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MIRA INFORM REPORT
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Report No. : |
502153 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PURE CARAT LIMITED |
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Registered Office : |
22/F., Euro Trade Centre, 21-23 Des Voeux Road Central |
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Country : |
Hongkong |
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Date of Incorporation : |
21.02.2017 |
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Com. Reg. No.: |
67274185 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Diamond and Jewellery. |
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No. of Employees : |
25. (Including associated
company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Status : |
New Business |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 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 |
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 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.
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Source
: CIA |
Company name and address
PURE CARAT LIMITED
ADDRESS: 22/F., Euro Trade Centre, 21-23 Des
Voeux Road Central, Hong Kong.
PHONE: 852-2522 9050
FAX: 852-2522 3450
MANAGEMENT
Managing Director:
Mr. Jacov Itzchaki
SUMMARY
Incorporated on: 21st February, 2017.
Organization: Private Limited Company
Issued Share Capital: HK$2.00
Business Category: Diamond
and Jewellery Trader.
Employees: 25. (Including associated company)
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory,
ADDRESS
Registered Head
Office:-
22/F., Euro Trade Centre, 21-23 Des Voeux Road Central,
Hong Kong.
Holding Company:
White Snow Ltd., Macau.
Associated Companies:
2DDD Ltd., Hong Kong.
A. Dalumi Diamond Ltd., Israel.
Cool Ice Ltd., Macau.
Dalumi (Shanghai) Diamond Co. Ltd., China.
Dalumi Botswana (Pty) Ltd., Botswana.
Dalumi Diamond Corp, U.S.A.
Dalumi Diamond India Pvt. Ltd., India.
Dalumi Europe BVBA, Belgium.
Dalumi Hong Kong Ltd., Hong Kong. (Same address)
Dalumi Jewellery Inc., U.S.A.
Dalumi Jewellery Manufacturers Ltd., Hong Kong.
Dalumi Spain, Spain.
etc.
BUSINESS REGISTRATION NUMBER
67274185
COMPANY FILE NUMBER
2487619
MANAGEMENT
Managing Director:
Mr. Jacov
Itzchaki
Contact Person: Ms. Shermin Chan
ISSUED SHARE CAPITAL
HK$2.00
SHAREHOLDER
(As per registry dated 21-02-2018)
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Name |
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No. of shares |
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White Snow Ltd. Travessa Dos Anjos Edificio Pou Ka Un, Bloco 1, R/C
“C”, Macao. |
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2 = |
DIRECTOR
(As per registry dated 21-02-2018)
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Name (Nationality) |
Address |
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Vered DALUMI ITZCHAKI |
9 Yoav Street, Tel Avivi-Jafo, Israel. |
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Jacov ITZCHAKI |
Flat A, 4/F., 38 Peninsula Village, Discovery Bay,
Lantau Island, Hong Kong. |
SECRETARY
Jacov ITZCHAKI (As per registry dated 01-01-2018)
HISTORY
The subject was
incorporated on 21st February, 2017 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.
OPERATIONS
Activities: Diamond and Jewellery Trader.
Lines: All kinds of diamond and
jewellery.
Employees: 25.
(Including associated company)
Commodities Imported: Mainly
imported from Israel, Italy and other European countries.
Markets: Hong Kong, China, Japan and other
Asian countries.
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$2.00
Mortgage or Charge:-
Date: 14-109-2017
Description of
Instrument: Deed of Indemnity,
Charge Over Deposits and Set-Off
Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Adequate for current running.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued just
two ordinary shares of HK$1.00 each, Pure Carat Limited is wholly-owned by
White Snow Ltd. [WSL] which is a Macao-based company.
Formerly the subject
was equally-owned by Mr. Jacov Itzchaki and Mr. Vered Dalumi
Itzchaki. They transferred their shares
to WSL on 7th August, 2017.
The directors of the
subject are the old shareholders of the subject.
The subject has had
an associated company known as Dalumi Hong Kong Ltd. [Dalumi], a Hong
Kong-registered company located at the same address.
Dalumi
was formed in 1997 as a member of A. Dalumi
Diamond Group [Group] which has over 40 years of experience in the global
diamond business. The Group is chiefly
owned by the Dalumi family.
The
subject is majority owned and controlled by Mr. Jacov Itzchaki who is an
Israeli. It is trading in diamonds and
jewellery. Commodities are mainly
imported from Israel, Italy and the other European countries. Its diamond products include loose diamond,
branded diamond, yellow diamond, round diamond, fancy shape diamond, etc. Most of the diamonds bear the brand names of
either Swana Diamond or Golden Diamond.
Jewellery
products include diamond earrings, diamond necklaces, pendants, bracelets,
diamond rings, yellow diamond rings, fancy yellow diamond rings, fancy diamond
rings, etc. which are sold in Hong Kong, China and also exported to Japan,
the other Asian countries, Europe, North America, etc.
The manufacturing
facilities of the Group are in Botswana,
Israel, China and India, offices around the globe and some 650 professional
employees worldwide.
The
Group is significant for its Diamond Manufacturing, Jewellery Designing &
Manufacturing.
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-K24.
The contact person of
the subject Ms. Shermin Chan is the Marketing Executive of Dalumi.
The history of the
subject in Hong Kong is just over a year and a month.
On the whole, since
the history of the subject is short, consider it good for normal business
engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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HKD |
1 |
INR 8.30 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.