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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
S S INTERNATIONAL |
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Registered Office : |
Unit F - 2, Room 15, 1/F., Hang Fung Industrial Building, 2G Hok Yuen Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.11.2010 |
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Com. Reg. No.: |
53286219-000-11 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Importer, Exporter and Wholesalers of All Kinds of Diamonds. |
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No of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 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'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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 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 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
S S INTERNATIONAL
ADDRESS: Unit F - 2, Room 15, 1/F., Hang Fung
Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2215 4446
FAX: 852-2215 4447
Manager: Mr. Hemal Kumar Jyotindn
Shah
Establishment: 17th November.
2010.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Loose
diamond trader.
Employee: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
S S INTERNATIONAL
Head Office:-
Unit F - 2, Room 15, 1/F., Hang Fung Industrial Building, 2G Hok Yuen
Street, Hunghom, Kowloon, Hong Kong.
Associated
Company:-
Sana Creation Ltd., Hong Kong.
(Same address)
53286219-000-11
Manager: Mr. Hemal Kumar Jyotindn
Shah
Name: Mr. Hemal Kumar Jyotindn
SHAH
Residential Address: 4A,
Diamond Court, 10-12 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
Hong Kong Mobile Phone No.:
852-9792 5299
Name: Mr. Pratik Ajitkumar SHETH
Residential Address: Flat 203,
Goenka House, 16 Walkeshwar Road, Mumbai 400006, M.S. India.
The subject was established on 17th November. 2010 as a sole
proprietorship concern owned by Mr. Hemal Kumar Jyotindn Shah under the
Hong Kong Business Registration Regulations.
It has become a partnership as Pratik Ajitkumar Sheth joined in as a
partner on 1st June, 2011.
Formerly the subject was located at 4A, Diamond Court, 10-12 Hillwood
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in October
2012.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kind of
diamonds
Employee: 3.
Commodities Imported: India
Markets: Hong Kong,
Thailand, Malaysia
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T
Capital: Not disclosed.
Profit or Loss: Made a very small
profit in 2013.
Condition: Business keeps
on improving.
Facilities: Make 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.
S S International is a partnership jointly owned by Mr. Hemal Kumar
Jyotindn Shah and Mr. Pratik Ajitkumar Sheth, both of whom are Indian. The former is a Hong Kong ID Card holder
while the latter is an India passport holder.
Shah is also the manager of the subject who has got the right to reside
in Hong Kong permanently.
The subject commenced business in November 2010.
Shah can be reached at his Hong Kong mobile phone number 852-9792
5299.
The subject’s registered address was in a private building located at
4A, Diamond Court, 10-12 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong where
was the residence of Shah. The subject moved
to the present address in October 2012.
It has three employee in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Thailand, Malaysia and the other Asian countries. Business is improving.
The subject has an associated company Sana Creation Ltd., a Hong
Kong-registered company located at the same address. It is also operated by H K Shah. Incorporated on 31st May, 2011, Sana Creation
is trading in the following commodities: Jewellery – Diamond, Jewellery –
Gemset.
Most of the commodities are exported to China, the other Asian
countries, the Middle East.
The subject has got a diamond supplier in Mumbai, India. The contact person is a Mr. Sheth.
The subject’s business is chiefly handled by Shah himself. History in Hong Kong is over four years.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
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.