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MIRA INFORM REPORT
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Report No. : |
500900 |
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Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
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Name : |
FLAWLESS (H.K.) COMPANY |
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Registered Office : |
Room 402, 4/F., Chevalier House, 45-51 Chatham Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.06.2005 |
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Com. Reg. No.: |
35695197-000-06 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds. |
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No. of Employees : |
4. (Including Affiliated Company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. 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, which took effect in
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. Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai
Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold
Connect are all important steps towards opening up the Mainland’s capital
markets and has reinforced Hong Kong’s leading role as China’s offshore RMB
market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
|
Source
: CIA |
Company
name & address
FLAWLESS (H.K.) COMPANY
ADDRESS: Room 402, 4/F.,
Chevalier House, 45-51 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2739 0443,
2739 0444, 2368 4938
FAX: 852-2368 4939
E-MAIL: flawlesshk@flawlesscompany.com
MANAGEMENT
Manager: Mr. Poonam Chand Kothari
SUMMARY
Establishment: 6th June, 2005.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 4. (Including Affiliated
Company)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
FLAWLESS (H.K.) COMPANY
ADDRESS
Head Office:-
Room 402, 4/F., Chevalier House, 45-51 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Companies:-
Concorde International, India.
Fancy Diamond HK Company, Hong Kong.
(Same address)
Flawless Co. Ltd., Thailand.
Purity Company, Hong Kong. (Same
address)
BUSINESS
REGISTRATION NUMBER
35695197-000-06
MANAGEMENT
Manager: Mr. Poonam Chand Kothari
Contact Person: Mr. Rishabh
Kothari
PARTNERS
Name: Mr. Poonam Chand KOTHARI
Residential Address: CD-8, City
Tower, 1867/59-60, Tridhos City Marina Condo, Charoennakorn Road,
Klongsan, Bangkok 10600, Thailand.
Name: Mr. Sunil KOTHARI
Residential Address: CD-8, City
Tower, 1867/59-60, Tridhos City Marina Condo, Charoennakorn Road,
Klongsan, Bangkok
10600, Thailand.
HISTORY
The subject was established on 6th June, 2005 as a partnership concern
jointly owned by Mr. Poonam Chand Kothari and Mr. Sunil Kothari under the
Hong Kong Business Registration Regulations.
Initially the subject was located at Rear Portion, 7R, 7/F., Ocean View
Court, 33 Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 808, 8/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in
June 2006, and further moved to the present address in April 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Brand Name: FLAWLESS
Employees: 4.
(Including affiliated company)
Commodities Imported: India,
Thailand, Europe, etc.
Markets: Hong
Kong, China, India, Southeast Asia, etc.
Terms/Sales: CAD, L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a steady
condition.
Facilities: Making rather active use of
general banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Satisfactory.
GENERAL
Flawless (H.K.) Company is a partnership jointly owned by two India
merchants, namely, Mr. Poonam Chand Kothari and Mr. Sunil Kothari. The latter is an India passport holder and
his registered address is in Thailand while the former is a Hong Kong ID holder
and has got the right to reside in Hong Kong.
He is also manager of the subject.
The subject moved to the present address in April 2011.
The subject is a diamond trader.
It is significant for its round diamonds, diamond stones and carat
diamonds.
Commodities are imported from India and Thailand. Its diamonds are chiefly fancy shaped which
include emerald cut, marquise, pears, hearts and ovals. It is also a major supplier of round
brilliant cut diamonds (full cut in white goods, China made in small sizes) in
Collection Quality with or without GIA/HRD Certificate.
According to the subject, its stock includes mainly the nice make and
well assorted parcel from different sizes such as – 2, + 2 – 6, 5 – 11 and
Pointers up to 90 cts. It has a wide
range in the GIA certified stones from 1 cts up to 5 cts. in D-H colour and IF
SI clarity.
Most of its products bear the brand name of “Flawless”. Products are marketed in Hong Kong, China and
exported to worldwide countries.
Currently the subject has got an affiliated company in Thailand known as
Flawless Co. Ltd. which is managed by the subject’s partner Mr. Sunil Kothari.
Besides, the subject also has had an associated company Concorde
International [Concorde] in India.
Concorde is managed by the third generation of the founder who has been
engaged in the business of manufacturing and exporting diamonds and colour stones
for a very long time.
Concorde manufactures small size diamonds in rounds starting from the
smallest -2 up to 0.20 points, If - I3 purity.
This firm carries in its stock white, off white (TTLB) and fancy colours
in all sizes, shapes and qualities (VVS-I3).
It also deals in old cut yellow (cape) diamonds and special big size
stones 1.00 cts up. Most of the products
of Concorde are GIA certified.
Concorde’s manufacturing facility is located at the main cutting centre
of Jaipur.
Concorde has had other foreign marketing associates such as Allure
Jewels LLC in Dubai of the United Arab Emirates, and Allure Jewellery
Manufacturing Co. Ltd. in Bangkok of Thailand.
The subject shares the office with another company known as Purity
Company [Purity]. Purity is a
partnership jointly owned by Mr. Deepak Jain and Mr. Rishabh Kothari.
The contact person of the subject is Mr. Rishabh Kothari.
Another company Purity Company is also located at the same address. Mr. Rishabh Kothari is also one of the
partners of Purity Company.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it took part in
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2018” which had
been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of
27th February to 3rd March, 2018. Its
booth No. was AWE 2-J34.
The history of the subject in Hong Kong is over twelve years and ten
months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.98 |
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|
1 |
INR 90.95 |
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Euro |
1 |
INR 79.51 |
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HKD |
1 |
INR 8.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.