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MIRA INFORM REPORT
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Report No. : |
484661 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CORUNDUM HONG KONG LIMITED |
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Registered Office : |
Suite 1207, 12/F., Peninsula Square, 18 Sung On Street,
Hunghom, Kolwoon |
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Country : |
Hongkong |
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Date of Incorporation : |
11.08.1997 |
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Com. Reg. No.: |
21194107 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of Jewellery and Diamond Products. |
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No. of Employees : |
6 |
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 : |
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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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, 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
CORUNDUM HONG KONG
LIMITED
ADDRESS: Suite
1207, 12/F., Peninsula Square, 18 Sung On Street, Hunghom, Kolwoon,
Hong Kong.
PHONE: 852-2367
9195
FAX: 852-2723
0167
E-MAIL: more@biznetvigator.com
MANAGEMENT
Managing Director:
Mr. Deepak Kumar More
SUMMARY
Incorporated on: 11th August, 1997.
Organization: Private Limited Company.
Issued Share Capital: HK$20.00
Business Category: Jewellery
Trader.
Annual Turnover: HK$50~100 million.
Employees: 6.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Suite 1207, 12/F., Peninsula Square, 18 Sung On Street, Hunghom,
Kolwoon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
21194107
COMPANY
FILE NUMBER
0620186
MANAGEMENT
Managing Director:
Mr. Deepak Kumar More
ISSUED
SHARE CAPITAL
HK$20.00 (2 fully paid ordinary shares)
SHAREHOLDER
(As per registry dated 11-08-2017)
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Name |
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No. of shares |
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Deepak Kumar MORE |
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2 = |
DIRECTORS
(As per registry dated 11-08-2017)
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Name (Nationality) |
Address |
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Deepak Kumar MORE |
28/F., Block 46, Lower Baguio Villa, 550 Victoria Road,
Pokfulam, Hong Kong. |
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Smita MORE |
28/F., Block 46, Lower Baguio Villa, 550 Victoria Road,
Pokfulam, Hong Kong. |
SECRETARY
(As per registry dated 11-08-2017)
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Name |
Address |
Co. No. |
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Champion Corporate Ltd. |
Room 705A, 7/F., Tower A, Hunghom Commercial Centre, 39
Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong. |
0657221 |
HISTORY
The subject was
incorporated on 11th August, 1997 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject
was located at Room 305, 3/F., Chevalier House, 45‑51 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong, moved to Suite 804, 8/F., Hunghom
Commercial Centre, Tower A, 39 Ma Tau Wai Road, Hunghom, Kolwoon, Hong Kong
with effect from 8th February, 2010. It
moved to the present address in April 2015.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of jewellery and diamond products.
Employees: 6.
Commodities Imported: India,
China, Thailand, etc.
Markets: Taiwan,
South Korea, Singapore, Malaysia, North America, etc.
Annual Turnover: HK$50~100
million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$20.00
(2 fully paid ordinary shares)
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued 2
ordinary shares of HK$10.00 each, Corundum Hong Kong Limited is wholly owned by
Mr. Deepak Kumar More [D K More] who is an Indian. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong. D K
More is also one of the directors of the subject. The other director is Smita More.
The subject is a
diamond product and gemstone trader. It
is an importer, exporter and manufacturer of fine coloured gems, etc. It is specialised in “Optix Cut Stones”. It also carries ruby, sapphire, morganite,
rubllite, tourmaline, aquamarine, peridot, kunzite, rhodolite and other
coloured gemstones. Commodities are
imported from India, China, Thailand, etc.
Major Markets are North America, Japan, Taiwan, South Korea, Southeast
Asia and Western Europe. Overall
business is active.
The annual sales
turnover of the subject ranges from HK$50 to 100 million. Making a small profit every year.
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.
The subject actually
is owned by the More family. History in
Hong Kong is over twenty years and four months.
Regular suppliers and foreign customers have been maintained.
On the whole,
consider the subject good for normal business engagements.
MORTGAGE
OR CHARGE
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Date |
Particulars |
Amount |
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03-10-1997 |
Instrument: Mortgage Property: The Company authorises the Lender to apply any credit
balance to which the Company is at any time beneficially entitled on any account
at any office of the Lender in Hong Kong and elsehwere and set-off any
liabilities of the Lender to the Borrower or the Company which are due or to
become due in or towards satisfaction of all or any of the Obligations Mortgagee: Standard
Chartered Bank, Hong Kong Branch.
[Business transferred to Standard Chartered Bank (Hong Kong)
Ltd.] |
To
secure for the discharge of the Obligations and the observance and
performance by Splendid Milestone Ltd. and the Company |
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06-10-1997 |
Instrument: Mortgage Property: The Company authorises the Lender to apply any credit
balance to which the Company is at any time beneficially entitled on any
account at any office of the Lender in Hong Kong and elsehwere and set-off any
liabilities of the Lender to the Borrower or the Company which are due or to
become due in or towards satisfaction of all or any of the Obligations Mortgagee: Standard
Chartered Bank, Hong Kong Branch.
[Business transferred to Standard Chartered Bank (Hong Kong)
Ltd.] |
To
secure for the discharge of the Obligations and the observance and
performance by Splendid Milestone Ltd. and the Company |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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HKD |
1 |
INR 8.14 |
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 : |
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.