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Report No. : |
332910 |
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Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
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Name : |
S & S INTERNATIONAL |
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Registered Office : |
Room G, 8/F., Hilton Tower, Block B, 96 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
17.06.1997 |
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Com. Reg. No.: |
21018163-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of Diamonds. |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
A1 |
A1 |
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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 |
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.
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Source
: CIA |
(Formerly located at:
Flat B1, 7/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong.)
S & S
INTERNATIONAL
ADDRESS: Room
G, 8/F., Hilton Tower, Block B, 96 Granville Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2311
6353
FAX: 852-2366
6135
E-MAIL: ssinter@netvigator.com
Manager: Mr. Mehul Girishbhai Tanna
Establishment: 17th June, 1997.
Organization: Sole Proprietorship.
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:-
Room G, 8/F., Hilton Tower, Block B, 96 Granville Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:- (Same address)
JKM Enterprises, Hong Kong.
Ocean Diamonds, Hong Kong.
Precious Jewels Ltd., Hong Kong.
21018163-000-06
Manager: Mr. Mehul Girishbhai Tanna
Name: Mr. Mehul Girishbhai
TANNA
Residential Address: Flat
B, 5/F., Lip Seng Mansion, 15-19 Carnarvon Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was
established on 17th June, 1997 as a sole proprietorship concern owned by Mr.
Manish Pravinbhai Kheni under the Hong Kong Business Registration
Regulations. On 1st April, 1999, Mr.
Mehul Girishbhai Tanna joined in as partner.
However, Kheni retired on 1st April, 2000. Since then, the subject has become a sole
proprietorship which is owned by Mr. Mehul Girishbhai Tanna.
Originally the subject
was located at Room 506, 5/F., Hart Avenue Plaza, 5‑9 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 8/F., Kam Ma Building, 16
Cameron Road, Tsimshatsui, Kowloon, Hong Kong in January 2002, to Flat A5,
10/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong
in July 2004, moved to Flat B1, 7/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong in October 2009, and further moved to the
present address in May 2014.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds, etc.
Employee: 1.
Commodities Imported: Europe,
India, other Asian countries, etc.
Markets: Hong
Kong, Middle East, Europe, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Made
very small profits in the past years.
Condition: Business is normal.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments on
time.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Dah Sing Bank Ltd.,
Hong Kong.
Standing: Small.
S & S
International is a sole proprietorship owned by Mr. Mehul Girishbhai Tanna who
is an Indian and has been in Hong Kong for a very long time. Being manager of the subject, Tanna is a Hong
Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject’s old
registered address was located at Flat B1, 7/F., Far East Mansion, 5-6 Middle
Road, Tsimshatsui, Kowloon, Hong Kong where was in a private building. In May 2014, the subject moved to the present
address. Its new office is also not in a
commercial building but a residential building.
Tanna also has moved to this new address. The subject’s operating address is also M G
Tanna’s latest residential address.
The premises where
the subject formerly located are jointly owned by Mr. Mehul Girishbhai
Tanna and Ms. Anjaly Mehul Tanna. They
bought the premises on 21st September, 2009 at a consideration of HK$7.25
million.
The subject has got
the following associated companies located at the same address:-
· JKM Enterprises;
· Ocean Diamonds; &
· Precious Jewels Ltd. [Precious Jewels]
Ocean Diamonds is a
sole proprietorship set up and owned by M G Tanna. This firm commenced business on 1st May,
2001. JKM Enterprises is also owned by M
G Tanna and was established on 1st September, 1999.
Having issued 10,000
ordinary shares of HK$1.00 each, Precious Jewels Ltd. is wholly owned by M G
Tanna. It was incorporated on 19th March, 2010.
The subject is a
diamond and jewellery trader, so do its associates. It imports diamonds from India and
Europe. Finished products are marketed
in Hong Kong and exported to China, Japan, Taiwan, the other Asian
countries, the Middle East, North America, Western Europe, etc. Business is normal.
According to the
registration documents of the subject, the subject was also engaged in liquor
business about ten years ago. Now, it is
just chiefly engaged in diamonds trading.
The business of the
subject is chiefly handled by M G Tanna himself.
M G Tanna is also an
authorised signatory (constituted attorney) of some other companies in Hong
Kong.
The history of the
subject in Hong Kong is over eighteen years.
On the whole,
consider it good for normal business engagements in moderate credit amounts.
Property information of the proprietor:-
Property Location: Flat
B on 7/F., Far East Mansion, 5-6 Middle Road, Kowloon, Hong Kong.
Owner: Mehul
Girishbhai Tanna & Anjaly Mehul Tanna
Date of Purchase:
21-09-2009
Purchased Price:
HK$7,250,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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21-09-2009 |
- |
Dah Sing Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.89 |
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1 |
Rs.99.10 |
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Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.