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MIRA INFORM REPORT
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Report No. : |
492559 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ABHI DIAM LIMITED |
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Registered Office : |
c/o Offshore Business Consultant (HK) Ltd.
Unit 2, LG 1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.10.2013 |
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Com. Reg. No.: |
62170003 |
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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 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 : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 |
Note
We are not sure whether the subject is also located
at your given address “Flat 1/A, Hart Mansion, 12 – 14 Hart Avenue Street,
Tsimshatsui, Kowloon, Hong Kong” which is in a residential building.
The first floor of this building belongs to a
church known as ‘Evagelize China Fellowship Tsim Sha Tsui Canaan Church’.
Company
name and address
ABHI DIAM
LIMITED
ADDRESS: c/o Offshore Business Consultant (HK)
Ltd.
Unit
2, LG 1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
MANAGEMENT:
Managing Director: Mr. Yogesh Jagdishbhai Bhanderi
SUMMARY
Incorporated on: 15th
October, 2013.
Organization:
Private Limited
Company.
Issued Share Capital: HK$800,000.00
Business Category: Diamond Trader.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
c/o Offshore Business Consultant (HK) Ltd.
Unit 2, LG 1, Mirror Tower, 61 Mody Road,
Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
62170003
COMPANY
FILE NUMBER
1979956
MANAGEMENT
Managing Director: Mr. Yogesh Jagdishbhai Bhanderi
ISSUED
SHARE CAPITAL
HK$800,000.00
SHAREHOLDER
(As per registry dated 15-10-2016)
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Name |
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No. of shares |
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Ravikumar Bharatbhai SOJITRA |
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800,000 ====== |
DIRECTORS
(As per registry dated 15-10-2016)
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Name (Nationality) |
Address |
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Yogesh Jagdishbhai BHANDERI |
Street-4 Laxminagar, B/H Gausala Ghoghard,
Bhavnagar 364002, India. |
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Ravikumar Bharatbhai SOJITRA |
82, Shriji Park Society, Laxmikant Ashram
Road, Katargam, Surat-395004, Gujarat, India. |
SECRETARY
(As per registry dated 15-10-2016)
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Name |
Address |
Co. No. |
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SBS Nominee Ltd. |
Unit 1002B, 10/F., Fortress Tower, 250 King’s
Road, North Point, Hong Kong. |
0809165 |
HISTORY
The subject was incorporated on 15th October,
2013 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the registered address of the subject
was located at Shop 155, 1/F., Peninsula Centre, 67 Mody Road, Tsimshatsui,
Kowloon, Hong Kong where was the operating address of a commercial service
provider Datar Consultants & Services Ltd.
The subject moved to ‘Flat 5, 5/F., Kiu Fung Mansion, 18 Austin
Avenue, Tsimshatsui, Kowloon, Hong Kong’ in March 2014, moved to ‘Room B,
11/F., Block Rear Portion, Ocean View Court, 25A Chatham Road, Tsimshatsui,
Kowloon, Hong Kong’ with effect from 26th January, 2016. It further moved to the present address on
2nd June, 2017.
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
Employee: 1.
Commodities Imported: India, Europe, etc.
Markets: Hong
Kong, India, China, South Korea, other Asian countries, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying: L/C,
pre-payment, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$800,000.00
Profit or Loss: Made small profits in past three years.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment:
No
Complaints.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Abhi Diam Limited had issued 100,000 ordinary shares of HK$1.00
each which were wholly owned by Ravikumar Bharatbhai Sojitra who was an India
merchant. In July 2014, the subject
increased its ordinary shares to 800,000.
Since then Ravikumar Bharatbhai Sojitra had held 40% of the subject’s
interests while Mayurkumar Raghavbhai Gabani who was also an Indian, had held
60%. Now, the latter has outgone and
transferred all his shares to the former.
The subject now is wholly-owned by R B Sojitra.
On 11th January, 2016, the directors changed to Mr. Ravikumar
Bharatbhai Sojitra and Mr. Yogesh Jagdishbhai Bhanderi. The latter was appointed on the
above-mentioned date. He is a Hong Kong
ID holder and has got the right to reside in Hong Kong.
The subject commenced business in October 2013.
The subject’s registered address is in a secretarial company
located at ‘Unit 2, LG 1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon,
Hong Kong’ known as Offshore Business Consultant (HK) Ltd. This company is handling its correspondences
and documents.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. It is supplying GIA certified
diamonds to its worldwide customers ranging from 0.30 to 5.00 carat size
diamonds.
Most of the commodities are imported from India. Prime markets are Hong Kong, China,
South Korea and the other Asian countries.
Business is keeps on improving.
The subject has had a related company in India known as Gabani
Exim Pvt. Ltd. which is also a diamond trader.
This company is one of the suppliers of the subject.
The subject’s business is chiefly handled by Yogesh Jagdishbhai
Bhanderi himself. History in
Hong Kong is over three years and nine months.
On the whole, consider it good for normal business engagements in
small credit amounts for the time being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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HKD |
1 |
INR 8.17 |
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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VIV |
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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 |
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.