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MIRA INFORM
REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GEMASIA
(HONG KONG) LTD. |
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Registered Office : |
Level 28, Three Pacific Place, 1 Queen’s Road East |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.05.1998 |
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Com. Reg. No.: |
21867859 |
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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, jewellery, gemstones, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GEMASIA (HONG KONG) LTD.
Company ADDRESS
Room 1103, 11/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloom, Hong Kong.
PHONE: 2722 6333, 2367 0497
FAX: 2722 6360, 2721 1173
E-MAIL: sales@gemasiahk.com
MANAGEMENT
Managing Director: Mr. Jatin Pravinchandra Shah
SUMMARY
Incorporated on: 25th May, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$2.00
Business Category: Diamond Trader.
Group Net Sales: Rs. 146,701.74 million (Year ended 31-03-2010)
Group Employees: 1,700. (As at 31-03-2009)
Employees: 10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Company ADDRESS
Registered Office:-
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.
Head Office:-
Room 1103, 11/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloom, Hong Kong.
Holding Company:-
Star Holdings Ltd., UAE.
Ultimate Holding
Company:-
Asian Star Co. Ltd., India.
Affiliated
Companies:-
Asian Star Co. Ltd., USA.
Asian Star Jewels Pvt. Ltd., India.
Asian Star Trading (Hong Kong) Ltd., Hong Kong.
Gemasia (Shanghai), China.
Gemasia B.V.B.A., Belgium.
Gemasia Solitaire Ltd., Hong Kong.
Inter Gems DMCC, UAE.
InterGems Trading (L.L.C.), Middle East.
Jewel Art, India.
Star Asia (Thailand) Ltd., Thailand.
BUSINESS REGISTRATION NUMBER
21867859
COMPANY FILE NUMBER
0645657
MANAGEMENT
Managing Director: Mr. Jatin Pravinchandra Shah
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
SHAREHOLDERS
(As per registry dated 25-05-2010)
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Name |
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No. of shares |
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Jatin Pravinchandra SHAH |
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1 |
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Star Holdings Ltd. Suite 1003, Khalid Al Altar Tower, SH. Zayed Road, P.O. Box 71241, Dubai, UAE. |
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1 |
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–– |
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Total: |
2 = |
DIRECTORS
(As per registry dated 25-05-2010)
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Name (Nationality) |
Address |
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Jatin Pravinchandra SHAH |
Flat Front, 6/F., Ocean View Court, 33 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
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Saumil Shailesh SHAH |
Flat H, 19/F., Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 25-05-2010)
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Name |
Address |
Co.
No. |
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Tricor Strath Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0004873 |
HISTORY
The subject was incorporated on 25th May, 1998 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, jewellery, gemstones, etc.
Group Employees: 1,700. (As at 31-03-2009)
Employees: 10.
Commodities Imported: India, Europe, etc.
Markets: Asian countries, Europe, Middle East, Australia, North America, etc.
Group Net Sales:-
Rs. 146,557.11 million (Year ended 31-03-2009)
Rs. 146,701.74 million (Year ended 31-03-2010)
Rs. 105,747.66 million (9 months ended 31-12-2009) – Unaudited
Rs. 125,376.82 million (9 months ended 31-12-2010) – Unaudited
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Group Profit After Tax (After Adjustment of Minority Interest):-
Rs. 4,648.93 million (Year ended 31-03-2009)
Rs. 3,007.38 million (Year ended 31-03-2010)
Rs. 2,410.43 million (9 months ended 31-12-2009) – Unaudited
Rs. 2,196.78 million (9 months ended 31-12-2010) – Unaudited
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Good.
GENERAL
Gemasia (Hong Kong) Ltd. is a subsidiary of Star Holdings Ltd. which is a UAE-registered firm. The ultimate holding company Asian Star Co. Ltd. [Asian Star] is an India-based company.
Being a diamond trader, the subject is a Hong Kong based marketing arm of Asian Star. Established in 1998, the subject has emerged as a prominent market player in the Asia Pacific region. The subject is able to lure buyers not only from Asia but also from other parts of the world.
On 21st January, 2011, Asian Star set up a subsidiary company known as Asian Star Trading (Hong Kong) Ltd. which is also located at the operating address of the subject.
The subject is specialized in round diamonds, WHITE, TTLB and TTLC shades, sizes ranges from 0.003 points to 2 carats, clarity ranges from IF, VVS to heavy PK and colour ranges from D to N-O. It also provides certified diamonds from the world’s reputed gem laboratories like GIA, HRD and IGI. Its extensive marketing network ensures efficient and personalized services with consistent supply of goods. It regularly participates in jewellery shows in Asian countries.
In recent years, the subject has set up an office in Shenzhen Special Economic Zone, China in order to service the customers in China.
The subject is trading in the following commodities:-
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Product/Service |
Product/Service
Remarks |
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Jewellery – Diamond |
From India and Belgium (Importer) From India and Belgium (Exporter) |
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Loose Diamond |
From India, Belgium and Israel (Importer) From India, Belgium and Israel (Exporter) |
Asian Star was established in 1971 as a partnership firm and became a public limited company in 1995.
Now, Asian Star is one of the world’s leading diamantaires and a Diamond Trading Company Sightholder. Its business comprises of diamond manufacturing, jewellery manufacturing and retailing. Having set up marketing arms across three continents — Asia, Europe and North America — Asian Star is positioned to serve its customers throughout the world.
Asian Star’s factory is in Surat, India, covering an area of 65,000 sq.ft. and employing about 1,000 skilled workers.
Asian Star achieved a new
milestone on 6th December, 2010 at the grand opening of its new factory, A’Star Jewellery — Hosur.
The 5,000 sq.ft.
state-of-the-art factory employs 120 highly skilled employees, especially
trained in the manufacture of hand-crafted diamond jewellery. The product line would be primarily focused
on high value, couture diamond jewellery.
For the year ended 31st March, 2010, the sales of the Group amounted to Rs. 146,701.74 million, increased by 0.1% as compared with Rs. 146,557.11 million in FY 2009; profit after tax and after adjustment of minority interest in the year was Rs. 3,007.38 million, decreased by 35.3% as compared with Rs. 4,648.93 million in FY 2009.
For the nine months ended 31st December, 2010, the net sales of the Group was Rs. 125,376.82 million (same period of 2009: Rs. 105,747.66 million), profit after tax and after adjustment of minority interest in the period was Rs. 2,196.78 million (same period of 2009: Rs. 2,410.43 million).
The Chairman of Asian Star is Mr. Dinesh Shah, Chief Executive Officer and Managing Director is Mr. Vipul Shah. All of them belong to the Shah family.
The subject’s business is chiefly handled by Mr. Jatin Pravinchandra Shah who is an Indian residing in Hong Kong. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject is fully supported by Asian Star. History in Hong Kong is about thirteen years.
On the whole, consider the subject good for normal business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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19-09-2003 |
Instrument: Debenture Property: 1) All freehold and leasehold property of the Company 2) All stocks shares bonds and securities of any kind whether marketable or otherwise and all other interests including loan capital of the Company 3) All book and othe rdebts revenues and claims 4) The uncalled capital goodwill and all patents patent applications trade marks trade names registered designs and copyrights and all licences and ancillary and connected rights 5) The undertaking and all others of the Company Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
General credit facilities of sum of HK$15,600,000 |
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26-10-2004 |
Instrument: Charge Over Accounts (Limited Company – Under Seal) Property: In consideration of the Bank agreeing to grant or continuing to grant the Banking Facilities, the Chargor, as beneficial owner and by way of fixed charge, assigns, charges and pledges the “Charged Property” to Bank as a continuing security for the due payment and satisfaction of the Secured Moneys by the Chargor to the Bank on demand Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.34 |
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1 |
Rs.73.70 |
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Euro |
1 |
Rs.65.75 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.