|
Report No. : |
351778.2 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHEMON DIAM (H.K.) |
|
|
|
|
Registered Office : |
Room M-22, 2/F., Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hunghom,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
27.09.2007 |
|
|
|
|
Com. Reg. No.: |
38431788-000-09 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Subject is importer, exporter and wholesaler of All kinds of diamonds and jewellery products |
|
|
|
|
No. of Employee : |
2 |
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 : |
Small Company |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
SHEMON DIAM
(H.K.)
Room M-22, 2/F.,
Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3692 5026, 5344 9695
FAX: 852-3692 5027
E-MAIL: shemondiamhk@yahoo.com
Manager: Mr.
Priteshkumar Sevantibhai Shah
Establishment: 25th
September, 2007.
Organization: Partnership.
Capital: Not
disclosed.
Business Category:
Diamond & Jewellery Trader.
Employee: 2.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
38431788-000-09
Manager: Mr. Priteshkumar Sevantibhai Shah
[Hong
Kong Mobile Phone Number: 852-5344 9695]
Name: Mr. Ojas Hasmukhlal SHETH
Residential Address:
2/A, 2/F., Vidya Apartments, Near Siri Road, Chowpaty Band Stan, Mumbai-400006,
India.
Name: Mr. Priteshkumar Sevantibhai Shah
Residential
Address: Flat 1, 7, Trivedi Niwas New Nagardas Road Andheri East, Mumbai 466
069 MS, India.
The
subject was established on 25th September, 2007 as a sole proprietorship
concern owned by Mr. Ojas Hasmukhlal Sheth under the Hong Kong Business
Registration Regulations.
On
8th March, 2011, a new partner joined in and the subject has become a
partnership since then.
Formerly
the subject was located at Room 903, 9/F., Metropole Building, 57 Peking
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in July
2013.
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.
Employee: 2.
Commodities
Imported: India, Belgium, other European
countries, etc.
Markets: Japan, Southeast Asia, Europe,
Middle East, etc.
Terms/Sales: COD,
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit in the past
years.
Condition: Keeping
in a normal condition.
Facilities: Adequate
for current running.
Payment: Met
trade commitments as required.
Commercial
Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Allahabad Bank,
Hong Kong.
Standing: Small.
Shemon
Diam (H.K.) formerly was a sole proprietorship set up and owned by Mr. Ojas
Hasmukhlal Sheth who is an Indian. It
became a partnership as a new partner Mr. Priteshkumar Sevantibhai Shah joined
in on 8th March, 2011. He is the manager
of the subject.
Formerly
the subject’s registered address was located at Room 903, 9/F., Metropole
Building, 57 Peking Road, Tsimshatsui, Kowloon, Hong Kong. The subject moved to the present address in
July 2013.
Mr. Sheth
can be reached at his Hong Kong mobile phone number 852-6303 3540 while P S
Shah can be reached at his Hong Kong mobile phone number 852-5344 9695.
The
subject’s supplier is Shemon Jewels which is located at Maharashtra, Mumbai,
India. Shemon Jewels is the subject’s
main supplier. It is trading in the
following commodities:-
Necklace,
Rings, Ear-rings, Tanmaniyas, Pendant Sets, Half Sets, Tie Pins, Studded
Watches, Nose Pins, Bracelets, Bangles, Combo Diam / Pearl, Combo Diam / Semi
Precious Stones, etc.
The
subject exports its products to Southeast Asia, Europe, North America, South
America, the Middle East, etc. Business
is rather 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 is going to take part in
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2016” which will
be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st
to 5th March, 2016.
The
business of the subject is chiefly handled by the two partners. History in Hong Kong is over eight years and
two months.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
HKD |
1 |
Rs. 8.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.
S