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MIRA
INFORM REPORT
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Report No. : |
511576 |
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Report Date : |
30.05.2018 |
IDENTIFICATION DETAILS
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Name : |
FAMASIA LIMITED |
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Registered Office : |
Room 608, 6/F., Hart Avenue Plaza, 5-9 Hart
Avenue, Tsimshatsui, Kowloon, |
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Country : |
Hong
Kong. |
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Date of Incorporation : |
27.11.2007 |
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Com. Reg. No.: |
38676954 |
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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 : |
3 |
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.
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
FAMASIA LIMITED
ADDRESS: Room 608, 6/F., Hart Avenue Plaza, 5-9
Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2486 1000
FAX: 852-2486
1003
E-MAIL: famasiahk@yahoo.com
MANAGEMENT:
Managing Director: Mr. Paresh Jerambhai Bodra
SUMMARY
Incorporated on: 27th November,
2007.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Diamond Trader.
Employees:
3. (Including affiliate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 608, 6/F., Hart Avenue Plaza, 5-9 Hart
Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated Company:-
Priyal Diam, Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
38676954
COMPANY FILE NUMBER
1189202
MANAGEMENT
Managing Director: Mr. Paresh Jerambhai Bodra, Peter
(Hong Kong Mobile Phone No.: 852-6500 0533)
ISSUED SHARE CAPITAL
HK$10,000,000.00
SHAREHOLDERS
(As per registry dated 27-11-2016)
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Name |
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No. of shares |
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Paresh Jerambhai BODRA |
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5,000,000 |
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Ravikumar Bhagvanbhai BODARA |
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5,000,000 |
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––––––––– |
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Total: |
10,000,000 ======== |
DIRECTORS
(As per registry dated 27-11-2016)
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Name (Nationality) |
Address |
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Paresh Jerambhai BODRA |
Flat D, 15/F., Tin Man Court, 2A Kimberley
Street, Tsimshatsui, Kowloon, Hong Kong. |
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Ravikumar Bhagvanbhai BODARA |
Flat D, 15/F., Tin Man Court, 2A Kimberley
Street, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 27-11-2016)
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Name |
Address |
Co. No. |
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Champion Corporate Ltd. |
Room 907, 9/F., Silvercord Tower 2, 30
Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
HISTORY
The subject was incorporated on 27th
November, 2007 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject was located at Room
1513, 15/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui,
Kowloon, Hong Kong, moved to Unit 902, 9/F., Multified Plaza, 3-7A Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong in December 2011 and further moved to the
present address in November 2015.
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
Employees: 3. (Including affiliate)
Commodities
Imported: India,
other Asian countries, Europe, etc.
Markets: Southeast
Asia, Europe, Middle East, etc.
Terms/Sales:
CAD, L/C, T/T, D/P, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge:-
Date: 14-11-2014
Description of Instrument:Mortgage
Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Profit or Loss: Making small profits in the past years.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment:
Slow but Correct.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Standing:
Satisfactory.
GENERAL
Having issued 1 million ordinary shares of
HK$1.00 each, Famasia Limited formerly was wholly owned by Mr. Paresh Jerambhai
Bodra, Peter who is an India merchant.
In January 2012, the subject increased its
ordinary shares to 10 million of HK$1.00 each of which are equally owned
by Paresh Jerambhai Bodra and Ravikumar Bhagvanbhai Bodara. They are also directors of the subject.
Bodra and Bodara are Hong Kong ID holders and
have got the right to reside in Hong Kong.
The subject moved to the present address in
November 2015.
The subject has had an affiliated company
Priyal Diam, a Hong Kong-registered company, located at the same address. Priyal Diam is also a diamond trader. This company is owned and operated by Ms.
Parita Ravikumar Bodara and Mr. Mitalben Paresh Bodra. The contact person of Priyal Diam is Mr.
Patel who is also an India merchant.
The subject is trading in all kinds of loose
diamonds, fancy cut diamonds. The
followings are the main products carried: marquise, pears, tappers, buggets and
rose cut, round brilliant, single cut and fancy cut, full cut, baguette
diamonds, loose round diamonds, tapered and baguette diamonds, etc. Most of the commodities are imported from
India, Europe, the other Asian countries, etc.
All diamonds are marketed in Hong Kong, exported to China, Singapore,
the other Asian countries, Western Europe, etc.
Business is rather active.
The subject has got an associated company
engaged in diamond cutting and processing in Gujarat, India.
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-B40.
The subject also takes part in the other
jewellery shows in Hong Kong. It took
part in “HKTDC Hong Kong International Jewellery Show 2018” which had been held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 2nd to 6th March, 2018. Its
booth No. was 1ED24.
P. J. Bodra can be reached at his Hong Kong
mobile phone number
852-6500 0533. He is the contact person
of the subject.
The subject operates from a self-owned office
in Hong Kong. Its history in Hong Kong is over ten years and six months.
On the whole, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.82 |
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1 |
INR 91.17 |
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Euro |
1 |
INR 78.70 |
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HKD |
1 |
INR 8.59 |
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.