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MIRA
INFORM REPORT
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Report No. : |
497122 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE TRADES |
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Registered Office : |
Flat
A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
09.02.1981 |
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Com. Reg. No.: |
07053042-000-02 |
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Legal Form : |
Partnership |
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Line of Business : |
Subject
engaged in all kinds of diamonds and jewellery products, emerald, precious
stones |
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No. of Employees : |
3.
(Including Associates) |
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 : |
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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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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 |
Company Name and Address
RELIANCE
TRADES
ADDRESS: Flat
A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366
3063
FAX: 852-2311 0919
E-MAIL: reliance@hkstar.com
MANAGEMENT
Manager:
Mr. Seyed Abdul
Gani Seyed Abdul Kader
SUMMARY
Establishment: 9th February, 1981.
Organization:
Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$60~90 million.
Employees:
3. (Including associates)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head
Office:-
Flat A4, 6/F., Hankow Centre, 47 Peking Road,
Tsimshatsui, Kowloon, Hong Kong.
Mailing
Address:-
P.O. Box 97948, Tsim Sha Tsui Post Office,
Kowloon, Hong Kong.
Associated
Companies:- (Same address)
Bridiam, Hong Kong.
Wai Hing Co., Hong Kong.
BUSINESS REGISTRATION NUMBER
07053042-000-02
MANAGEMENT
Manager:
Mr. Seyed Abdul
Gani Seyed Abdul Kader
PARTNERS
Name: Mr. Seyed Abdul Gani
SEYED ABDUL KADER
Residential Address: 2/F., 11 Lock Road, Kowloon, Hong Kong.
Name: Mr. Asik Ali MOHAMED
SADAKTHAMBY
Residential Address: Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui,
Kowloon, Hong Kong.
Name: Mr. Seyed Abdul Kader
Mafaz MOHAMED
Residential Address: Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The subject was established on 9th February,
1981 as a sole proprietorship concern owned by Seyed Abdul Gani Seyed Abdul
Kader under the Hong Kong Business Registration Regulations.
The following table shows the changes of the
partners:-
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Name |
Incoming Date |
Outgoing Date |
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Seyed
Abdul Gani Seyed Abdul Kader |
09-02-1981 |
--- |
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Asik
Ali Mohamed Sadakthamby |
24-07-1985 |
--- |
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Samul
Haque Mohamed Sadak |
12-01-1993 |
01-11-2011 |
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Ameer
Hamsha Ahamed Shakir |
01-04-1997 |
31-12-1998 |
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Mohamed
Afrah Habeeb Mohamed |
01-01-1999 |
01-04-1999 |
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Seyed
Abdul Kader Mafaz Mohamed |
24-06-2010 |
--- |
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
and jewellery products, emerald, precious stones,
Employees: 3.
(Including associates)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, China, Japan, Southeast
Asia, Europe, Middle East, etc.
Annual Turnover: HK$60~90 million.
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: Making a small
profit every year.
Condition:
Keeping in an
active and satisfactory condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
No
Complaints.
Commercial Morality: Good.
Bankers:-
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Good.
GENERAL
Reliance
Trades is a partnership jointly owned by Seyed Abdul Gani Seyed Abdul Kader,
Asik Ali Mohamed Sadakthamby, and Seyed Abdul Kader Mafaz Mohamed. All the partners are India merchants who are
Hong Kong ID Card holders and have got the right to reside in
Hong Kong. The last one S.A. K.
Mafaz Mohamed joined in the subject on 24th June, 2010.
Over the
past years, the subject had got partners joined in and outgoing. Now, the subject is managed by the
above-mentioned three partners.
The
subject’s operating address is in a private and commercial building known as
Hankow Centre which is in Tsimshatsui, Kowloon, Hong Kong. The subject is in the private part of the
building. Two of the partners of the
subject are residing in the subject’s office.
Commodities
are chiefly imported from India and Europe.
Prime markets are Hong Kong, Japan, Southeast Asia, Europe, the Middle
East, North America, etc.
The subject
also carries the following products:-
Gemstones
& Jade (Gemstones from Thailand, Bulgaria, India & Sri Lanka)
Precious
& Semi-Precious Jewellery (From Saudi Arabia, Thailand & Switzerland)
Diamonds
(From India & Belgium)
Business
commenced in February 1981, the subject is a polished and cut diamond importer,
exporter and wholesaler. It also trades
in Alexandrite, emerald, ruby jade, gem sets, blue or coloured sapphire,
Tanzanite, etc.
The
subject has got an associated company Wai Hing Co. [Wai Hing] which is located
at the same operating office of the subject.
Wai Hing is a sole proprietorship set up and owned by Mr. Asik Ali
Mohamed Sadakthamby who is one of the partners of the subject. Business commenced in November 2008, Wai Hing
is also a diamond importer, exporter and wholesaler.
Besides
Wai Hing, the subject had another affiliated company Bridiam located at the
same address. Bridiam is a sole
proprietorship set up and owned by Mr. Ahamed Kabir M. K. A. B. Syed who is an
Indian.
The
subject’s business is chiefly handled by the three partners. Annual sales turnover ranges from HK$60 to 90
million. Making a profit every
year. Regular suppliers in India and
overseas customers have been maintained.
History in Hong Kong is over 36 years and seven months.
The
subject is one of the oldest Indian diamond traders in Hong Kong.
On the
whole, 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 64.92 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.54 |
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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 : |
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.