MIRA INFORM REPORT
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Report No. : |
326369 |
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Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MY CREATIONS |
|
|
|
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Registered Office : |
Flat E, 9F, Harilela Mansion, 81 Nathan Rd., Tsim Sha Tsui, KL |
|
|
|
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Country : |
Hong Kong |
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Date of Incorporation : |
16.12.2005 |
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|
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Com. Reg. No.: |
36295831 |
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|
|
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Legal Form : |
Partnership |
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|
|
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Line of Business : |
Trading of Diamonds and Jewelry. |
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|
|
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No. of Employees : |
About 4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
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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 |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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% 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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy
protests that began in late September probably will have some adverse effects
on economic growth, particularly retail sales.
|
Source
: CIA |
Contact Points
|
Company Name: |
MY CREATIONS |
|
Supplied Name: |
MY CREATIONS |
|
Trading Address: |
Flat E, 9F, Harilela Mansion, 81 Nathan Rd., Tsim Sha Tsui, KL, Hong
Kong |
|
Supplied Address: |
9/F, FLAT-HARILELA MANSTION, 81, NATHAN ROAD, T.S.T. KOWLOON, HONGKONG |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Flat E, 9F,
Harilela Mansion, 81 Nathan Rd., Tsim Sha Tsui, KL, Hong Kong |
|
Telephone Number: |
+852-2366-8552 |
|
Fax Number: |
+852-2366-5744 |
|
Date of Registration: |
2005-12-16 |
|
Business Registration No.: |
36295831 |
|
Registered Capital: |
N/A |
|
Legal Form: |
Partnership |
|
SITC Code: |
89731--Articles of jewellery and parts
thereof, of precious metals or metals clad with precious metals (g) |
|
Principal Activities: |
Trading of diamonds and jewelry, etc. |
|
Staff: |
About 4 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
-- |
Notes: We cannot obtain the registered capital
for the company with the legal form of Partnership.
History
Subject was incorporated on 2005-12-16 with the
business registered number 36295831 as Partnership in Hong Kong.
Corporate Structure
Subject did not register any subsidiaries or branches; from other source
we could not obtain the relevant information, either.
Partners
|
1 |
|
|
Name: |
Doshi, Prakesh Madhusudhan |
|
Address: |
1/2, Beach View, Chowpatty Sea Face, Bisay 7 |
|
Position: |
Partner |
|
Date of Incoming: |
2005-12-16 |
|
2 |
|
|
Name: |
Kothari, Rakesh Kanakraj |
|
Address: |
A/10 B, No. 001 Yogi Nagar Eksar Rd. Borivali
(W), Mumbai 400092 |
|
Position: |
Partner |
|
Date of Incoming: |
2009-9-5 |
|
3 |
|
|
Name: |
Mehta, Rajeev Bharat |
|
Address: |
B/37 Shanti Sadan Shankar Lane Kandivali (W)
Mumbai 400067, India |
|
Position: |
Partner |
|
Date of Incoming: |
2007-5-21 |
Personnel Structure
|
Total Employees |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Flat E, 9F, Harilela Mansion, 81 Nathan Rd.,
Tsim Sha Tsui, KL, Hong Kong |
Premises Information
Office address:
|
Address: |
Flat E, 9F, Harilela Mansion, 81 Nathan Rd.,
Tsim Sha Tsui, KL, Hong Kong |
|
Owners: |
Yick Kin Ming |
|
Memorial Number: |
UB8864054 |
|
Date of Instrument: |
2003-1-11 |
|
Date of Registration: |
2003-2-4 |
|
Consideration Value: |
HKD 690,000.00 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
09030300410048 |
|
Date of Instrument: |
2008-2-4 |
|
Date of Registration: |
2009-3-3 |
|
Nature: |
Order No. UBZ/U07-24/0035/07 By The Building
Authority Under S.24(1) Of The Buildings Ordinance |
|
2 |
|
|
Memorial No.: |
05101001900037 |
|
Date of Instrument: |
2005-7-11 |
|
Date of Registration: |
2005-10-10 |
|
Nature: |
Agreement Letter For Lump-Sum Payment Of
Premium Instalments |
|
3 |
|
|
Memorial No.: |
UB8821971 |
|
Date of Instrument: |
2002-11-13 |
|
Date of Registration: |
2002-11-26 |
|
Nature: |
Agreement For Sale And Purchase |
|
In Favor of: |
Yick Kin Ming |
|
Consideration: |
HKD 690,000.00 |
Production Information
Subject is engaged in trading of diamonds and
jewelry, etc. without any production activities.
Purchase Information
It is introduced that the products sold by the
subject are mainly purchased from abroad such as India.
Sales Information
Subject is engaged in sale of diamonds and
jewelry.
The major products sold by the subject are
loose diamonds, polished diamonds, necklaces, earrings, watches, etc.
Subject’s sales regions include domestic
market and abroad.
The major customers of the subject are manufacturers
of jewelry and jewelry shops, etc.
Settlements
Purchase
Domestic Purchase
Subject has little domestic purchase.
Import
|
Products |
Diamonds and jewelry |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
|
Product |
Diamonds and jewelry |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Diamonds and jewelry |
|
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 the subject was found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Department: |
Sales Department |
Industry Information
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
21,838 |
246,702 |
3,962,363 |
4,148,848 |
|
2,852 |
895 |
34,083 |
13,753 |
|
|
Australia |
9,712 |
7,184 |
334,232 |
164,960 |
|
Belgium |
4,303 |
25,109 |
49,956 |
61,107 |
|
France |
71,446 |
124,469 |
1,667,663 |
2,809,557 |
|
Canada |
39,173 |
27,371 |
453,948 |
170,678 |
|
Switzerland |
637,297 |
753,445 |
4,386,528 |
13,359,634 |
|
The Mainland of China |
17,339,344 |
3,031,144 |
215,489,594 |
40,326,586 |
|
Exports |
||||
|
United Arab Emirates |
47,741 |
53,599 |
578,786 |
454,913 |
|
229 |
175 |
6,429 |
10,169 |
|
|
Australia |
14,749 |
15,969 |
368,777 |
163,057 |
|
Belgium |
853 |
770 |
35,567 |
21,710 |
|
Brazil |
4,205 |
1,694 |
10,882 |
7,386 |
|
Canada |
10,035 |
2,940 |
85,987 |
35,619 |
|
Switzerland |
5,218 |
22,583 |
288,903 |
861,464 |
|
The Mainland of China |
131,662 |
11,710 |
3,222,761 |
238,194 |
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 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
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 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
We visited the following address and found the
subject is located on it by confirming with the relevant staff. But the guard of
the building did not let us take photos in the building and there is no
subject’s on the wall. The following information is for your reference.
Address: Flat E, 9F, Harilela Mansion, 81 Nathan Rd., Tsim Sha Tsui, KL,
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.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.