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Report No. : |
346729 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
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Name : |
BOON VENTURE |
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Registered Office : |
C/o WinGate Business Ltd., Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
27.03.2009 |
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Com. Reg. No.: |
50482321-000-03 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS. |
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No. of Employees : |
No Employees in Hong Kong NOTE: It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
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 : |
Slow but correct |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
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 |
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 |
BOON
VENTURE
ADDRESS: C/o
WinGate Business Ltd.
Room 3208,
32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2830
9999
FAX: 852-2830
9998
Manager: Mr. Nilesh Manharlal Chauhan
Establishment: 27th March, 2009.
Organization: Sole Proprietorship
Capital: Not
disclosed.
Business Category: Diamond
Trader.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o WinGate Business Ltd.
Room 3208, 32/F., Central Plaza, 18 Harbour Road,
Wanchai, Hong Kong.
Associated Company:-
Uni Star, Hong Kong.
50482321-000-03
Manager: Mr. Nilesh Manharlal Chauhan
Name: Mr. Nilesh Manharlal CHAUHAN
Residential Address: Flat
A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon,
Hong Kong.
The subject was
established on 27th March, 2009 as a sole proprietorship concern owned by Mr.
Nilesh Manharlal Chauhan under the Hong Kong Business Registration
Regulations. Became a partnership as Mr.
Tarun Kandhari joined in on 14th February, 2011. However, the subject became a sole
proprietorship again as Tarun Kandhari outwent on 9th August, 2011.
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: Nil.
Commodities Imported: India,
Europe, other Asian countries, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Made
very small profits in past four years.
Condition: Business
is fairly active.
Facilities: Adequate
for current running.
Payment: Met as contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Boon Venture is a
sole proprietorship set up and owned by Mr. Nilesh Manharlal Chauhan who is an
Indian. The subject’s old partner Mr.
Tarun Kandhari outwent on 9th August, 2011.
N M Chauhan is a Hong Kong ID Card holder and has got the right to
reside in Hong Kong permanently. Chauhan
has been in Hong Kong for a very long time before setting up the subject in
March 2009.
The subject’s
registered office is in a commercial service firm located at Room 3208,
32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong known as WinGate
Business Ltd. which is handling its correspondences and documents. The subject has no employees in Hong Kong.
The operating address
of the subject actually is in the Hong Kong residence of N M Chauhan.
The subject is
trading in loose diamonds, cut and polished diamonds, etc. It is trading in the following commodities:
single-cut diamond, full cut loose diamond, carat size diamonds, etc.
Polished and cut
diamonds are imported from India, Belgium, other European countries, etc. Finished products and polished diamonds are
marketed in Hong Kong, exported or re‑exported to China, the other Asian
countries, Europe, North America, etc.
The subject is also a
commission agent. It also purchases
rough diamonds from local suppliers in Hong Kong.
Besides operating the
subject, Chauhan is operating another firm known as Uni Star. This firm was established on 30th August,
2007 and registered in Hong Kong but its registered address is located at a
different address. Uni Star is also a
diamond trader. However, the actual
operating address of Uni Star is also located at the residence of Chauhan in
Hong Kong. Uni Star is also a diamond
trader.
The subject’s
business in Hong Kong is fairly active.
History is over six years and six months in Hong Kong.
Since the subject’s
operating office is in the residence of Chauhan, consider it good for business
engagements on L/C basis or in very small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.04 |
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|
1 |
Rs.99.58 |
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Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.