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MIRA INFORM REPORT
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Report No. : |
504172 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
FOREVER LUCKY DIAMOND LIMITED |
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Registered Office : |
Flat 603, 6/F., Oriental Centre, 67-71 Chatham
Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.11.2007 |
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Com. Reg. No.: |
38613788 |
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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 and Jewellery Products, Precious Stones |
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No. of Employees : |
3 |
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 : |
Small Company |
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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.
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Source
: CIA |
Company
name and address
FOREVER LUCKY
DIAMOND LIMITED
ADDRESS: Flat 603, 6/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3116 0455, 6622 7151
FAX: 852-3116 4405
E-MAIL: foreverluckyhk@gmail.com
MANAGEMENT:
Managing Director: Mr. Hema Jatin Magiya
SUMMARY
Incorporated on: 8th
November, 2007.
Organization:
Private Limited
Company
Issued Share Capital: HK$10,000,000.00
Business Category: Diamond Trader.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Flat 603, 6/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
First Mark Ltd., Hong Kong. (Same address)
Raremat Ltd., Hong Kong. (Same address)
BUSINESS
REGISTRATION NUMBER
38613788
COMPANY
FILE NUMBER
1183312
MANAGEMENT
Managing Director: Mr. Hema Jatin Magiya
ISSUED
SHARE CAPITAL
HK$10,000,000.00
SHAREHOLDER
(As per registry dated 08-11-2017)
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Name |
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No. of shares |
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Hema Jatin MAGIYA |
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10,000,000 ======== |
DIRECTOR
(As per registry dated 08-11-2016)
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Name (Nationality) |
Address |
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Hema Jatin MAGIYA |
Flat J, 19/F., Block 2, Royal Peninsula,
8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 08-11-2017)
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Name |
Address |
Co. No. |
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CBEST Solutions Ltd. |
Unit 7, 23/F., Enterprise Square Three, 39
Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong. |
1295959 |
HISTORY
The subject was incorporated on 8th November,
2007 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject was located at Flat A,
13/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong,
moved to Flat A, 10/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui,
Kowloon, Hong Kong in November 2010 and further to the present address in
March 2013.
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 jewellery products, precious stones, etc.
Employees: 3.
Commodities Imported: India, other Asian countries, etc.
Markets: Japan,
other Asian countries, Middle East, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000,000.00
Indebtedness: US$1,016,185.27
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 08-11-2017)
Mortgage or Charge: (See
attachment)
Profit or Loss: Made small profits in past years.
Condition: Business
is normal.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Slow but
Correct.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 10 million ordinary shares of HK$1.00 each, Forever
Lucky Diamond Limited formerly was equally owned by Hema Jatin Magiya [H J
Magiya] and Jatin Champaklal Magiya. In
September 2015, the latter outwent and transferred all his shares to the former. Now, the subject is wholly-owned by H J
Magiya.
H J Magiya is an India merchant and also acting as the only
director of the subject. He is a Hong
Kong ID holder and has got the right to reside in Hong Kong.
At the very beginning, the subject’s issued share capital was just
HK$10,000.00, increased to the present amount on 19th December, 2011.
The subject is a diamond trader.
It is significant for its loose diamonds, carat size diamonds, etc. It deals in polished diamonds with round
brilliant cut and fancy shapes diamonds, with size ranges from 0.01 cts to 0.80
cts in all colour and clarity with superior cut quality. According to the subject, it supplies local
and worldwide markets.
Rough diamonds, loose, polished and cut diamonds are chiefly imported
from India. The subject has got regular
suppliers in India. Some of the rough
diamonds are polished or processed in Hong Kong. Finished products and polished diamonds are
exported or re-exported to Taiwan, South Korea, Japan, India, other Asian countries,
the Middle East, North America, Eastern and Western Europe, etc. Business is normal.
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 Jewellery Show 2018” which had been
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 2nd to 6th March, 2017.
Its booth No. was 1EB-24.
It also 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 5-G16.
The subject has had two associated companies Raremat Ltd. and
First Mark Ltd. located at the same address.
These two companies are also diamond traders.
H J Magiya can be reached at his Hong Kong mobile phone number 852‑6622 7151.
The subject’s business is chiefly handled by Magiya. History in Hong Kong is over ten years and
five months.
On the whole, consider the subject good for normal business
engagements.
REMARKS
Property information of the company:-
Property Location: 10/F., Tung Fai Building, 27A Cameron Road, Kowloon,
Hong Kong.
Owner: Forever
Lucky Diamond Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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15-06-2010 |
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The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
Mortgage to secure general banking
facilities |
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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11-04-2014 |
Mortgage |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
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24-06-2015 |
Mortgage |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
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24-06-2015 |
Assignment of
Rentals |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.78 |
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1 |
INR 93.42 |
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Euro |
1 |
INR 81.39 |
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HKD |
1 |
INR 8.41 |
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 : |
TRU |
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.