|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
JEWEL-ASIA LTD. |
|
|
|
|
Registered Office : |
Room 704A, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.07.2013 |
|
|
|
|
Com. Reg. No.: |
61737850 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading in fine diamonds and
jewellery |
|
|
|
|
No. of Employees : |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New company |
|
Payment Behaviour : |
Unknown |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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
JEWEL-ASIA LTD.
ADDRESS: Room 704A, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Mr. Sanjay Pravinchandra Shah
Incorporated on: 15th July, 2013.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1.00
Business Category: Diamond & Jewellery Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 704A, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hung Hom, Kowloon, Hong Kong.
Holding Company:-
Rosy Blue Jewelry Inc., US.
Affiliated/Associated Companies:
Rosy Blue Group of Companies
Inter Gold Europe N.V., Belgium.
Inter Gold Gems Pvt. Ltd., India.
Inter Gold India Pvt. Ltd., India.
International Gold Co. Pvt. Ltd., India.
R.B. Solitaires Inc., USA.
Rosy Blue (Eurasia) FZE, UAE.
Rosy Blue (India) Pvt. Ltd., India.
Rosy Blue (Shanghai) Diamond Co. Ltd., China.
Rosy Blue Diamond Co. Ltd., Thailand.
Rosy Blue Diamond Sales Ltd., Israel.
Rosy Blue Fine Inc., USA.
Rosy Blue Hong Kong Ltd., Hong Kong.
Rosy Blue Inc., USA.
Rosy Blue International S.A., Luxembourg.
Rosy Blue Jewellery (HK) Ltd., Hong Kong.
Rosy Blue Ltd., Japan.
Rosy Blue N.V., Belgium.
Rosy Blue Overseas Holdings Ltd., Hong Kong.
Rosy Blue Trading (Pty) Ltd., South Africa.
Rosy Blue Trading Inc., USA.
Rosy Blue Trading LLC, UAE.
Tai Shan Gems Ltd., Hong Kong.
etc.
61737850
1937454
Managing Director: Mr. Sanjay Pravinchandra Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER: (As per registry dated 15-07-2013)
|
Name |
|
No. of share |
|
Rosy Blue Jewelry Inc. 529 Fifth Avenue, 12/F., New York, NY 10017-4676, USA. |
|
1 = |
DIRECTORS: (As per registry dated 15-07-2013)
|
Name (Nationality) |
Address |
|
Sanjay Pravinchandra SHAH |
121, West Francis Street, Iselin, NJ 08830, USA. |
|
Satyen Vinod JHAVERI |
186 Teen Batti, 2/F., Walkeshwar Road, Mumbai 400006, India. |
SECRETARY: (As per registry dated 15-07-2013)
|
Name |
Address |
Co. No. |
|
TMF Secretaries (HK) Ltd. |
36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. |
0099444 |
The subject was incorporated on 15th July, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 36/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong where was the operating office of TMF Secretaries (HK) Ltd. The subject moved to the present address with effect from 23rd August, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Diamond & Jewellery Trader.
Lines: All kinds of diamond and jewellery.
Employees: 2.
Commodities Imported: Imported from Belgium, India, Israel, US, Thailand, etc.
Markets: Japan, US, Europe, Asian countries, etc.
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: T oo early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued just one ordinary share of HK$1.00, Jewel-Asia Ltd. is a wholly owned subsidiary of by Rosy Blue Jewelry Inc. which is a US-based company.
The directors of the subject are Mr. Sanjay Pravinchandra Shah and Mr. Satyen Vinod Jhaveri, both of whom are Indian.
The subject is a member of Rosy Blue Group [Rosy Blue].
The subject is trading in fine diamonds and jewellery. It is able to provide customers with a wide range of polished diamonds with different sizes, colour cuttings and quantities. Moreover, it provides finished jewellery products to the worldwide customers.
Main products of the subject are the followings: diamond pendants, white gold diamond pendants, white gold diamond ring, 18K gold rings, 18K gold earrings, white gold rings, white gold pendants, gold rings, loose diamonds, carat size diamonds, diamond necklaces and earrings, etc.
Originally Rosy Blue was established in 1960 in Mumbai, India as a diamond manufacturer. It is an Indian firm with corporate headquarters in India. Currently, Rosy Blue is a family-owned company chiefly owned by the members of Mehta and Bhansali families.
Rosy Blue is one of the renowned diamond and jewellery companies in the world. Founded in 1960, Rosy Blue has grown from a single workshop specialized in polishing small diamonds to a global corporation. In 1973, Rosy Blue opened its new international headquarters in Antwerp, Belgium.
Rosy Blue has its headquarters in India and Belgium with offices, factories and stores in 13 countries, having about 5,100 direct employees. The significant sales office of Rosy Blue are in Belgium, Israel, the United Arab Emirates, Japan, the United States, South Africa, China,
The main category products of the Rosy Blue Group are:-
Rough Diamonds;
Core Polished Diamonds;
Specialist Polished Diamonds;
Diamond Jewellery; &
Polished Outcome.
Rosy Blue is now a global leader in the design, manufacture and distribution of fine diamonds and jewellery – a dynamic corporation built on expertise and integrity. From an exceptional supply of rough diamonds, through state‑of-the-art diamond manufacturing, Rosy Blue provides a comprehensive selection of polished diamonds and a complementary range of finished jewellery. In accordance with its highest ethical standards, Rosy Blue takes great care to verify the provenance of its rough diamonds. Its internal distribution systems are designed to track the diamonds through the manufacturing and finishing processes. The rough diamonds range from the smallest to the largest, in all forms and colours of sawables, makeables, cleavages, industrials and crystals. Rosy Blue procures diamonds from miners in Canada, Russia, South Africa and South America.
Rose Blue’s clients range from the world’s most prestigious brands to small, specialty jewellery houses. It also supplies the leading diamond manufacturers, distributors and retailers in every part of the world with a comprehensive range of diamonds, from the smallest polished stones, to single diamonds of the very highest quality.
The Rosy Blue Group has a significant involvement in jewellery manufacturing and distribution through various operations around the world, including Inter Gold, the Group’s jewellery manufacturing facility and the largest Indian exporter of diamond jewellery. Major customers are diamond brokers, diamond wholesalers and jewellery manufacturers.
As one of India’s largest diamond jewellery company, Rosy Blue supplies quality jewellery to a variety of segments and businesses. Its marketing and distribution network spreads throughout the globe with special expertise in the United States, Europe, Japan, and Asia Pacific; each backed by a local service desk.
The subject has had an affiliated company Rosy Blue Hong Kong Ltd., a Hong Kong-registered company located at a different address.
As the history of the subject in Hong Kong is just over four months, on the whole, consider it good for normal business engagements on L/C basis for the time being.
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.