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Report No. : |
316853 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PACO ART H.K. LTD. |
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Registered Office : |
Room 903, 9/F., Stag Building, 148 Queen’s Road Central |
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Country : |
Hong Kong
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Date of Incorporation : |
19.07.2010 |
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Com. Reg. No.: |
52640315 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER
& WHOLESALER; EXPORTER ALL KINDS OF DIAMONDS INCLUDING LOOSE DIAMONDS,
DIAMOND JEWELLERY, FANCY COLOUR DIAMONDS, FANCY SHAPES DIAMONDS. |
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No. of Employees : |
3 |
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 : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy
protests that began in late September probably will have some adverse effects
on economic growth, particularly retail sales.
|
Source
: CIA |
PACO ART H.K. LTD.
ADDRESS: Room 903, 9/F., Stag
Building, 148 Queen’s Road Central, Hong Kong.
PHONE: 852-2815 6141
FAX: 852-2815 6142
E-MAIL: nir@pacoarthk.com
Managing Director: Mr. Nir Peleg
Incorporated on: 19th July, 2010
Organization: Private Limited
Company.
Issued Share Capital: HK$1.00
Business Category: Diamond
Trader.
Employees: 3
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PACO ART H.K.
LTD.
Registered Head
Office:-
Room 903, 9/F., Stag Building, 148 Queen’s Road Central, Hong Kong.
Associated
Company:-
Paco Art Ltd., Hong Kong.
[Dissolved]
52640315
1482103
Managing Director: Mr. Nir Peleg
Contact Person: Ms. Mok Hoi Yan
HK$1.00
(As per registry dated 19-07-2014)
|
Name |
Occupation |
No. of share |
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Nir PELEG |
Merchant |
1 = |
(As per registry dated 19-07-2014)
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Name (Nationality) |
Address |
|
Nir PELEG |
Room 903, 9/F., 148 Queen’s Road Central, Hong Kong. |
(As per registry dated 19-07-2014)
|
Name |
Address |
|
FUNG Pak Wai, Alex |
Flat F, 29/F., Block 32, South Horizons, Ap Lei Chau, Hong Kong. |
The subject was incorporated on 19th July, 201 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: Importer &
Wholesaler; Exporter.
Lines: All kinds of
diamonds including loose diamonds, diamond jewellery, fancy colour diamonds,
fancy
shapes diamonds.
Employees: 3.
Commodities Imported: Mainly
sourced from Israel, Belgium, South Africa.
Markets: Hong Kong
(Main), other Asian countries.
Terms/Sales: COD, T/T, L/C.
Terms/Buying: T/T, L/C.
Issued Share Capital: HK$1.00
Profit or Loss: Made small
profits in 2013 & 2014.
Condition: Keeping in a
normal manner.
Facilities: Making use of
general banking facilities.
Payment: Met as required.
Commercial Morality:
Satisfactory.
Banker: The Hong Kong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Paco Art H.K. Ltd. was incorporated on 19th July, 2010 as a private
limited liability company.
With an issued share capital of HK$1.00, the company is solely owned by
an Israeli merchant, Mr. Nir Peleg.
The subject is engaged in the import, export and wholesale of diamonds
such as loose diamonds, diamond jewellery, fancy colour diamonds, fancy shapes
diamonds, etc. Most of its diamonds are
ranging from one carat or up and are sourced from Israel, Belgium and South
Africa, etc. It also trades in precious
stones such as the following: 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.
Products are mainly sold in local market exported to China, Taiwan, and
the other Asian countries. Most of the
customers are manufacturers manufacturing jewellery products, timepieces,
clocks, eyewear, 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 2016”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2016. Its
booth No. is AWE 2-R06.
The subject’s business is chiefly handled by Ms. Mok Hoi Yan who is a
Hongkongnese.
As the history of the subject is over 4 years and eight months in Hong
Kong, on the whole, consider it good for normal business engagements in
moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.91.05 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
-- |
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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.