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Report No. : |
307497 |
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Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
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Name : |
VANDAN JEWELS |
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Registered Office : |
Flat 8B, 8/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
22.04.2013 |
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Com. Reg. No.: |
54646525-000-04 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF DIAMONDS, GEMSTONES, JEWELLERY. |
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No. of Employees : |
3 |
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) |
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Hongkong |
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 |
HONGKONG - 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 |
VANDAN
JEWELS
ADDRESS: Flat 8B, 8/F., Lee Wai
Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3580
0603
FAX: 852-3153 4554
Manager: Mr. Rakesh Gupta
Establishment: 22nd April, 2013.
Organization: Sole Proprietorship.
Capital: Not
disclosed.
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat 8B, 8/F., Lee Wai Commercial Building, 1-3 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong.
54646525-000-04
Manager: Mr. Rakesh Gupta
Name: Mr. Rakesh GUPTA
Residential Address: Room A1,
12/F., Tsimshatsui Mansion, 83-97 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 22nd April, 2013 as a sole proprietorship
concern owned by Mr. Rakesh Gupta under the Hong Kong Business Registration
Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond Trader.
Lines: All kinds of
diamonds, gemstones, jewellery
Employees: 3.
Commodities Imported: India, other Asian
countries, etc.
Markets: Hong Kong, India,
other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Prepayment, L/C,
etc.
Capital: Not disclosed.
Profit or Loss: Kept a balance
account in 2014.
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.
Vandan Jewels is a sole proprietorship set up and owned by Mr. Rakesh
Gupta who is an India merchant.
He is a Hong Kong ID holder and has got the right to reside in Hong Kong
permanently. He is also manager of the
subject.
R Gupta has been in Hong Kong for a very long time. He got his Hong Kong ID before setting up the
subject.
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 and the other Asian
countries. It also trades in gemstones,
jewellery products, etc. Prime markets
are Hong Kong, China, India, and the other Asian countries. Business is still under development. However, R Gupta is experienced in diamond
trading and marketing in Hong Kong.
The subject’s business is chiefly handled by R Gupta himself. History in Hong Kong is just over a year and
nine 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.62.26 |
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|
1 |
Rs.96.01 |
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Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.