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MIRA INFORM REPORT
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Report No. : |
487413 |
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Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PRESTO TRADE |
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Registered Office : |
Flat F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.06.1991 |
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Com. Reg. No.: |
14592962-000-06 |
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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 : |
4. (Including
Associate) |
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 : |
Good |
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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, 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
PRESTO TRADE
ADDRESS: Flat
F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311
5480, 2311 5481, 2311 5482
FAX: 852-2721
4630, 2311 5485
E-MAIL: presto@prestotrade.com.hk
MANAGEMENT
Manager: Mr. Varshit Jain
SUMMARY
Establishment: 1st June, 1991.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Jewellery
Trader.
Employees: 4. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat F, 13/F., Winner Building, 36 Man Yue Street,
Hunghom, Kowloon, Hong Kong.
Associated Companies:-
King Sun Trading
Flat A, 11/F., Austin Mansion, 15A Austin Avenue,
Kowloon, Hong Kong.
Priyaank International Co. Ltd., Thailand.
Smart Art Jewellery Ltd., Thailand.
Splendor Diagem Ltd., Hong Kong.
[Formerly known as Presto Trade Ltd.]
(Same address)
BUSINESS
REGISTRATION NUMBER
14592962-000-06
MANAGEMENT
Manager: Mr. Varshit Jain
PARTNERS
Name: Mr. Praveen Raghunath LODHA
Residential Address: 164/72
Soi Puttha Osot, New Road, Bangrak, Bangkok 10500, Thailand.
Name: Mr. Varshit JAIN
Residential Address: Flat
A, 9/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
HISTORY
The subject was
established on 1st June, 1991 as a sole proprietorship concern owned by Mr.
Praveen Raghunath Lodha under the Hong Kong Business Registration Regulations.
The following table shows the changes of the subject’s
partners:-
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Name |
Incoming
Date |
Outgoing
Date |
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Praveen Raghunath LODHA |
01-06-1991 |
--- |
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Vivek SACHETI |
01-08-1992 |
28-02-2003 |
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Dharmendra MUTHA |
01-03-2003 |
31-08-2005 |
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Varshit JAIN |
15-08-2005 |
--- |
Initially the subject
was located at Flat K, 9/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui,
Kowloon, Hong Kong, moved to Flat 04A, 9/F., Lee Wai Commercial Building, 1-3
Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in January 1997; to Flat B4,
12/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in
January 1999; to Flat B, 13/F., Kok Pah Mansion, 58-60 Cameron Road,
Tsimshatsui, Kowloon, Hong Kong in October 1999; to Room 1504, 15/F., Tung Shun
Hing Commercial Centre, 20‑22 Granville Road, Tsimshatsui, Kowloon, Hong
Kong in November 2005; and further moved to the present address in July 2009.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of Diamonds.
Employees: 4.
(Including associate)
Commodities Imported: India,
Belgium, Israel, Thailand, US, etc.
Markets: Hong
Kong, Japan, India, the Middle East, Europe, North America, etc.
Terms/Sales: COD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made small
profits in past years.
Condition: Business
is steady.
Facilities: Making active use of general
banking facilities.
Payment: No Complaints
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas Bank,
Hong Kong Branch.
Standing: Good.
GENERAL
Presto Trade is a partnership
jointly owned by Mr. Praveen Raghunath Lodha and Mr. Varshit Jain. Both are Indian while the latter joined in
the subject on 15th August, 2005. They
are Hong Kong ID holders and have got the right to reside in Hong Kong.
The subject moved to
the present address in July 2009 where is an industrial building.
The subject is one of the leading manufacturer and distributor of the following
diamonds:
Princess Cut, Emerald Cut, Asscher Cut, Brilliant Cushions, Baguettes, Tapers, Round Brilliant, Marquise and Pear Shape Diamonds, etc.
The subject offers wide range of Parcels, Layouts and GIA Certified stones. It has been a leading supplier of all shapes
of diamonds.
With manufacturing
facilities in Thailand, the subject is able to cater to all kinds of specific
demands of any size and quality.
Each of its
manufacturing facilities is designed to plan and manufacture a specific range
of goods.
The subject’s logo,
the Crown, symbolizes Pinnacle - the highest point of quality and achievement.
Finished products are
marketed in Hong Kong, China, exported to Japan, India, Thailand, Taiwan, South
Korea, the Middle East, Europe, the United States, etc. Business is rather active and steady.
P R Lodha had lived
in Thailand for a long time and has established business ties with many diamond
firms in Bangkok. He moved to Hong Kong
and joined in the subject in June 1991.
Currently, many of the diamond firms in Thailand are the subject’s main
business partners. The following two
firms in Thailand are the associates of the subject:-
1. Priyaank International Co. Ltd.;
2. Smart Art Jewellery Ltd. [Smart Art].
The subject’s
business is chiefly handled by the two partners.
The subject has got
an associated company Splendor Diagem Ltd. located at its operating address. Splendor Diagem Ltd. is engaged in the same
lines of business as the subject. The
managing director of Splendor Diagem is also Varshit Jain.
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 also
takes part in the following shows and exhibitions:
1.
June Hong Kong Jewellery & Gem Fair
2.
September Hong Kong Jewellery & Gem Fair
3.
Hong Kong International Jewellery
Manufacturers’ Show
The subject is a
member of The Indian Chamber of Commerce Hong Kong, Hong Kong.
The business of the
subject is chiefly handled by the two partners.
As the history of the
subject in Hong Kong is over twenty-six years and seven months, 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 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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VIV |
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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
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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.