|
Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHINE STONE (HK) LTD. |
|
|
|
|
Registered Office : |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.05.2006 |
|
|
|
|
Com. Reg. No.: |
36766082 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds and
Jewellery Products, Emerald, Precious Stones. |
|
|
|
|
No of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
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 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 |
SHINE STONE (HK)
LTD.
ADDRESS: Room 707, 7/F., Heng Ngai Jewelry
Centre, 4 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3521 1444, 2127 4740
FAX: 852-3521
1441, 3747 4694
E-MAIL: info@shine-stone.net
shinestoneltd@yahoo.com
shinestone@in.com
Managing Director: Mr. Chirag NarshiBhai
Dhameliya
Incorporated on: 19th May, 2006.
Organization: Private Limited
Company.
Capital: Nominal: HK$18,000,000.00
Issued: HK$18,000,000.00
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
SHINE STONE
(HK) LTD.
Registered Head
Office:-
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
Associated
Company:-
Sonal Gems (India), India.
36766082
1046366
Managing Director: Mr. Chirag
NarshiBhai Dhameliya
Nominal Share Capital: HK$18,000,000.00 (Divided into 18,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$18,000,000.00
(As per registry dated 19-05-2014)
|
Name |
|
No. of shares |
|
Hitesh Parshotambhai MANGUKIA |
|
9,100,000 |
|
Parita Hitesh MANGUKIYA |
|
3,900,000 |
|
Chirag Narshihai DHAMELIYA |
|
5,000,000 |
|
|
|
––––––––– |
|
|
Total: |
18,000,000 ======== |
(As per registry dated 19-05-2014)
|
Name (Nationality) |
Address |
|
Chirag Narshibhai DHAMELIYA |
Unit A, 29/F., Tower 23A, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 19-05-2014)
|
Name |
Address |
Co. No. |
|
Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon,
Hong Kong. |
0657221 |
The subject was incorporated on 19th May, 2006 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.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of
diamonds and jewellery products, emerald, precious stones
Brand Name: Shine
Stone.
Employees: 4.
Commodities Imported: India,
Belgium, other European countries
Markets: Japan, other
Asian countries, Middle East
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
MEMBERSHIP: Hong Kong Watch Manufacturers
Association Ltd., Hong Kong.
Nominal Share Capital: HK$18,000,000.00 (Divided into 18,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$18,000,000.00
Increases of Nominal Capital:-
|
From |
HK$ 1,500,000.00 |
to |
HK$ 3,000,000.00 |
on |
16-09-2009 |
|
From |
HK$ 3,000,000.00 |
to |
HK$13,000,000.00 |
on |
16-11-2010 |
|
From |
HK$13,000,000.00 |
to |
HK$18,000,000.00 |
on |
12-04-2012 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$ 1,500,000.00 |
|
16-09-2009 |
paid up |
HK$ 1,500,000.00 |
|
16-11-2010 |
paid up |
HK$10,000,000.00 |
|
12-04-2011 |
paid up |
HK$ 5,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$18,000,000.00 ============== |
Mortgage or Charge:-
Date of Mortgage: 23-09-2009
Amount: All moneys
Property: 20/4,978th parts
or shares of and in Section D of Kowloon Marine Lot No. 113 [Workshop 7 on 7/F.
of Heng Ngai Jewelry Centre (formerly known as Regent Centre), 4 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong.]
Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made small
profits in past five years.
Condition: Business is
normal.
Facilities: Adequate for
current running.
Payment: Met obligations as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 1.5 million ordinary shares of HK$1.00 each, Shine Stone (HK)
Ltd. formerly was wholly owned by Mr. Hitesh Parshotambhai Mangukia who was an
Indian.
At the very beginning, the subject was jointly owned by an Indian
company, Jay Manav Impex, holding 55% interests; and H. P. Mangukia, holding
45%. On 30th January, 2009, Jay
Manav Impex transferred all its shares to H. P. Mangukia. Since then, H. P. Mangukia had become the
sole owner of the subject. In September
2009, the subject increased its ordinary shares to 3 million of HK$1.00
each, of which 2.1 million shares were allotted to H. P. Mangukia while the
rest 0.9 million shares were allotted to Mr. Parita Hitesh Mangukiya. After the allotment, H. P. Mangukia held 70%
interests of the subject while P. H. Mangukiya held 30%.
In November 2010, the subject increased its ordinary shares to 13
million of HK$1.00 each, of which 9.1 million shares were owned by H. P.
Mangukia, accounting for 70% interests, and 3.9 million shares owned by P. H.
Mangukiya, accounting for 30%.
In March 2012, an addition of 5 million ordinary shares of HK$1.00 each
were issued by the subject of which all were allotted to Mr. Chirag Narshibhai
Dhameliya who is the incoming shareholder.
Now, the subject is 50.1% held by H. P. Mangukia, 21.7% held by P. H.
Mangukiya and 27.8% held by C. N. Dhameliya.
C. N. Dhameliya is the only director of the subject. Now, he is a Hong Kong ID holder and has got
the right to reside in Hong Kong permanently.
He is also managing director of the subject.
The subject is a diamond importer, exporter and wholesaler. It is trading in all kinds of loose diamonds,
full cut diamonds, single cut diamonds and fancy diamonds. Some of the real single cut and full cut
diamonds are for watches. The size of
full cut and single cut diamond ranges from 0.7 mm to 1.8 mm, colours include
white, Ow, TTLB, TTLC, black.
The other main
products of the subject are the following watches:-
Diamond Analog Watch;
Ladies’ Diamond Watch.
Most of its products bear the brand name Shine Stone. Products are marketed in Hong Kong and China,
and exported to Taiwan, Japan, the other Asian countries, Europe, the United
States.
The subject is a subsidiary company of Sonal Gems (India) [Sonal Gems]
which is an India-based firm specialized in single cut and full cut diamonds
for jewellery and watches. Sonal Gems is
in Mumbai, India. This firm is a member
of the Sonal Group of Companies in India.
The subject also trades in wristwatches for ladies and men. Most of the commodities are imported from
India and Europe. Prime markets are
Hong Kong, Japan and the other Asian countries.
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.
Besides, it is going to take part in “HKTDC Hong Kong International
Jewellery Show 2015” which will be held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2015.
The subject also has taken part in Hong Kong Watch & Clock
Fair. It is going to take part in “HKTDC
Hong Kong Watch & Clock Fair 2015” which will be held in the same Centre in
Hong Kong during the period of 3rd to 7th September, 2015.
The subject’s business is chiefly handled by H. P. Mangukia
himself. History of the subject is over
eight years and six months in Hong Kong.
Overall business is active.
The subject operates from its own premises in Hong Kong.
On the whole, consider it good for normal business engagements.
Property information of the company:-
Property Location: Workshop 7 on 7/F., Heng Ngai Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Shine Stone (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
23-09-2009 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
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 |
|
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.