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MIRA INFORM REPORT
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Report No. : |
510027 |
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Report Date : |
25.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BEADS PARADISE INDIA LIMITED |
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Registered Office : |
Room 914, Block A, 9/F., Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
13.05.2014 |
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Com. Reg. No.: |
63333397 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Subject is engaged
in manufacturing and wholesaling of diamonds, precious and semi-precious
stones, beads, opals. |
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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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Hongkong |
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 |
HONGKONG - 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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
BEADS
PARADISE INDIA LIMITED
ADDRESS: Room 914, Block A, 9/F., Focal
Industrial Centre, 21 Man Lok Street, Hunghom,
Kowloon, Hong
Kong.
MANAGEMENT
Managing Director:
Mr. Pragya Daga
SUMMARY
Incorporated on: 13th May, 2014.
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 Head
Office:-
Room 914, Block A, 9/F., Focal Industrial Centre, 21 Man
Lok Street, Hunghom, Kowloon, Hong Kong.
Related Company:-
Ratan Jewellers, India.
BUSINESS REGISTRATION NUMBER
63333397
COMPANY FILE NUMBER
2095836
MANAGEMENT
Managing Director:
Mr. Pragya Daga
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 13-05-2016)
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Name |
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No. of shares |
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Vijay Kumar DAGA |
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3,000 |
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Pragya DAGA |
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7,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 13-05-2016)
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Name (Nationality) |
Address |
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Pragya DAGA |
Unit A. 10/F., South Sea Apartments, 81 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong. |
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Vijay Kumar DAGA |
Unit A, 10/F., South Sea Apartments, 81 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 13-05-2016)
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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. |
657221 |
HISTORY
The subject was
incorporated on 13th May, 2014 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the subject
was located at ‘Unit A, 10/F., South Sea Apartments, 81 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong’, it moved to the present address in
2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Diamonds, Precious
Stones.
Employees: 2.
Commodities Imported: India,
other Asian countries, etc.
Markets: Hong Kong, China, other
Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made a small profit in 2017.
Condition: Business keeps on improving.
Facilities: Adequate for current running.
Payment: Met trade commitments as
required.
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, Beads Paradise India Limited is jointly owned
by Vijay Kumar Daga, holding 30% interests; and Pragya Daga, holding 70%.
The two shareholders
are also directors of the subject. Both
are Hong Kong ID card holders and have got the right to reside in Hong
Kong. Currently they are in Hong Kong
residing at the same address.
The subject has an
associated company known as ‘Beads Paradise HK’ [BPHK]. The subject and BPHK are engaged in the same
lines of business.
It is engaged in
manufacturing and wholesaling Diamonds, Precious and Semi-Precious Stones,
Beads, Opals.
Besides, the subject
has a related company in India known as Ratan Jewellers, an India-based company
which is also operated by the Daga family.
The subject is also
operated by the Daga family.
The subject is
trading in the following diamonds:
· Black Diamond Beads;
· Fancy Diamond Beads;
· Diamond Cut Stones; &
· Rough Diamond Beads.
The business of the
subject is chiefly handled by the two Dagas.
History in Hong Kong is just over four years.
On the whole,
consider it 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 68.39 |
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1 |
INR 91.44 |
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Euro |
1 |
INR 80.14 |
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HKD |
1 |
INR 8.69 |
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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PRA |
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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
·
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
·
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.