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MIRA
INFORM REPORT
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Report No. : |
502622 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
DIASOURCE INC |
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Registered Office : |
Flat G, 15/F., Golden Crown Court, 66-70 Nathan Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.07.2016 |
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Com. Reg. No.: |
66388272-001-07 |
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Legal Form : |
Sole Ownership. |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds and Precious Stones |
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No. of Employees : |
1 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Relatively New Business |
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Payment Behaviour : |
Slow |
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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.
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Source
: CIA |
Company name and address
DIASOURCE INC
[Operated by DIASOURCE INC LIMITED]
ADDRESS: Flat G, 15/F., Golden Crown Court, 66-70
Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
MANAGEMENT:
Manager:
Mr. Yogesh Nihalchand Kasliwal
SUMMARY
Establishment: 6th
July, 2016.
Organization:
Sole Ownership.
Capital:
Provided by
Parent.
Business Category: Importer, Exporter and Wholesaler.
Employee:
1.
Main Dealing Banker: Not available.
Banking Relation: Not
applicable.
ADDRESS
Head Office:-
Flat G, 15/F., Golden Crown Court, 66-70
Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Parent Company:-
Diasource Inc Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
66388272-001-07
MANAGEMENT
Manager:
Mr. Yogesh Nihalchand Kasliwal
SOLE OWNER
Diasource Inc Ltd., Hong Kong. (See attachment)
HISTORY
The subject was established on 6th July, 2016
as a sole ownership firm with Diasource Inc Ltd. as the proprietor under the
Hong Kong Business Registration Regulations.
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
and precious stones (unconfirmed), etc.
Employee: 1.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, India, other Asian
countries, etc.
Terms/Sales:
CAD, or as per
contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Capital: Provided by Parent.
Profit or Loss: Too early to
offer an opinion.
Condition: Business is under development.
Facilities: Adequate for current running.
Payment:
Slow.
Commercial Morality: Satisfactory.
Banker:
Not
available.
Standing:
Small.
GENERAL
Diasource Inc is a wholly-owned subsidiary of Diasource Inc
Limited [DIL]. Business commenced in
July 2016, the subject is operated by Mr. Yogesh Nihalchand Kasliwal [Y N
Kasliwal] who is an India merchant. He
is an India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of DIL.
The registered address of the subject is located at ‘Flat G,
15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong’
where seems to be the Hong Kong residence of Y N Kasliwal.
The subject’s telephone number and fax number have not registered
with local telephone company nor listed on telephone directories.
The residential building where the subject is located is not
trespassed by outsiders.
The lines of business of the subject are unknown to us. According to the registration documents of
the subject, it is offering clients with ‘consultancy and trade services’.
From our indirect sources, the subject is trading in
diamonds. It is engaged in importing,
exporting and wholesaling all kinds of diamonds. It also trades in rough diamonds. However, this lines of business are
unconfirmed.
The business of the subject is chiefly handled by Y N Kasliwal
himself. History in Hong Kong is over a
year and nine months.
On the whole, since the history of the subject is short in Hong
Kong, consider it good for normal credit requirements on L/C basis.
Company name and address
DIASOURCE INC
LIMITED
ADDRESS: Flat G, 15/F., Golden Crown Court, 66-70
Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
66388272-000
COMPANY FILE NUMBER
2399528
DATE OF INCORPORATION
6th
July, 2016.
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 06-07-2017)
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Name |
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No. of shares |
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Yogesh Nihalchand KASLIWAL |
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10,000 ===== |
DIRECTOR
(As per registry dated 06-07-2017)
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Name (Nationality) |
Address |
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Yogesh Nihalchand KASLIWAL |
35 Sagar Mahal, 65 Walkeshwar Road, Mumbai
400006, India. |
SECRETARY
(As per registry dated 06-07-2017)
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Name |
Address |
Co. No. |
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Gurung & Shum Business Solutions Ltd. |
Unit 406B, 4/F., Mirror Tower, 61 Mody
Road, Tsimshatsui, Kowloon, Hong Kong. |
1348317 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.13 |
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1 |
INR 92.52 |
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Euro |
1 |
INR 80.59 |
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HKD |
1 |
INR 8.33 |
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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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
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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.