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MIRA INFORM REPORT
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Report No. : |
495018 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ECLATS JEWELRY LIMITED |
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Registered Office : |
Unit M16, 2/F., Phase 3, Kaiser Estate, 9-11A
Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.06.2003 |
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Com. Reg. No.: |
33722708 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All Kinds of Jewellery Products. |
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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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 (30.09.2017) |
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 |
Note
(Formerly located at:
Unit M9, 2/F., Phase 3, Kaiser Estate,
9-11A Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.)
Company
name and address
ECLATS JEWELRY
LIMITED
ADDRESS: Unit M16, 2/F., Phase 3, Kaiser Estate,
9-11A Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3549 6797
FAX: 852-3747 7384
MANAGEMENT:
Managing Director: Mr. Ramesh Damjibhai Pavsiya
SUMMARY
Incorporated on: 13th
June, 2003.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit M16, 2/F., Phase 3, Kaiser Estate, 9-11A
Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Affiliated Company:-
Eclats Jewelry Co. Ltd., Thailand.
BUSINESS
REGISTRATION NUMBER
33722708
COMPANY
FILE NUMBER
0849694
MANAGEMENT
Managing Director: Mr. Ramesh Damjibhai Pavsiya
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 13-06-2017)
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Name |
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No. of shares |
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Ramesh Damjibhai PAVSIYA |
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10,000 ===== |
DIRECTOR
(As per registry dated 13-06-2017)
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Name (Nationality) |
Address |
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Ramesh Damjibhai PAVSIYA |
4-6 Vallab Nagar Society, Varachha Road,
Dist-Surat, India. |
SECRETARY
(As per registry dated 13-06-2017)
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Name |
Address |
Co. No. |
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Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30
Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
HISTORY
The subject was incorporated on 13th June,
2003 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject’s head address was
located at Unit M9, 2/F., Phase 3, Kaiser Estate, 9-11A Hok Yuen Street,
Kowloon, Hong Kong.
It moved to Unit 01, 21/F., Tower One, Lippo
Centre, 89 Queensway, Hong Kong where was the operating address of a
commercial service provider known as Silver Dragon International Holdings
Ltd. It moved to the present address in
July 2013.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of jewellery products.
Employees: 2.
Commodities Imported: Thailand, India, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, Europe, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Mortgage or Charge:-
Date of Mortgage: 08-10-2010
Amount: To
secure all monies in respect of certain banking facilities with interest
Property: 235/341,874th parts or
shares of and in Kowloon Inland Lot No. 11118 (Flat B on 31/F. of Block 9 &
Private Carparking Space No. 181 on Level 3, Parc Palais, 18 Wylie Road,
Kowloon, Hong Kong.)
Mortgagee: Hang
Seng Bank Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
normal manner.
Facilities:
Making rather active
use of general banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: Hang
Seng Bank Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Eclats
Jewelry Limited formerly was jointly owned by Mr. Ramesh Damjibhai Pavsiya [R D
Pavsiya], an Indian holding 90% interests; and Mr. Jack Henri Olcina, a Thai
holding 10%.
Now, the subject is wholly-owned by R D Pavsiya. The managing director of the subject is also
R D Pavsiya.
The subject is a diamond trader.
It has got an affiliated company known as Eclats Jewelry Co. Ltd.
[Thailand Eclats] which is in Thailand.
With a registered capital of Baht 20 million, Thailand Eclats was
established in 1997.
The subject is responsible for marketing Thailand Eclats’
products. Thailand Eclats is a
Thailand-based firm. It is engaged in
jewellery designing and manufacturing.
Founded in January 1997, Thailand Eclats is managed by Jack Henri Olcina
who was the old shareholder of the subject.
The factory of this firm is engaged in manufacturing 18K gold and
platinum jewellery set with precious and semi-precious stones. Thailand Eclats is specialized in ‘invisible
settings’. It develops its products from
its own designs and from its clients’ patterns.
Thailand Eclats in Thailand has a 35-person production team. Production capacity ranges from of 250 to 400 pieces per month. It focuses on the stone cutting as well as the setting. All its products are claimed to be up to international standards. Business is rather active.
To our knowledge, Thailand Eclats is a joint venture between Thai,
Indian and French merchants. Registered
capital was Baht 42.6 million. All the
products are exported to foreign markets such as Japan, other Asian countries,
the Middle East, Europe, etc.
The subject also markets the products imported from India and other
Asian countries.
The business of the subject is chiefly handled by R D Pavsiya. History in Hong Kong is over 14 years and
eight months.
On the whole, consider the subject 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 65.05 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 80.03 |
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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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DIV |
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Report Prepared
by : |
TRU |
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.