS: Flat G, 15/F., Golden
Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3626 5472
E-MAIL: kasliwal@aol.com
Manager: Mr. Yogesh Nihalchand
Kasliwal
Establishment: 11th March, 2011.
Organization: Sole Proprietorship.
Capital: Not Disclosed.
Business Category: Diamond
& Gemstone Trader.
Employee: 1.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DIASOURCE INC
Head Office:-
Flat G, 15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
G K Sons
35, Sagar Mahal, 65 Walkeshwar Road, Mumbai 400006, Maharashtra, India.
[Tel: 91-22-23679345, 56355657;
Fax: 91-22-56355657]
53865609-000-03
Manager: Mr. Yogesh Nihalchand
Kasliwal
Name: Mr. Yogesh Nihalchand
KASLIWAL
Residential Address: 35 Sagar
Mahal, 65 Walkeshwar Road, Mumbai 400006, India.
The subject was established on 11th March, 2011 as a sole proprietorship
concern owned by Mr. Yogesh Nihalchand Kasliwal under the Hong Kong Business
Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of
diamonds and gemstones, etc.
Employee: 1.
Commodities Imported: India, etc.
Markets: Hong Kong, other
Asian countries, etc.
Terms/Sales: CAD, or as per contracted.
Terms/Buying: L/C, T/T, D/P
Capital: Not
Disclosed.
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 contracted.
Commercial Morality: Satisfactory
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Diasourceinc is a sole proprietorship set up and owned by Mr. Yogesh Nihalchand
Kasliwal who is an India merchant. Being
the manager of the subject, he is an India passport holder and does not have
the right to reside in Hong Kong permanently.
The subject commenced business in March 2011.
The subject’s registered address is in a private building located at
Flat G, 15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong. This is the Hong Kong
residence of Y. N. Kasliwal when he is in Hong Kong.
The residential building is not trespassed by outsiders. The subject has an employee in Hong Kong.
The phone number of the subject is 852-3623 5472.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, China and the other Asian countries.
The subject also trades in gemstones and jewellery products. Business is improving.
The subject has had an associated company G K Sons in Mumbai,
Maharashtra, India. This firm is also a
diamond and gemstone trader. The contact
person of G K Sons is Mr. Nihalchand G. Kasliwal who is a family member of Y.
N. Kasliwal.
G K Sons is one of the suppliers of the subject.
The subject’s business is chiefly handled by Y. N. Kasliwal
herself. History in Hong Kong is just
over three years and six months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.83 |
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|
1 |
Rs.98.15 |
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Euro |
1 |
Rs.78.65 |
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 |
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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 |
-- |
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.