|
Report No. : |
317051 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRESTO TRADE |
|
|
|
|
Registered Office : |
Flat F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
01.06.1991 |
|
|
|
|
Com. Reg. No.: |
14592962-000-06 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER
AND EXPORTER OF ALL KINDS OF DIAMONDS. |
|
|
|
|
No. of Employees : |
5 [Including Associate] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
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 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 |
PRESTO TRADE
ADDRESS: Flat F, 13/F.,
Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2311 5480, 2311 5481,
2311 5482
FAX: 2721
4630, 2311 5485
E-MAIL: presto@prestotrade.com.hk
prestotrade@gmail.com
presto@hknet.com
Manager: Mr. Varshit Jain
Establishment: 1st June, 1991.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Jewellery
Trader.
Employees: 5. (Including associate)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PRESTO TRADE
Head Office:-
Flat F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong
Kong.
Associated
Companies:-
King Sun Trading
Flat A, 11/F., Austin Mansion, 15A Austin Avenue, Kowloon,
Hong Kong.
Priyaank International Co. Ltd., Thailand.
Smart Art Jewellery Ltd., Thailand.
Splendor Diagem Ltd., Hong Kong.
[Formerly known as Presto Trade Ltd.]
(Same address)
14592962-000-06
Manager: Mr. Varshit Jain
Name: Mr. Praveen Raghunath LODHA
Residential Address: 164/72 Soi
Puttha Osot, New Road, Bangrak, Bangkok 10500, Thailand.
Name: Mr. Varshit JAIN
Residential Address: Flat A,
9/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 1st June, 1991 as a partner concern owned
by Mr. Praveen Raghunath Lodha under the Hong Kong Business Registration
Regulations.
The following table shows the changes of the subject’s partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Praveen Raghunath LODHA |
01-06-1991 |
--- |
|
Vivek SACHETI |
01-08-1992 |
28-02-2003 |
|
Dharmendra MUTHA |
01-03-2003 |
31-08-2005 |
|
Varshit JAIN |
15-08-2005 |
--- |
Initially the subject was located at Flat K, 9/F., Far East Mansion, 5-6
Middle Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 04A, 9/F., Lee Wai
Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in
January 1997; to Flat B4, 12/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong in January 1999; to Flat B, 13/F., Kok Pah Mansion, 58-60
Cameron Road, Tsimshatsui, Kowloon, Hong Kong in October 1999; to Room 1504,
15/F., Tung Shun Hing Commercial Centre, 20‑22 Granville Road,
Tsimshatsui, Kowloon, Hong Kong in November 2005; and further moved to the
present address in July 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds, etc.
Employees: 5. (Including associate)
Commodities Imported: India,
Belgium, Israel, Thailand, US.
Markets: Hong
Kong, Japan, India, the Middle East, Europe, North America, etc.
Terms/Sales: COD, L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
MEMBERSHIP: The Indian Chamber of
Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small
profit every year.
Condition: Business is active.
Facilities: Making active use of
general banking facilities.
Payment: So far so good.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Standing: Very Good.
Presto Trade is a partnership jointly owned by Mr. Praveen Raghunath
Lodha and Mr. Varshit Jain. Both are
Indian while the latter joined in the subject on 15th August, 2005. They are Hong Kong ID Card holders and have
got the right to reside in Hong Kong permanently.
The subject moved to the present address in July 2009 where is an
industrial building.
The subject is trading in all kinds of diamonds, etc. It is trading in loose diamonds, fancy
diamonds, carat size diamonds, white baguette diamonds and other types of
baguette diamonds, rounds, princess cuts, marquises, pears, etc. It also sells GIA certified stones.
The subject also trades in gold jewellery studded with diamonds and
colour stones.
Commodities are imported from India, Belgium, Israel, Thailand, the
United States, etc. Finished products
are marketed in Hong Kong, China, exported to Japan, India, Thailand, Taiwan,
South Korea, the Middle East, Europe, the United States, etc. Business is rather active and steady.
The subject now has manufacturing facilities in Thailand and India.
Lodha had lived in Thailand for a long time and has established business
ties with many diamond firms in Bangkok.
He moved to Hong Kong and joined in the subject in June 1991. Currently, many of the diamond firms in
Thailand are the subject’s main business partners. The following two firms in Thailand are the
associates of the subject:-
Priyaank International Co. Ltd.;
Smart Art Jewellery Ltd. [Smart Art].
The subject’s partner and manager Jain is also the Manager of King Sun
Trading which is also a jewellery product trader. King Sun Trading is a sole proprietorship set
up on 29th September, 2006 and owned by Jain.
However, King Sun Trading does not have its own operating office. Its registered address is in the residence of
Jain.
The subject’s business is chiefly handled by the two partners.
The subject has got an associated company Splendor Diagem Ltd. located
at its operating address. Splendor
Diagem Ltd. is engaged in the same lines of business as the subject. The managing director of Splendor Diagem is
also Varshit Jain.
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 took part in “HKTDC
Hong Kong International Jewellery Show 2015” which had been held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 4th
to 8th March, 2015. Its booth No. was
CEC GH-A16.
Besides, the subject is going to take part in “HKTDC Hong Kong
International Jewellery Show 2016” which will be held in the same Centre,
Wanchai, Hong Kong during the period of 5th to 9th March, 2015. Its booths No. is also CEC GH-A16.
The subject is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong.
The business of the subject is chiefly handled by the two partners.
As the history of the subject in Hong Kong is over twenty-three years
and ten months, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.