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Report No. : |
341396 |
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Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SRS EXPORTS (HK) LTD. |
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Registered Office : |
Room 9, Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen Street, Hung Hom, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
19.04.2013 |
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Com. Reg. No.: |
61309473 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Manufacturer and Wholesaler of All kinds of Diamonds. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Business is Under Development |
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Payment Behaviour : |
Unknown |
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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) |
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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 |
SRS EXPORTS (HK) LTD.
ADDRESS: Room 9, Unit E1, 3/F., Hang Fung
Industrial Building, Phase 1, 2G Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.
PHONE: Not available
MANAGEMENT:
Managing Director: Mr. Pareshkumar
Khimjibhai Diyora
Incorporated on: 19th April. 2013.
Organization: Private
Limited Company.
Issued Share Capital: HK$800,000.00
Business Category: Importer,
Exporter, Manufacturer and Wholesaler.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SRS EXPORTS (HK) LTD.
Registered Head
Office:-
Room 9, Unit E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
61309473
1894788
Managing Director: Mr.
Pareshkumar Khimjibhai Diyora
HK$800,000.00
(As per registry dated 19-04-2015)
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Name |
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No. of shares |
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Pareshkumar Khimjibhai DIYORA |
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800,000 ====== |
(As per registry dated 19-04-2015)
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Name (Nationality) |
Address |
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Pareshkumar Khimjibhai DIYORA |
98, Mahavir Nagar Society, Opp. Saibaba Petrol Pump, Near Gajera
Circle, Katargam Surat, India. |
(As per registry dated 19-04-2015)
|
Name |
Address |
Co. No. |
|
Pan Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wong Lok
Street, Sheung Wan, Hong Kong. |
1254491 |
The subject was incorporated on 19th April. 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1207, 12/F., Wing Tuck
Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong, moved to the
present address in February 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter, Manufacturer and Wholesaler.
Lines: All
kinds of diamonds.
Employees: 2.
Commodities Imported: India, other
Asian countries.
Markets: Hong
Kong, China, India, other Asian countries.
Terms/Sales: CAD or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$800,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
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 800,000 ordinary shares of HK$1.00 each, SRS Exports (HK)
Ltd. is wholly owned by Mr. Pareshkumar Khimjibhai Diyora who is an India
merchant.
The subject moved to the present address in February 2014 and commenced
business formally in the same year and month.
Diyora is an India passport holder and does not have the right to reside
in Hong Kong permanently. He is also the
only director of the subject.
The subject is a diamonds manufacturer, importer and exporter. It is specialized in small size
diamonds. It is specialized in Brown,
TLB, TTLB, & OW colour. According to
the subject, it keeps goods in VVS- Vs - SI & I quality.
The subject is a loose diamond wholesaler in Hong Kong. Most of the commodities are imported from
India. Prime markets are Hong Kong,
China, India and the other Asian countries.
Business is still under development.
The subject’s business is chiefly handled by Diyora himself. History in Hong Kong is just over two
years and five months.
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
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015” which had
been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of
2nd to 6th March, 2015.
It will take part in the same exhibition in 2016.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis for the time being.
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 |
|
US Dollar |
1 |
Rs.66.50 |
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UK Pound |
1 |
Rs.102.00 |
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Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
TPT |
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 |
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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.