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Report No. : |
346791 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
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Name : |
S. R. DIAMONDS LTD. |
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Registered Office : |
Flat C, 7/F., South Sea Apartment, 81
Chatham Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12.2010 |
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Com. Reg. No.: |
53496876 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones |
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No. of Employee : |
1 (Including Associate) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 |
|
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 |
S. R. DIAMONDS LTD.
Flat C, 7/F., South Sea Apartment, 81 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-2723 9641, 6344 4905
FAX: 852-2721
0355
Managing Director: Mr. Sanjay
Motilal Shah
Incorporated
on: 20th
December, 2010.
Organization: Private
Limited Company.
Issued Shares Capital:
HK$1,000,000.00
Business Category: Diamond Trader.
Employee: 1. (Including associate)
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Associated
Company:-
S. R. Diamonds
Room 802, 8/F.,
Supreme House, 2-A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
53496876
1542670
Managing
Director: Mr. Sanjay Motilal Shah
HK$1,000,000.00
(As
per registry dated 20-12-2014)
|
Name |
|
No.
of shares |
|
Sanjay Motilal SHAH |
|
1,000,000 ======= |
(As
per registry dated 20-12-2014)
|
Name (Nationality) |
Address |
|
Sanjay Motilal
SHAH |
Flat B, 8/F., Union Mansion, 33-35 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Sejal Sanjay
SHAH [Reserve director] |
Flat C, 7/F., South Sea Apartment, 81
Chatham Road, Tsimshatsui, Kowloon, Hong Kong. |
(As
per registry dated 20-12-2014)
|
Name |
Address |
Co.
No. |
|
Lodestar
Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The
subject was incorporated on 20th December, 2010 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
Employee: 1.
(Including associate)
Commodities
Imported: India, Belgium,
other European countries, etc.
Markets: Hong Kong, China, India, other Asian countries, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: Prepayment or L/C.
Issued Share
Capital: HK$1,000,000.00
Mortgage
or Charge:-
Date
of Assignment of
Insurance Policy(ies) (Two-Party):
28-06-2012
Amount: To secure all sums of money,
debts and liabilities
Property:
All the rights, title, benefits and interests of the Policy and the
Proceeds Whether in existence
at the date of the Assignment or after the date of the Assignment.
Name
of the Insured: Shah Sanjav Motilal
Policy No:
28005168
Effective date of the Policy: 28th June, 2012.
Mortgagee: Hang Seng Bank Ltd.,
Hong Kong.
Profit or Loss: Made a small profit
in 2014.
Condition: Business is
normal.
Facilities: Adequate for current running.
Payment: Met trade commitments as
required.
Commercial
Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each,
S. R. Diamonds Ltd. is wholly-owned by Mr. Sanjay Motilal Shah who is an
Indian. Shah is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
Incorporated on 20th December, 2010, the subject is
a diamond trader. The operating
address of the subject is located at Flat C, 7/F., South Sea Apartment, 81
Chatham Road, Tsimshatsui, Kowloon, Hong Kong which is in a residential building.
Besides operating the subject, Shah is also
operating another Hong Kong registered firm S. R. Diamonds which is located at
Room 802, 8/F., Supreme House, 2-A Hart Avenue, Tsimshatsui, Kowloon, Hong
Kong. However, this is just the
registered address of S. R. Diamonds.
The real operating address of S. R. Diamonds is
either located at the subject’s operating address or Shah’s Hong Kong
residential address.
S. R. Diamonds is a diamond importer, exporter and
wholesaler. It is trading in loose
diamonds, emerald, precious stones, ruby jade, gem stones, semi-precious
stones, etc. Rough diamonds are imported
from India, Belgium, other European countries, etc.
Finished products are marketed in Hong Kong, China,
exported to Japan, India, other Asian countries, Europe, North America,
etc. Overall business is normal.
The subject is engaged in the same lines of
business as S. R. Diamonds.
The businesses of both firms are chiefly handled by Shah himself.
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.
Since the history of the subject in Hong Kong is
over four years and ten months, on the whole, consider it good for normal
business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
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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 |
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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 |
|
<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.