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Report No. : |
352987 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
LYA INTERNATIONAL |
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Registered Office : |
Room E, 13/F.,
Union Mansion, 33-35 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.06.2013 |
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Com. Reg. No.: |
54748090-000-06 |
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Legal Form : |
Partnership. |
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Line of Business : |
Importer, exporter and wholesaler of all
kinds of diamonds, gems. |
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No. of Employee : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Business is under development |
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Payment Behaviour : |
Unknown |
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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 |
(Formerly located at:
Flat G, 6/F., Luna Court,
53-59 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong.)
LYA INTERNATIONAL
Room E, 13/F., Union Mansion, 33-35 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong.
MANAGEMENT:
Manager:
Mr. Shashin Choksi
Establishment: 26th
June, 2013.
Organization:
Partnership.
Capital:
Not
disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room E, 13/F., Union Mansion, 33-35 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
Swati Gems B.V.B.A., Belgium.
54748090-000-06
Manager:
Mr. Shashin Choksi
Name:
Mr. Shashin CHOKSI
Residential Address: Prins Boudewijnlaan, No. 276, 2650 Edegem Antwerpen, Belgium.
Name:
Ms. Vinita Shashin CHOKSI
Residential Address: Prins Boudewijnlaan, No. 276, 2650 Edegem Antwerpen, Belgium.
The subject was established on 26th June,
2013 as a partnership concern jointly owned by Mr. Shashin Choksi and Ms.
Vinita Shashin Choksi under the Hong Kong Business Registration Regulations.
Formerly the subject was located at ‘Flat G,
6/F., Luna Court,
53-59 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong’, moved to the present
address in July 2015.
Apart from these, neither material change nor
amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, gems.
Employee: 1.
Commodities Imported: India, Belgium, other Asian countries.
Markets: Hong
Kong, India, other Asian countries, Europe.
Terms/Sales:
CAD or as per
contracted.
Terms/Buying:
L/C, T/T
Capital: Not
disclosed.
Profit or Loss: Kept a balance account in 2014.
Condition: Business
is under development.
Facilities: Adequate
for current running.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
LYA International is a partnership set up and
jointly owned by Mr. Shashin Choksi and Ms. Vinita Shashin Choksi. They are a couple and most of the time they are
residing in Antwerp, Belgium. The two
partners are India merchants.
The subject’s registered address is in a
residential building located at ‘Room E, 13/F., Union Mansion, 33-35
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong’. The residential building is not trespassed by
outsiders.
The subject’s telephone number and fax number
have not registered with local telephone company nor listed on telephone
directories.
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, Belgium.
Prime markets are Hong Kong, India and the other Asian countries,
Europe. Business is still under
development.
The subject has had an associated company in
Belgium known as Swati Gems B.V.b.A. [Swati Gems] which is trading in polished
and cut diamonds. Swati Gems is also
owned and operated by the two partners of the subject.
Swati Gems is a member of The Antwerp Indian
Association.
The subject has had an employee in Hong
Kong. The history of the subject is just
over two years and five months.
On the whole, since the history of the
subject is short, consider it good for normal business engagements on L/C
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
|
1 |
Rs.8.66 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
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 |
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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 |
|
<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.