MIRA INFORM REPORT
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Report No. : |
318064 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AMIGO TRADING COMPANY |
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Registered Office : |
8/F., A-33 Ha Heung Road, To Kwa Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.08.2011 |
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Com. Reg. No.: |
54096170-000-08 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds |
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No. of Employee : |
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 : |
Moderate |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 reta
|
Source
: CIA |
Company
name and address
AMIGO TRADING COMPANY
ADDRESS: 8/F., A-33 Ha Heung Road, To
Kwa Wan, Kowloon, Hong Kong.
PHONE: 852-9774 4348
FAX: Not available.
MANAGEMENT
Manager: Ms. Maria Fe Culajara
Budiongan
SUMMARY
Establishment: 10th August, 2011.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Gem Stone
Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
8/F., A-33 Ha Heung Road, To Kwa Wan, Kowloon, Hong Kong.
Associated
Companies:-
Aura Hong Kong, Hong Kong.
Pramukh International, Hong Kong.
(Same address)
Affiliated
Companies:-
Anitadiam, Hong Kong.
F. T. A. International, Hong Kong.
J. A. International, Hong Kong.
SRVB International, Hong Kong.
Note: All are located at:
Flat 1, 7/F., 1 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong.
[Tel: 852-2367 0173, Fax:
852-2367 0175]
BUSINESS
REGISTRATION NUMBER
54096170-000-08
MANAGEMENT
Manager: Ms. Maria Fe Culajara
Budiongan
SOLE
PROPRIETOR
Name: Ms. Maria Fe Culajara
BUDIONGAN
Residential Address: 2/F.,
33-35 Staunton Street, Central, Hong Kong.
HISTORY
The subject was established on 10th August, 2011 as a sole
proprietorship concern owned by Ms. Maria Fe Culajara Budiongan under the Hong
Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer, Exporter
and Wholesaler.
Lines: All kinds of
diamonds
Employee: 1.
Commodities Imported: India, other
Asian countries
Markets: Philippines, other
Asian countries.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Made a small
profit in 2014.
Condition: Business is
improving.
Facilities: Trying to make use
of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Amigo Trading Company is a sole proprietorship set up and owned by
Ms. Maria Fe Culajara Budiongan who is a Filipino. She is a Philippines passport holder and does
not have the right to reside in Hong Kong permanently. She is also the manager of the subject.
The subject’s registered address is in a private building located at
8/F., A‑33 Ha Heung Road, Tokwawan, Kowloon, Hong Kong. This is the residence of Budiongan when she
is in Hong Kong.
The subject has one employee in Hong Kong. We can reach an employee of the subject at
your given Hong Kong mobile phone number 852-9774 4348. This employee is also a Filipino.
The subject has had an associated company Pramukh International [PI] located
at the same address. PI is also owned
and operated by Ms. Maria Fe Culajara Budiongan.
The subject sometimes uses the operating office of F. T. A.
International, a Hong Kong-registered company located at Flat 1, 7/F., 1 Hanoi
Road, Tsimshatsui, Kowloon, Hong Kong, as its correspondence address. F. T. A. International is owned and operated
by Ms. Maria Flor Culajara Iting who is a family member of Ms. Maria Fe
Culajara Budiongan.
Business commenced in August 2011, the subject is a diamond and gemstone
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, the
Philippines, India and the other Asian countries. Business is improving. PI is engaged in the same lines of business.
The subject’s business is chiefly handled by Budiongan herself. History in Hong Kong is just over three years
and eight 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.82 |
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1 |
Rs.93.85 |
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Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
ANK |
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 |
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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.