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Report No. : |
304833 |
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Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SHREYA JEWEL |
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Registered Office : |
Flat A, 2/F., Hillwood
Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.04.2006 |
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Com. Reg. No.: |
36633732-000-04 |
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Legal Form : |
Partnership |
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Line of Business : |
Trader of Diamond |
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No. of Employee : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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 |
SHREYA JEWEL
ADDRESS
Flat A, 2/F.,
Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
(Formerly located
at:
Flat J, 33/F.,
Block 2, Royal Peninsula,
8 Hung Lai Road,
Hunghom Bay,
Kowloon, Hong Kong. )
PHONE: 852-9715
0516
FAX: Not
available
E-MAIL: bunts13@gmail.com
MANAGEMENT
Manager: Mr.
Sanket Prakash Shah
Establishment: 1st
April, 2006.
Organization: Partnership.
Capital: Not
disclosed.
Business Category: Diamond Trader.
Employee: 1.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Head Office:-
Flat A, 2/F.,
Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Shreya Jewel
(Shanghai) Ltd., China.
Tia Diam, Hong
Kong.
36633732-000-04
Manager: Mr. Sanket Prakash Shah
Name: Mr. Sanket Prakash SHAH (mobile phone number: 852-9715 0516)
Residential
Address: Flat A, 2/F., Hillwood
Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Ankur Ramesh SHAH (mobile phone number: 852-9606 6935)
Residential
Address: 69 Walkeshwar Road, 81 Kamal
Building, Malabar Hill DS, Mumbai-6, India.
The subject was
established on 1st April, 2006 as a sole proprietorship concern owned by Mr.
Sanket Prakash Shah under the Hong Kong Business Registration Regulations. It became a partnership as Mr. Ankur Ramesh
Shah joined in as a partner on 18th October, 2007.
At the very
beginning, the subject was located at Flat E, 38/F., Block 6, Jubilee Garden,
2-18 Lok King Street, Fo Tan, Shatin, New Territories, Hong Kong, moved to
Flat E, 2/F. & 3/F., Block C2A, 3 Town Centre Crescent, Hong Lok Yuen, Tai
Po, New Territories, Hong Kong in March 2007; to Flat D2, 18/F., Jubilee
Garden, Jubliee Court, 2-18 Lok King Street, Fo Tan, Shatin,
New Territories, Hong Kong in November 2008; to Flat J, 33/F., Block
2, Royal Peninsula, 8 Hung Lai Road, Hunghom Bay, Kowloon, Hong Kong in
August 2009; to Flat A, 8/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong in October 2010; and further moved to the present address in
March 2013.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds
of precious stones, diamonds
Employee: 1.
Commodities
Imported: India, Europe
Markets: Hong Kong, China, other Asian countries, Middle East.
Terms/Sales: L/C, T/T
Terms/Buying: L/C,
T/T, D/P
Capital: Not disclosed.
Profit or Loss: Made very small profits in the
past years.
Condition: Keeping
in a normal manner.
Facilities: Making
rather 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.
Shreya Jewel is a partnership jointly owned by Mr. Sanket Prakash Shah
and Mr. Ankur Ramesh Shah, both of whom are Indian. Being Hong Kong ID holders, the two Shahs
have got the right to reside in Hong Kong permanently.
Formerly, the subject’s registered address was in a private building
located at Flat A, 8/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong. Now, it has
moved to “Flat A, 2/F., Hillwood Mansion, 45‑47 Hillwood Road,
Tsimshatsui, Kowloon, Hong Kong” since March 2013. This address is the latest Hong Kong
residence of the partners.
Sanket Prakash Shah can be reached at his mobile Hong Kong mobile phone
number 852-9715 0516.
The subject is a diamond and jewellery trader. Commodities are chiefly imported from India
and European countries. Finished
products are marketed in Hong Kong, re-exported to India, China, the other
Asian countries, the Middle East
The subject was able to make small profits in the past four years.
Besides operating the subject Ankur Ramesh Shah is also a partner of Tia
Diam which is also a Hong Kong-registered firm.
Located at a different address, Tia Diam is also a diamond trader.
The subject has had an associated company in China known as Shreya Jewel
(Shanghai) Ltd. which is a China-based firm.
This firm is located at ‘Room A302, North Tower, China Diamond Exchange
Centre, 1701 Century Road, Pudong New Area, Shanghai, China’. Shreya Jewel (Shanghai) is a member of
Shanghai Diamond Exchange Centre. In
recent years, Shreya Jewel (Shanghai) has set up an office in Shenzhen Special
Economic Zone, China.
The subject’s history in Hong Kong is over eight years and nine months.
On the whole, consider it good for normal business engagements in small
credit amounts.
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts
from Times of India dated 30th October 2010 is as under –
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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.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
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|
1 |
Rs.93.13 |
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Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.