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MIRA INFORM REPORT
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Report No. : |
483618 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AASHI DIAMONDS LIMITED |
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Registered Office : |
Room 2003, 20/F.,
Crawford House, 70 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.03.2012 |
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Com. Reg. No.: |
59523752 |
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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 : |
4 |
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 (30.06.2017) |
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, 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.
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Source : CIA |
Company
name and address
AASHI DIAMONDS
LIMITED
ADDRESS: Room 2003, 20/F., Crawford
House, 70 Queen’s Road Central, Hong Kong.
PHONE: 852-2194 1981-2
FAX: 852-2194 1983
MANAGEMENT
Managing
Director: Mr. Manan Kishorkumar Kuvadia
SUMMARY
Incorporated on: 15th
March, 2012.
Organization: Private
Limited Company.
Issued Share
Capital: HK$99,999.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 2003, 20/F.,
Crawford House, 70 Queen’s Road Central, Hong Kong.
BUSINESS
REGISTRATION NUMBER
59523752
COMPANY
FILE NUMBER
1716932
MANAGEMENT
Managing
Director: Mr. Manan Kishorkumar Kuvadia
ISSUED
SHARE CAPITAL
HK$99,999.00
SHAREHOLDER
(As per registry
dated 15-03-2017)
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Name |
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No. of shares |
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Manan Kishorkumar
KUVADIA |
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99,999 ===== |
DIRECTOR
(As per registry
dated 15-03-2017)
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Name (Nationality) |
Address |
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Manan Kishorkumar
KUVADIA |
Flat C, 37/F.,
Tower 5, The Waterfront, 1 Austin Road, Kowloon West, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 15-03-2017)
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Name |
Address |
Co. No. |
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All Corporate
Services Ltd. |
17/F., Yeung Iu Chi
Commercial Building, 460 Jaffe Road, Hong Kong. |
0570752 |
HISTORY
The subject was
incorporated on 15th March, 2012 as a private limited liability company under
the Hong Kong Companies Ordinance.
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, etc.
Employees: 4.
Commodities Imported: India, Europe, etc.
Markets: Hong Kong, China, Japan,
South Korea, other Asian countries, etc.
Terms/Sales: CAD,
L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$99,999.00
Profit or Loss: Made small profits in past two
years.
Condition: Business is normal.
Payment: Slow
but correct
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 99,999 ordinary
shares of HK$1.00 each, Aashi Diamonds Limited is owned by Mr. Manan
Kishorkumar Kuvadia. He is a Hong Kong
ID holder and has got the right to reside in Hong Kong. He is also the only director of the subject.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in diamond stones, loose, polished and cut diamonds. The subject is significant for its fancy
diamonds, fancy yellow diamonds, etc.
Most of its products are GIA certified diamonds range from 0.30 to 5.00
carat. According to the subject, its
products are fashionable.
Most of the
commodities are imported from India.
Prime markets are Hong Kong, China, Japan, the other Asian
countries, Europe, the United States, 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 Diamond, Gem & Pearl
Show 2018” which will be 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-H28.
The business of the
subject is chiefly handled by Mr. Manan Kishorkumar Kuvadia himself. History in Hong Kong is over five years and
nine months.
On the whole,
consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.48 |
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1 |
INR 86.41 |
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Euro |
1 |
INR 76.54 |
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HKD |
1 |
INR 8.11 |
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 : |
SYL |
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
·
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.