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Report No. : |
306033 |
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Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
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Name : |
DIAMART (HK) LTD. |
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Registered Office : |
Flat F, 3/F., Tower 15A, Costa De Sol, 8 Laguna Verde,
Hunghom, |
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Country : |
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Date of Incorporation : |
13.09.2013 |
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Com. Reg. No.: |
62044218 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds |
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No of Employees : |
2 |
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 Under Development |
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Payment Behaviour : |
Slow |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 34.9 million in 2012, 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 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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.
|
Source
: CIA |
DIAMART (HK)
LTD.
ADDRESS: Room 1201B, 12/F., Fu Hang
Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2330 7799
FAX: 852-2330 7750
Managing Director: Mr. Manoj
Dhanjibhai Bodara
Incorporated on: 13th September, 2013.
Organization: Private Limited
Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DIAMART (HK)
LTD.
Registered Office:-
Flat F, 3/F., Tower 15A, Costa De Sol, 8 Laguna Verde, Hunghom, Kowloon,
Hong Kong.
Operating Office:-
Room 1201B, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street,
Hunghom, Kowloon, Hong Kong.
Affiliated Company:-
GlowStar, India.
62044218
1967433
Managing Director: Mr. Manoj
Dhanjibhai Bodara
(Hong Kong Mobile Phone No.: 852-5640 0200)
HK$1,000,000.00
(As per registry dated 13-09-2014)
|
Name |
|
No. of shares |
|
Tejaskumar Baleshkumar AVAIYA |
|
4,900 |
|
Manoj Dhanjibhai BODARA |
|
995,100 |
|
|
|
––––––‑‑‑ |
|
|
Total: |
1,000,000 ======= |
(As per registry dated 13-09-2014)
|
Name (Nationality) |
Address |
|
Manoj Dhanjibhai BODARA |
Flat F, 3/F., Tower 15A, Costa De Sol, 8 Laguna Verde, Hunghom,
Kowloon, Hong Kong |
(As per registry dated 13-09-2014)
|
Name |
Address |
Co. No. |
|
Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0657221 |
The subject was incorporated on 13th September, 2013 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat F, 3/F., Tower 15A, Costa De
Sol, 8 Laguna Verde, Hunghom, Kowloon, Hong Kong, moved to Room 1201B,
12/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong
Kong in late 2013. However, its
registered address moved back to Flat F, 3/F., Tower 15A, Costa De Sol, 8
Laguna Verde, Hunghom, Kowloon, Hong Kong in June 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, etc.
Employees: 2.
Commodities Imported: India, etc.
Markets: Hong Kong, China, Australia, Europe,
Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
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, Diamart (HK) Ltd.
formerly was jointly owned by Mr. Monarkkumar Mahendrabhai Savani, holding 51%
interests, and Mr. Tejaskumar Baleshkumar Avaiya, holding 49%. Now, the subject has increased its issued
share capital to HK$1 million. It is
jointly owned by Manoj Dhanjibhai Bodara, holding 99.51% and
Mr. Tejaskumar Baleshkumar Avaiya, holding 0.49%. M D Bodara is an India passport holder and
the only director of the subject.
The subject’s registered address is located at Flat F, 3/F., Tower 15A,
Costa De Sol, 8 Laguna Verde, Hunghom, Kowloon, Hong Kong where is the
residence of M D Bodara. M D Bodara can
be reached at your given Hong Kong mobile phone number 852-5640 0200.
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, the other Asian countries, Australia, Belgium, the
Middle East. Business is still under
development in Hong Kong.
According to the subject, it is an India company by origin. It began business in 1987 in India. It is trading in finely cut and crafted
natural diamonds of different shapes - Round, Marquise, Pear, Princess,
Emerald, Heart and Oval from 0.18 cts to 3 cts stone and above.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2015. Its
booth No. is AWE 5-H38.
The subject’s business is chiefly handled by M D Bodara himself. History in Hong Kong is just over a year and
four 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. 61.73 |
|
|
1 |
Rs. 94.65 |
|
Euro |
1 |
Rs. 70.78 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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.