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MIRA INFORM REPORT
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Report No. : |
516880 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
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Name : |
TIA DIAM |
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Registered Office : |
Flat B, 4/F., Pacific Building, 65-67 Kimberley Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.10.2010 |
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Com. Reg. No.: |
53081566-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of precious stones, diamonds. |
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No. of Employees : |
2 |
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 : |
Moderate |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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 |
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. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company
name and address
TIA DIAM
ADDRESS: Flat B, 4/F., Pacific
Building, 65-67 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2739 2528, 2739 2538
FAX: 852-3481 9765
E-MAIL: tiadiamhk@gmail.com
MANAGEMENT
Manager:
Mr. Ankur
Ramesh Shah
SUMMARY
Establishment: 11th
October, 2010.
Organization:
Sole Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head
Office:-
Flat B, 4/F., Pacific Building, 65-67 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Shreya Jewel (Shanghai) Ltd., China.
Shreya Jewel, Hong Kong.
BUSINESS
REGISTRATION NUMBER
53081566-000-10
MANAGEMENT
Manager: Mr. Ankur Ramesh Shah
(Hong
Kong Mobile: 852-9606 6935)
PARTNERS
Name: Mr. Ankur Ramesh SHAH
Residential Address: Flat B, 4/F., Pacific Building, 65-67 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The
subject was established on 11th October, 2010 as a partnership concern jointly
owned by Ms. Khyati Ankur Shah and Mr. Ankur Ramesh Shah under the Hong Kong
Business Registration Regulations.
On 31st
August, 2017, Ms. Khyati Ankur Shah outwent and the subject became a sole
proprietorship concern.
Initially
the subject’s office was located at Flat A, 8/F., Kimbry Court, 58‑60 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the Room 1105, 11/F.,
Workingport Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong
Kong in December 2011; to Flat A, 8/F., Kimbry Court, 58‑60 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong again in December 2013 and further to the
present address in February 2014.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of precious stones, diamonds.
Employees:
2.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Middle East, 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 small profits in past years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment:
Slow but
Correct.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Tia Diam was a partnership jointly owned
by Ms. Khyati Ankur Shah and Mr. Ankur Ramesh Shah [A R Shah]. Now, the subject is solely owned by A R
Shah who is an India merchant. He is a
Hong Kong ID holder and has got the right to reside in Hong Kong. He has been in Hong Kong for a very long
time as he has got his ID before setting up the subject.
Formerly the subject’s registered
address was in a private building located at Flat A, 8/F., Kimbry Court, 58‑60 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong.
This address was the residence of A R Shah.
The subject moved to the present address
in February 2014. This office is also in
a residential building located at ‘Flat B, 4/F., Pacific Building,
65-67 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong’. This is also the latest residential address
of the two partners.
A R Shah can be reached at his Hong Kong
mobile phone number 852-9606 6935.
The subject is a loose diamond (ranges
from 0.001 to 1.00 ct), round diamonds and white diamond trader.
Commodities are chiefly imported from
India and European countries. Products
are marketed in Hong Kong, China, and exported to the other Asian countries,
the Middle East, etc.
The subject has had an associated
company Shreya Jewel, located at a different address. Shreya Jewel is a partnership jointly owned
by Mr. Sanket Prakash Shah and A R Shah.
Established on 1st April, 2006, Shreya Jewel is also a diamond trader.
Shreya Jewel has set up an associated
company in China known as Shreya Jewel (Shanghai) Ltd. This company is responsible for marketing the
diamond and jewellery products in China.
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 took part in
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2018” which had been
held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th
February to 3rd March, 2018. Its booth
No. was AWE 5-B36.
It will take part in the same exhibition in 2018.
The subject’s history in Hong Kong is
over seven years and six months.
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 67.77 |
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1 |
INR 89.96 |
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Euro |
1 |
INR 78.86 |
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HKD |
1 |
INR 8.65 |
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 : |
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.