MIRA INFORM REPORT

 

 

Report No. :

489159

Report Date :

05.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GEMASIA (HONG KONG) LIMITED

 

 

Registered Office :

Room 1103, 11/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

25.05.1998

 

 

Com. Reg. No.:

21867859

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is engaged in Importer, Exporter and Wholesaler of all kinds of diamonds, jewellery, gemstones.

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

Company name and address

 

GEMASIA  (HONG  KONG)  LIMITED

 

ADDRESS:       Room 1103, 11/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

 

PHONE:            2722 6333,  2367 0497,  2367 0121

 

FAX:                 2722 6360,  2721 1173

 

E-MAIL:            sales@gemasiahk.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Jatin Pravinchandra Shah

 

 

SUMMARY

 

Incorporated on:                        25th May, 1998.

 

Organization:                             Private Limited Company.

 

Issued Share Capital:                 HK$2.00

 

Business Category:                   Diamond Trader.

 

Employees:                               10.

 

Main Dealing Banker:                 The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:                      Very Good.

 

 

Company name and address

 

GEMASIA  (HONG  KONG)  LIMITED

 

ADDRESS:

 

Registered Office:-

c/o Tricor Strath Ltd.

Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong.

 

Operating Office:-

Room 1103, 11/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

 

Holding Company:-

Star Holdings Ltd., UAE.

 

Ultimate Holding Company:-

Asian Star Co. Ltd., India.

 

Associated/Affiliated Companies:-

Asian Star Co. Ltd., USA.

Asian Star Jewels Pvt. Ltd., India.

Asian Star Trading (Hong Kong) Ltd., Hong Kong.

Gemasia (Shanghai), China.

Gemasia B.V.B.A., Belgium.

Gemasia Solitaire Ltd., Hong Kong.

Inter Gems DMCC, UAE.

InterGems Trading (L.L.C.), Middle East.

Jewel Art, India.

Star Asia (Thailand) Ltd., Thailand.

etc.

 

BUSINESS REGISTRATION NUMBER:  21867859

 

COMPANY FILE NUMBER:  0645657

 

 

MANAGEMENT

 

Managing Director:  Mr. Jatin Pravinchandra Shah

 

ISSUED SHARE CAPITAL:  HK$2.00

 

 

SHAREHOLDERS

 

(As per registry dated 25-05-2017)

Name

 

No. of shares

Jatin Pravinchandra SHAH

 

1

Star Holdings Ltd.

Suite 1003, Khalid Al Altar Tower, SH. Zayed Road, P.O. Box 71241, Dubai, UAE.

 

1

 

 

–

 

Total:

2

=

 

 

DIRECTORS  

 

(As per registry dated 25-05-2017)

Name

(Nationality)

 

Address

Jatin Pravinchandra SHAH

Flat B, 6/F., Beauty Mansions, 69-71 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.

 

Saumil Shailesh SHAH

Flat H, 19/F., Tower 3, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.

 

 

SECRETARY

 

(As per registry dated 25-05-2017)

Name

Address

Co. No.

Tricor Strath Ltd.

Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong.

0004873

 

 

HISTORY

 

The subject was incorporated on 25th May, 1998 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.

 

 

OPERATIONS

 

Activities:                                  Importer, Exporter and Wholesaler.

           

Lines:                                       All kinds of diamonds, jewellery, gemstones, etc.

           

Employees:                              10.

 

Commodities Imported:             India, Europe, etc.

 

Markets:                                   Hong Kong, China, other Asian countries, Europe, Middle East, Australia, North America, etc.

 

Terms/Sales:                             CAD, L/C, T/T, D/P, etc.

 

Terms/Buying:                            L/C, T/T, D/P, etc.

 

MEMBERSHIP: Hong Kong Jewelry Manufacturers’ Association, Hong Kong.

The Indian Chamber of Commerce Hong Kong, Hong Kong.

 

 

FINANCIAL INFORMATION

 

            Issued Share Capital: HK$2.00

 

            Mortgage or Charge:-

Date of Charge Over Accounts (Limited Company – Under Seal):
26-10-2004

Amount:            To secure all monies in respect of banking facilities

Property:          In consideration of the Bank agreeing to grant or continuing to grant the Banking Facilities, the Chargor, as beneficial owner and by way of fixed charge, assigns, charges and pledges the “Charged Property” to Bank as a continuing security for the due payment and satisfaction of the Secured Moneys by the Chargor to the Bank on demand.

Mortgagee:       The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

            Profit or Loss:   Making a small profit every year.

 

            Condition:  Keeping in an active and satisfactory condition.

 

            Facilities:  Is making use of general banking facilities.

 

            Payment:  Met obligations as contracted.

 

            Commercial Morality:  Good.

 

            Bankers:-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.

 

            Standing:  Very Good.

 

 

GENERAL

 

Gemasia (Hong Kong) Limited is a subsidiary of Star Holdings Ltd. which is a UAE-registered firm.  The ultimate holding company Asian Star Co. Ltd. [Asian Star] is an India-based company.

Being a diamond trader, the subject is a Hong Kong based marketing arm of Asian Star.  Established in 1998, the subject has emerged as a prominent market player in the Asia Pacific region.  The subject is able to lure buyers not only from Asia but also from other parts of the world.

On 21st January, 2011, Asian Star set up a subsidiary company known as Asian Star Trading (Hong Kong) Ltd. which is also located at the operating address of the subject.

The subject is specialized in round and loose diamonds, WHITE, TTLB and TTLC shades, sizes ranges from 0.003 points to 2 carats, clarity ranges from IF, VVS to heavy PK and colour ranges from D to N-O.  It also provides certified diamonds from the world’s reputed gem laboratories like GIA, HRD and IGI.  Its extensive marketing network ensures efficient and personalized services with consistent supply of goods.  It regularly participates in jewellery shows in Asian countries in order to penetrate the international market further.

In recent years, the subject has set up an office in Shenzhen Special Economic Zone, China in order to service the customers in Southern China.

The subject is trading in the following commodities:-

Product/Service

Product/Service Remarks

Jewellery – Diamond

From India and Belgium (Importer)

From India and Belgium (Exporter)

Loose Diamond

From India, Belgium and Israel (Importer)

From India, Belgium and Israel (Exporter)

 

Asian Star was established in 1971 as a partnership and became a public limited company in 1995.

Now, Asian Star is one of the world’s leading diamantaires and a Diamond Trading Company Sightholder.  Its business comprises of diamond manufacturing, jewellery manufacturing and retailing.  Having set up marketing arms across three continents — Asia, Europe and North America — Asian Star is positioned to serve its customers throughout the world.

The Group is trading in the following commodities, so does the subject:-

Polished Diamonds - All polished 2 ct. and smaller in fine makes;

Jewellery - Gold and platinum, diamond studded jewellery spanning all categories like Rings, Earrings, Pendants, Bracelets, Bangles, Necklaces etc. for the domestic and international market;

Jewellery Retailing - ‘Shagun Jewels’, the flagship retail store at Hyderabad catering to urban Indian women; &

Power - Windmills in Maharashtra, Kerala and Tamil Nadu.

Asian Star’s factory is in Surat, India, covering an area of 65,000 sq.ft. and employing about 1,000 skilled workers.

Asian Star achieved a new milestone on 6th December, 2010 at the grand opening of its new factory, A’Star Jewellery — Hosur.

The 5,000 sq.ft. state-of-the-art factory employs 120 highly skilled employees, especially trained in the manufacture of hand-crafted diamond jewellery.  The product line would be primarily focused on high value, couture diamond jewellery.

Over the past years, the subject had participated the following fairs held in Hong Kong, Macau and Japan:

Hong Kong

HK Int’l Jewellery Show (Mar.)

HK Jewellery & Watch Fair (Jun.)

HK Jewellery & Watch Fair (Sep.)

JMA Hong Kong (Dec.)

Macau

Macau Jewellery & Watch Fair (Jan.)

Japan

Int’l Jewellery Tokyo (Jan.)

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-G20.

The subject’s business is chiefly handled by Mr. Jatin Pravinchandra Shah who is an Indian residing in Hong Kong.  He is a Hong Kong ID card holder and has got the right to reside in Hong Kong.  He is also the contact person of the subject.

The subject is fully supported by Asian Star.  History in Hong Kong is over nineteen years and eight months.

On the whole, consider the subject good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.07

UK Pound

1

INR 91.33

Euro

1

INR 80.03

HKD

1

INR 8.19

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

DNS

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.