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Report No. : |
336213 |
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Report Date : |
14.08.2015 |
IDENTIFICATION DETAILS
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Name : |
DIASOURCEINC |
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Registered Office : |
Flat G, 15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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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 : |
Subject is importer, exporter and wholesaler of all kinds of diamonds and
gemstones |
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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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
DIASOURCEINC
Flat G, 15/F., Golden
Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
(Your
enquiry given as: DIASOURCE INC of the same address)
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
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
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
Employee: 1.
Commodities
Imported: India,
etc.
Markets: Hong Kong, China, other Asian
countries, etc.
Terms/Sales: CAD, or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not Disclosed.
Profit or Loss: Made a small profit in 2014.
Condition: Business keeps on improving.
Facilities: Making use of general banking
facilities.
Payment: Met trade commitments as contracted.
Commercial
Morality: Satisfactory
Banker: The Hongkong & 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, India and the other Asian countries. According to the subject, it also trades in
gemstones and jewellery products.
Business keeps on 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 four years
and five months.
On
the whole, since the history of the subject is short, consider it good for normal
business engagements in small credit amounts or on L/C basis for the time
being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
ASH |
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 |
|
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 |
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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 |
|
<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.