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MIRA
INFORM REPORT
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Report No. : |
489646 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
STAR DIAMOND |
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Registered Office : |
Room 1405, 14/F., Hang Seng Tsim Sha Tsui Building, 18 Carnarvon Road,
Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
02.03.2005 |
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Com. Reg. No.: |
35375860-000-03 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter
and Wholesaler of all kinds of Diamonds. |
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No. of Employees : |
3 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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Hongkong |
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 |
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 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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Note
The correct style of the building should be ‘Hang Seng
Tsim Sha Tsui Building’.
Company Name and address
STAR DIAMOND
ADDRESS: Room 1405, 14/F., Hang Seng
Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 6600
FAX: 852-2894 8414
E-MAIL: sales@stargems.com.hk
MANAGEMENT
Manager: Mr. Yash Mahesh Bhavsar
SUMMARY
Establishment: 2nd March, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Room 1405, 14/F., Hang Seng Tsim Sha Tsui Building, 18
Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
35375860-000-03
MANAGEMENT
Manager: Mr. Yash Mahesh Bhavsar
SOLE PROPRIETOR
Name: Mr. Yash Mahesh Bhavsar
Residential Address: Flat
7E, 7/F., Universal Mansion, 52 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 2nd March, 2005 as a sole
proprietorship concern owned by Mr. Rajesh Vasantlal Vora under the Hong Kong
Business Registration Regulations.
The following table shows the changes of the partners:
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Name |
Incoming
Date |
Outgoing
Date |
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Rajesh Vasantlal
Vora |
02-03-2005 |
02-07-2010 |
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Harshit Jitendra
Shah |
01-07-2010 |
31-10-2016 |
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Yash Mahesh Bhavsar |
01-10-2016 |
---- |
At the very
beginning, the subject was located at Flat H, 13/F., Windsor Mansion, 29-31 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong, moved to Room 908, 9/F., Hang Seng
Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in
March 2007, to Room 502, 5/F. of the same building in June 2011 and further to
Room 1405, 14/F., of the same building in August 2016.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: 3.
Commodities Imported: India,
Europe, etc.
Markets: Hong Kong, other Asian countries,
etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small profit in the past
years.
Condition: Keeping in a satisfactory
condition.
Facilities: Making rather active use of
general banking facilities.
Payment: Slow but correct
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Star Diamond is a
sole proprietorship owned and operated by Mr. Yash Mahesh Bhavsar who is an
India merchant. Being the manager of the
subject, he is a Hong Kong ID holder and has got the right to reside in Hong
Kong. Y M Bhavsar joined the subject on
1st October, 2016.
The subject moved to
the present address in early August 2016.
The subject is a
diamond importer, exporter and wholesaler. It is trading in loose, polished and
cut diamonds. Most of the commodities
are imported from India and Europe. Prime markets are Hong Kong, China, Japan,
South Korea, Taiwan, the other Asian countries, the Middle East, Europe, North
America, etc.
The old proprietor of
the subject Harshit Jitendra Shah had operated the following two companies in
Hong Kong:-
· Gold Coins Group
· Star Gems
However, we are not
sure whether these two companies are still in operation or not.
The subject had some
relation with Excel Overseas Pvt. Ltd. [Excel Overseas]. This company is
chiefly owned and operated by Harshit Jitendra Shah’s family in India. EOPL has
a factory in Moscow, Russia which is employing over 70 workers. Excel Overseas seems to be a supplier of the
subject.
The subject’s
business is chiefly handled by Yash Mahesh Bhavsar himself.
Since the history of
the subject in Hong Kong is over twelve years and seven months, on the whole,
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 63.69 |
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1 |
INR 90.35 |
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Euro |
1 |
INR 79.21 |
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HKD |
1 |
INR 8.14 |
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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DIV |
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Report Prepared
by : |
NIT |
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
·
Industry
scenario / competitor analysis
·
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.