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Report No. : |
310607 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
3 ACE DIAMONDS |
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Registered Office : |
Room 1718, 17/F., Beverley Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.12.2011 |
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Com. Reg. No.: |
54193069-000-12 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, exporter & wholesaler 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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
3 ACE DIAMONDS
ADDRESS: Room 1718, 17/F., Beverley
Commercial Centre, 87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2368 4688
FAX: 852-2368
4188
MANAGEMENT:
Manager: Mr. Tvshar Arvind Kumar
Shah
Establishment: 1st December, 2011.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
3 ACE DIAMONDS
Head Office:-
Room 1718, 17/F., Beverley Commercial Centre, 87-105 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.
54193069-000-12
Manager: Mr. Tvshar Arvind Kumar
Shah
Name: Mr. Tvshar Arvind Kumar
SHAH
Residential Address: 5/F.,
Fortuna House, 58A Granville Road, Kowloon, Hong Kong.
Name: Mr. Manoj Ramesh JHAVERI
Residential Address: Flat B,
7/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 1st December, 2011 as a sole
proprietorship concern owned by Mr. Tvshar Arvind Kumar Shah under the Hong
Kong Business Registration Regulations.
The subject became a partnership as Mr. Manoj Ramesh Jhaveri joined in
as a partner on 20th February, 2012.
Formerly the subject was located at 5/F., Fortuna House, 58A Granville
Road, Kowloon, Hong Kong, moved to Room 1601, 16/F., Workingport Commercial
Building, 3-4 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong in August
2013, and further moved to the present address in early July 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
Employees: 2.
Commodities Imported: India, other
Asian countries
Markets: Hong
Kong, China, other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: Prepayment, L/C, T/T
Capital: Not
disclosed.
Profit or Loss: Made
a very small profit in 2013.
Condition: Business
is improving.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
3 Ace Diamonds is a partnership jointly owned by Mr. Tvshar Arvind Kumar
Shah and Mr. Manoj Ramesh Jhaveri, both of whom are an India merchants. They are Hong Kong ID Card holders and have
got the right to reside in Hong Kong permanently. The former is also manager of the subject.
At the very beginning, the subject’s registered address was in a private
building located at 5/F., Fortuna House, 58A Granville Road, Kowloon,
Hong Kong. This is the residence of
Shah. Now, the subject has moved to the
present address since early July 2014.
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 and the other Asian countries.
Business is keeps on improving.
The business of the subject is chiefly handled by the two partners. History in Hong Kong is just over two years.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis or in very small credit
amount for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
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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 |
-- |
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.