MIRA INFORM REPORT
|
Report No. : |
322034 |
|
Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAY SHINE LIMITED |
|
|
|
|
Registered Office : |
Unit 14, 13/F, Peninsula Square, 18 Sung On Street, Kolwoon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.02.2003 |
|
|
|
|
Com. Reg. No.: |
834235 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject’s mainly engaged in sales of diamonds
and jewelry. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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.
|
Source
: CIA |
Company
name and address
|
Company
Name (in English): |
Day
Shine Limited |
|
Supplied
Name: |
Day
Shine Ltd. |
|
Trading
Address: |
Unit 14, 13/F, Peninsula Square, 18 Sung On
Street, Kolwoon, Hong Kong |
|
Supplied
Address: |
Unit
14, 13th Floor, Peninsula Square 18 Sung on Stret Kowloon |
Note:
The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 14, 13/F,
Peninsula Square, 18 Sung On Street, Kolwoon, Hong Kong |
|
Telephone Number: |
+852-2314-4114 |
|
Fax Number: |
+852-2314-4444 |
|
Date of Registration: |
2003-2-21 |
|
Registered Number: |
834235 |
|
Business Registration No.: |
33730717 |
|
Paid-up Capital: |
HKD 2 (USD 0.258) = 2 Shares@ HKD 1 (As of 2015.04, 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 and jewelry |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-2-21 |
Notes: Subject declined to
disclose its staff number; from other source we cannot obtain the relevant
information, either.
History
Subject was incorporated on 2003-2-21 with the
registered number 834235 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Major Related Companies
Diaccents - Exports
Address: Unit
14, 13/F, Peninsula Square, 18 Sung On Street, Kolwoon, Hong Kong
Business Registration No.: 19385146
Tel: +852-2314-4114
Fax: +852-2314-4444
Diaccents Exports Shangahi Ltd(China)
Decent Dia & Jew LLC (Dubai)
Decents Spain S.L.(Spain)
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Shah Kaushal Dilip |
1 |
50% |
|
Shah Dilip Ramniklal |
1 |
50% |
|
Total |
2 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Shah Kaushal Dilip |
|
Address: |
Unit 14, 13/F, Peninsula Square, 18 Sung On
Street, Kolwoon, Hong Kong |
|
2 |
|
|
Name: |
Shah Dilip Ramniklal |
|
Address: |
Unit 14, 13/F, Peninsula Square, 18 Sung On
Street, Kolwoon, Hong Kong |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Shah Kaushal Dilip |
|
Address: |
Unit 14, 13/F, Peninsula Square, 18 Sung On Street,
Kolwoon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
P402921(A) |
|
2 |
|
|
Name: |
Shah Dilip Ramniklal |
|
Address: |
Unit 14, 13/F, Peninsula Square, 18 Sung On
Street, Kolwoon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
P111560(3) |
|
3 |
|
|
Name: |
Buttar Secretarial Limited |
|
Address: |
Unit 13, 16/F, Asia Trade Centre, No. 79, Lei Muk
Road, Kowai Chung, N. T., Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
2086550 |
Operation
Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit 14, 13/F, Peninsula Square, 18 Sung On
Street, Kolwoon, Hong Kong |
Premises Information
Office address:
|
Address: |
Unit 14 On 13th Floor Of West Wing Peninsula Square No.18 Sung On Street Kowloon |
|
Owners: |
Shah Dilip Ramniklal (Joint Tenant) Shah Kaushal Dilip (Joint Tenant) |
|
Memorial Number: |
11061600420032 Assignment |
|
2011-5-30 |
|
|
Date of Registration: |
2011-6-16 |
|
Consideration Value: |
HKD 7,500,000.00 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
11061600420049 |
|
Date of Instrument: |
2011-5-30 |
|
Date of Registration: |
2011-6-16 |
|
Nature: |
Mortgage |
|
In Favor of: |
China Construction Bank (Asia)
Corporation Limited |
|
Consideration: |
To Secure General Banking Facilities
To The Extent Of All Moneys |
|
2 |
|
|
Memorial No.: |
11050500530209 |
|
Date of Instrument: |
2011-4-20 |
|
Date of Registration: |
2011-5-5 |
|
Nature: |
Provisional Agreement For Sale And
Purchase |
|
In Favor of: |
Shah Dilip Ramniklal (Joint Tenant) Shah Kaushal Dilip (Joint Tenant) |
|
Consideration: |
HKD 7,500,000.00 |
|
3 |
|
|
Memorial No.: |
UB5895823 |
|
Date of Instrument: |
1993-12-31 |
|
Date of Registration: |
1994-1-19 |
|
Nature: |
Agreement For Sale And Purchase With
Plans |
|
In Favor of: |
Tradepower (Hong Kong) Limited |
|
Consideration: |
HKD 22,900,000.00 (PT.) |
Note: (PT.) means “part
of”.
Production
Information
·
The subject is a trader of diamonds and
jewelry, without any production
activities.
·
It is introduced that subject has a related factory
in the mainland of China for jewelry manufacturing.
Purchase Information
·
Subject purchases its products from the mainland of
China and India
Sales Information
·
Subject’s mainly engaged in sales of diamonds and
jewelry
·
Subject’s major products are diamonds in many shapes
such as round, princess, emeralds, jewelry such as rings, pendants, necklaces,
earrings, sets and brooches in gold and platinum and .
·
Subject’s selling territory is mainly in Hong Kong.
·
Subject’s major customers are direct customers,
jewelry manufacturers, jewelry designers.
Settlements
Purchase
Domestic
Purchase
|
Products |
Diamonds and jewelry |
|
Payment Terms |
Cash, T/T |
Import
|
Products |
Diamonds and jewelry |
|
Payment Terms |
L/C, T/T |
Sales
Domestic
Markets
|
Product |
Diamonds and jewelry |
|
Selling Terms |
Cash, T/T |
Export
It
is introduced that subject has little export.
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 Mr. Shah
rejected to disclose the financial information, 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
No mortgage records of subject were found.
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. Shah |
Industry
Information
66729--Diamonds, non-industrial, otherwise worked, but
not mounted or set (cm)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
113,655 |
854,839 |
1,452,417 |
10,085,815 |
|
Brazil |
33 |
1,437 |
174 |
5,836 |
|
Australia |
2,033 |
41,188 |
10,332 |
181,710 |
|
Belgium |
81,093 |
1,198,674 |
1,070,230 |
181,710 |
|
Germany |
154 |
614 |
18,279 |
80,845 |
|
Canada |
202 |
1,578 |
7,643 |
104,109 |
|
Switzerland |
5,866 |
161,374 |
56,112 |
1,665,846 |
|
Japan |
36,378 |
286,671 |
497,269 |
3,174,371 |
|
Thailand |
65,194 |
243,239 |
657,318 |
3,002,179 |
|
India |
765,990 |
3,982,962 |
12,544,931 |
64,883,740 |
|
The Mainland of China |
117,833 |
912,624 |
1,337,780 |
10,148,553 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
54 |
4,421 |
|
Israel |
61 |
10,875 |
153 |
38,772 |
|
-- |
-- |
3 |
116 |
|
|
Thailand |
-- |
-- |
422 |
1,865 |
|
USA |
140 |
2,916 |
2,982 |
55,371 |
|
Belgium |
2 |
74 |
463 |
70,594 |
|
Singapore |
-- |
-- |
28 |
4,990 |
|
The Mainland of China |
186 |
496 |
4,894 |
15,396 |
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
We
made an on-site visit to the supplied address, and confirmed the subject was at
this location. However, subject didn’t its own name plate on the wall, the name
plate we found belongs to subject’s related company.
Unit 14, 13/F, Peninsula Square, 18 Sung On Street,
Kolwoon, Hong Kong
Unit 14, 13/F, Peninsula Square, 18 Sung On Street,
Kolwoon, Hong Kong
Unit 14, 13/F, Peninsula Square, 18 Sung On Street,
Kolwoon, Hong Kong
Unit 14, 13/F, Peninsula Square, 18 Sung On Street,
Kolwoon, Hong Kong
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.63.85 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.