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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ADESH GEMS LTD. |
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Registered Office : |
M10, 2/F., Phase III,
Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.01.2013 |
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Com. Reg. No.: |
60884264 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds. |
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No of Employees : |
2 |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
|
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 |
(Former located at:
Flat C, 8/F., 99,
99A & 101 Wuhu Street,
Hunghom, Kowloon,
Hong Kong.)
ADESH GEMS LTD.
ADDRESS: M10,
2/F., Phase III, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-2356
7893
Managing
Director: Mr. Jinesh Atulbhai Shah
Incorporated
on: 16th January, 2013.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing
Banker: The Hong Kong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADESH
GEMS LTD.
Registered Head Office:-
M10, 2/F., Phase
III, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
60884264
1852413
Managing
Director: Mr. Jinesh Atulbhai Shah
(Mobile Phone No.:
852-9755 2268)
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry
dated 16-01-2014)
|
Name |
|
No. of shares |
|
Jinesh Atulbhai
SHAH |
|
10,000 ===== |
(As per registry
dated 16-01-2014)
|
Name (Nationality) |
Address |
|
Jinesh Atulbhai
SHAH |
B/511, Swapna Lok
Appts Chs Ltd. 45-A Mogra Village. NR Rajat Book Mfg Off. Nagardas Rd. Andheri
(E), Mumbai-400069., India. |
(As per registry
dated 16-01-2014)
|
Name |
Address |
Co. No. |
|
Datt Consultants |
Flat E, 8/F., Far
East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong. |
- |
The subject was incorporated
on 16th January, 2013 as a private limited liability company under the Hong
Kong Companies Ordinance.
Formerly the
subject was located at 7/F., Flat A1, Far East Mansion, 5‑6 Middle
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C, 8/F., 99, 99A & 101
Wuhu Street, Hunghom, Kowloon, Hong Kong with effect from 11th March,
2013. It further moved to the present
address in July 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
Employees: 2.
Commodities
Imported: India, other Asian countries
Markets: Hong Kong, China, other Asian
countries
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share
Capital: HK$10,000.00
Mortgage or
Charge: (See attachment)
Profit or Loss: Kept a balance account in 2013.
Condition: Keeping in an early stage.
Facilities: Making rather active use of general banking
facilities.
Payment: Unknown.
Commercial
Morality: Satisfactory.
Bankers: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000
ordinary shares of HK$1.00 each, Adesh Gems Ltd. is wholly owned by Mr. Jinesh
Atulbhai Shah who is an Indian. He is an
India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The subject
commenced business in January 2013.
Last time, the
subject’s registered address was in a private building located at Flat C, 8/F.,
99, 99A & 101 Wuhu Street, Hunghom, Kowloon, Hong Kong. Now, it has moved to the present address in
July 2014.
The old registered
address is the residence of Shah when he is in Hong Kong.
We can reach J A Shah at his Hong Kong mobile phone number
852-9755 2268. He is in Hong Kong most
of the time.
The subject’s phone number is 852-2356 7893.
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 and the other Asian countries. Prime markets are Hong Kong, China and the other Asian countries. Business is improving.
The subject’s business is chiefly handled by Shah himself. History, which is short in Hong Kong, is just over a year and nine months.
Since the history of the subject is short in Hong Kong, on the whole, consider it good for normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.