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Report No. : |
326401 |
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Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SARAFF OVERSEAS LTD. |
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Registered Office : |
Room 701, 7/F., Rise Commercial Building, 5-11 Granville Circuit, Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
51460617 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of diamonds |
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No of Employees : |
4 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
SARAFF OVERSEAS
LTD.
ADDRESS: Room 701, 7/F., Rise Commercial Building,
5-11 Granville Circuit, Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-6160 9140
FAX: 852-3914 7812
Managing Director: Mr. Hasti Mal
Lodha
Incorporated on: 25th November, 2009.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 4.
Main Dealing Banker: BNP
Paribas, Hong Kong Branch.
Banking Relation: Satisfactory.
SARAFF OVERSEAS
LTD.
Registered Head Office:-
Room 701, 7/F., Rise Commercial Building, 5-11 Granville Circuit, Granville
Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Jay Vijay Diamond Co. Ltd., Thailand.
Saraff Baby Care Product Co. Ltd., Thailand.
Saraff Biogas Energies Co. Ltd., Thailand.
Saraff Energies Ltd., Thailand.
Saraff Enterprises Co. Ltd., Thailand.
Saraff Infotech Co. Ltd., Thailand.
Sirter Plast Thai Ltd., Thailand.
51460617
1395050
Managing Director: Mr. Hasti Mal
Lodha
HK$1,000,000.00
(As per registry
dated 25-11-2014)
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Name |
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No. of shares |
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Saraff Jay Prakash |
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500,000 |
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Saraff Vijay Kumar |
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500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated
25-11-2014)
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Name (Nationality) |
Address |
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Hasti Mal LODHA |
Room 2A, Block A, Prat Mansion, 26-36 Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
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Hitendra Ramchandra PATIL |
910,24, S V City Tower 5, 5 Flr 7, Rama III Road, Bangpongpang, Yannawa
Bangkok 10120, Thailand. |
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Kamal Manchand SINGHVI |
77/32 Sinsarhrn Tower 11Flr., Krungtonburi Road, Klongtonsai,
Klongsarn, Bangkok 10600, Thailand. |
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Deepak Kumar AGRAWAL |
908/48 Sv City, Condominium Tower 4 8/F., Rama 3 Road Bangpongpang Yanawa,
Bangkok 10120, Thailand. |
(As per registry
dated 25-11-2014)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New
Territories, Hong Kong. |
2086550 |
The subject was incorporated on 25th November, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Room 611, 6/F., Rise Commercial
Building, 5-11 Granville Circuit, Granville Road, Tsimshatsui, Kowloon,
Hong Kong’, moved to the present address in April 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of diamonds, etc.
Brand Name: Saraff Group.
Employees: 4.
Commodities Imported: India, other
Asian countries, etc.
Markets: Hong
Kong, China, India, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Deed of Charge and Assignment over Assets - Own
Liabilities: 04-01-2013
Amount: All present
& future indebtedness, obligations and liabilities owing by the chargor to
the Bank
Property: In consideration
of the Bank granting and continuing facilities to the chargor or to any person
whose liabilities to the Bank may have been or may hereafter be guaranteed by
the chargor, the Chargor, as beneficial owner & as a continuing security
for the due discharge of all liabilities, charges, assigns, mortgages, pledges
and agreed to charge & pledges to the Bank by way of first fixed charge or
mortgage and releases to the Bank all the present & future right, title and
interest of the Chargor
Mortgagee: BNP Paribas, Hong
Kong Branch.
Profit or Loss: Made
small profits in past two years.
Condition: Business
is normal.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: BNP Paribas, Hong Kong Branch.
Standing: Normal.
Saraff Overseas Ltd. is equally-owned by Saraff Jay Prakash and Saraff
Vijay Kumar. The subject has issued one million
ordinary shares of HK$1.00 each while each of the shareholders holds 500,000
shares.
The managing director of the subject Mr. Hasti Mal Lodha is residing in
Hong Kong and he can be reached at his Hong Kong mobile phone number 852‑6160
9140.
The subject is a member of the Saraff Group which is based in Thailand.
In Hong Kong, the subject is a diamond trader. It is trading in the following products:-
Loose diamonds like Marquise, Pears, Tappers, Ovals, Heart, Trillions,
Princess Cut, Emerald Cut, Bagguets and Rose Cut, Round Brilliant, Single Cut
and Fancy Cut, etc.
Most of its products bear the brand name Saraff Group.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2016”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 1st to 5th March, 2016. Its
booth No. is AWE 2-C01.
Saraff Group is engaged in diversified economy such as Plastic Products,
baby products, diamond & jewellery, information technology, new energy
products, etc.
Concerning its diamond business, the Group’s diamond business is handled
by Saraff Enterprises. Established in
1987, Saraff Enterprises has established a reputation for integrity and supply
of quality stones both in Asia and Europe.
Although Susheel Saraff has been involved in the diamond trade since
1980, it became significant in 1987. In
the same year, it also took over a company known as Silver Enterprises,
formally located at 111/3-4 Burapa Road, Burapabhirom district, Bangrak. In 1989, a subsidiary company called Jay
Vijay Diamonds was set up and in the same year the company moved to the heart
of Bangkok’s gem and jewellery quarter located at 779, Silom Road. In 1993 Saraff Enterprises took over K. P.
Associates and in 1994 the company moved to its present address.
The group has a representative in Antwerp, Belgium. In India there are two associated companies,
Karan Export in Surat and Rashmi Enterprises in Bombay, India.
Saraff Enterprises generally imports products from Europe and America
and sells all over Southeast Asia with emphasis on Indonesia, Hong Kong, Singapore,
Europe and America.
The subject is fully supported by the Saraff Group. History in Hong Kong is just over five years
and six months.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 63.89 |
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|
1 |
Rs. 98.89 |
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Euro |
1 |
Rs. 72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.