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MIRA INFORM REPORT
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Report No. : |
486689 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
BLISS DIAM |
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Registered Office : |
Block C, 11/F.,
Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.10.2011 |
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Com. Reg. No.: |
54153952-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trader of all kinds of diamonds |
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No. of Employees : |
3 |
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 : |
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, 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 |
Note
The correct Block No.
is C, not G.
Company
name and address
BLISS DIAM
ADDRESS: Block C, 11/F., Cameron Plaza,
23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2722 5770 - 1
MANAGEMENT
Manager: Mr.
Tejas Kumar Dinkarlal Shah
SUMMARY
Establishment: 20th
October, 2011.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Office:-
Block C, 11/F., Cameron
Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
54153952-000-10
MANAGEMENT
Manager: Mr.
Tejas Kumar Dinkarlal Shah
SOLE
PROPRIETOR
Name: Mr.
Tejas Kumar Dinkarlal SHAH
Residential Address: 6-A Fairview Tower, Sukhumvit Soi 18,
Bangkok 10120, Thailand.
HISTORY
The subject was
established on 20th October, 2011 as a sole proprietorship concern owned by Mr.
Saurabh Dinkarlal Shah under the Hong Kong Business Registration Regulations.
Saurabh Dinkarlal
Shah outwent on 15th March, 2016. The
new sole proprietor is Tejas Kumar Dinkarlal Shah who joined the subject on
17th November, 2015.
Formerly, the subject
was located at ‘c/o WinGate Business Group Ltd., Suite 3208, 32/F., Central
Plaza, 18 Harbour Road, Wanchai, Hong Kong’, moved to the present address
in April, 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond Trader.
Lines: All kinds of
diamonds.
Employees: 3.
Commodities Imported: India, Belgium, other Asian countries, etc.
Markets: Hong Kong, India, other
Asian countries, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Made very small profits in past
two years.
Condition: Business is normal.
Facilities: Adequate for current
running.
Payment: Slow
but correct.
Commercial
Morality: Satisfactory.
Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
GENERAL
Bliss Diam is a sole
proprietorship. It was set up and owned
by Mr. Saurabh Dinkarlal Shah who was an Indian. Now he has outgone and replaced by
Mr. Tejas Kumar Dinkarlal Shah [T K D Shah]. He is a Hong Kong ID holder and has the right
to reside in Hong Kong. He is also the
manager of the subject.
Business commenced in
October 2010, the subject moved to the present address in April 2014. It is doing business formally at this
address.
We can reach the
subject’s representative at your given Hong Kong mobile phone number 852-9820
0857.
We also can reach Mr.
T K D Shah at his Thailand mobile phone number 66-8162 3929 1 which is provided
by your party. At present T K D Shah is
in Thailand.
The subject is
trading in loose diamonds, cut and polished diamonds. It is trading in GIA certified diamonds (from
0.30 crt to 5.00 crt, D to M colour, IF to I2 clarity). Polished and cut diamonds are imported from
India, Belgium, the other European countries, etc. Products and polished diamonds are marketed
in Hong Kong, exported or re‑exported to China, India, Thailand, the
other Asian countries, etc.
According to the
subject, it has office in Thailand, Belgium and India.
The subject’s
business in Hong Kong is normal. History
is over six years and three months in Hong Kong.
On the whole,
consider it good for normal business engagements in small 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 63.89 |
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1 |
INR 88.60 |
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Euro |
1 |
INR 78.12 |
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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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NIS |
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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
·
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.