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Report No. : |
354237 |
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Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
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Name : |
TRILOK DIA HK LTD. |
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Registered Office : |
Room 707, 7/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
10.06.2010 |
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Com. Reg. No.: |
52425624 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Diamonds |
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No. of Employees : |
02 |
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) |
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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 12.5% 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.
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Source
: CIA |
TRILOK DIA HK LTD.
ADDRESS: Room 707, 7/F., Rise Commercial Building,
5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2191 9912
FAX: 852-2723 5430
E-MAIL: trilokdia@hotmail.com
MANAGEMENT:
Managing Director: Mr. Prakash
Rasiklal Parekh
Incorporated on: 10th June, 2010.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Diamond
Trader.
Employee: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TRILOK DIA HK LTD.
Registered Head
Office:-
Room 707, 7/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Trilok Dia (Israel) Ltd.
3 Jabotinsky, Yahalom Building, 2677 Israel.
[Tel: 972-3-7515655; Fax:
972-3-7515644]
Trilok Dia Co. Ltd., Tokyo, Japan.
[Tel: 81-3-3837 3161; Fax:
81-3-3837 3130]
Trilok Dia (Shanghai) Co. Ltd.
Room 427, Jinmao Tower, 88 Century Boulevard, Pudong New Area, 200120
Shanghai, China.
52425624
1467284
Managing Director: Mr. Prakash
Rasiklal Parekh
HK$10,000.00
(As per registry dated 10-06-2015)
|
Name |
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No. of shares |
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Prakash Rasiklal PAREKH |
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10,000 ===== |
(As per registry dated 10-06-2015)
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Name (Nationality) |
Address |
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Prakash Rasiklal PAREKH |
No. 56, 7/F., Kimlai Court, 54-56 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong. |
As per registry dated 10-06-2015)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New
Territories, Hong Kong. |
2086550 |
The subject was incorporated on 10th June, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 11/F., Cammer Commercial Building,
30‑32 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to No. 56,
7/F., Kimlai Court, 54-56 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong
in July 2011 and further to Room 1102, 11/F., Workingport Commercial Building,
3 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong in early 2012. However, it moved back to No. 56, 7/F.,
Kimlai Court, 56 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong in
April 2013 and further moved to the present address in December 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.
Employee: 2.
Commodities Imported: India, other
Asian countries.
Markets: Hong
Kong, China, Japan, Israel, other European countries.
Terms/Sales: COD, L/C or as per contracted.
Terms/Buying: L/C, T/T, O/A.
Issued Share Capital:
HK$10,000.00
Profit or Loss: Made
a small profit in past four years.
Condition: Business
is normal.
Facilities: Making
active 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.
Having issued 10,000 ordinary shares of HK$1.00 each, Trilok Dia HK Ltd.
is wholly owned by Mr. Prakash Rasiklal Parekh who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is also the only director of the subject.
Its registered address formerly was located at No. 56, 7/F., Kimlai
Court, 54‑56 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong
where was the residential address of Prakash Rasiklal Parekh. It moved to the present address with effect
from 3rd December, 2015.
The subject is trading in all kinds of loose, cut and polished
diamonds. It is trading in the following
commodities:-
Single-cut diamond, fullcut loose diamond, carat size diamonds, blue
sapphire.
Products are
exported to North America, Europe, Japan, Southeast Asia, the Middle East. The subject has had the following three
associated companies:-
Trilok Dia Co. Ltd., Japan
Trilok Dia (Israel) Ltd., Israel
Trilok Dia (Shanghai) Co. Ltd., China
The Shanghai firm has been set up in recent years. It is located at ‘Room 427, Jinmao Tower, 88
Century Boulevard, Pudong New Area, 200120 Shanghai, China’. This company is responsible for the
distribution of the subject’s commodities in China. Business is rather active.
The Japan firm is in Tokyo. The
subject has acquired loose and cut diamonds form its factory in India and the
products are sold in Japan. The Japan
firm is also operated by Mr. Parekh nominally.
The contact person is Mr. Chirag Mehta.
According to the subject, Trilok has been selling quality diamonds &
jewellery since 1942. It is well known
for selling cut diamonds with a reputation of “having excellent prices &
outstanding customer service”. According
to the subject, it has had diamond cutting factory in India for more than 40
years that is producing cut and polished diamonds.
The subject and its associates also offer customers with the largest
selection of ideal cut diamonds on the internet in different shapes, sizes,
colours, and prices. It also has had an
office in Mumbai, India.
The subject’s business is also handled by Mr. Parekh himself.
The subject’s history in Hong Kong is over five years and six
months. Background is good.
On the whole, consider it good for normal business engagements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
HKD |
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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Report Prepared
by : |
TPT |
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.