|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAMIR GEMS HK LTD. |
|
|
|
|
Registered Office : |
Unit 707, 7/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
07.12.2011 |
|
|
|
|
Com. Reg. No.: |
59234488 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of Diamond, Rough Diamond & Gemstone. |
|
|
|
|
No of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
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 |
SAMIR GEMS HK LTD.
ADDRESS: Unit 707, 7/F.,
Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369
6177
FAX: 852-2369
6744
E-MAIL: sarvilb@gmail.com
Managing Director: Mr. Sarvil
Sanjay Bhansali
Incorporated on: 7th December,
2011.
Organization: Private Limited
Company.
Capital: Nominal: HK$10,000.00
Issued: HK$9,000.00
Business Category: Diamond
& Gemstone Trader.
Employees: 3.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SAMIR GEMS
HK LTD.
Registered Head
Office:-
Unit 707, 7/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Companies:-
Bhansali Diamonds, India.
Fairway Diamond Inc., USA.
Samir Gems DMCC, UAE.
Samir Gems Israel Ltd., Israel.
Samir Gems NV, Belgium.
59234488
1688145
Managing Director: Mr. Sarvil
Sanjay Bhansali
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$9,000.00
(As per registry dated 07-12-2013)
|
Name |
|
No. of shares |
|
Sarvil Sanjay BHANSALI |
|
9,000 ==== |
(As per registry dated 07-12-2013)
|
Name (Nationality) |
Address |
|
Sanjay Jayantilal BHANSALI |
1502, Nepean House, 85-A, Nepean Sea Road, Mumbai 400006, India. |
|
Sarvil Sanjay BHANSALI |
Flat D, 10/F., Tower 1, Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong. |
(As per registry dated 22-08-2014)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The subject was incorporated on 7th December, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Simdiam HK Ltd.,
name changed to the present style on 20th December, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond
& Gemstone Trader.
Lines: Rough
diamonds, diamonds, gemstones
Employees: 3.
Commodities Imported: Belgium
India, other European countries
Markets: Hong
Kong, China, other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$9,000.00
Mortgage or
Charge:-
Date of Security Over Deposits with the Bank (Fixed Deposits) Limited
Company – Under Seal: 08-02-2013
Amount: (i) all monies
in any currency owing by the Depositor to the chargee at any time; (ii)
interest on such monies; (iii) all expenses of the chargee in perfecting or
enforcing the charge and recovering any indebtedness of the Depositor.
Property: One or more
time deposit of any nature of duration of Company with the chargee in the
amount of HK$50,000 deposit A/C 817-543929-838 (0001)
Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small
profit in 2013.
Condition: Business is improving.
Facilities: Making rather 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: Normal.
Having issued 9,000 ordinary shares of HK$1.00 each, Samir Gems HK Ltd.
is wholly owned by Sarvil Sanjay Bhansali.
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 and gemstone trader. Its head office is in Antwerp, Belgium [Samir
Gems].
Samir Gems, founded in 1982, is a well reputed company in Antwerp,
Belgium. The main business of the
company is to acquire rough diamonds.
The company sources its Kimberly Certified rough from primary sources
such as South Africa, Lesotho, Russia (Alrosa) and Canada (BHP Billiton) by
participating in tenders.
In the past few years, Samir Gems began to outsource its own
manufacturing products. The company
procures special diamonds (10 carat plus) from tenders and outsources the
manufacturing of those diamonds to produce high quality rare diamonds. These diamonds are then marketed all over the
world to traders and end consumers in countries such as the United States,
Hong Kong, India, Thailand, Israel, the United Arab Emirates and
Taiwan. The company is specialized in
manufacturing GIA certified D IF XXX diamonds larger than 5 carat. It has also established itself as a trader of
collection goods of sizes 5 carat and above certified by GIA and HRD. Samir Gems annually exhibits in JCK Las Vegas
and Hong Kong Show.
The subject and Belgium Samir Gems are owned and operated by Bhansali
family.
The business of the subject is improving. History in Hong Kong is just over two years
and ten months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis or in very small credit
amounts.
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.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.