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Report Date : |
26.03.2014 |
IDENTIFICATION DETAILS
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Name : |
Sparkle Gems |
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Registered Office : |
c/o Quentin Wong & Co., Certified Public Accountants Room 909, 9/F., Wayson Commercial Building, 28 Connaught Road West |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.06.2008 |
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Com. Reg. No.: |
39498763-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Diamond Trader of all kinds of loose diamonds etc. |
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No. of Employees : |
Not Available |
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 |
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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 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
SPARKLE GEMS
ADDRESS: c/o Quentin Wong
& Co., Certified Public Accountants
Room 909, 9/F., Wayson
Commercial Building, 28 Connaught Road West, Hong Kong.
PHONE: Not
available
Manager: Mr. Dhaval Nilesh Doshi
Establishment: 26th June, 2008.
Organization: Sole Proprietorship.
Capital: Not Disclosed.
Business Category: Diamond
Trader.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Quentin Wong & Co., Certified Public Accountants
Room 909, 9/F., Wayson Commercial Building, 28 Connaught Road West, Hong
Kong.
39498763-000-06
Manager: Mr. Dhaval Nilesh Doshi
Name: Mr. Dhaval Nilesh DOSHI
Residential Address: Flat No. 11,
Plot No. 300, Hari Darshar, Jawahar Nagar, Road No. 16, Goregaon (W),
Mumbai-400062 M.S., India.
The subject was established on 26th June, 2008 as a sole proprietorship
concern owned by Mr. Dhaval Nilesh Doshi under the Hong Kong Business Registration
Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond
Trader.
Lines: All
kinds of loose diamonds, etc.
Employees: Nil.
Commodities Imported: Japan, other
Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
Disclosed.
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
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.
Sparkle Gems is a sole proprietorship set up in June, 2008 and owned by
Mr. Dhaval Nilesh who is an Indian.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. Most of the time,
Doshi is in Mumbai, India.
The subject does not have its own operating office. Its registered office is in an accountant
firm located at Room 909, 9/F., Wayson Commercial Building, 28 Connaught Road
West, Hong Kong known as Quentin Wong & Co., Certified Public Accountants
which is handling its correspondences and documents. The subject has no
employees in Hong Kong.
The subject is a loose diamond importer, exporter and wholesaler. The
headquarters of the subject are in Mumbai, India. Sparkle Gems in India is a manufacturer and
exporter of loose and cut diamonds.
India Sparkle Gems has got an affiliated company Anuraj Enterprises
which is also a gem and diamond trader in the country. The subject’s commodities are chiefly
supplied by India Sparkle Gems.
The subject chiefly trades in loose and cut diamonds, etc. Prime markets are Hong Kong, China and the
other Asian countries. Business is not
active in Hong Kong.
Its history in Hong Kong is just over five years.
On the whole, since the subject does not have its own operating office
and has no employees in Hong Kong, consider it good for 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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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 –
-
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.
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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.60.49 |
|
|
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.