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Report No. : |
302819 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
STAR GEMS |
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Registered Office : |
Room 502, 5/F., Hang Seng Bank Building, 18 Carnarvon Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.03.2005 |
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Com. Reg. No.: |
35375975-000-03 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF LOOSE DIAMONDS. |
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No of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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% 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 |
STAR GEMS
ADDRESS: Room 502, 5/F., Hang Seng Bank Building,
18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2890 6584
FAX: 852-2894 8414
E-MAIL: sales@stargems.com.hk
Manager: Mr. Nilaybhai Bhupatbhai Shah
Establishment: 2nd March, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 502, 5/F., Hang Seng Bank Building, 18 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated Company:-
Excel Overseas Pvt. Ltd.
FW-6080, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E), Mumbai
400051, India.
[Tel: 91-22-4502 3333; Fax:
91-22-4502 3300]
35375975-000-03
Manager: Mr. Nilaybhai Bhupatbhai
Shah
(Mobile Phone No.: 852-9757 0845)
Name: Mr. Nilaybhai Bhupatbhai
SHAH
Residential Address: Flat H, 13/F.,
Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 2nd March, 2005 as a sole proprietorship
concern owned by Mr. Nilaybhai Bhupatbhai Shah under the Hong Kong Business
Registration Regulations.
Initially the subject was located at Flat H, 13/F., Windsor Mansion, 29‑31 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong, moved to Room 908, 9/F., Hang Seng
Bank Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in March 2007
and further to Room 502, 5/F. of the same building in June 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of loose diamonds.
Employees: 3.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Japan, Korea, Southeast
Asia, Europe, Middle East, Scandinavia, Taiwan, Africa, America, China,
Australia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/A, etc.
Capital: Not
disclosed.
Profit or Loss: Operation
is profitable.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: No Complaints
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Moderate.
Star Gems was established on 2nd March, 2005 as a sole proprietorship
owned by Mr. Nilaybhai Bhupatbhai Shah.
The proprietor is an Indian merchant who is the holder of India Passport
Number Z1321336. Mr. Shah can be reached
at his Hong Kong mobile phone number 852-9757 0845.
Star Gems is dealing in diamonds.
It is engaged in importing, exporting and wholesaling loose
diamonds. Most of the diamonds are
sourced from India, Belgium, Israel and the other European countries.
The Shah family has established its diamond business in India since
1970. The associate of Star Gems known
as Excel Overseas Pvt. Ltd. [EOPL] was incorporated in India in 1992. Currently, EOPL is engaged in manufacturing
and marketing rough and polished diamonds.
It has had an associated factory in Moscow, Russia. Products include various kinds of diamonds
like Round, Princess, Pears, Marquise, Oval, Hearts, Cushions, Emeralds, Ascher
and Rose Cut, ranging from 0.30 to 15 carat with different fancy colours.
EOPL is a Russian Diamond Sightholder of Alrosa Company Ltd. From whom it was able to get consistent
supply of big size Rough Diamonds for the last sixteen years. It also buys large quantity of rough diamonds
from State Depository Gokhran. Its other
significant suppliers are Almaz Jewellery Export, Yapta (Yakutsk), etc.
Star Gems is acting as an agent for EOPL. It is regarded to be the “Hong Kong Office”
of EOPL. Star Gems has also developed
business with a number of suppliers in India and a number of overseas customers
in Japan, South Korea, Southeast Asia, Europe, the Middle East, Taiwan, China,
etc.
The subject’s business is normal in Hong Kong. No derogatory data about it have been heard
since its establishment. History in Hong
Kong is over nine years and seven months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.94.28 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.