|
|
|
MIRA INFORM REPORT
|
Report No. : |
487688 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ETERNAL DIAMONDS CORPORATION LIMITED |
|
|
|
|
Registered Office : |
Unit 2A, 2/F., Focal Industrial Centre, Block A, 21 Man Lok Street,
Hung Hom, Kolwooon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
18.12.2002 |
|
|
|
|
Com. Reg. No.: |
33232303 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter, Wholesaler and Retailer of all Kinds of Diamonds and Jewellery. |
|
|
|
|
No. of Employees : |
9 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 |
Note
(Formerly Located At:
Unit B, 16/F., World Trust Tower, 50 Stanley Street, Central, Hong
Kong.)
Company
name & address
ETERNAL DIAMONDS
CORPORATION LIMITED
ADDRESS: Unit 2A, 2/F., Focal
Industrial Centre, Block A, 21 Man Lok Street, Hung Hom, Kolwooon, Hong Kong.
PHONE: 852-2333
5534, 2522 9350
FAX: 852-2356
2680, 2522 2945
E-MAIL: eternal.diamonds@yahoo.com.hk
ilau.eternaldiamonds@hotmail.com.hk
MANAGEMENT
Managing Director: Mr. Ashish Bajranglal Bagaria
SUMMARY
Incorporated on: 18th December, 2002.
Organization: Private Limited Company.
Issued Share Capital: US$2,000,000.00
Business Category: Diamond
Trader.
Annual Turnover: US$400~450 million.
Employees: 9.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
Unit 2A, 2/F., Focal Industrial Centre, Block A, 21 Man Lok Street,
Hung Hom, Kolwooon, Hong Kong.
Holding Company:-
Everstar Capital (Asia) Ltd., British Virgin Islands.
BUSINESS
REGISTRATION NUMBER
33232303
COMPANY
FILE NUMBER
0826414
MANAGEMENT
Managing Director: Mr. Ashish
Bajranglal Bagaria
ISSUED
SHARE CAPITAL
US$2,000,000.00
SHAREHOLDER
(As per registry dated 18-12-2016)
|
Name |
|
No. of shares |
|
Everstar Capital (Asia) Ltd. 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin
Islands. |
|
2,000,000 ======= |
DIRECTOR
(As per registry dated 18-12-2016)
|
Name (Nationality) |
Address |
|
Ashish Bajranglal BAGARIA |
Room No. 6, Pragati Centre, Daftary Road, Malad (E), Mumbai - 400097,
Maharashtra, India. |
SECRETARY
(As per registry dated 01-03-2017)
|
Name |
Address |
Co. No. |
|
Ho Tak Sang (Company Secretaries) Ltd. |
Room 303, 3/F., East Ocean Centre, 98 Granville Road,
Tsimshatsui, Kowloon, Hong Kong. |
0146852 |
HISTORY
The subject was incorporated on 18th December, 2002 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered office was in an accountant firm
located at 1/F., Xiu Ping Commercial Building, 104 Jervois Street, Sheung Wan,
Hong Kong known as Fung & Pang CPA Ltd. which had handled its
correspondences and documents. The
subject changed its registered address to Flat F2-27, 2/F., Phase 2, Hang Fung
Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong with
effect from 10th June, 2010. This was
also the old operating address of the subject.
It moved to Unit B, 16/F., World Trust Tower, 50 Stanley Street,
Central, Hong Kong in January 2012 and further to the present address in
December 2015.
The subject changed its company secretary on 1st March, 2017.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter, Wholesaler and Retailer.
Lines: All
kinds of diamonds and jewellery.
Employees: 9.
Commodities Imported: India,
Belgium, UAE, etc.
Markets: Hong
Kong, US, UAE, India, other Asian countries, etc.
Annual Turnover: US$400~450
million.
Terms/Sales: CAD, Credit of 30, 60-90 days, or
as per contracted.
Terms/Buying: Credit of 90-120 days.
FINANCIAL
INFORMATION
Issued Share Capital: US$2,000,000.00
Profit or Loss: Business
is profitable.
Condition: Keeping in an active
condition.
Facilities: Making very active use of
general banking facilities.
Payment: Slow but correct.
Commercial Morality: Very Good.
Bankers:- The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 2 million ordinary shares of US$1.00 each, Eternal
Diamonds Corporation Limited is a wholly-owned subsidiary of Everstar Capital
(Asia) Ltd. which is a BVI-registered firm.
The only director of the subject Mr. Ashish Bajranglal Bagaria [A B
Bagaria] is an Indian merchant. He is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong.
Everstar Capital (Asia) Ltd. is also controlled by A B Bagaria.
The subject moved to the present address in December 2015.
The subject is trading in diamonds and diamond jewellery. Commodities are chiefly imported from India,
Belgium and the United Arab Emirates.
Products are marketed in Hong Kong, exported to the United State, the
United Arab Emirates, the other Asian countries, etc.
The subject is also a loose diamond wholesaler in Hong Kong.
According to the subject, in 2010 it sales turnover was over US$375
million. Now, its sales turnover in past
years were over US$400 million. Overall
business is active and good and profitable.
Its main market is the United Arab Emirates.
The subject’s business is chiefly handled by A B Bagaria himself. Its Chief Operating Officer is a Hong Kong
employee.
The subject has had regular suppliers in India and customers in Hong
Kong and the United Arab Emirates.
The subject has been co-operating a diamond company in China in order to
penetrate the China market further. Its
business in China has been improving.
The history of the subject in Hong Kong is about seventeen years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
HKD |
1 |
INR 8.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.