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MIRA
INFORM REPORT
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Report No. : |
495091 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BRIDIAM |
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Registered Office : |
Flat A4, 6/F.,
Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
21.02.2001 |
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Com. Reg. No.: |
31593513-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
The subject traded
in following diamonds: Single-Cut Diamond, Fullcut Loose Diamond, Carat Size
Diamonds |
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No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Business ceased |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. 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
BRIDIAM
ADDRESS
Head Office:-
Flat A4, 6/F., Hankow
Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
31593513-000-02
DATE OF INCORPORATION
21st February, 2001.
LEGAL FORM
Sole Proprietorship.
SOLE PROPRIETOR
Name: Mr.
Faiza ASHIK
Residential Address: Flat A4, 6/F., Hankow Centre, 47 Peking
Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was
established on 21st February, 2001 as a sole proprietorship concern owned by
Mr. Ahamed Kabir M. K. A. B. Syed under the Hong Kong Business
Registration Regulations. He outwent on
13th June, 2016 while a new sole proprietor Mr. Faiza Ashik joined on 8th June,
2016.
The subject has
ceased business since 12th June, 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
GENERAL
Bridiam was a sole
proprietorship set up and owned by Mr. Ahamed Kabir M. K. A. B. Syed who was an
India merchant. He was a Hong Kong ID
Card holder and had got the right to reside in Hong Kong. He outwent on 13th June, 2016 and
replaced by Mr. Faiza Ashik.
Mr. Faiza Ashik was
also a Hong Kong ID holder and had got the right to reside in Hong Kong. He was also manager of the subject.
The subject’s
operating address was in a private and commercial building known as Hankow
Centre which was in Tsimshatsui, Kowloon, Hong Kong. The subject was in the private part of the
building located at Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui,
Kowloon, Hong Kong. This address was
also the residence of the sole proprietor.
Business commenced in
February 2001, the subject was a polished and cut diamond, gemstone importer,
exporter and wholesaler. It was also a
commission agent.
The subject traded in
following diamonds: Single-Cut Diamond, Fullcut Loose Diamond, Carat Size
Diamonds, etc.
Commodities were
chiefly imported from India, Thailand and Europe. Prime markets were Hong Kong, Japan,
Southeast Asia, Europe, the Middle East, etc.
The subject has
ceased business formally since 12th June, 2017.
Mr. Faiza Ashik has outgone from the subject since that date.
On the whole, since
the subject has ceased business in Hong Kong, consider it not suitable for any
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 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.30 |
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.