MIRA INFORM REPORT
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Report No. : |
353817 |
|
Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREE SIL IMPEX (HK) LIMITED |
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Registered Office : |
Unit 8, 9/F, Fu Hang Industrial Building, 1 Hok
Yuen Street, East Kowloon, Hung Hom |
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Country : |
Hongkong |
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Date of Incorporation : |
21.07.2011 |
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Com. Reg. No.: |
58739500 |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Diamonds. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
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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|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - 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 |
Contact Points
|
Company Name: |
Shree Sil Impex (HK) Limited |
|
Supplied Name: |
Shree Sil Impex (HK) Ltd |
|
Trading Address: |
Unit 8, 9/F, Fu Hang Industrial Building, 1
Hok Yuen Street, East Kowloon, Hung Hom, Hong Kong |
|
Supplied Address: |
Unit No 8 9/F fu Hang Indl Bldg 1 Hok Yune Street East Hunghom, |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 8, 9/F, Fu
Hang Industrial Building, 1 Hok Yuen Street, East Kowloon, Hung Hom, Hong
Kong |
|
Telephone Number: |
+852-2264-2301 |
|
Fax Number: |
+852-2264-2603 |
|
Date of Registration: |
2011-07-21 |
|
Registered Number: |
1638941 |
|
Business Registration No.: |
58739500 |
|
Paid-up Capital: |
HKD 7,000,000 (USD 903,000) = 7,000,000
Shares@ HKD 1 (As of 2015.12, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
66729--Diamonds, non-industrial, otherwise
worked, but not mounted or set (cm) |
|
Principal Activities: |
Trading of Diamonds. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-07-21 |
Notes: Subject declined
to disclose the number of staff, and we cannot obtain the information from
other source, either.
History
Subject was incorporated on 2011-07-21 with the
registered number 1638941 as Private Limited Liability Company in Hong Kong.
Corporate Structure
Subject did not register
any subsidiaries or branches, from other source we can not obtain the relevant
information, either.
Shareholder
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Vithani Rajeshbhai Lakshmanbhai |
7,000,000 |
100% |
|
Total |
7,000,000 |
100% |
Major Shareholder Information:
|
Name: |
Vithani Rajeshbhai Lakshmanbhai |
|
Address: |
Flat D, 17/F., Tower 9, Laguna Verde, Hung
Hom, KLN., Hong Kong |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Vithani Rajeshbhai Lakshmanbhai |
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Address: |
Flat D, 17/F., Tower 9, Laguna Verde, Hung Hom,
KLN., Hong Kong |
|
Position: |
Director |
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ID Number: |
R803190(7) |
|
2 |
|
|
Name: |
Donda Hardik Natvarlal |
|
Address: |
Flat B, 18/F., Tower7, Laguna Verde, Hung
Hom, KLN., Hong Kong |
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Position: |
Director |
|
ID Number: |
R959571(5) |
|
3 |
|
|
Name: |
Buttar Secretarial Limited |
|
Address: |
Unit 13, 16/F, Asia Trade Centre, No.79 Lei
Muk Road, Kwai Chung, N.T., Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
2086550 |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Unit 8, 9/F, Fu Hang Industrial Building, 1
Hok Yuen Street, East Kowloon, Hung Hom, Hong Kong |
Premises Information
Office address:
|
Address: |
Unit No.8 on 9th Floor, Fu Hang Industrial Building,
No.1 Hok Yuen Street, East Kowloon |
|
Owners: |
Shree Sil Impex (HK) Limited |
|
Memorial Number: |
11102400840034 Assignment |
|
Date of Instrument: |
2011-10-14 |
|
Date of Registration: |
2011-10-24 |
|
Consideration Value: |
HKD 4,477,600.00 |
Production Information
Subject is a trader of diamonds, etc. without any production activities.
Purchase Information
The products of subject are mostly purchased from India.
Sales Information
Subject is engaged in sales of diamonds, etc.
The major products are loose diamond, GIA diamond, single cut diamond
and color diamond, etc.
Subject’s sales regions include domestic market, Southeast Asia, America
and Europe, etc.
Subject’s major customers are manufacturers of watches and jewelries, etc.
Settlements
Purchase
Domestic Purchase
Subject has little domestic purchase.
Import (India)
|
Products |
Diamonds, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Sales
Domestic Markets
|
Product |
Diamonds, etc. |
|
Selling Terms |
T/T, Cash, etc. |
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, and 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
Mortgage Record
|
1 |
|
|
Company Name: |
Shree Sil Impex (HK) Limited |
|
Instrument of Creating Mortgage: |
Mortgage |
|
Date of Creating Mortgage: |
2013-08-07 |
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Name of Mortgagee: |
The Hong Kong and Shanghai Banking
Corporation Limited |
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Address of Mortgagee: |
No.1 Queen’s Road Central, Hong Kong |
|
2 |
|
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Company Name: |
Shree Sil Impex (HK) Limited |
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Instrument of Creating Mortgage: |
Assignment of receivables-General with
notice of assignment |
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Date of Creating Mortgage: |
2013-08-06 |
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Name of Mortgagee: |
The Hong Kong and Shanghai Banking
Corporation Limited |
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Address of Mortgagee: |
No.1 Queen’s Road Central, Hong Kong |
|
3 |
|
|
Company Name: |
Shree Sil Impex (HK) Limited |
|
Instrument of Creating Mortgage: |
Assignment of life Insurance |
|
Date of Creating Mortgage: |
2013-07-05 |
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Name of Mortgagee: |
The Hong Kong and Shanghai Banking
Corporation Limited |
|
Address of Mortgagee: |
No.1 Queen’s Road Central, Hong Kong |
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Name |
Mr. Donda |
|
E-mail: |
Industry Information
66729--Diamonds,
non-industrial, otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2015.06 |
2015.01~2015.06 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
99,460 |
905,159 |
647,153 |
5,464,977 |
|
Switzerland |
6,409 |
199,072 |
48,333 |
1,399,228 |
|
Israel |
53,917 |
1,623,498 |
304,676 |
9,093,356 |
|
USA |
282,887 |
1,883,967 |
993,454 |
6,852,878 |
|
Belgium |
110,151 |
1,638,056 |
561,647 |
8,625,638 |
|
Thailand |
99,160 |
492,720 |
388,041 |
1,822,712 |
|
Japan |
56,719 |
371,240 |
236,575 |
1,664,163 |
|
Italy |
3,244 |
20,309 |
13,350 |
96,012 |
|
India |
955,874 |
5,467,092 |
5,645,538 |
30,408,178 |
|
The Mainland of China |
105,388 |
880,886 |
559,342 |
4,632,952 |
|
Exports |
||||
|
United Arab Emirates |
88,055 |
792,393 |
637,402 |
5,288,342 |
|
India |
263,998 |
1,825,623 |
1,829,493 |
10,136,195 |
|
America |
110,964 |
1,103,321 |
708,067 |
6,949,687 |
|
20,684 |
146,991 |
139,735 |
1,039,637 |
|
|
Thailand |
93,610 |
421,965 |
493,269 |
1,816,612 |
|
107,387 |
1,236,704 |
577,229 |
6,950,409 |
|
|
The Mainland of China |
256,037 |
1,335,949 |
1,563,439 |
8,246,408 |
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
Address: Unit 8, 9/F, Fu Hang
Industrial Building, 1 Hok Yuen Street, East Kowloon, Hung Hom, Hong Kong
Fu Hang Industrial Building, 1 Hok Yuen
Street, East Kowloon, Hung Hom, Hong Kong
%20LIMITED%20-%20353817%2030-Dec-2015_files/image010.jpg)
Unit 8, 9/F, Fu Hang Industrial Building, 1
Hok Yuen Street, East Kowloon, Hung Hom, Hong Kong
%20LIMITED%20-%20353817%2030-Dec-2015_files/image011.jpg)
Unit 8, 9/F, Fu Hang Industrial Building, 1
Hok Yuen Street, East Kowloon, Hung Hom, Hong Kong
%20LIMITED%20-%20353817%2030-Dec-2015_files/image012.jpg)
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.66.37 |
|
|
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
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.