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Report No. : |
333679 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ABLE CREATIVE LTD. |
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Registered Office : |
Flat C, 10/F., Hankow Apartments, 43-49 Hankow Road,
Tsimshatsui, Kowloon, |
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Country : |
Hong Kong. |
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Date of Incorporation : |
06.05.2010 |
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Com. Reg. No.: |
52358132 |
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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, Precious Stones. |
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No. of Employees : |
1 |
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 |
ABLE CREATIVE
LTD
ADDRESS: c/o Keen Jade Ltd.
Room 1202, 12/F., Fu Hang
Industrial Building, 1 Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2363 9677
FAX: 852-2764 5923
MANAGEMENT
Managing Director:
Mr. Ashwani Lalwani
Incorporated on: 6th
May, 2010.
Organization: Private Limited Company.
Issued Share Capital: HK$2.00
Business Category: Diamond
Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Flat C, 10/F., Hankow Apartments, 43-49 Hankow Road,
Tsimshatsui, Kowloon, Hong Kong.
Operating Office:-
c/o Keen Jade Ltd.
Room 1202, 12/F., Fu Hang Industrial Building, 1 Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
52358132
1453189
Managing Director:
Mr. Ashwani Lalwani
HK$2.00
(As per registry dated 06-05-2015)
|
Name |
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No. of shares |
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Ashwani LALWANI |
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1 |
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Barla ATUL |
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1 |
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– |
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Total: |
2 = |
(As per registry dated 06-05-2015)
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Name (Nationality) |
Address |
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Ashwani LALWANI |
Flat B, 13/F., Lee Ko Building, 6 Ko Shan Road, To Kwa
Wan, Kowloon, Hong Kong. |
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Atul BARLA |
4-T-3 Sector 4, Jawahar Nagar, Jaipur Rajasthan 302004,
India. |
(As per registry dated 06-05-2015)
|
Name |
Address |
Co. No. |
|
Tam & Wongs Nominee Ltd. |
1/F., Hang Lung House, 188 Queen’s Road Central, Hong
Kong. |
0187810 |
The subject was incorporated on 6th May, 20106th May,
2010 as a private limited liability company under the Hong Kong Companies
Ordinance.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, precious stones.
Employee: 1.
Commodities Imported: India,
other Asian countries.
Markets: Hong
Kong, India, other Asian countries.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T.
Issued Share Capital: HK$2.00
Profit or Loss: Made
small profits in 2014
Condition: Business
is normal.
Facilities: Adequate for current
running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued just
two ordinary shares of HK$1.00 each, Able Creative Ltd. is equally owned by Mr.
Ashwani Lalwani and Mr. Barla Atul, both of whom are India merchant. They are also director of the subject. The former is a Hong Kong ID holder and has
got the right to reside in Hong Kong permanently. He is also managing director of the
subject. . Barla Atul is an India
passport holder. Currently he is
residing in Jaipur, India.
The subject shares
the operating office with another company Keen Jade Ltd. [Keen Jade] which is
located at ‘Room 1202, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street,
Hung Hom, Kowloon, Hong Kong’. Its registered
address is located at ‘Flat C, 10/F., Hankow Apartments,
43-49 Hankow Road,
Tsimshatsui, Kowloon, Hong Kong’ where is a residential building. The residential building is not trespassed by
outsiders. The old address of Keen Jade
was located at the above-mentioned residential address. The contact person of Keen Jade is Mr. Nahata
Mahendra Kumar.
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 and
the other Asian countries. Business is
normal.
The subject’s
business is chiefly handled by Ashwani Lalwani himself. History in Hong Kong is just over five years
and two months.
On the whole,
consider it good for normal business engagements in small credit amounts.
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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.64.01 |
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UK Pound |
1 |
Rs.99.83 |
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Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TRU |
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.