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MIRA INFORM REPORT
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Report No. : |
491068 |
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Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ROSEY GEMS |
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Registered Office : |
Room 1601, 16/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
02.03.2004 |
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Com. Reg. No.: |
34320830-000-03 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds and Jewellery Products. |
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No. of Employees : |
3. (Including Affiliate) |
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 : |
Moderate |
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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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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, 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
ROSEY GEMS
ADDRESS: Room
1601, 16/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong
PHONE: 852-2369
8449, 6303 9459
FAX: 852-3909
4196
E-MAIL: rosey_gems@hotmail.com
MANAGEMENT
Manager: Mr. Ankur Vandankumar Shah
SUMMARY
Establishment: 2nd March, 2004.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 3. (Including affiliate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Room 1601, 16/F., Hart Avenue Plaza, 5-9A Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Mailing Address:
P.O. Box 92271, Tsim Sha Tsui Post Office, Kowloon, Hong
Kong.
Affiliated
Companies:-
Ayu Diam (H.K.) Co. Ltd., Hong Kong. (same address)
Diam Impex (HK) Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
34320830-000-03
MANAGEMENT
Manager: Mr. Ankur Vandankumar Shah
PARTNERS
Name: Mr. Samir Indulal SHAH
Residential Address: 2/4
Navjivan Society, Lamington Road, Bombay, India.
Name: Mr. Ankur Vandankumar
SHAH
Residential Address: Flat
C, 10/F., Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Hong Kong.
HISTORY
The subject was established on 2nd March, 2004 as a
partnership concern jointly owned by Mr. Atul Bharat Kumar Jhaveri and Mr.
Jigar Parikh 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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Atul Bharat Kumar JHAVERI |
02-03-2004 |
24-05-2005 |
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Jigar PARIKH |
02-03-2004 |
31-01-2014 |
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Samir Indulal SHAH |
20-09-2004 |
--- |
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Priyesh Arun SHAH |
24-05-2005 |
03-01-2012 |
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Jimeet Girishbhai SHAH |
19-12-2006 |
10-07-2007 |
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Ankur Vandankumar SHAH |
03-01-2012 |
--- |
At the very
beginning, the subject was located at Flat G, 5/F., Windsor Mansion, 29-31
Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat D, 14/F. of the
same building in July 2004, to Flat C, 10/F., Hillwood Mansion, 45-47 Hillwood
Road, Tsimshatsui, Kowloon, Hong Kong in June 2009 and further moved to
the present address in August 2011.
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 and jewellery products.
Employees: 3.
(Including affiliate)
Commodities Imported: India,
other Asian countries, Europe, etc.
Markets: Hong
Kong, Southeast Asia, other Asian countries, Europe, Middle East, 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
small profits in the past years.
Condition: Business
is normal.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Rosey Gems is a
partnership jointly owned by Mr. Samir Indulal Shah and Mr. Ankur
Vandankumar Shah. The two partners are
Indian. The latter was appoined as a
partner on 3rd January, 2012.
Formerly, the
subject’s registered address and operating office was located at a residential
building, Hillwood Mansion, which was not trespassed by outsiders. It moved to the present address in August
2011.
The subject is
dealing in fine coloured diamonds and rare gemstones. Products include fancy coloured diamonds,
unusual rose cut and briolette cut diamonds.
Rough or polished, cut diamonds, loose diamonds and gems are imported
from India, Belgium and other European countries, etc. Finished products and polished diamonds are
marketed in Hong Kong, exported or re‑exported to Japan and other Asian
countries.
The business of the
subject is normal. It was able to make
small profits in the past years.
The subject has got
an affiliated company Ayu Diam (H.K.) Ltd. [Ayu Diam] in Hong Kong located at
the same address. Operated by the Shah
family, Ayu Diam is also a diamond trader.
Having issued 7.8
million ordinary shares of HK$1.00 each, Ayu Diam is chiefly owned by Mr.
Jenish Hasmukhkumar Shah while the minor shareholder is Mr. Nilesh Vinoobhai
Shah. It is likely that Samir Indulal
Shah, Priyesh Arun Shah and the shareholders of Ayu Diam belong to the same family.
In order to penetrate
the international market further, the subject has taken part in fairs and
exhibitions held in Hong Kong and the other foreign large cities. It usually takes part in HKTDC Hong Kong
International Jewellery Show which is held in Hong Kong Convention and
Exhibition Centre, Wanchai, Hong Kong annually.
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-K33.
The subject’s
business is chiefly handled by the subject’s partners.
As the history of the
subject in Hong Kong is about fourteen years, on the whole, consider it good
for normal business engagements.
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.91 |
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1 |
INR 90.31 |
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Euro |
1 |
INR 80.71 |
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HKD |
1 |
INR 8.24 |
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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VIV |
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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
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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.