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MIRA INFORM REPORT
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Report No. : |
497465 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FOOK DIAM LIMITED |
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Registered Office : |
Unit B, 12/F., Windsor Mansion, 29-31
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.01.2015 |
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Com. Reg. No.: |
64339027 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds |
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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 : |
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 |
Company
name and address
FOOK DIAM
LIMITED
ADDRESS: Unit B, 12/F., Windsor Mansion, 29-31
Chatham Road South, Tsimshatsui, Kowloon,
Hong
Kong.
PHONE: 852-2677 6664, 9678 5604
FAX: 852-2677 6665
MANAGEMENT:
Managing Director: Mr. Krishnakumar Govindbhai Vaghasiya
SUMMARY
Incorporated on: 23rd January, 2015.
Organization:
Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Diamond trader.
Employee: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit B, 12/F., Windsor Mansion, 29-31 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
SNJ Diam, India.
BUSINESS
REGISTRATION NUMBER
64339027
COMPANY
FILE NUMBER
2195859
MANAGEMENT
Managing Director: Mr. Krishnakumar Govindbhai Vaghasiya
Contact Person: Mr. Satish Kanala
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry dated 23-01-2018)
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Name |
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No. of shares |
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Kamal Jivabhai KANALA |
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1,000,000 ======= |
DIRECTOR
(As per registry dated 23-01-2018)
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Name (Nationality) |
Address |
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Krishnakumar Govindbhai VAGHASIYA |
102, Vikas Apartment, Ankur Society, A.K. Road
Varachha, Surat City, Gujarat 395006, India. |
SECRETARY
(As per registry dated 23-01-2018)
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Name |
Address |
Co. No. |
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Pan Pacific Consultants Ltd. |
Room D, 3/F., Thomson Commercial Building,
8-10 Thomson Road, Wanchai, Hong Kong. |
1254491 |
HISTORY
The subject was incorporated on 23rd January,
2015 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject was located at ‘Room
1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan,
Hong Kong’ where was the operating office of a commervial service provider Pan
Pacific Consultants Ltd. The subject
moved to ‘Room 1403, 14/F., New Landwide Commercial Building, 73 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong’ with effect from 27th April, 2015;
to Unit 601-K, Harbour Centre, Tower Two, 8 Hok Cheung Street, Hung Hom,
Kowloon, Hong Kong with effect from 11th May, 2016 and further to the present
address in April 2017.
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.
Employee: 2.
Commodities
Imported: India,
other Asian countries, etc.
Markets: Hong
Kong, China, India, other Asian countries, etc.
Terms/Sales:
CAD or as per contracted.
Terms/Buying:
Prepayment, L/C, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Made a very small profit in 2017.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment:
Slow but
Correct.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 1 million ordinary shares of HK$1.00
each, Fook Diam Limited formerly was wholly owned by Mr. Hardikkumar Ishvarbhai
Vora.
Now, the new shareholder is Mr. Kamal
Jivabhai Kanala.
The new director of the subject is Mr.
Krishnakumar Govindbhai Vaghasiya. He is
an India passport holder and does not have the right to reside in
Hong Kong permanently.
We can reach the subject at your given Hong
Kong phone number
852-9678 5604.
The subject moved to the present address in
April 2017.
The subject is a diamond importer, exporter
and wholesaler. It is trading in loose,
polished and cut diamonds. According to
the subject, it is significant for its Cushion Diamonds and Heart
Diamonds. Most of its diamond range from
0.05 to 3.00 carat in parcel goods, 0.30 to 10.00 carat in GIA with all shape
size and colour.
Most of the commodities are imported from
India and the other Asian countries.
Prime markets are Hong Kong, China, India and the other Asian
countries. Business is improving.
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 2-E35.
The subject has had an associated company
known as SNJ Diam in India. This company
may be also operated by Mr. Kamal Jivabhai Kanala.
The history of the subject in Hong Kong is
over three years and a month. The
contact person is Mr. Satish Kanala who is a family member of Kamal Jivabhai
Kanala.
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 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 : |
KET |
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.