%20LTD%20%20-%20285336%2016-Sep-2014_files/image001.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREE GANESH
JEWELLERY HOUSE (HK) LTD. |
|
|
|
|
Registered Office : |
c/o Gee Kay
Systems & Accounting Ltd. Room 1308, 13/F., CEO Tower, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15.08.2014 |
|
|
|
|
Com. Reg. No.: |
63707625 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is a diamond and jewellery trader. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
|
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A2 |
A2 |
|
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 |
Company name
SHREE
GANESH JEWELLERY HOUSE
(HK) LTD.
Company ADDRESS
Registered
Office:-
c/o Gee Kay
Systems & Accounting Ltd.
Room 1308, 13/F., CEO
Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
Holding
Company:-
Shree Ganesh
Jewellery House DMCC, United Arab Emirates.
Ultimate
Holding Company:-
Shree Ganesh
Jewellery House (India) Ltd., India.
Affiliated/Associated/Subsidiaries
Companies:-
Shree Ganesh Group of
Companies
Alex Astral Power Private Ltd., India.
Alex Green Energy Private Ltd., India.
Alex Mercury Power Private Ltd., India.
Alex Spectrum Radiation Private Ltd., India.
Chaturbhuj Vyapaar Private Ltd., India.
Easy Fit Jewellery Pvt. Ltd., India.
Gaja Finance Private Ltd., India.
Gokul Jewellery House Private Ltd., India.
Kamalraj Merchandise Private Ltd., India.
Oroitalia Chains Private Ltd., India.
Shirdi Commodities Private Ltd., India.
Shirdi Commosale Private Ltd., India.
Shree Ganesh Jewellery House (Singapore) Pte. Ltd., Singapore.
Shree Ganesh Jewllery House FZE, UAE.
Sumit Jewels Private Ltd., India.
Veeyu India Private Ltd., India.
BUSINESS REGISTRATION NUMBER
63707625
COMPANY FILE NUMBER
2133087
DATE OF INCORPORATION
15th August, 2014.
CAPITAL
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
SHAREHOLDERS
(As
per registry dated 15-08-2014)
|
Name |
|
No.
of shares |
|
UGA
Ltd., Hong Kong. |
|
1 |
|
Shree Ganesh Jewellery House DMCC Units No. B1-10-01 & B-1-10-11, Jewellery & Gemplex Bldg, No.
1, Plot No. 550-554, Dubai, United Arab Emirates. |
|
9,999 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
DIRECTOR
(As
per registry dated 15-08-2014)
|
Name (Nationality) |
Address |
|
Ajay CHOWDHURY |
27/B., Rahim Ostagar Road, Lake Garden,
PS-Lake Thana, Kolkata – 700045, India. |
SECRETARY
(As
per registry dated 15-08-2014)
|
Name |
Address |
Co.
No. |
|
Gee
Kay Systems & Accounting Ltd. |
Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan,
Kowloon, Hong Kong. |
0680643 |
GENERAL
Shree
Ganesh Jewellery House (HK) Ltd. was incorporated on 15th August, 2014 as a
private limited liability company under the Hong Kong Companies Ordinance.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Room
1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong
Kong known as Gee Kay Systems & Accounting Ltd. which is handling its
correspondences and documents. This
company is also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject is a subsidiary company of
Shree Ganesh Jewellery House DMCC [SGJHD] which is a UAE-based company. The ultimate holding company of the subject
Shree Ganesh Jewellery House (India) Ltd. [SGJHI] is an India-based
company. SGHKI is also a listed firm in
India.
The director of the subject
Mr. Ajay Chowdhury is also the accountant of SGJHD.
We can reach nobody at your
Hong Kong mobile phone number
852-5318 2499 as this line ‘cannot be connected’.
The
subject is a diamond and jewellery trader.
SGJHI
(established in August 2002 by Mr. Nilesh Parekh and Mr. Umesh Parekh) is a
leading manufacturer and exporter of handcrafted and machine-made gold jewellery
(gold, diamond, gemstone-studded and light weight Italian fusion). Its shares are listed and actively traded on
Bombay Stock Exchange and National Stock Exchange of India. It enjoyed a market capitalisation of Rs.
511.25 crores as on 31st March, 2012.
SGJHI’s
product portfolio comprises earrings, pendants, rings, bracelets, necklaces,
bangles and gold articles that include the following:-
1.
Handcrafted and hallmarked plain
gold jewellery and enamelled jewellery;
2.
Gem-studded gold jewellery
(studded with diamonds, pearls, rubies, emeralds, sapphires, among others and
semi-precious stones such as garnet, cubic zirconium, among others); &
3.
Diversified product catalogue
comprising plain gold sets, gold Bengal antique sets, Jadau-Kundan sets, gold
Mumbai-Rajkot antique sets, gold and studded bangles, Polki-Chakri sets and
Italian fusion jewellery, among others.
SGJHI
has three main plants:-
·
Manikanchan SEZ (Kolkata);
·
Mondalpara (West Bengal); &
·
Domjur (West Bengal).
SGJHI
is headquartered in Kolkata (India) with six manufacturing locations and 46
sales and marketing offices pan-India.
Its products are exported to the UAE, Singapore, Hong Kong and the USA,
among others. Besides, the Company’s 46
pan-India retail outlets market jewellery products under the brand ‘GAJA’.
For
the year ended 31st March, 2014, the total income of SGJHI amounted to Rs.
11,492.14 crores (31st March, 2013: Rs. 12,972.51 crores, net loss for the
period was Rs. 1,214.68 crores (net profit of 31st March, 2013: Rs. 462.92
crores).
In
the years ahead, SGJHI is trying to cut down its overhead charges and conduct
other measures in order to minimise its losses.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is less than a month.
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
-
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.60.99 |
|
|
1 |
Rs.99.09 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.