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Report No. : |
343486 |
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Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SABOO FINE JEWELS (H.K) |
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Registered Office : |
Room C2, Block C, 11/F., Hankow Centre, 1 Middle Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
18.06.2005 |
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Com. Reg. No.: |
3574013-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trader of All kinds of Gemstones and Jewellery products. |
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No. of Employees : |
02 |
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.
|
Source
: CIA |
With former
located at:
Room C3, Block C, 8/F., Hankow Centre,
1 Middle Road, Tsimshatsui, Kowloon, Hong Kong.)
SABOO FINE JEWELS
(H.K)
ADDRESS: Room C2, Block C, 11/F.,
Hankow Centre, 1 Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3690 2637
FAX: 852-3167 7363
E-MAIL: saboohk@saboofj.com
MANAGEMENT:
Manager: Mr. Surendra Saboo
Establishment: 18th June, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Jewellery Product
and Gemstone trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SABOO FINE
JEWELS (H.K)
Head Office:-
Room C2, Block C, 11/F., Hankow Centre, 1 Middle Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
Saboo Fine Jewels Co. Ltd., Japan.
3574013-000-06
Manager: Mr. Surendra Saboo
Contact Person: Mr. Maheshwari
Vijay
Name: Mr. Surendra SABOO
Residential Address: Flat B1,
6/F., Burlington House, 90-94 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 18th June, 2005. as a sole proprietorship
concern owned by Mr. Surendra Saboo under the Hong Kong Business Registration
Regulations.
Originally the subject was registered under the name of Saboo’s Fine
Jewels (HK), name changed to the present style on 22nd August, 2006.
At the very beginning, the subject was located at Room 9D, Beauty
Mansion, 69-71 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong, moved to ‘Room
C3, Block C, 8/F., Hankow Centre, 1 Middle Road, Tsimshatsui, Kowloon, Hong
Kong’ in March 2006, and further to the present address in April 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Jewellery
Product and Gemstone trader.
Lines: All
kinds of gemstones and jewellery products.
Brand Name: Saboo.
Employees: 2.
Commodities Imported: India,
Thailand, other Asian countries, Europe.
Markets: Hong Kong, India, other Asian countries.
Terms/Sales: CAD, L/C, T/T.
Terms/Buying: L/C, Advanced T/T.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Saboo Fine Jewels (H.K) is a sole proprietorship set up and owned by
Mr. Surendra Saboo. The subject
formerly was known as Saboo’s Fine Jewels (HK).
The subject is trading in the following commodities: Gemstone, diamond products, jewellery
products.
Surendra Saboo can be reached at his Hong Kong mobile phone number 852‑6110
6931.
The subject has
had the following one associated company:-
Including the subject, all the companies are referred to Saboo.
Saboo is in the business of manufacturing of gemstones and jewellery
from generations.
Its expertise in fine Burmese ruby, both in heated and unheated traits
has been, popularized as ‘conversational pieces’. As well manufacturing of single and
calibrated stones with a variety of Zambian & Colombian Emeralds &
Kashmir Sapphires in different shapes are the main products of the subject.
The subject is also specialized in Diamond Antique cuts and Rose Cuts,
and very symmetrical Beads, drops and diamond roundels, modern European Made
Jewellery, Indian Ethnic Antique, and Pearl Jewellery. The subject is also significant for its Pegon
Blood Burmese Rubies and Old European Cut Diamonds. Most of its products bear the brand name SABOO.
The trade mark SABOO
has registered with the Trade Marks Registry, Intellectual Property Department,
the Government of the Hong Kong SAR. The
filing date was 22nd March, 2010 while the expiry date is 21st March, 2020.
The followings are
the main products of the subject:-
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
Jewellery Show 2016” which will be held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 3rd to 7th March, 2016.
The contact person of the subject is Mr. Maheshwari Vijay.
The business of the subject keeps on improving. History in Hong Kong is over ten years and
three months.
On the whole, consider the subject good for normal business engagements.
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.16 |
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1 |
Rs.99.78 |
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Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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.