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Report No. : |
346836 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
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Name : |
TIMELESSLY CO. LTD. |
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Registered Office : |
Unit 26-27, 7/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hung Hom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
02.05.2012 |
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Com. Reg. No.: |
59746356 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF DIAMOND JEWELLERY, PRECIOUS
METALS. |
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No. of Employees : |
10. (Including Associates) |
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 : |
Moderate |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
TIMELESSLY
CO. LTD.
ADDRESS: Unit 26-27, 7/F., Block B,
Focal Industrial Centre, 21 Man Lok Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2314
8778, 2735 3588
FAX: 852-2735
3599
E-MAIL: hkisabellelo524@gmail.com
Managing Director:
Ms. Isabelle Lo
Incorporated on: 2nd May, 2012.
Organization: Private Limited Company.
Issued Share Capital: HK$7,030.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 10. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 26-27, 7/F., Block B, Focal Industrial Centre, 21 Man
Lok Street, Hung Hom, Kowloon, Hong Kong.
Associated
Companies:-
Apre Hong Kong Ltd., Hong Kong.
Apre Jewellers Co. Ltd., Japan.
U.M.E. Co. Ltd., Japan.
59746356
1739102
Managing Director:
Ms. Isabelle Lo
HK$7,030.00
(As per registry dated 02-05-2015)
|
Name |
|
No. of shares |
|
Isabelle LO |
|
4,000 |
|
Hiroshi UMEMURA |
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3,000 |
|
Kaizu Atsushi |
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30 |
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––––– |
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Total: |
7,030 ===== |
(As per registry dated 02-05-2015)
|
Name (Nationality) |
Address |
|
Hiroshi UMEMURA |
3-24-1 Taito, Taito-ku, Tokyo, Japan. |
|
Isabelle LO |
House 31, Law UK Tsuen, Wang Toi Shan, Pat Heung, Yuen Long,
New Territories, Hong Kong. |
Isabelle LO (As per registry dated 02-05-2015)
The subject was
incorporated on 2nd May, 2012 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the subject was
located at ‘Unit 1305, 13/F, Lippo Sun Plaza, 28 Canton Road, Tsimshatsui,
Kowloon, Hong Kong’, moved to the present address in May 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Diamond
Jewellery, Precious Metals.
Employees: 10. (Including associates)
Commodities Imported: Europe,
US, Japan, etc.
Markets: Hong
Kong, other Asian countries, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$7,030.00
Profit or Loss: Made
a small profit in 2014.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met
as required.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Sumitomo Mitsui
Banking Corporation, Hong Kong Branch.
Standing: Normal.
Having issued 7,030
ordinary shares of HK$1.00 each, Timelessly Co. Ltd. is jointly owned by
Isabelle Lo, holding 56.9% interests; Mr. Hiroshi Umemura, holding 42.7%; Mr.
Kaizu Atsushi, 0.4%. The first is a Hong Kong businesswoman while the second
and third are Japan merchants.
The subject shares
the same office with its associated company Apre Hong Kong Ltd. [Apre]
which is a Hong Kong-registered company.
Besides, U.M.E. Co. Ltd. Hong Kong Branch [UME Hong Kong] is also
located at the same address.
The subject, UME Hong
Kong and Apre are engaged in the same lines of business, more or less.
The subject is
trading in the following commodities: Polished Diamond, Diamond Jewellery,
Gold, Platinum, etc.
Apre Hong Kong is a
portal for the retailers from Apre Jewellers the Japan's leading jewellery
wholesaler. Apre Hong Kong offers
retailers wide selections of diamonds jewellery.
UME Hong Kong is a
wholesaler, importer and exporter of cut and polished diamonds. Its products have been marketed throughout
the world since 1991. Also, it is
successfully running monthly two diamond auctions sites in Japan and Hong
Kong. Besides, it has been participating
the exhibitions and trade fairs in various countries.
UME is significant
for its cut and polished diamonds with a wide range of melee, 0.1 carats to
5.00 carat. Some of the diamonds are
certified while some are non-certified.
It has branch office in the United States besides Japan and Hong Kong.
UME Hong Kong is
trading in polished diamonds with India, Israel, other Asian countries,
etc. It also stages auctions in Hong
Kong and Japan.
The correspondent
bank of UME Hong Kong is Sumitomo Mitsui Banking Corporation Bank of India.
The President of UME
is Hiroshi Umemura who is one of the shareholders and directors of the subject.
The business of the
subject is chiefly handled by Ms. Isabelle Lo who is Managing Director of the
subject. The history of the subject in
Hong Kong is just over three years and five months.
On the whole, since
the history of the subject is short, consider it good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.04 |
|
|
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared by
: |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.