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MIRA INFORM REPORT
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Report No. : |
487507 |
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Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
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Name : |
DIASOURCEINC |
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Registered Office : |
Flat G, 15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.03.2011 |
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Com. Reg. No.: |
53865609-000-03 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of diamonds and gemstones |
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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.
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Source
: CIA |
Company
name and address
DIASOURCEINC
ADDRESS: Flat
G, 15/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 852-2790
4545
E-MAIL: kasliwal@aol.com
MANAGEMENT:
Manager: Mr.
Yogesh Nihalchand Kasliwal
SUMMARY
Establishment: 11th March, 2011.
Organization: Sole Proprietorship.
Capital: Not Disclosed.
Business Category: Diamond
& Gemstone Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat G, 15/F., Golden Crown Court, 66-70 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Diasource Inc Limited, Hong Kong. (Same address)
Diasource Inc., US.
G K Sons
35, Sagar Mahal, 65 Walkeshwar Road, Mumbai 400006,
Maharashtra, India.
[Tel:
91-22-23679345, 56355657; Fax: 91-22-56355657]
BUSINESS
REGISTRATION NUMBER
53865609-000-03
MANAGEMENT
Manager: Mr.
Yogesh Nihalchand Kasliwal
SOLE
PROPRIETOR
Name: Mr. Yogesh
Nihalchand KASLIWAL
Residential Address: 35
Sagar Mahal, 65 Walkeshwar Road, Mumbai 400006, India.
HISTORY
The subject was established on 11th March, 2011 as a sole proprietorship concern owned by Mr. Yogesh Nihalchand
Kasliwal under the Hong Kong Business Registration Regulations.
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 and gemstones
Employee: 1.
Commodities Imported: India,
Europe, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales: CAD, or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Capital: Not
Disclosed.
Profit or Loss: Made
small profits in past three years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: No Complaints.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Diasourceinc
is a sole proprietorship set up and owned by Mr. Yogesh Nihalchand Kasliwal who
is an India merchant. Being the manager
of the subject, he is an India passport holder and does not have the right to
reside in Hong Kong permanently.
The
subject commenced business in March 2011.
The
subject’s registered address is in a private building located at Flat G, 15/F.,
Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong. This is the Hong Kong residence of Y. N.
Kasliwal when he is in Hong Kong.
The
residential building is not trespassed by outsiders. The subject has an employee in Hong Kong.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, China, India and the other Asian countries. According to the subject, it also trades in
gemstones and jewellery products.
The
subject has had an associated company Diasource Inc Ltd. located at the same
address. This company was incorporated
on 6th July, 2016.
Besides,
the subject has had an associated company G K Sons in Mumbai, Maharashtra,
India. This firm is also a diamond and
gemstone trader. The contact person of G
K Sons is Mr. Nihalchand G. Kasliwal who is a family member of Y. N. Kasliwal.
Besides,
the subject has got an associated company in New York of the United States
known as Diasource Inc. The contact
person of this company is also Y. N. Kasliwal.
The business of the New York Company has been expanding.
G
K Sons is one of the suppliers of the subject.
In
order to penetrate the international market further, US Diasource Inc. 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 Diamond, Gem & Pearl Show 2017” which had
been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of
28th February to 4th March, 2017.
The
subject’s business is chiefly handled by Y. N. Kasliwal herself. History in Hong Kong is over six years and
six months. Business keeps on improving.
On
the whole, consider it good for normal business engagements in moderate credit
amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.72 |
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1 |
INR 88.64 |
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Euro |
1 |
INR 78.14 |
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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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PRA |
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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 |
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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
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.