|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHEETAL
(FAR EAST) LTD. |
|
|
|
|
Registered Office : |
Room 1316, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
03.05.2011 |
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|
|
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Com. Reg. No.: |
58302462 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong. |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
SHEETAL
(FAR EAST) LTD.
ADDRESS:
Room 1316, 13/F.,
Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2379 1460, 2739 8299
FAX: 852-2739 8211, 2739 9200
E-MAIL: reception.hongkong@sheetals.net
Managing
Director: Mr. Girish Vasharambhai
Bagadia
Incorporated on: 3rd May, 2011.
Organization: Private Limited Company.
Issued Capital: HK$100,000.00
Business Category: Diamond Trader.
Employees: 4. (Including associates)
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
SHEETAL
(FAR EAST) LTD.
ADDRESS:
Registered
Head Office:-
Room 1316, 13/F.,
Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Holding
Company:-
Sheetal Golden
Works (India) Private Ltd., India.
Affiliated/Associated
Companies:-
Belmark Diam Co., Hong Kong. (Same address)
Diamond Mine Corporation Ltd., Hong Kong. (Same address)
Sheetal Europe B.V.B.A., Belgium.
Sheetal Manufacturing Co. Pvt. Ltd., India.
58302462
1595440
Managing
Director: Mr. Girish Vasharambhai
Bagadia
Contact
Person: Mr. Mrgirish Bagadia
ISSUED CAPITAL: HK$100,000.00
(As
per registry dated 03-05-2014)
|
Name |
|
No.
of shares |
|
Sheetal Golden Works (India) Private Ltd. 1001 Prasad Chambers, Opera House, Mumbai, 400 004, India. |
|
100,000 ====== |
(As
per registry dated 12-05-2014)
|
Name (Nationality) |
Address |
|
Bharatkumar
Vallabhbhai KAKADIA |
1001 Prasad Chambers, Opera House, Mumbai,
400 004, India. |
|
Girish
Vasharambhai BAGADIA |
Flat C, 13/F., Block 6, Site 11 Bauhinia
Mansions, 6 Tak Hong Street, Whampoa Garden, Hunghom, Kowloon, Hong
Kong. |
(As
per registry dated 03-05-2014)
|
Name |
Address |
Co.
No. |
|
Taxbase
Consultants Ltd. |
Room 1408, 14/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong
Kong. |
0411324 |
The
subject was incorporated on 3rd May, 2011 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: Sheetal Group, Kiah
Employees: 4. (Including associates)
Commodities Imported: India, Canada, Russia, Australia, Belgium, other European countries.
Markets: Japan, other Asian countries, Europe, Middle East, US.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Issued Capital: HK$100,000.00
Profit or Loss: Made a small profit in 2013.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: Wing Lung Bank Ltd., Hong Kong.
Standing: Satisfactory.
Having
issued 100,000 ordinary shares, Sheetal (Far East) Ltd. is a wholly‑owned
subsidiary of Sheetal Golden Works (India) Private Ltd. [Sheetal] which is an
India-based firm.
The
managing director of the subject Mr. Girish Vasharambhai Bagadia (G. V.
Bagadia) is also the manager of Belmark Diam Co. which is also located at the
same address.
The contact person of the
subject Mr. Mrgirish Bagadia, a family member of G. V. Bagadia, can be reached
at the phone umber of the subject
852-2739 1460.
The
subject is trading in the following commodities:-
GIA
Certified and Non-Certified Polished Diamonds Size: 0.01 ct - 20.00 ct Cut:
Round, Pear, Marquise, Cushion, Heart, Radiant, Rose-Cut
Colour:
D to M, Fancy Colour (Yellow, Champagne/Brown, Pink), White LC, Natts.
The
subject also trades in IGI fine jewellery with diamond and gold.
The
subject and Sheetal belong to the Sheetal Group.
Established
in 1985, Sheetal Group is one of the world’s leading manufacturers of polished
diamonds with an annual sales turnover about US$500 million and about 1.1
million polished carats. The provision
of highly differentiated products complemented by a wide suite of customer‑focused
services has enabled the Group achieve its dominating polished diamond supplier
position. Over the years, Sheetal Group
has established a strong distribution network with some of the world’s leading
polished distributors, jewellery manufacturers and retailers, serving key
diamond markets. While the United States
continues to be one of the major consumer markets for the Group’s
products. Sheetal Group has also become
one of the leading polished suppliers to the Chinese and Indian Retailer
segments.
The
Group has more than 600,000 sq.ft. of diamond manufacturing infrastructure
capacity in Surat, India. Sheetal Group
is also a certified member of the RJC (Responsible Jewellery Council).
Sheetal
Group is one of the largest suppliers of Argyle polished diamonds, providing
the entire suite of Argyle polished from white, grey, cape to champagne
diamonds. The company also provides its
customers with Argyle-provenance and Diavik-provenance tracking guarantee upon
requirement.
Sheetal
Group has had association with major diamond mining companies like De Beers,
Rio Tinto, Alrosa and others. It
procures diamonds from mining companies in Canada, Russia, Africa and
Australia. Along with a robust employee
base, the Group has developed state-of-the-art factories equipped with the
latest technological skills. Over the
years, it has achieved a reputation of unique end-to-end supply capability and
being the brown diamond specialist. It
has commanded market leadership position in the brown diamonds segment for more
than 11 years.
The
business of the Group is active.
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. For instance, it took part in “HKTDC Hong
Kong International Jewellery Show 2014” which had been held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th
to 9th March, 2014. Its booth No. was
1A-A08, S222-01. It is going to take
part in “HKTDC Hong Kong International Jewellery Show 2015” which will be held
in the same Exhibition Centre, Wanchai, Hong Kong during the period of 4th to
8th March, 2015.
The
subject is fully supported by the Sheetal Group.
The
subject operates from an office located at the present address which is owned
by Diamond Mine Corporation Ltd. which is an associated company of the subject.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
|
1 |
Rs.98.40 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.