MIRA INFORM REPORT
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Report No. : |
317521 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNNY DIAMONDS |
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|
|
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Registered Office : |
Rm. 01, 14F, Lee Wai Commercial Building, 1-3 Hart Avenue, TST, Kowloon |
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
12.05.1990 |
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Com. Reg. No.: |
13606376 |
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|
|
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Legal Form : |
Sole Proprietorship |
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|
|
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Line of Business : |
Trading of diamonds |
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|
|
|
No of Employees : |
Not Available |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exist |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source
: CIA |
Contact
Points
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Company Name: |
Sunny Diamonds |
|
Supplied Name: |
SUNNY DIAMONDS |
|
Trading Address: |
Rm. 01, 14F, Lee Wai Commercial Building,
1-3 Hart Avenue, TST, Kowloon, Hong Kong |
|
Supplied Address: |
13/Fl, Flat B1, Prat Mansion 26-36 Prat Avenue Tsim Sha Tsui Kowloon |
Note: The exact name and address are as above.
The subject did not explain the supplied address.
Credit
Summary
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Rm. 01, 14F, Lee
Wai Commercial Building, 1-3 Hart Avenue, TST, Kowloon, Hong Kong |
|
Telephone Number: |
+852-9752-0508 |
|
Fax Number: |
+852-3012-1427 |
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Date of Registration: |
1990-5-12 |
|
Business Registration No.: |
13606376 |
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Registered Capital: |
N/A |
|
Legal Form: |
Sole Proprietorship |
|
SITC Code: |
66729--Diamonds, non-industrial, otherwise
worked, but not mounted or set (cm) |
|
Principal Activities: |
Trading of diamonds, etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
-- |
Notes: We cannot obtain
the registered capital of the subject for the company with the legal form of
sole proprietorship. Subject declined to disclose the number of staff, and from
other source we cannot obtain the detail information.
History
Subject was incorporated on 1990-5-12 with the business registered number 13606376 as Sole Proprietorship in Hong Kong.
Corporate
Structure
Subject did not register any subsidiaries or branches; from other source we could not obtain the relevant information, either.
Owner
|
Name: |
Patel, Sunil Chaturbhai |
|
Address: |
Flat 5D, Lip Seng Mansion, 16-19 Carnarvon Rd.,
Tsimshatsui, Kowloon, Hong Kong |
|
ID Number: |
P091944A |
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Incoming Date: |
1990-5-12 |
Operation
Information
Offices
& Factories
|
|
Office |
|
Address: |
Rm. 01, 14F, Lee Wai Commercial Building,
1-3 Hart Avenue, TST, Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Office Unit No.1 On 14th Floor Lee Wai
Commercial Building Nos.1 & 3 Hart Avenue Kowloon |
|
Owners: |
HO KAM HO |
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Memorial Number: |
UB3000278 |
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Date of Instrument: |
1986-2-25 |
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Date of Registration: |
1986-3-11 |
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Consideration Value: |
HKD 150,000.00 |
History
of Premises Owners’
|
1 |
|
|
Memorial No.: |
12062800700085 |
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Date of Instrument: |
2012-6-21 |
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Date of Registration: |
2012-6-28 |
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Nature: |
Mortgage |
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In Favor of: |
Dah Sing Bank Limited |
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Consideration: |
To Secure All Monies (PT.) |
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2 |
|
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Memorial No.: |
12062800700070 |
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Date of Instrument: |
2012-6-21 |
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Date of Registration: |
2012-6-28 |
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Nature: |
Rental Assignment |
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In Favor of: |
Dah Sing Bank Limited |
|
3 |
|
|
Memorial No.: |
07082800320075 |
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Date of Instrument: |
2007-7-9 |
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Date of Registration: |
2007-8-28 |
|
Nature: |
Partial Release |
Production
Information
l Subject is engaged in trading of diamonds, etc. without any production
activities.
Purchase
Information
l It is introduced that subject’s products are mainly purchased from India,
etc.
Sales
Information
l Subject is engaged in sale of diamonds, etc.
l The major products of the subject are loose diamonds, polished diamonds,
etc.
l Subject’s sales regions include domestic market and abroad.
l The major customers of the subject are manufacturers of jewelry and
watches, etc.
Settlements
Purchase
1.
Domestic Purchase
Subject has little domestic purchase.
2.
Import
|
Products |
Diamonds, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Sales
1.
Domestic Markets
|
Product |
Diamonds, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2.
Export
|
Product |
Diamonds, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Financial
Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Public
|
2011-2-2 |
|
|
Court Name: |
High Court Civil Action |
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Court No.: |
194 |
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Claimant: |
Pankaj Diamond (a firm) c/o David Y.W. Man & Co (a firm) |
|
Defendant: |
Patel Sudhir Chaturbhai t/a Sunny Diamonds c/o Room B, 9/F, Golden Glory Mansion, 16 Carnarvon
Road, Tsim Sha Tsui, Kln, HK |
|
Reason: |
Debt |
Mortgage
Record
No mortgage record of the subject was found.
Special
Note
Interview Details
|
Name |
Mr. Sunny |
Industry
Information
66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
113,655 |
854,839 |
1,452,417 |
10,085,815 |
|
Brazil |
33 |
1,437 |
174 |
5,836 |
|
Australia |
2,033 |
41,188 |
10,332 |
181,710 |
|
Belgium |
81,093 |
1,198,674 |
1,070,230 |
181,710 |
|
Germany |
154 |
614 |
18,279 |
80,845 |
|
Canada |
202 |
1,578 |
7,643 |
104,109 |
|
Switzerland |
5,866 |
161,374 |
56,112 |
1,665,846 |
|
Japan |
36,378 |
286,671 |
497,269 |
3,174,371 |
|
Thailand |
65,194 |
243,239 |
657,318 |
3,002,179 |
|
India |
765,990 |
3,982,962 |
12,544,931 |
64,883,740 |
|
The Mainland of China |
117,833 |
912,624 |
1,337,780 |
10,148,553 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
54 |
4,421 |
|
Israel |
61 |
10,875 |
153 |
38,772 |
|
-- |
-- |
3 |
116 |
|
|
Thailand |
-- |
-- |
422 |
1,865 |
|
USA |
140 |
2,916 |
2,982 |
55,371 |
|
Belgium |
2 |
74 |
463 |
70,594 |
|
Singapore |
-- |
-- |
28 |
4,990 |
|
The Mainland of China |
186 |
496 |
4,894 |
15,396 |
External Trade
Information:
External Merchandise
Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures
have been rounded to the nearest final digit after summing up the constituent
trade figures.
Attachment
We visited the supplied address and found the subject on it by confirming with the relevant staff, but the guard of the building did not let us take photos in the building. The following photo is for your reference.
Address: Rm. 01, 14F, Lee Wai Commercial Building, 1-3 Hart Avenue, TST, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.56 |
|
|
1 |
Rs. 93.56 |
|
Euro |
1 |
Rs. 67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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.