MIRA INFORM REPORT
|
Report No. : |
344243 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAI SHAN GEMS LIMITED |
|
|
|
|
Registered Office : |
Unit 403-404, Harbour Center 2, 8 Hok Cheung
St., Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.06.2010 |
|
|
|
|
Com. Reg. No.: |
1470843 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Diamonds. |
|
|
|
|
No. of Employee : |
About 5 Employees |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% 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.
|
Source
: CIA |
Contact
Points
|
Company Name (in English): |
Tai Shan Gems Limited |
|
Supplied Name: |
TAI SHAN GEMS LTD |
|
Trading Address: |
Unit 403-404, Harbour Center 2, 8 Hok Cheung St., Hunghom, Kowloon,
Hong Kong |
|
Supplied Address: |
UNIT 403-4, HARBOUR CENTRE TOWER,-2,8 HOK,CHEUNG
STREET,HUNGHOM,KOWLOON,HONGKONG |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 403-404,
Harbour Center 2, 8 Hok Cheung St., Hunghom, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2523-9475 |
|
Fax Number: |
+852-2845-0940 |
|
Date of Registration: |
2010-6-21 |
|
Registered Number: |
1470843 |
|
Business Registration No.: |
52629533 |
|
Paid-up Capital: |
HKD 8,190,001 (USD 1,056,510.13) = 8,190,001
Shares @ HKD 1 (As of 2015.09, 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, etc. |
|
Staff: |
About 5 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-6-21 |
History
Subject was incorporated on 2010-6-21 with the
registered number 1470843 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Related Companies
|
1 |
|
|
Registered Name: |
Rosy Blue Hong Kong Limited |
|
Registered Address: |
Unit 403-404 Harbour Centre Tower 2, 8 Hok Cheung
Street, Hunghom, Kowloon, Hong Kong |
|
Date of Registration: |
1986-7-15 |
|
Registered Number: |
171832 |
|
Business Registration No.: |
10439855 |
|
2 |
|
|
Name: |
Rosy Blue NV |
|
Address: |
Hoveniersstraat 53, Box 127, 2018 Antwerp,
Belgium |
|
Tel: |
+32-3-206-1600 |
|
Fax: |
+32-3-206-1601 |
|
3 |
|
|
Name: |
Rosy Blue Sales Ltd |
|
Address: |
Diamond Exchange, Maccabi Building B2, 1
Jabotinsky Street, Ramat Gan 52520, Israel |
|
Tel: |
+972-3-575-0520 |
|
Fax: |
+972-3-575-0836 |
|
4 |
|
|
Name: |
Rosy Blue Trading LLC |
|
Address: |
Zone 4, 5th Floor, 134 Gold
Centre Building, PO Box 54303, Dubai, UAE |
|
Tel: |
+971-4-255-2221 |
|
Fax: |
+971-4-226-9442 |
|
5 |
|
|
Name: |
Rosy Blue Ltd |
|
Address: |
Jewelry Mart, 3rd Floor, Higashi Ueno |
|
Tel: |
+81-3-3836 70 88 |
|
Fax: |
+81-3-3836 70 99 |
|
6 |
|
|
Name: |
Rosy Blue Inc. |
|
Address: |
529 Fifth Avenue, 12th Floor, New York, NY
10017, USA |
|
Tel: |
+1-212-687-8838 |
|
Fax: |
+1-212-856-9835 |
|
7 |
|
|
Name: |
Rosy Blue Trading (Pty) Ltd |
|
Address: |
230 Main Street, KGK House 1st Floor,
Johannesburg 2000, South Africa |
|
Tel: |
+27-11-334-5253 |
|
Fax: |
+27-11-334-5251 |
|
8 |
|
|
Name: |
Rosy Blue (Shanghai) Diamond Co., Ltd |
|
Address: |
China Diamond Exchange Center, No1701,
Century Avenue, Rm801-02, Tower B Pudong Area, Shanghai 200122 China |
|
Tel: |
+86-21-5015-8118 |
|
Fax: |
+86-21-5015-8318 |
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Rosy Blue (India) Private Limited |
8,190,001 |
100% |
|
Total |
8,190,001 |
100% |
Major Shareholder Information:
|
Name: |
Rosy Blue (India) Private Limited |
|
Address: |
1608-1609, Prasad Chambers, Opera House,
Mumbai 400 004, India |
Management
Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Shah Nirav Dilipkumar |
|
Address: |
Flat B, 9F, Golden HSE 1 Austin Avenue, TST,
KLN, Hong Kong |
|
Position: |
Director |
|
ID Number: |
R700748(4) |
|
2 |
|
|
Name: |
Shah Naitik Mukesh |
|
Address: |
Flat C, 5F, Winston Mansion, 121 Chatham
Rd., TST, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
R730425(A) |
|
3 |
|
|
Name: |
TMF Secretaries (HK) Limited |
|
Address: |
36F, Tower Two Times Square, 1 Matheson St.
Causeway Bay, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
0099444 |
Personnel Structure
|
Total Employees |
Operation
Information
Offices & Factories
|
|
Office |
|
Address: |
Unit 403-404, Harbour Center 2, 8 Hok Cheung
Street, Hunghom, Kowloon, Hong Kong |
Premises Information
Office address:
|
Address: |
Workshop Unit No.03 On 4/F, Harbour Centre
Tower 2, No. 8 Hok Cheung Street, Kowloon |
|
Owners: |
Rosy Blue Hong Kong Limited |
|
Memorial Number: |
07102602930462 |
|
Date of Instrument: |
2007-9-28 |
|
Date of Registration: |
2007-10-26 |
|
Consideration Value: |
HKD 20,250,000.00 (PT.) |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
11091502390019 |
|
Date of Instrument: |
2011-9-10 |
|
Date of Registration: |
2011-9-15 |
|
Nature: |
Mortgage Assignment Deed |
|
In Favor of: |
ABN AMRO Bank N.V. |
|
Consideration: |
Not Stated |
|
2 |
|
|
Memorial No.: |
07102602930496 |
|
Date of Instrument: |
2007-9-28 |
|
Date of Registration: |
2007-10-26 |
|
Nature: |
Mortgage |
|
In Favor of: |
ABN AMRO Bank N.V. |
|
Consideration: |
For Consideration See Memorial |
|
3 |
|
|
Memorial No.: |
07091002230384 |
|
Date of Instrument: |
2007-8-28 |
|
Date of Registration: |
2007-9-10 |
|
Nature: |
Agreement For Sale And Purchase |
|
In Favor of: |
Rosy Blue Hong Kong Limited |
|
Consideration: |
HKD 20,250,000.00 (PT.) |
Note: (PT.) means part of.
Production Information
Subject is engaged in trading of diamonds,
etc. without any production activities.
It is introduced that subject’s related
companies have factories in India for manufacturing and processing diamonds and
jewelry, etc.
Purchase Information
It is introduced that subject’s products are
mainly purchased from its related factories.
Sales Information
Subject is engaged in sale of diamonds
Subject’s major products are polished
diamonds, gems, jewelry
It is introduced that the range of subject’s products
is from rounds (0.005 points to 10 carats) to calibrated princess diamonds
(0.03 points to 10+ carats), as well as a wide variety of round-edged fancy
shapes.
It is introduced that subject mainly sells its
products in domestic market.
It is introduced that subject’s group has
companies in many countries of Southeast Asia, Middle East, etc. for sale
service.
The major customers of the subject are
manufactures of jewelry and jewelry stores
Settlements
Purchase
Domestic Purchase
Subject has little domestic purchase.
Import
|
Products |
Diamonds |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
|
Product |
Diamonds |
|
Selling Terms |
T/T, Cash |
Export
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 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
|
Company Name: |
Tai Shan Gems Limited (the “Company”) |
|
Instrument of Creating Mortgage: |
Floating Charge over Assets |
|
Date of Creating Mortgage: |
2013-8-26 |
|
Amount Secured: |
All monies, obligations and liabilities covenanted
to be paid or discharged by the Company in respect of the aggregate of all
amounts owing by the Company to the Bank from time to time. |
|
Name of Mortgagee: |
ABN AMRO Bank N.V. (the “Bank”) |
|
Address of Mortgagee: |
Gustav Mahlerlaan 10, 1082PP, Amsterdam, The
Netherlands (through its Hong Kong Branch whose place of business is situated
at Level 70, International Commerce Centre, 1 Austin Road West, Kowloon, Hong
Kong) |
|
Description of Property Mortgaged: |
All the Company’s undertaking, property and
assets whatsoever and whosesoever both present and future including all book
and other debts revenues and claims both present and future due or owing or
which may become due or owing to the Company, all its uncalled capital,
goodwill and all patents, patent applications, trademarks, trade names,
registered designs copyrights and all licenses and ancillary and connected
rights relating to the intangible property both present and future of the
Company |
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. Mayank |
|
Department: |
Sales Department |
|
Email: |
Industry
Information
66729--Diamonds,
non-industrial, otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2015.06 |
2015.01~2015.06 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
99,460 |
905,159 |
647,153 |
5,464,977 |
|
Switzerland |
6,409 |
199,072 |
48,333 |
1,399,228 |
|
Israel |
53,917 |
1,623,498 |
304,676 |
9,093,356 |
|
USA |
282,887 |
1,883,967 |
993,454 |
6,852,878 |
|
Belgium |
110,151 |
1,638,056 |
561,647 |
8,625,638 |
|
Thailand |
99,160 |
492,720 |
388,041 |
1,822,712 |
|
Japan |
56,719 |
371,240 |
236,575 |
1,664,163 |
|
Italy |
3,244 |
20,309 |
13,350 |
96,012 |
|
India |
955,874 |
5,467,092 |
5,645,538 |
30,408,178 |
|
The Mainland of China |
105,388 |
880,886 |
559,342 |
4,632,952 |
|
Exports |
||||
|
United Arab Emirates |
88,055 |
792,393 |
637,402 |
5,288,342 |
|
India |
263,998 |
1,825,623 |
1,829,493 |
10,136,195 |
|
America |
110,964 |
1,103,321 |
708,067 |
6,949,687 |
|
20,684 |
146,991 |
139,735 |
1,039,637 |
|
|
Thailand |
93,610 |
421,965 |
493,269 |
1,816,612 |
|
107,387 |
1,236,704 |
577,229 |
6,950,409 |
|
|
The Mainland of China |
256,037 |
1,335,949 |
1,563,439 |
8,246,408 |
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 |
|
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 |
|
2015.01 |
348,886 |
4,468 |
307,403 |
311,871 |
+2.8 |
-37,015 |
|
2015.02 |
264,220 |
2,919 |
225,418 |
228,337 |
+7.2 |
-35,884 |
|
2015.03 |
342,319 |
4,013 |
292,100 |
296,113 |
-1.8 |
-46,206 |
|
2015.04 |
331,108 |
4,202 |
287,742 |
291,944 |
+2.2 |
-39,164 |
|
2015.05 |
331,940 |
4,258 |
287,571 |
291,830 |
-4.6 |
-40,110 |
|
2015.06 |
345,302 |
4,158 |
295,361 |
299,518 |
-3.1 |
-45,783 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures
Attachment
Address: Unit 403-404, Harbour Center 2, 8 Hok Cheung St., Hunghom,
Kowloon, Hong Kong
We made an on-site visit to the supplied
address as above and confirmed subject locating at the address. But there is no
subject’s own nameplate listing on the board.
Harbour Center 2, 8 Hok Cheung St., Hunghom, Kowloon, Hong Kong
Unit 403-404, Harbour Center 2, 8 Hok Cheung St., Hunghom, Kowloon, Hong
Kong
Unit 403-404, Harbour Center 2, 8 Hok Cheung St., Hunghom, Kowloon, 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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.