|
Report No. : |
323451 |
|
Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIM GEMS LTD. |
|
|
|
|
Registered Office : |
Unit 808, 8/F., Hart Avenue Plaza, 5-8 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
26.07.2011 |
|
|
|
|
Com. Reg. No.: |
58773132 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS AND GEMSTONES |
|
|
|
|
No. of Employees : |
02 |
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 : |
Small Company |
|
Payment Behaviour : |
No Complaints |
|
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 |
SIM GEMS LTD.
ADDRESS: Unit 808, 8/F., Hart
Avenue Plaza, 5-8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2739 9717
FAX: 852-2739 9737
E-MAIL: simit@simgems.com
MANAGEMENT:
Managing Director: Mr. Simit
Satish Parikh
Incorporated on: 26th July, 2011.
Organization: Private Limited
Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Gemstone
Trader.
Annual Group Turnover: US$20-25 million.
Employees: 2.
Main Dealing Banker: The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SIM GEMS LTD.
Registered Head
Office:-
Unit 808, 8/F., Hart Avenue Plaza, 5-8 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
58773132
1642299
Managing Director: Mr. Simit
Satish Parikh
HK$1,000,000.00
(As per registry dated 26-07-2014)
|
Name |
|
No. of shares |
|
Simit Satish PARIKH |
|
1,000,000 ======= |
(As per registry dated 26-07-2014)
|
Name (Nationality) |
Address |
|
Simit Satish PARIKH |
22/F., Tower 28, Celestial Heights, 80 Sheung Shing Street, Ho Man Tin,
Kowloon, Hong Kong. |
|
Shreya Simit PARIKH |
22/F., Tower 28, Celestial Heights, 80 Sheung Shing Street, Ho Man
Tin, Kowloon, Hong Kong |
(As per registry dated 26-07-2014)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Unit 324, 3/F., Hankow Centre, 5‑15 Hankow Road,
Tsimshatsui, Kowloon, Hong Kong. |
The subject was incorporated on 26th July, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 324, 3/F., Hankow Centre, 5‑15 Hankow
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect
from 15th August, 2011.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and gemstones.
Employees: 2.
Commodities Imported: India.
Markets: Hong
Kong, other Asian countries, Europe, etc.
Annual Group Turnover: US$20-25
million.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Made a small
profit in 2014.
Condition: Business is
normal.
Facilities: Making active use
of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hong Kong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1,000,000 ordinary shares of HK$1.00 each, Sim Gems Ltd.
is wholly-owned by Mr. Simit Satish Parikh who is an Indian. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently. He and Shreya Simit Parikh are directors of
the subject.
The subject is a diamond and gemstone trader. It is a family owned diamond business that
dates back three generations to its beginnings in India. It has offices in South Africa (rough sourcing),
Israel (manufacturing unit), and now in Hong Kong which is the subject. The subject is engaged in selling and
marketing its products.
Its main products are GIA polished diamonds. Other products include Brown, Green and Milky
Stones. Most of its diamonds are 1 carat
or above.
According to the subject, the Group’s turnover has grown from US$10
million in 2010 to US$20 million in 2011.
Now, the annual sales turnover of the Group ranges from US$20 to 25
million.
The subject’s main specialty and niche is engaged in manufacturing 1-7
carat GIA certified rounds and offers very competitive prices to its
buyers. Its business in Hong Kong is
normal and has been expanding.
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 took part in
2012 Shanghai International Jewellery Exhibition.
Besides, 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 5-B32.
The subject’s history in Hong Kong is just over three years and nine
months. Business is chiefly handled by
Simit Satish Parikh himself.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.70 |
|
|
1 |
Rs.98.92 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.