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MIRA INFORM REPORT
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Report No. : |
490578 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SUNSHINE GEMS LIMITED |
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Registered Office : |
Unit 7, 7/F., Hung Hom Commercial Center,
Tower B, 37 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.07.2013 |
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Com. Reg. No.: |
61771115 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a diamond and gemstone trader. |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small Company |
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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, 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
[Formerly located at:-
Room A208, Unit 306, 3/F., Harbour Centre
Tower 1,
1 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.]
Company name and address
SUNSHINE GEMS
LIMITED
ADDRESS: Unit 7, 7/F., Hung Hom Commercial Center,
Tower B, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2356 2236
FAX: Not
available.
MANAGEMENT:
Managing Director: Mr. Ashishkumar Mohanbhai Lad
SUMMARY
Incorporated on: 22nd
July, 2013.
Organization:
Private Limited
Company.
Issued Share Capital: HK$8,000,000.00
Business Category: Diamond and precious stone trader.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 7, 7/F., Hung Hom Commercial Center,
Tower B, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
61771115
COMPANY FILE NUMBER
1940764
MANAGEMENT
Managing Director: Mr. Ashishkumar Mohanbhai Lad
ISSUED SHARE CAPITAL
HK$8,000.000.00
SHAREHOLDER
(As per registry dated 22-07-2017)
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Name |
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No. of shares |
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Ashishkumar Mohanbhai LAD |
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8,000,000 ======= |
DIRECTOR
(As
per registry dated 22-07-2017)
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Name (Nationality) |
Address |
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Ashishkumar Mohanbhai LAD |
17-C, Keshav Nagar, Bhestan Surat, 395023
GUJ, India. |
SECRETARY
(As per registry dated 22-07-2017)
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Name |
Address |
Co. No. |
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Cbest Solutions Ltd. |
Unit 7, 23/F., Enterprise Square Three,
39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong. |
1295959 |
HISTORY
The company was incorporated on 22nd July,
2013 as a private limited liability company under the Hong Kong Companies
Ordinance.
The subject increased its ordinary shares
from 10,000 to 8,000,000 in August 2014.
Formerly the subject was located at ‘Room
A208, Unit 306, 3/F., Harbour Centre Tower 1, 1 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong’, moved to the present address in June 2016.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Lines: All kinds of diamonds
and gemstones, etc.
Employees: 2.
Commodities Imported: India, other Asian countries, etc.
Markets: India, China, Hong Kong, other Asian
countries, Europe, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying:
Prepayment, L/C, O/A,
T/T, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$8,000,000.00
Profit or Loss: Made small
profits in past three years.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 8 million ordinary shares of HK$1.00 each, Sunshine
Gems Limited is wholly owned by Ashishkumar Mohanbhai Lad [A M Lad] who is an
India merchant. He 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 moved to the present address in June 2016.
The subject is a diamond and gemstone trader. Business commenced in July 2003, the subject
is trading in the following commodities:
Aquamarine, Pink Amethyst, Rubylite, Green Amethyst, Blue Topaz,
Lemon Topaz, Pink Tourmalines, Amethyst, Pink Topaz, Garnet, Rose Quartz, etc.
It also trades in polished, cut loose diamonds, fancy
diamonds. However, loose diamonds have
become its main commodities. Its diamond
products include the following:
Single-Cut Diamond, Fullcut Loose Diamond, Carat Size Diamonds,
etc.
Products are imported from India, Europe, the other Asian
countries, etc. Prime markets are Hong
Kong, China, India, the other Asian countries, Europe, etc. Business is normal. It was able to make small profits in past
three years, however, profit margins were low.
The subject’s business is chiefly handled by A M Lad himself. History in Hong Kong is over four years and
four months.
On the whole, consider the subject good for normal business
engagements in small credit amounts for the time being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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HKD |
1 |
INR 8.21 |
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 : |
KET |
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
·
Company
background and operations size
·
Promoters
/ Management background
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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.