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MIRA
INFORM REPORT
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Report No. : |
497077 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CERISE DIAM LIMITED |
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Registered Office : |
Unit 404, 4/F., Chevalier House, 45-51
Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.05.2008 |
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Com. Reg. No.: |
39275692 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Colour
Diamonds, Loose Diamonds |
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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 : |
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 (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 605, 6/F., Hart Avenue Plaza,
5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.]
Company name and address
CERISE DIAM
LIMITED
ADDRESS: Unit 404, 4/F., Chevalier House, 45-51
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 2250
FAX: 852-2453
8226
E-MAIL: ashirwad-diamonds@yahoo.com
MANAGEMENT:
Managing Director: Mr. Umeshkumar
Jagdishbhai Lukhi
SUMMARY
Incorporated on: 8th
May, 2008.
Organization:
Private Limited
Company.
Issued Share Capital: HK$14,000,000.00
Business Category: Diamond Trader.
Employees:
3. (Including associates)
Main Dealing Bankers: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 404, 4/F., Chevalier House, 45-51
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
39275692
COMPANY FILE NUMBER
1235517
MANAGEMENT
Managing Director: Mr. Umeshkumar Jagdishbhai Lukhi
ISSUED SHARE CAPITAL
HK$14,000,000.00
SHAREHOLDERS
(As per registry dated 08-05-2017)
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Name |
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No. of shares |
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Purviben Umeshkumar LUKHI |
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600,000 |
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Umeshkumar Jagdishbhai LUKHI |
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13,400,000 |
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––––––––– |
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Total: |
14,000,000 ======== |
DIRECTOR
(As per registry dated 08-05-2017)
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Name (Nationality) |
Address |
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Umeshkumar Jagdishbhai LUKHI |
Flat D, 14/F., Tin Man Court, 2A Kimberley
Street, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 08-05-2017)
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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 8th May, 2008
as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Unit
605, 6/F., Hart Avenue Plaza,
5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong’, moved to the present address
in late 2016.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All
kinds of colour diamonds, loose diamonds, etc.
Employees: 3.
(Including associates)
Commodities Imported: India, Europe, etc.
Markets: Hong Kong, other Asian countries,
Europe, US, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying:
Prepayment, L/C, O/A,
etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$14,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Made small
profits in the past years.
Condition:
Keeping in a
normal manner.
Facilities:
Making active use
of general banking facilities.
Payment:
Slow but
Correct.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong
Standing:
Normal.
GENERAL
Cerise Diam Limited had issued 2 million ordinary shares of
HK$1.00 each which was is jointly owned by Mr. Umeshkumar Jagdishbhai Lukhi [U.
J. Lukhi], holding 70% interests, and Purviben Umeshkumar Lukhi, holding
30%. Now, its ordinary shares have been
increased to 14 million. The former is
holding 95.7% interests while the latter is holding 4.3%.
The former is the only director of the subject. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong.
U. J. Lukhi can be reached at his Hong Kong mobile phone number 852-6444
1107.
The subject is one of the leading manufacturer of natural fancy
colour diamonds. It is specialised in
natural fancy loose diamonds with exclusive range of high-quality pink, blue,
canary, yellow, lemon yellow, green, grey, brown pink colours, other mix
colours, etc.
The products include different kinds of fancy cuts and sizes. It also trades in coloured loose gemstones,
carat diamonds, etc.
The subject has a factory in Surat, India. In this factory, there are skilled workers
engaged in cutting and polishing diamonds for export only. The subject’s major trading activities are in
Mumbai and Hong Kong.
The subject exports its products to Australia, Eastern and Western
Europe, North America, etc. besides marketing in Hong Kong and 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-J24.
It also has taken part the diamond exhibition held in Las Vegas,
the United States.
The subject’s business is chiefly handled by U. J. Lukhi himself.
As the history of the subject is over nine years and ten months in
Hong Kong, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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15-06-2012 |
Mortgage |
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong. |
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05-12-2017 |
Mortgage |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
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08-01-2018 |
Assignment of Insurance Policy |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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HKD |
1 |
INR 8.29 |
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.