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MIRA INFORM REPORT
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Report No. : |
491422 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PURITY COMPANY |
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Registered Office : |
Suite 402, 4/F, Chevalier House, 45-51 Chatham Road South,
Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
23.06.2004 |
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Com. Reg. No.: |
34676023-000-06 |
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Legal Form : |
Partnership. |
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Line of Business : |
Importer and Exporter of all kinds of Diamonds. |
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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 : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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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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
PURITY COMPANY
ADDRESS: Suite 402, 4/F, Chevalier House,
45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong
Kong.
PHONE: 852-2368 4938
FAX: 852-2368 4939
E-MAIL: purity@netvigator.com
MANAGEMENT
Manager: Mr. Deepak Jain
SUMMARY
Establishment: 23rd June, 2004.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Annual Turnover: HK$60-80 million.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Suite 402, 4/F, Chevalier House, 45-51 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Fancy Diamond HK Company, Hong Kong. (Same address)
Flawless (H.K.) Co., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
34676023-000-06
MANAGEMENT
Manager: Mr. Deepak Jain
PARTNERS
Name: Mr. Deepak JAIN
Residential Address: Flat
B, 14/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong.
Name: Mr. Rishabh KOTHARI
Residential Address: Unit
A, 13/F., Block 7, Parc Palais, King’s Park, 18 Wylie Road, Homantin, Kowloon,
Hong Kong.
HISTORY
The subject was established on 23rd June, 2004 as a
partnership concern jointly owned by Mr. Sandeep Mehta and Mr. Deepak Jain
under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:
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Name |
Incoming
Date |
Outgoing
Date |
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Mr. Deepak JAIN |
23-06-2004 |
--- |
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Mr. Sandeep MEHTA |
23-06-2004 |
01-01-2011 |
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Mr. Rajesh GOLCHHA |
01-10-2005 |
03-02-2008 |
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Mr. Rishabh KOTHARI |
11-05-2016 |
--- |
Now, the subject is
still a partnership.
At the very
beginning, the subject was located at Rear Portion, 7/F., 33 Mody Road,
Tsimshatsui, Kowloon, Hong Kong, moved to Room B, 14/F., Windsor Mansion, 29-31
Chatham Road, Tsimshatsui, Kowloon, Hong Kong in October 2009 and further moved
to the present address in December 2011.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of Diamonds
Trade Mark: “PURITY”.
Employees: 3.
Commodities Imported: India,
other Asian countries, etc.
Markets: Hong Kong, Thailand, other Asian
countries, Europe, etc.
Annual Turnover: HK$60-80
million.
Terms/Sales: CAD, L/C, T/T,
etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits in the past
years.
Condition: Keeping in a normal state.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Purity Company is a
partnership jointly owned by Mr. Deepak Jain and Mr. Sandeep Mehta, both
of whom are India merchants. Both are
Hong Kong ID Card holders and have got the right to reside in Hong
Kong. The former is also manager of the
subject.
The subject shares
its operating office with Flawless (H. K.) Co. [Flawless] which is also a Hong
Kong-registered firm. The subject is a
diamond trader, so does Flawless.
Flawless was established on 6th June, 2005. It was owned and operated by Mr. Poonam Chand
Kothari. Its products bear the brand
name Flawless.
Besides operating the
subject, Deepak Jain also operates another company known as Fancy Diamond HK
Co. which is also located at the same address.
This company was newly established in February 2015 and located at the
same address.
The subject is
specialised in round, brilliant cut and fancy shape diamonds, white diamonds,
carat-sized diamonds. Size ranging from
0.005 pt to 1.00 cts.
Business commenced in
June 2004, the subject is trading in the following products: marquise, pear,
heart, oval, princess, emerald cut, radiant cut, round cut, gold jewellery,
etc. Its jewellery products include
diamond ring, diamond pendant, diamond necklace, gem earring, diamond earring,
etc.
Most of its products
bear the brand name “Purity”. All
the diamonds have got GIA certificates. Prime markets are Hong Kong, Thailand, the
other Asian countries, Europe, etc.
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 is going to take part in
“HKTDC Hong Kong International Jewellery Show 2018” which will be held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
3rd to 7th March, 2018.
The subject has an
associated company in Thailand.
The annual sales
turnover of the subject ranges from HK$60 to 80 million. Made a small profit in the past years. Business is chiefly handled by Deepak Jain
himself.
As the history of the
subject is over thirteen years and seven months in Hong Kong, 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 64.82 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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HKD |
1 |
INR 8.32 |
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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PRA |
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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.