|
Report No. : |
348871 |
|
Report Date : |
14.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
OSTIA HOLDINGS LTD |
|
|
|
|
Registered Office : |
C/o Krsna Group Ltd., Suite 1101, 11/F., Supreme House, 2A Hart
Avenue, Tsimshatsui |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
08.04.2010 |
|
|
|
|
Com. Reg. No.: |
52069583 |
|
|
|
|
Legal Form : |
Limited Company
(Non-Hong Kong Company). |
|
|
|
|
Line of Business : |
Subject is trader of all kinds of jewellery and diamonds |
|
|
|
|
No. of Employee : |
1 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 12.5% 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.
|
Source
: CIA |
OSTIA HOLDINGS
LTD.
(Incorporated in
the British Virgin Islands)
C/o Krsna Group
Ltd., Suite 1101, 11/F., Supreme House, 2A Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2369 8722, 3904 2662
FAX: 852-3740 0159, 3904 2664
Managing Director: Mr. Ratan Kedia
Registered in Hong
Kong on: 8th April, 2010.
Organization: Limited
Company (Non-Hong Kong Company).
Capital: Authorised: US$50,000.00
Issued & Paid
Up: US$10,000.00
Business Category:
Diamond & Jewellery Trader.
Annual
Turnover: US$45 - 50 million.
Employee: 1.
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Hong Kong Principal
Place of Business:-
C/o Krsna Group
Ltd., Suite 1101, 11/F., Supreme House, 2A Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
52069583
F0017506
Managing
Director: Mr. Ratan Kedia
Contact
Person: Mr. Anshu Rungta
(Hong Kong Mobile
Phone No.: 852-6078 5110)
Name: Anshu RUNGTA
Address: Flat D, 26/F., Yee Tsui Court, Tower 16,
South Horizons, Ap Lei Chau, Hong Kong.
Authorised Share
Capital: US$50,000.00
Issued & Paid
Up Capital: US$10,000.00
(As
per registry dated 08-04-2015)
|
Name (Nationality) |
Address |
|
Ratan KEDIA |
117 Samajdari Marg, Kalimati, 6/25 New
Road, Kathmandu, Nepal. |
(As
per registry dated 08-04-2015)
|
Name |
Address |
Co.
No. |
|
AT
Accounting & Secretarial Services Ltd. |
Suite 909, 9/F., Office Tower Two, Grand Plaza, 625 Nathan Road,
Mongkok, Kowloon, Hong Kong. |
0985965 |
The
subject was incorporated in the
British Virgin Islands as a limited company. It has established a principal place of
business in Hong Kong and was registered on 8th April, 2010 as an oversea
company under Part XI of the Hong Kong Companies Ordinance.
Formerly
the subject’s registered address was located at “Suite 1508, 15/F., Empress
Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong” where
was the old operating address of a commercial service provider Krsna Group Ltd.
[Krsna]. Krsna moved to the present
address with effect from 23rd June, 2014, so did the subject.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities &
Lines: All kinds of jewellery and
diamonds
Employee: 1.
Commodities
Imported: India, other Asian countries
Markets: Hong Kong, Nepal, other Asian countries
Annual
Turnover: US$45 - 50 million.
Terms/Sales: CAD,
L/C, Advanced T/T, etc.
Terms/Buying: L/C,
D/P, O/A, etc.
Authorised Share
Capital: US$50,000.00
Issued & Paid
Up
Capital: US$10,000.00
Profit or Loss: Made profits in past two fiscal years.
Annual Net
Profit: US$80,000.00
– 100,000.00
Condition: Business is active in Hong Kong.
Facilities: Making active use of general banking
facilities.
Payment: Slow
but correct
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Ostia
Holdings Ltd. is a Non-Hong Kong Company registered in April 2010. It was incorporated in the British Virgin
Islands.
The
director of the subject Mr. Ratan Kedia is a Nepal passport holder. His registered address is in Kathmandu,
Nepal.
The
subject does not have its own operating office.
Its Hong Kong registered office is in a commercial service firm located
at “Suite 1101, 11/F., Supreme House, 2A Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong” known as “Krsna Group Ltd.” [Krsna] which is handling its correspondences
and documents. The phone number of Krsna
is 852-3904 2662.
The
subject has one employee in Hong Kong.
The
representative of the subject Mr. Anshu Rungta is a Hong Kong ID holder who has
got the right to reside in Hong Kong permanently. His Hong Kong registered address is at
Flat D, 26/F., Yee Tsui Court, Tower 16, South Horizons, Ap Lei Chau, Hong
Kong. He can be reached at his
Hong Kong mobile phone number 852-6078 5110.
The
subject is a diamond and jewellery importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds as well as jewellery products.
Most of the commodities are imported from India and the other Asian
countries. Prime markets are
Hong Kong, Nepal, India and the other Asian countries. Business is active.
Mr.
Ratan Kedia has had an associated firm in Kathmandu, Nepal which is also
trading in diamonds.
The
subject’s annual turnover ranges from US$45 to 50 million while its net profit
ranges from US$80,000.00 to 100,000.00.
The
history of the subject in Hong Kong is over five years and seven months.
On
the whole, consider it good for normal business engagements.
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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.