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MIRA
INFORM REPORT
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Report No. : |
503027 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SARAFF OVERSEAS LIMITED |
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Registered Office : |
Room 701, 7/F., Rise Commercial Building, 5-11
Granville Circuit, Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
51460617 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All Kinds of
Diamonds |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
SARAFF OVERSEAS
LIMITED
ADDRESS: Room 701, 7/F., Rise Commercial Building,
5-11 Granville Circuit, Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2722
1117, 6160 9140
FAX: 852-3914 7812
E-MAIL: hasti.l@saraffglobal.com
MANAGEMENT:
Managing Director:
Mr. Hasti Mal Lodha
SUMMARY
Incorporated on: 25th November, 2009.
Organization: Private
Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 4.
Main Dealing Banker: BNP
Paribas, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 701, 7/F., Rise Commercial Building, 5-11 Granville
Circuit, Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Jay Vijay Diamond Co. Ltd., Thailand.
Kiseki Green Metals Refining Co. Ltd., Thailand.
Pransform Inc., Thailand.
Precocious Ltd., Thailand.
Renewsys Co. Ltd., Thailand.
Saraff Baby Care Product Co. Ltd., Thailand.
Saraff Biogas Energies Co. Ltd., Thailand.
Saraff Energies Ltd., Thailand.
Saraff Enterprises Co. Ltd., Thailand.
Saraff Holdings Co. Ltd., Thailand.
Saraff Infotech Co. Ltd., Thailand.
Saraff Solitaires, India.
Sirter Plast Thai Ltd., Thailand.
BUSINESS REGISTRATION NUMBER
51460617
COMPANY FILE NUMBER
1395050
MANAGEMENT
Managing Director:
Mr. Hasti Mal Lodha
ISSUED SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDERS
(As per registry dated 25-11-2017)
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Name |
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No. of shares |
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Saraff Jay Prakash No. 1349/63 Charoen Nakorn Road, Banglampoo, Lang Klong
San, Bangkok 10600 Thailand. |
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500,000 |
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Saraff Vijay Kumar No. 1349/62 Saichol Mansion Tower B 22/F., Charoen
Nakorn Road, Banglampoo, Lang Klong San, Bangkok 10600 Thailand. |
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500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated 25-11-2017)
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Name (Nationality) |
Address |
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Hasti Mal LODHA |
Room A, 10/F., Hang Wan Building, 42-44 Granville Road,
Tsimshatsui, Kowloon, Hong Kong. |
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Deepak Kumar AGRAWAL |
908/48 SV City Condominium, Tower 4, 8th Floor, Rama 3
Road Bangpongpang Yanawa Bangkok 10120, Thailand. |
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Devadas DHAMODARA SWAMY |
18, G.K.S. Nagar, P.N. Palayam, Coimbatore, Tamil Nadu
641 037, India. |
SECRETARY
(As per registry dated 25-11-2017)
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Name |
Address |
Co. No. |
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Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road,
Kwai Chung, New Territories, Hong Kong. |
2086550 |
HISTORY
The subject was incorporated on 25th November, 2009 as a
private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Room 611, 6/F., Rise
Commercial Building, 5-11 Granville Circuit, Granville Road, Tsimshatsui,
Kowloon, Hong Kong’, moved to the present address in April 2013.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of diamonds,
etc.
Brand Name: Saraff Group.
Employees: 4.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, China, India,
other Asian countries, etc.
Terms/Sales: CAD or as per
contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date: 28-08-2017
Description of Instrument: Memorandum of Charge
Mortgagee: Bank of Singapore Ltd.
63 Market Street, #22-00 Bank of Singapore Centre, Singapore 048942.
Profit or Loss: Made small profits in
past years.
Condition: Business is normal.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade
commitments as contracted.
Commercial Morality:
Satisfactory.
Banker: BNP Paribas,
Hong Kong Branch.
Standing: Normal.
GENERAL
Saraff
Overseas Limited is equally-owned by Saraff Jay Prakash and Saraff Vijay
Kumar. The subject has issued one
million ordinary shares of HK$1.00 each while each of the shareholders holds
500,000 shares.
The
managing director of the subject Mr. Hasti Mal Lodha is residing in
Hong Kong and he can be reached at his Hong Kong mobile phone number 852‑6160
9140. Now, he is a Hong Kong ID holder
and has got the right to reside in Hong Kong.
The
subject is a member of the Saraff Group which is based in Thailand. Mr. Susheel Saraff is the Chairman of
the Group.
In
Hong Kong, the subject is a diamond trader.
It is trading in the following products:
Loose
diamonds like Marquise, Pears, Tappers, Ovals, Hearts, Trillions, Princess Cut,
Emerald Cut, Bagguets and Rose Cut, Round Brilliant, Single Cut and Fancy Cut,
carat size diamonds, etc.
Most
of its products bear the brand name Saraff
Group.
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 2018” which had been held in
Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February
to 3rd March, 2018. Its booth No. was
AWE 2-H16.
Besides,
it also took part in “HKTDC Hong Kong International Jewellery Show 2018” which
had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong
during the period of 2nd to 6th March, 2018.
Its booth No. was 1DB24.
Saraff
Group is engaged in diversified economy such as Plastic Products, baby
products, diamond & jewellery, information technology, new energy products,
etc.
Concerning
its diamond business, the Group’s diamond business is handled by Saraff
Enterprises. Established in 1987, Saraff
Enterprises has established a reputation for integrity and supply of quality
stones both in Asia and Europe.
The
subject is fully supported by the Saraff Group.
History in Hong Kong is over eight years and four months.
On
the whole, in view of the background of the subject, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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HKD |
1 |
INR 8.38 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.