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Report No. : |
346208 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SHINE STONE (HK) LTD. |
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Registered Office : |
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
19.05.2006 |
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Com. Reg. No.: |
36766082 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones. |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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 |
HONGKONG - 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 |
SHINE
STONE (HK) LTD.
ADDRESS: Room
707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-3521
1444, 2127 4740
FAX: 852-3521
1441, 3747 4694
E-MAIL: info@shine-stone.net
shinestoneltd@yahoo.com
shinestone@in.com
Managing Director:
Mr. Chirag NarshiBhai
Dhameliya
Incorporated on: 19th May, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$18,000,000.00
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 707, 7/F., Heng Ngai Jewelry Centre, 4 Hok Yuen Street,
Hunghom, Kowloon, Hong Kong.
36766082
1046366
Managing Director:
Mr. Chirag
NarshiBhai Dhameliya
HK$18,000,000.00
(As per registry dated 19-05-2015)
|
Name |
|
No. of shares |
|
Hitesh Parshotambhai MANGUKIA |
|
9,100,000 |
|
Parita Hitesh MANGUKIYA |
|
3,900,000 |
|
Chirag Narshihai DHAMELIYA |
|
5,000,000 |
|
|
|
––––––––– |
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Total: |
18,000,000 ======== |
(As per registry dated 19-05-2015)
|
Name (Nationality) |
Address |
|
Chirag Narshibhai DHAMELIYA |
Unit A, 29/F., Tower 23A, Laguna Verde, Hunghom,
Kowloon, Hong Kong. |
(As per registry dated 19-05-2015)
|
Name |
Address |
Co. No. |
|
Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
The subject was
incorporated on 19th May, 2006 as a private limited liability company under the
Hong Kong Companies Ordinance.
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 jewellery products, emerald, precious stones.
Brand Name: Shine Stone.
Employees: 4.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Japan,
other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Watch Manufacturers Association Ltd.,
Hong Kong.
Issued Share Capital: HK$18,000,000.00
Mortgage or Charge:-
Date of
Mortgage: 23-09-2009
Amount: All moneys
Property: 20/4,978th parts or shares of and in
Section D of Kowloon Marine Lot No. 113 [Workshop 7 on 7/F. of Heng Ngai
Jewelry Centre (formerly known as Regent Centre), 4 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.]
Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Profit or Loss: Made
small profits in past years.
Condition: Business
is active.
Facilities: Adequate
for current running.
Payment: Met obligations as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 1.5
million ordinary shares of HK$1.00 each, Shine Stone (HK) Ltd. is jointly owned
by three India merchants.
At the very
beginning, the subject was jointly owned by an Indian company, Jay Manav Impex,
holding 55% interests; and H. P. Mangukia, holding 45%. On 30th January, 2009, Jay Manav Impex
transferred all its shares to H. P. Mangukia.
Since then, H. P. Mangukia had become the sole owner of the
subject. In September 2009, the subject
increased its ordinary shares to 3 million of HK$1.00 each, of which 2.1
million shares were allotted to H. P. Mangukia while the rest 0.9 million
shares were allotted to Mr. Parita Hitesh Mangukiya. After the allotment, H. P. Mangukia held 70%
interests of the subject while P. H. Mangukiya held 30%.
In November 2010, the
subject increased its ordinary shares to 13 million of HK$1.00 each, of which
9.1 million shares were owned by H. P. Mangukia, accounting for 70% interests,
and 3.9 million shares owned by P. H. Mangukiya, accounting for 30%.
In March 2012, an
addition of 5 million ordinary shares of HK$1.00 each were issued by the subject
of which all were allotted to Mr. Chirag Narshibhai Dhameliya who is the
incoming shareholder. Now, the subject
is 50.1% held by H. P. Mangukia, 21.7% held by P. H. Mangukiya and 27.8% held
by C. N. Dhameliya. This is the current
shareholding structure.
C. N. Dhameliya is
the only director of the subject. Now,
he is a Hong Kong ID holder and has got the right to reside in Hong Kong
permanently. He is also managing
director of the subject.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in all kinds of loose diamonds, full cut diamonds, single
cut diamonds and fancy diamonds. Some of
the real single cut and full cut diamonds are for watches. The size of full cut and single cut diamond
ranges from 0.7 mm to 1.8 mm, colours include white, Ow, TTLB, TTLC, black,
etc.
The other main
products of the subject are the following watches:-
· Diamond Analog Watch;
· Ladies’ Diamond Watch.
Most of its products
bear the brand name Shine Stone.
Products are marketed in Hong Kong and China, and exported to Taiwan,
Japan, the other Asian countries, Europe, the United States, etc.
The subject also
trades in wristwatches for ladies and men.
Most of the commodities are imported from India and Europe. Prime markets are Hong Kong, Japan and
the other Asian countries.
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.
The subject’s
business is chiefly handled by H. P. Mangukia himself. History of the subject is over nine years and
two months in Hong Kong. Overall
business is active.
The subject operates
from its own premises in Hong Kong.
On the whole,
consider it good for normal business engagements.
Property information of the company:-
Property Location: Workshop
7 on 7/F., Heng Ngai Jewelry Centre,
4 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Shine Stone
(HK) Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
23-09-2009 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.