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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SHREYA JEWEL |
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Registered Office : |
Flat A, 8/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
01.04.2006 |
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Com. Reg. No.: |
36633732-000-04 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of precious stones, diamonds, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 re-exports, is about four times
GDP. 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, helped it to make an initial recovery more
quickly than many observers anticipated, it again faces a possible slowdown as
exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. 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 exports 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 28 million in 2011, outnumbering visitors
from all other countries combined. Hong Kong has also established itself as the
premier stock market for Chinese firms seeking to list abroad. In 2011 mainland
Chinese companies constituted about 43% of the firms listed on the Hong Kong
Stock Exchange and accounted for about 56% 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. Growth slowed to
5% in 2011. Credit expansion and tight housing supply conditions caused Hong
Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in
2011. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983.
Source : CIA
SHREYA JEWEL
Address: Flat A, 8/F.,
Kimbry Court,
58-60
Kimberley Road,
Tsimshatsui,
Kowloon,
Hong Kong.
(Formerly located at:
Flat J, 33/F., Block 2, Royal Peninsula,
8 Hung Lai Road, Hunghom Bay,
Kowloon, Hong Kong. )
PHONE: 9715 0516
FAX: Not available
Manager: Mr. Sanket Prakash Shah
Establishment: 1st
April, 2006.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat A, 8/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated Companies:-
Shreya Jewel (Shanghai) Ltd., China.
Tia Diam, Hong Kong.
36633732-000-04
Manager: Mr. Sanket Prakash Shah
Name: Mr. Sanket Prakash SHAH
(mobile phone number: 9715 0516)
Residential Address: Flat E,
38/F., Block 6, Jubilee Garden, 2-18 Lok King Street, Fo Tan, Shatin, New
Territories, Hong Kong.
Name: Mr. Ankur Ramesh SHAH
(mobile phone number: 9606 6935)
Residential Address: 69 Walkeshwar
Road, 81 Kamal Building, Malabar Hill DS, Mumbai-6, India.
The subject was established on 1st April, 2006 as a sole proprietorship
concern owned by Mr. Sanket Prakash Shah under the Hong Kong Business
Registration Regulations. It became a
partnership as Mr. Ankur Ramesh Shah joined in as a partner on 18th October,
2007.
At the very beginning, the subject was located at Flat E, 38/F., Block
6, Jubilee Garden, 2-18 Lok King Street, Fo Tan, Shatin, New Territories,
Hong Kong, moved to Flat E, 2/F. & 3/F., Block C2A, 3 Town Centre
Crescent, Hong Lok Yuen, Tai Po, New Territories, Hong Kong in March 2007; to
Flat D2, 18/F., Jubilee Garden, Jubliee Court, 2-18 Lok King Street, Fo Tan,
Shatin, New Territories, Hong Kong in November 2008; to Flat J,
33/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Hunghom Bay, Kowloon,
Hong Kong in August 2009; and further moved to the present address in
October 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of precious stones, diamonds, etc.
Employees: Nil.
Commodities Imported: India, Europe, etc.
Markets: Hong
Kong, China, other Asian countries, Middle East, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Made a very small profit in 2010 and 2011.
Condition:
Keeping in a
normal manner.
Facilities: Making
active use of general banking facilities.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Shreya Jewel is a partnership jointly owned by
Mr. Sanket Prakash Shah and Mr. Ankur Ramesh Shah, both of whom are
Indian. Being Hong Kong ID holders, the
Shahs have got the right to reside in Hong Kong permanently.
The subject does not have its own operating
office. Its registered address is in a
private building located at Flat A, 8/F., Kimbry Court, 58-60 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong. The
subject moved to this new address in October 2010. This address is supposed to be the residence
of the partners when they are in Hong Kong.
The subject’s new registered address is also the new residential address
of the partners. It is likely that the
subject has not updated its information filed with the Inland Revenue
Department Business Registration Office of the Hong Kong SAR Government.
Sanket Prakash Shah can be reached at your
mobile given phone number 9715 0516.
The subject is a diamond and jewellery
trader. Commodities are chiefly imported
from India and other European countries.
Some of the raw diamonds are polished, cut or processed in Hong Kong or
China. Finished products are marketed in
Hong Kong, exported or re-exported to the other Asian countries, the Middle
East, etc. Business has been normal.
The subject is just a two-man-company. Made a small profit in 2010 and 2011.
Besides operating the subject Ankur Ramesh
Shah is also a partner of Tia Diam which is also a Hong Kong-registered
firm. Tia Diam is also a diamond trader.
The subject has had an associated company in
China known as Shreya Jewel (Shanghai) Ltd. which is a China-based firm. This firm is located at Room A302, North
Tower, China Diamond Exchange Centre, 1701 Century Road, Pudong New Area,
Shanghai, China. Shreya Jewel (Shanghai)
is a member of Shanghai Diamond Exchange
Centre. In recent years, Shreya Jewel (Shanghai)
has set up an office in Shenzhen Special Economic Zone, China.
The subject’s history in Hong Kong is just
over six years.
Since the registered office of the subject is
in a residential building, consider it good for normal business engagements on L/C
basis.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.37 |
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1 |
Rs.83.99 |
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Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.