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MIRA INFORM REPORT
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Report No. : |
497778 |
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Report Date : |
16.03.2018 |
IDENTIFICATION DETAILS
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Name : |
JADE BLUE ASIA LIMITED |
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Registered Office : |
Room 1201-C, 12/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.04.2016 |
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Com. Reg. No.: |
66047090 |
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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 and Jewellery Products, Emerald, Precious Stones. |
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No. of Employees : |
2. (Including Associate) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Very Small Company |
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Payment Behaviour : |
Slow |
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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 & address
JADE BLUE ASIA LIMITED
ADDRESS: Room 1201-C, 12/F., Lee Wai Commercial
Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3523 0213
E-MAIL: info@mvmgroup.co.in
MANAGEMENT
Managing Director: Mr. Shital
Girish Bagadia
SUMMARY
Incorporated on: 21st April, 2016.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 2.
(Including associate)
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
JADE BLUE ASIA
LIMITED
ADDRESS
Registered Head
Address:-
Room 1201-C, 12/F., Lee Wai Commercial Building, 1-3 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Diamond Mine Corporation Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
66047090
COMPANY
FILE NUMBER
2365622
MANAGEMENT
Managing Director: Mr. Shital
Girish Bagadia
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDERS
(As per registry dated 21-04-2017)
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Name |
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No. of shares |
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Girish Vasharambhai BAGADIA |
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500,000 |
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Shital Girish BAGADIA |
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500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated 21-04-2017)
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Name (Nationality) |
Address |
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Shital Girish BAGADIA |
Room C, 12/F., Tower 8, Costa Del Sol, Laguna Verde, Hunghom, Kowloon,
Hong Kong. |
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Girish Vasharmbhai BAGADIA |
Room C, 12/F., Tower 8, Costa Del Sol, Laguna Verde, Hunghom, Kowloon,
Hong Kong. |
SECRETARY
(As per registry dated 21-04-2017)
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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 21st April, 2016 as a private limited
liability company under the Hong Kong Companies Ordinance.
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.
Employee: 2.
(Including associate)
Commodities Imported: India,
Canada, Russia, Australia, Belgium, other European countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, Europe, Middle East, US, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date: 01-12-2017
Description of Instrument: Mortgage
Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Profit or Loss: Too
early to offer an opinion.
Condition: Business
keeps on improving.
Facilities: Adequate
for current running.
Payment: Slow.
Commercial Morality: Satisfactory.
Bankers:- Wing
Lung Bank Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong
Standing: Small.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, Jade Blue Asia
Limited is equally owned by Girish Vasharambhai Bagadia and Shital Girish
Bagadia, both are India merchant. They
are Hong Kong ID holders and have got the right to reside in Hong Kong. They are also directors of the subject.
The subject has another address in a residential building located at
Room C, 12/F., Tower 8, Costa Del Sol, Laguna Verde, Hunghom, Kowloon,
Hong Kong. This is also the
registered address of the two shareholders.
The subject has had an associated company known as Diamond Mine
Corporation Ltd. [DMCL], a Hong Kong-registered company. Shital Girish Bagadia is also the managing
director of DMCL.
The subject and DMCL are engaged in the same lines of business.
The subject is a diamond importer, exporter and wholesaler.
Indirectly, the subject also has had business ties with major diamond
mining companies and is able to provide customers with rough diamonds and loose
diamonds with competitive prices.
The subject is trading in the following commodities: 3.12-carat diamond,
10.06-carat fancy diamond, diamond ring, etc.
The followings are the product range of the subject:-
Cut: Round Brilliant Cut, Single Cut, Fancy Shape
Size: 0.01 up to 10.00 Carats
Quality: VVS, VS, SI, I, PK
Colour: D to N (WHITE, NW, OW, TTLB, TLB, LB, DB) & Natural Fancy
Colour Diamond
Certificate: GIA (0.30 pts up)
The subject’s products are marketed in Hong Kong, China and exported to
foreign countries. Business keeps on
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 7-H34.
The subject’s business is chiefly operated by Shital Girish
Bagadia. He can be reached at his Hong
Kong mobile phone number 852-9833 0809.
History in Hong Kong is just over a year and ten months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 90.72 |
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Euro |
1 |
INR 80.32 |
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HKD |
1 |
INR 8.28 |
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 : |
TPT |
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.