MIRA INFORM REPORT
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Report No. : |
353832 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ETERNAL DIAMONDS CORPORATION LIMITED |
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Registered Office : |
Unit B, 16F, World Trust Tower, 50 Stanley St., Central |
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Country : |
Hong Kong
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Date of Incorporation : |
18.12.2002 |
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Com. Reg. No.: |
33232303 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Gems. |
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No. of Employees : |
About 3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
Contact Points
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Company Name: |
ETERNAL DIAMONDS CORPORATION LIMITED |
|
Supplied Name: |
ETERNAL DIAMONDS CORP LTD. |
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Trading Address: |
Unit B, 16F, World Trust Tower, 50 Stanley St., Central, Hong Kong |
|
Supplied Address: |
UNIT B, 16 F WORLD TRUST TOWER 50 STANLEY STREET, CENTRAL |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit B, 16F,
World Trust Tower, 50 Stanley St., Central, Hong Kong |
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Telephone Number: |
+852-2333-5534 |
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Fax Number: |
+852-2356-2680 |
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Date of Registration: |
2002-12-18 |
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Registered Number: |
826414 |
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Business Registration No.: |
33232303 |
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Paid-up Capital: |
USD 2,000,000 = 2,000,000 Shares @ USD 1 |
|
Legal Form: |
Private Limited Liability Company |
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SITC Code: |
66729--Diamonds, non-industrial, otherwise worked,
but not mounted or set (cm) |
|
Principal Activities: |
Trading of Gems. |
|
Staff: |
About 3 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-12-18 |
History
Subject was incorporated on 2002-12-18 with the registered number 826414 as Private Limited Liability Company in Hong
Kong.
Corporate Structure
Subject did not register any subsidiaries or branches; from other source
we could not obtain the relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
2,000,000 |
100% |
|
|
Total |
2,000,000 |
100% |
Major Shareholder Information:
|
Name: |
Everstar Capital (Asia) Limited |
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Registered Address: |
263 Main Street, P.O. Box 2196, Road Town,
Tortola, British Virgin Island |
Management Information
Core Management
Detailed Information of Directors:
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1 |
|
|
Name: |
Bagaria Ashish Bajranglal |
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Registered Address: |
Rm. 6, Pragati Centre, Daftary Rd., Malad
(E) Mumbai 4000097, Maharashtra, India |
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Position: |
Director |
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ID Number: |
R925702(A) |
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2 |
|
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Name: |
Louis Lai & Luk Company Secretarial
Services Limited |
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Address: |
9/F., Surson Commercial Building, 140-142
Austin Road, Tsimshatsui, Kowloon |
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Position: |
Corporate Secretary |
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Registered Number: |
686503 |
Personnel Structure
|
Total Employees |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Unit B, 16/F., World Trust Tower, 50 Stanley
Street, Central, Hong Kong |
Premises Information
Office address:
|
Address: |
16TH FLOOR WORLD TRUST TOWER NO.50 STANLEY
STREET HONG KONG |
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Owners: |
DELIGHT CONSTRUCTION COMPANY LIMITED |
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Memorial Number: |
UB5920410 |
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Date of Instrument: |
1994-1-26 |
|
Date of Registration: |
1994-2-17 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
UB5923792 |
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Date of Instrument: |
1992-1-26 |
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Date of Registration: |
1994-2-21 |
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Nature: |
DEED OF MUTUAL COVENANT WITH PLANS |
|
2 |
|
|
Memorial No.: |
UB5920401 |
|
Date of Instrument: |
1994-1-26 |
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Date of Registration: |
1994-2-17 |
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Nature: |
SUPPLEMENTAL JOINT DEVELOPMENT AGREEMENT
WITH PLAN |
|
3 |
|
|
Memorial No.: |
UB5580166 |
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Date of Instrument: |
1993-26 |
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Date of Registration: |
1993-3-8 |
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Nature: |
DEED OF CONFIRMATION AND RATIFICATION |
Production Information
Subject is engaged in trading of gems without
any production activities.
Purchase Information
The products of the subject are mainly
purchased from South Africa, India.
Sales Information
Subject is mainly engaged in sales of gems.
It is introduced that subject’s major products
are diamonds.
It is introduced that subject’s products are
applied to jewelry, watch.
Subject mainly sells its products in domestic
market.
It is introduced that subject’s major
customers include manufacturers and designers of jewelry.
Settlements
Purchase
Domestic Purchase
Subject has little domestic purchase.
Import
|
Products |
Gems |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
|
Product |
Gems |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Gems |
|
Selling Terms |
L/C, T/T |
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to
the relevant policy in Hong Kong and the only source from which we can obtain
the information is the subject itself.
Subject’s relevant staff rejected to disclose
the financial information; from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration
Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Department: |
Sales Department |
Industry Information
66729--Diamonds,
non-industrial, otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2015.06 |
2015.01~2015.06 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
99,460 |
905,159 |
647,153 |
5,464,977 |
|
Switzerland |
6,409 |
199,072 |
48,333 |
1,399,228 |
|
Israel |
53,917 |
1,623,498 |
304,676 |
9,093,356 |
|
USA |
282,887 |
1,883,967 |
993,454 |
6,852,878 |
|
Belgium |
110,151 |
1,638,056 |
561,647 |
8,625,638 |
|
Thailand |
99,160 |
492,720 |
388,041 |
1,822,712 |
|
Japan |
56,719 |
371,240 |
236,575 |
1,664,163 |
|
Italy |
3,244 |
20,309 |
13,350 |
96,012 |
|
India |
955,874 |
5,467,092 |
5,645,538 |
30,408,178 |
|
The Mainland of China |
105,388 |
880,886 |
559,342 |
4,632,952 |
|
Exports |
||||
|
United Arab Emirates |
88,055 |
792,393 |
637,402 |
5,288,342 |
|
India |
263,998 |
1,825,623 |
1,829,493 |
10,136,195 |
|
America |
110,964 |
1,103,321 |
708,067 |
6,949,687 |
|
20,684 |
146,991 |
139,735 |
1,039,637 |
|
|
Thailand |
93,610 |
421,965 |
493,269 |
1,816,612 |
|
107,387 |
1,236,704 |
577,229 |
6,950,409 |
|
|
The Mainland of China |
256,037 |
1,335,949 |
1,563,439 |
8,246,408 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
|
2015.01 |
348,886 |
4,468 |
307,403 |
311,871 |
+2.8 |
-37,015 |
|
2015.02 |
264,220 |
2,919 |
225,418 |
228,337 |
+7.2 |
-35,884 |
|
2015.03 |
342,319 |
4,013 |
292,100 |
296,113 |
-1.8 |
-46,206 |
|
2015.04 |
331,108 |
4,202 |
287,742 |
291,944 |
+2.2 |
-39,164 |
|
2015.05 |
331,940 |
4,258 |
287,571 |
291,830 |
-4.6 |
-40,110 |
|
2015.06 |
345,302 |
4,158 |
295,361 |
299,518 |
-3.1 |
-45,783 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
Address: Unit B, 16F, World Trust Tower, 50 Stanley St., Central, Hong
Kong
World Trust Tower, 50 Stanley St., Central, Hong Kong
Unit B, 16F, World Trust Tower, 50 Stanley St., Central, Hong Kong
Unit B, 16F, World Trust Tower, 50 Stanley St., Central, Hong Kong
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts
from Times of India dated 30th October 2010 is as under –
-
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.
-
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.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
HKD |
1 |
Rs.8.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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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.