MIRA INFORM REPORT

 

 

Report No. :

345739

Report Date :

17.10.2015

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE TRADES

 

 

Registered Office :

Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

09.02.1981

 

 

Com. Reg. No.:

7053042

 

 

Legal Form :

Partnership

 

 

Line of Business :

Trading of Jewelry.

 

 

No. of Employees :

About 5 Employees

 

 

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 :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

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 12.5% 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

 

company name and address

 

Company Name:

Reliance Trades

Supplied Name:

Reliance Traders

Trading Address:

Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

Supplied Address:

A-4-6th Floor, Hankow Centre, 47 Packing Road, Tsim Sha Tsui Kowloon

 

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Reliance Trades

Registered Address:

Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

Telephone Number:

+852-2366-3063

Fax Number:

+852-2311-0919

E-mail:

reliance@hkstar.com

Date of Registration:

1981-02-09

Business Registration No.:

7053042

Registered Capital:

N/A

Legal Form:

Partnership

SITC Code:

89731--Articles of jewelry and parts thereof, of precious metals or metals clad with precious metals (g)

Principal Activities:

Trading of jewelry

Staff:

About 5 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, and the subject declined to disclose the information, either.

 

 

History

 

Subject was incorporated on 1981-02-09 with the business registered number 7053042 as Partnership in Hong Kong.

 

 

Corporate Structure

 

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Partners

 

1

Name:

Mohamed Sadakthambi, Asik A

Position:

Partner

Address:

Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

ID Card No.:

K4206916

Date of Entry:

1985-07-24

2

Name:

Mohamed, S.A.K. Mafaz

Position:

Partner

Address:

Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

ID Card No. :

K8720967

Date of Entry:

2010-06-24

3

Name:

Seyed Abdul Kader, S A G

Position:

Partner

Address:

2/F, 11 Lock Rd., Kowloon, Hong Kong.

ID Card No. :

XD 0069413

Date of Entry:

1981-02-09

 

Personnel Structure

 

Total Employees

About 5 Employees

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

 

Premises Information

 

Production Information

 

 

Purchase Information

 

 

Sales Information

·         Subject is engaged in sales of jewelry

·         The major products are jewelry, jade, diamond and semi-precious stone and son on.

·         Subject’s sales regions include domestic market, Southeast Asia, America and Europe

·         Subject’s major customers are jewelry stores

 

 

Settlements

 

PURCHASE

 

Domestic Purchase

 

Subject has little domestic purchase.

 

Import

Products

Jewelry

Payment Terms

L/C, T/T

 

SALES

 

Domestic Markets

Product

Jewelry

Selling Terms

T/T, Cash

 

Export

Product

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, and 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

 

Civil Litigation

 

Date:

2011-02-02

Court Name:

High Court Civil Action

Court No.:

201

Claimant:

Pankaj Diamond 

(a firm) 

c/o

David Y.W. Man & Co

(a firm)

Defendant:

Mohamed Seyed Abdul Kader Mafaz

t/a

Reliance Trades

c/o

A-4, 6/F,

Hankow Centre,

47 Peking Road,

Tsim Sha Tsui, Kln, HK

Reason:

DEBT

Amount(HKD):

--

 

Mortgage Record

 

No mortgage record of the subject was found

 

 

Special Note

 

Interview Details

Name

Mr. Abdul Kader

Position:

Partner

 

 

Industry Information

 

89731--Articles of jewelry and parts thereof, of precious metals or metals clad with precious metals (g)

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

Austria

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

Austria

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 confirmed that subject is located at the supplied address as follows with relevant staff, but there is no name on the wall.

 

Address: Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

 

Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

 

IMG_3
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

 

 

 

 

 

 

6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

IMG_2
 

 

 

 

 

 

 

 

 

 

 

 

 

 



Flat A 4, 6/F, Hankow Centre, 47 Peking Rd., Tsim Sha Tsui, Kowloon, Hong Kong

 

IMG_1
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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.64.97

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.