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MIRA INFORM REPORT
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Report No. : |
509538 |
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Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ONE EXCEL LIMITED |
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Registered Office : |
Flat A, 3/F.,
Winson Mansion, 121-123 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.04.2010 |
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Com. Reg. No.: |
52103824 |
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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. |
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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 : |
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, 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 |
note
Subject was formerly
located at
C/o W.H.S.
Consultants Ltd.
Room 909, 9/F., Wayson
Commercial Building, 28 Connaught Road West, Sheung Wan, Hong Kong]
Company
name and address
ONE
EXCEL LIMITED
ADDRESS: Flat A, 3/F., Winson Mansion,
121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3107 9312
MANAGEMENT
Managing
Director: Mr. Mangilal Khemchand Bafna
SUMMARY
Incorporated on: 1st
April, 2010.
Organization: Private
Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
Flat A, 3/F., Winson
Mansion, 121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
52103824
COMPANY
FILE NUMBER
1438473
MANAGEMENT
Managing
Director: Mangilal Khemchand Bafna
Contact Person: Mr.
Sachin Shashikant Shah
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry
dated 01-04-2017)
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Name |
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No. of shares |
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Sachin Shashikant SHAH |
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8,500 |
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Mangilal Khemchand
BAFNA |
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1,500 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry
dated 01-04-2017)
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Name (Nationality) |
Address |
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Mangilal Khemchand BAFNA |
Pratiksha Tower CHS
Ltd., B-Wing, Flat 1001, 10/F., R.S. Nimkar Marg, Mumbai 400008, MS, India. |
SECRETARY
(As per registry
dated 01-04-2017)
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Name |
Address |
Co. No. |
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W.H.S. Consultants
Ltd. |
Room 909, 9/F., Wayson
Commercial Building, 28 Connaught Road West, Sheung Wan, Hong Kong. |
0873536 |
HISTORY
The subject was
incorporated on 1st April, 2010 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly, the subject
was located at Room 1001-1004A, 10/F., Champion Building, 287-291 Des Voeux
Road Central, Hong Kong where is the operating office of Gateway Registrations
Ltd., a commercial service provider in Hong Kong. The subject moved to 18/F., On Hong
Commercial Building, 145 Hennessy Road, Wanchai, Hong Kong with effect from
12th April, 2010 as it has changed its commercial service provider which was
known as Lai Sau Kuen Karen, Certified Public Accountant.
The subject’s
registered office moved to “Room 909, 9/F., Wayson Commercial Building, 28
Connaught Road West, Sheung Wan, Hong Kong” in February 2017 as it has changed
its commercial service provider to W.H.S. Consultants Ltd. since then. The subject further moved to the present address
in mid-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 and jewellery.
Employees: 2.
Commodities Imported: India, Belgium, other European countries, other
Asian countries, etc.
Markets: Hong Kong, other Asian countries, Middle East, US, Europe, etc.
Terms/Sales: CAD,
L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, D/P, Advanced payment, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$10,000.00
Profit or Loss: Made small profits in past years.
Condition: Keeping
in a normal manner.
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 10,000
ordinary shares of HK$1.00 each, One Excel Ltd. formerly was wholly owned by
Chetan Jawaharlal Patni who was an Indian.
Now, the subject is jointly-owned by Mr. Sachin Shashikant Shah, holding 85%, and Mr. Mangilal Khemchand
BAFNA, holding 15%.
The latter is also
the only director of the subject. He is
an India passport holder and does not have the right to reside in Hong Kong
permanently. However Sachin Shashikant Shah is residing in Hong Kong.
Incorporated on 1st
April, 2010, the subject’s old registered address was in a commercial service
provider located at Room 907-9, 9/F., Wayson Commercial Building, 28 Connaught
Road West, Sheung Wan, Hong Kong known as W.H.S. Consultants Ltd. The subject moved to the present address in
mid-2017.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in loose diamonds, cut and polished diamonds. It is trading in the following commodities:
single-cut diamond, fullcut loose diamond, carat size diamonds.
Commodities are
imported from India, Belgium and the other European countries. However, India is its main supplying country.
Mr. Sachin Shashikant Shah is also the director of another diamond
company in Hong Kong.
The history of the subject in Hong Kong is over seven years and eight
months.
On the whole,
consider it good for 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 67.32 |
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1 |
INR 91.25 |
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Euro |
1 |
INR 80.51 |
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HKD |
1 |
INR 8.61 |
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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NIS |
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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.