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MIRA
INFORM REPORT
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Report No. : |
489095 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
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Name : |
FINE DIAMOND (HK) LIMITED |
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Registered Office : |
Unit 1405, 14/F., Peninsula Square, 18 Sung on Street, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.02.1991 |
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Com. Reg. No.: |
14285783 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in Importer and Re-exporter all kinds of diamonds,
jewellery and precious stones. |
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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 : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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.
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Source
: CIA |
Company name and address
FINE DIAMOND (HK) LIMITED
ADDRESS: Unit
1405, 14/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-2739
1022, 2739 1060, 9279 6225
FAX: 852-2311
3810
E-MAIL: fineaj@netvigator.com,
info@finediamondhk.com
MANAGEMENT
Managing Director:
Mr. Alpesh Shantichand Jhaveri
SUMMARY
Incorporated on:
19th February, 1991.
Organization:
Private Limited Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation:
Satisfactory.
name
FINE DIAMOND (HK)
LIMITED
ADDRESS
Registered Head Office:-
Unit 1405, 14/F., Peninsula Square, 18 Sung On Street,
Hunghom, Kowloon, Hong Kong.
Associated Company:-
Fine Diamond (Shanghai) Ltd.
No. 1701, Century Avenue, Pudong New Area, 200122
Shanghai, China.
Contact Person:
Mr. Joshi Hemant
BUSINESS REGISTRATION NUMBER: 14285783
COMPANY FILE NUMBER:
0299955
MANAGEMENT
Managing Director:
Mr. Alpesh Shantichand Jhaveri
[Hong Kong Mobile Phone No.: 852-9279 6225]
Contact Person:
Mr. Soni Chirag Jaswant
ISSUED SHARE CAPITAL
HK$10,000,000.00 (1,000,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 19-02-2017)
|
Name |
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No. of shares |
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Alpesh Shantichand JHAVERI |
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880,000 |
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Poorvi Alpesh JHAVERI |
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120,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated 19-02-2017)
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Name (Nationality) |
Address |
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Alpesh Shantichand JHAVERI |
Flat C, 28/F., Block 9, Parc Palais, King’s Park,
18 Wylie Road, Kowloon, Hong Kong. |
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Poorvi Alpesh JHAVERI |
Flat C, 28/F., Block 9, Parc Palais, King’s Park,
18 Wylie Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 19-02-2017)
|
Name |
Address |
Co. No. |
|
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 19th February, 1991 as a
private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat D, 12/F.,
Cameron Plaza, 23‑25 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong, moved to the present address in March 2014.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer
and Re-exporter.
Lines: All kinds
of diamonds, jewellery and precious stones.
Employees: 4.
Commodities Imported: Imported
from Belgium, India, etc.
Markets: Hong
Kong, Southeast Asia, Europe, US, Middle East, etc.
Terms/Sales: CAD,
L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
MEMBERSHIP: The
Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000,000.00(1,000,000 fully
paid ordinary shares)
Mortgage or Charge:-
Date: 26-04-2016
Description of Instrument: Deed of Indemnity, Charge Over Deposit and Set-Off
Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping in an active and
satisfactory condition.
Facilities: Making active use of general banking
facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality: Satisfactory.
Bankers
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
The Royal Bank of Scotland N.V., Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Very good.
GENERAL
Having issued 1
million ordinary shares of HK$10.00 each, Fine Diamond (HK) Limited is jointly
owned by two India merchants, Mr. Alpesh Shantichand Jhaveri [A S Jhaveri],
holding 88% interests; and Mr. Poorvi Alpesh Jhaveri, holding 12%.
The subject has
increased its issued share capital from HK$3 million to 8 million in
recent years and further increased to HK$10 million in 2016.
Mr. Alpesh
Shantichand Jhaveri has been engaged in this line of business for about 30
years.
Believed to be the
members of the same family, the two Jhaveris have been in Hong Kong for a
very long time and each of them has got a Hong Kong ID. They have got the right to reside in Hong
Kong. They are also directors of the
subject.
A S Jhaveri can be
reached at his Hong Kong mobile phone number
852-9279 6225.
The subject moved to
the present address in March 2014.
It is trading in
loose, polished and cut diamonds, gemstones, etc. These include carat size diamonds, fancy
diamonds, etc.
Commodities, mostly
fancy cut diamonds, are mainly imported from Belgium, Israel and India. However, India is the principal supplying
country. The subject has had a number of
regular suppliers in India.
The subject also
trades in the following pearls: Akoya Pearl, South Sea Pearl, Tahitian Pearl,
Black Pearl, etc. It is specialized in
round, princess, tapper, marques, emerald, pear, heart and single cut loose
diamonds. Size of diamonds supplied
range from 0.005 carat to 5.000 carats.
It focuses on I to L, M, N colours including brown as well as treated
colour diamonds. It offers certified and
non-certified diamonds.
According to the
subject, it is significant for its loose diamonds and gemstones.
The subject’s imported
products are marketed in Hong Kong, China and re-exported to the United States,
Japan, Southeast Asia, other Asian countries, the Middle East, Europe,
etc. Main customers are diamond brokers,
diamond wholesalers and jewellery manufacturers. Business has been active and satisfactory.
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 2018” which will
be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of
27th February to 3rd March, 2018. Its
booth No. is AWE 5-J39.
The subject has set
up an associated company Fine Diamond (Shanghai) Ltd., in Shanghai, China. The contact person of the China Company is
Mr. Joshi Hemant.
The annual sales
turnover of the subject is very significant.
Business is profitable. Regular
customers and suppliers have been maintained.
On the whole, having
a history of about twenty-seven years, the subject is considered 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 64.07 |
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|
1 |
INR 91.33 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR 8.20 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
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.