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Report No. : |
342337 |
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Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMMENSE TRADING LTD. |
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Registered Office : |
Unit 1202F, 12/F., Harbour Centre, Tower 2, 8 Hok
Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.06.2013 |
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|
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Com. Reg. No.: |
61545784 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of
diamonds. |
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No. of Employees : |
1 |
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 |
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Status : |
Business is under development |
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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 – 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 |
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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 12.5% 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 |
The subject is not located at your ‘18/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon, Hong Kong’ where is the operating office of KGK Jewellery (HK) Ltd.
IMMENSE TRADING
LTD.
ADDRESS: Unit 1202F, 12/F., Harbour Centre, Tower
2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: Not
available
MANAGEMENT:
Managing Director:
Mr. Raj Kumar Bag
Incorporated on: 4th June, 2013.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1202F, 12/F., Harbour Centre, Tower 2, 8 Hok Cheung
Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Treasure East Ltd., British Virgin Islands.
61545784
1918331
Managing Director:
Mr. Raj Kumar Bag
HK$1.00
(As per registry dated 04-06-2015)
|
Name |
|
No. of share |
|
Treasure East Ltd. 263 Main Street,
P.O. Box 2196, Road Town, Tortola, British Virgin Islands. |
|
1 = |
(As per registry dated 04-06-2015)
|
Name (Nationality) |
Address |
|
Raj Kumar BAG |
V.P.O – Naskar Pur, J.B. Pur, Howrah 711414,
West Bengal, India. |
|
Treasure East Ltd. |
263 Main Street, P.O. Box 2196, Road Town, Tortola, British
Virgin Islands. |
(As per registry dated 04-06-2015)
|
Name |
Address |
Co. No. |
|
Louis Lai & Luk Company Secretarial Services Ltd. |
9/F., Surson Commercial Building, |
0686503 |
The subject was incorporated on 4th June, 2013 as a
private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds
Employee: 1.
Commodities Imported: India,
other Asian countries
Markets: Hong
Kong, China, India, other Asian countries
Terms/Sales: CAD or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$1.00
Profit or Loss: Kept
a balance account in 2014.
Condition: Business
is under development.
Facilities: Adequate
for current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued just
one ordinary share of HK$1.00, Immense Trading Ltd. is wholly owned by Treasure
East Ltd. [TEL] which is a BVI-registered company.
The directors of the
subject are TEL and Mr. Raj Kumar Bag.
The latter is an India merchant.
He is an India
passport holder and does not have the right to reside in Hong Kong
permanently.
The subject’s
telephone number and fax number have not registered with local telephone
company nor listed on telephone directories.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, China, India and
the other Asian countries. Business is
still under development.
The subject’s
business is chiefly handled by R J Bag himself.
History in Hong Kong is just over two years and three months.
On the whole, since
the history of the subject is short, consider it good for normal business
engagements on L/C basis.
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.
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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.
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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.
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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.66.08 |
|
UK Pound |
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
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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 |
-- |
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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.