MIRA INFORM REPORT

 

 

Report No. :

494819

Report Date :

26.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CARBON CRAFT

 

 

Registered Office :

Room F, 6/F., Pacific Building, 65-67 Kimberley Road, Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

27.02.2004

 

 

Com. Reg. No.:

34311930-000-02

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer, Exporter and Wholesaler of All kinds of diamonds.

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.

 

Source : CIA

 

 

Company name and address

 

CARBON  CRAFT

 

ADDRESS:       Room F, 6/F., Pacific Building, 65-67 Kimberley Road, Tsim Sha Tsui, Kowloon, Hong Kong.

 

PHONE:                  852-2367 8363,  2722 0292,  2723 1243

 

FAX:                       852-2722 6684

 

 

MANAGEMENT

 

Manager:  Mr. Vijaykumar Chandulal Sheth

 

 

SUMMARY

                        

Establishment:                                      27th February, 2004.

 

Organization:                                         Sole Proprietorship.

 

Capital:                                                 Not disclosed.

 

Business Category:                               Diamond Trader.

 

Employees:                                          3.

 

Main Dealing Banker:                           The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:                                  Satisfactory.

 

 

Name

 

CARBON  CRAFT

 

 

ADDRESS

 

Head Office:-

Room F, 6/F., Pacific Building, 65-67 Kimberley Road, Tsim Sha Tsui, Kowloon, Hong Kong.

 

Associated Companies:-

Dia Image Export, Hong Kong.  (Same owner)

Mayborne International Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

 34311930-000-02

 

 

MANAGEMENT

 

Manager:  Mr. Vijaykumar Chandulal Sheth

 

 

SOLE PROPRIETOR

 

Name:                           Mr. Vijaykumar Chandulal SHETH

Residential Address:     Flat B, 10/F., Ocean View Court, 43 Mody Road, Tsimshatsui, Kowloon, Hong Kong.

 

HISTORY

 

The subject was established on 27th February, 2004 as a sole proprietorship concern owned by Mr. Tansukh Shamjibhai Kasodariya under the Hong Kong Business Registration Regulations.  Subsequently, Mr. Vijaykumar Chandulal Sheth joined in as a partner on 24th February, 2006 while Kasodariya outwent on 15th June, 2006.  Now, the subject is solely owned by Sheth.

 

Initially the subject was located at Flat B/4, 16/F., Prat Mansion, 28 Prat Aveue, Tsimshatsui, Kowloon, Hong Kong, moved to Room 701, 7/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in February 2006; to Flat B, 10/F., Ocean View Court, 43 Mody Road, Tsimshatsui, Kowloon, Hong Kong in June 2006; to Room 1701, 17/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in early September 2010; to Flat B, 13/F., Hody Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in late September 2010; moved back to Room 1701, 17/F., Lee Wai Commercial Building in December 2010.  The subject moved to Room 1201, 12/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong in August 2012 and further to the present address in January 2014.

 

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.

 

Employees:                                 3.

 

Commodities Imported:               India, Belgium, Thailand, etc.

 

Markets:                                    Hong Kong, China, Eastern and Western Europe, Middle East, North America, etc.

 

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:                Making a small profit every year.

 

Condition:                     Keeping in an active condition.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Slow but correct

 

Commercial Morality:     Satisfactory.

 

 

Bankers

 

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

 

Standing:  Normal.

 

GENERAL

 

Carbon Craft is a sole proprietorship owned by Mr. Vijaykumar Chandulal Sheth who is an India merchant.  V. C. Sheth is also manager of the subject.  He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong.

 

The subject moved to the present address in January 2014.

Business commenced in February 2004, the subject is a diamond importer, exporter and wholesaler.  It is engaged in manufacturing loose diamonds such as the followings:-

Star, Melle, Pointers, Marquise, Pears, Tappers, Baguettes and Rose Cut, Round Brilliant, Pear Cut, Single Cut and Fancy Cut, Heart Cut, Emerald Cut, Trillion Cut, etc.

 

Most of the diamonds range from 0.05 cts to 0.60 cts.

 

The subject’s products are marketed in Hong Kong, China, and exported to Southeast Asia, Australasia, Japan, South Korea, India, the Middle East, North America, Taiwan, Western Europe, etc.  India is one of its prime markets.  However, its loose, cut and polished diamonds are chiefly imported from India, Belgium, North America, etc.

 

The subject’s business is chiefly handled by V. C. Sheth himself.  The subject is also a commission agent.

 

The subject has had the following two associated firms:-

 

  • Dia Image Export
  • Mayborne International Ltd. [Mayborne]

 

The two above-mentioned firms are registered in Hong Kong and acting as diamond traders.

 

The Managing Director of Mayborne is Mr. Vijay Sheth who is likely to be a family member of V. C. Sheth.  Mayborne is exporting fine jewellery, abrasive materials, and synthetic diamond powder to India.  Vijay Sheth can be reached at his mobile phone 852-9078 0124.  He is also the Contact Person of the subject.

 

Dia Image Export is also owned and operated by V. C. Sheth.

 

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 2017” 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 CR-B12.

 

The history of the subject in Hong Kong is over 13 years and seven months.

On the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.82

UK Pound

1

INR 90.40

Euro

1

INR 79.76

HKD

1

INR 8.27

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.