MIRA INFORM REPORT

 

 

Report No. :

355881

Report Date :

30.12.2015

 

IDENTIFICATION DETAILS

 

Name :

JAPAN JEWELS LTD.

 

 

Registered Office :

Unit C, 15/F., Hart Avenue Court, 19-23 Hart Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

29.09.2014

 

 

Com. Reg. No.:

63858107

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND WHOLESALER OF DIAMONDS, JEWELLERY PRODUCTS.

 

 

No. of Employee :

Not Available

 

 

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 :

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 – 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

 

 

Company name

 

JAPAN JEWELS LTD.

 

ADDRESS:                               Unit C, 15/F., Hart Avenue Court, 19-23 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:                                    Not available

 

MANAGEMENT:

 

Managing Director:                    Mr. Jimmit Dipakbhai Shah

 

 

SUMMARY

 

Incorporated on:                        23rd September, 2014.

 

Organization:                             Private Limited Company.

 

Issued Share Capital:                 HK$20,000.00

 

Business Category:                   Importer, Exporter and Wholesaler.

 

Employees:                              Nil.

 

Main Dealing Banker:                 The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:                       Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Unit C, 15/F., Hart Avenue Court, 19-23 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

63858107

 

 

COMPANY FILE NUMBER

 

2148029

 

 

MANAGEMENT

 

Managing Director:  Mr. Jimmit Dipakbhai Shah

 

 

ISSUED SHARE CAPITAL

 

HK$20,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 23-09-2015)

Name

 

No. of shares

Kirankumar Jayantilal SHAH

 

10,000

Jimmit Dipakbhai SHAH

 

10,000

 

 

––––––

 

Total:

20,000

=====

 

 

DIRECTORS

 

(As per registry dated 23-09-2015)

Name

(Nationality)

 

Address

Jimmit Dipakbhai SHAH

A-604, Janta Appt, Opp Daboo Hospital, Navsari-396445, Gujarat, India.

 

Kirankumar Jayantlal SHAH

Chowpatty Band Stand Loyalka Compound Giri, Chaya Bldg, 3/F, F. No. 17, Mumbai 400006, India.

 

 

SECRETARY

 

(As per registry dated 23-09-2015)

Name

Address

Co. No.

Pan Pacific Consultants Ltd.

Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong.

1254491

 

 

HISTORY

 

The subject was incorporated on 23rd September, 2014 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                                  Importer, Exporter and Wholesaler.

 

Lines:                                       Diamonds, Jewellery Products

 

Employees:                              Nil.

 

Commodities Imported:             India

 

Markets:                                    Hong Kong, China, Japan, other Asian countries

 

Terms/Sales:                             CAD or as per contracted.

 

Terms/Buying:                           L/C, prepayment

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:                 HK$20,000.00

 

Profit or Loss:                           Too early to offer an opinion.

 

Condition:                                 Business is under development.

 

Facilities:                                  Making fairly 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:                                  Small.

 

 

GENERAL

 

Having issued 20,000 ordinary shares of HK$1.00 each, Japan Jewels Ltd. is equally owned by Mr. Kirankumar Jayantilal Shah and Mr. Jimmit Dipakbhai Shah, both of whom are India merchants.

 

They are India passport holders and do not have the right to reside in Hong Kong permanently.  They are also directors of the subject.

 

The subject’s registered address is in a private building located at ‘Unit C, 15/F., Hart Avenue Court, 19-23 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong’.  This is supposed to be the residence of the two Shahs when they are in Hong Kong.

 

The residential building is not trespassed by outsiders.  The subject has no employees in Hong Kong.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

 

The subject is a diamond and jewellery product importer, exporter and wholesaler.  It is trading in loose, polished and cut diamonds and jewellery products with diamonds studded.  Most of the commodities are imported from India.  Prime markets are Hong Kong, China, Japan, India and the other Asian countries.  Business is still under development.

 

The history of the subject in Hong Kong is just over a year and three months.

 

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.37

UK Pound

1

Rs.98.91

Euro

1

Rs.72.85

HKD

1

Rs.8.57

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

AMT

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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