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MIRA INFORM REPORT
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Report No. : |
499904 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
RAREMAT LIMITED |
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Registered Office : |
Room 603, 6/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.04.2012 |
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Com. Reg. No.: |
59716890 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of All Kinds of
Diamonds. |
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No. of Employees : |
3 |
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 : |
Moderate |
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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
‘Raremat’ has not registered in Hong Kong.
Your given address Suite 705, 7/F., Empress
Plaza,
17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong was the old
operating address of a commercial service provider known as CBest Solutions
Ltd. The subject’s old registered
address was there.
Company
name and address
RAREMAT LIMITED
ADDRESS: Room 603, 6/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3116 0455
FAX: 852-3116 4405
MANAGEMENT:
Managing Director: Mr. Jatin Champaklal Magiya
SUMMARY
Incorporated on: 25th
April, 2012.
Organization:
Private Limited
Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Diamond Trader.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 603, 6/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Related Companies:-
First Mark Ltd., Hong Kong. (Same address)
Forever Lucky Diamond Ltd., Hong Kong. (Same address)
BUSINESS
REGISTRATION NUMBER
59716890
COMPANY
FILE NUMBER
1736162
MANAGEMENT
Managing Director: Mr. Jatin Champaklal Magiya
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry dated 25-04-2017)
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Name |
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No. of shares |
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Jatin Champaklal MAGIYA |
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1,000,000 ======= |
DIRECTOR
(As per registry dated 01-03-2018)
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Name (Nationality) |
Address |
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Jatin Champaklal MAGIYA |
Flat J, 19/F., Block 2, Royal Peninsula, 8
Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 25-04-2017)
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Name |
Address |
Co. No. |
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CBest Solutions Ltd. |
Suite 703, 7/F., Empress Plaza, 17-19 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong. |
1295959 |
HISTORY
The subject was incorporated on 25th April, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Suite 705, 7/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong where was the operating address of a commercial service provider known as CBest Solutions Ltd. The subject’s registered office moved to the present address with effect from 25th April, 2016.
The subject changed its shareholder on 9th March, 2016. The new shareholder changed his registered address in Hong Kong in March 2018.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds
Employees: 3.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, China, other Asian countries, UAE, US, 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 small profits in past years.
Condition: Business
is normal.
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, Raremat Limited formerly was
wholly owned by Mr. Jayesh Pratapchand Shah who was an India merchant.
On 9th March, 2016, J P Shah transferred all his shares to Jatin
Champaklal Magiya [J C Magiya] who is also an India merchant.
J C Magiya is a Hong Kong ID holder and has got the right to
reside in Hong Kong. He is also the
only director of the subject.
Formerly, the subject’s registered office is in a commercial
service firm located at Suite 705, 7/F., Empress Plaza, 17‑19 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong known as CBest Solutions Ltd.
[CBest]. CBest currently is still
handling the correspondences and documents of the subject. This firm is also the corporate secretary of
the subject.
The subject moved to the present address with effect from 25th
April, 2016.
The subject is a diamond trader.
Most of the diamonds are loose, cut, and polished diamonds. Commodities are chiefly imported from
India. Prime markets are Hong Kong,
Japan, China, the other Asian countries, the Middle East, the United States,
etc.
The subject’s business in Hong Kong is normal. History in Hong Kong is about six years.
Another two companies Forever Lucky Diamond Ltd. [FLDL] and First
Mark Limited [FML] are sharing the office with the subject. The shareholder of FLDL is Mr. Hema Jatin
Magiya [H J Magiya] who seems to be a family member of J C Magiya. H J Magiya is also the only director of
FLDL. He is also the contact person of
FML.
Having issued 10 million ordinary shares of HK$1.00 each, FLDL is
also a diamond, jewellery and precious stone trader. This company was incorporated on 8th
November, 2007. FML was incorporated on
3 May, 2007.
On the whole, consider the subject good for business engagements
in moderate 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 64.80 |
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1 |
INR 92.26 |
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Euro |
1 |
INR 80.76 |
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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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VIV |
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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.