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MIRA INFORM REPORT
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Report No. : |
516240 |
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Report Date : |
27.06.2018 |
IDENTIFICATION DETAILS
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Name : |
AQUA DIAMONDS LIMITED |
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Registered Office : |
Room 303A, 3/F., Tower
A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.08.2010 |
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Com. Reg. No.: |
52729399 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of jewellery products |
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No. of Employees : |
5 |
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 : |
Satisfactory |
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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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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
AQUA DIAMONDS
LIMITED
ADDRESS: Room 303A, 3/F., Tower A,
Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2773 0368, 2773 0166
FAX: 852-2773 0386
E-MAIL: aqdiamonds@gmail.com
MANAGEMENT
Managing
Director: Mr. Nilesh Sambhubhai Italiya
SUMMARY
Incorporated on: 4th
August, 2010.
Organization: Private
Limited Company.
Issued Share Capital: HK$3,500,000.00
Business Category: Importer and Exporter.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 303A, 3/F.,
Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong.
BUSINESS
REGISTRATION NUMBER
52729399
COMPANY
FILE NUMBER
1488830
MANAGEMENT
Managing
Director: Mr. Nilesh Sambhubhai Italiya
Contact Person: Mr.
Lau Tai Kong
ISSUED
SHARE CAPITAL
HK$3,500,000.00
SHAREHOLDER
(As per registry dated
04-08-2017)
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Name |
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No. of shares |
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Nilesh Sambhubhai
ITALIYA |
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3,500,000 ======= |
DIRECTOR
(As per registry
dated 04-08-2017)
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Name (Nationality) |
Address |
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Nilesh Sambhubhai
ITALIYA |
Flat H, 13/F., Kimberley
Mansion, 15 Austin Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 04-08-2017)
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Name |
Address |
Co. No. |
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Lodestar
Secretaries Ltd. |
13/F., Wah Kit
Commercial Centre, 302 Des Voeux Road Central, Hong Kong. |
0113023 |
HISTORY
The subject was
incorporated on 4th August, 2010 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Importer and
Exporter.
Lines: All kinds of
jewellery products.
Employees: 5.
Materials/Commodities: Belgium, Israel, US, etc.
Markets: China, other Asian
countries, Europe, North America, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, O/A, etc.
MEMBERSHIP: Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$3,500,000.00
Profit or Loss: Made small profits in past three
years.
Condition: Business is normal.
Facilities: Making rather active use
of general banking facilities.
Payment: Slow
but correct
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Incorporated on 4th
August, 2010, Aqua Diamonds Limited formerly was set up and owned by Mr. Simon
Lam Chuen who was a Hong Kong businessman.
Later two more shareholders had joined in. The largest shareholder was Nilesh Sambhubhai
Italiya [N S Italiya] who was an India merchant. Now, the subject has issued 3.5 million
ordinary shares of HK$1.00 wholly-owned by N S Italiya.
N S Italiya is a Hong
Kong ID holder and has got the right to reside in Hong Kong
permanently. The director of the subject
is also N S Italiya.
The subject is
trading in Carat Size Diamonds, Fancy Diamonds, Loose Diamonds, Full-Cut
Diamonds, VVS loose Diamonds, etc.
The subject has a
related company known as Pak Fook Jewellery Group (HK) Ltd. [Pak Fook]
which is also located in the same building.
Pak Fook has got an
affiliate in Sha Tau Kwok Free Trade Area, Shenzhen Special Economic Zone,
China known as Pak Fook (SZ) Jewellery Co. Ltd. [Shenzhen Pak Fook]. The China factory covers an area of over
20,000 sq.ft. and around 500 workers are employed. Its monthly production capacity is over 3,000
units of jewellery products.
Pak Fook is able to
offer customers with 925 silver, 14K, 18K gold and PT900 fine jewellery with
diamonds and precious stones.
The subject is
trading in the products of Shenzhen Pak Fook.
Pak Fook serves all
exporters, manufacturers, wholesalers, department stores and even every single
customer. Its main products are bangles,
earrings, pendants, necklaces, men’s rings, ladies’ rings, cuff links, brooches,
bracelets, etc. Raw materials are
chiefly imported from Belgium, Israel, the United States, etc. Products are exported to Japan, Singapore,
other Asian countries, Europe, the United States, etc.
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.
The business of the
subject is mainly handled by N S Italiya himself.
On the whole, since the
history of the subject in Hong Kong is over seven years and ten months,
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 68.17 |
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1 |
INR 90.47 |
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Euro |
1 |
INR 79.74 |
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HKD |
1 |
INR 8.75 |
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 : |
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
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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.