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MIRA INFORM REPORT
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Report No. : |
484617 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SARA GEMS LIMITED |
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Registered Office : |
Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam
Street, Jordan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.04.2012 |
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Com. Reg. No.: |
59638846 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds |
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No. of Employees : |
01 |
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
(The correct unit is ‘Unit S’, not ‘Unit 5’.)
name
and address
SARA GEMS
LIMITED
ADDRESS: c/o
Buttar.HK Ltd.
Unit S, 1/F., Mau Lam
Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
PHONE: 852-2368
4768, 2721 3992, 6400 7118
FAX: 852-2264
8622
E-MAIL: saragemshk@gmail.com
MANAGEMENT Managing
Director: Mr. Kailash Chandra Menaria
SUMMARY
Incorporated on: 13th April, 2012.
Organization: Private Limited Company.
Issued Share Capital:
HK$10,000.00
Business Category: Diamond
Trader.
Annual Turnover: HK$50 - 80 million
Employee: 1.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
c/o Buttar.HK Ltd.
Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam
Street, Jordan, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
59638846
COMPANY
FILE NUMBER
1728378
MANAGEMENT
Managing Director:
Mr. Kailash Chandra Menaria
(Hong Kong Mobile Phone No.: 852-6400 7118)
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 13-04-2017)
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Name |
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No. of shares |
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Kailash Chandra MENARIA |
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10,000 ===== |
DIRECTOR
(As per registry dated 13-04-2017)
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Name (Nationality) |
Address |
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Kailash Chandra MENARIA |
Flat J, 11/F., Star Mansion, 3 Minden Row, Tsimshatsui,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 13-04-2017)
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Name |
Address |
Co. No. |
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Buttar Secretarial Services 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 13th April, 2012 as a
private limited liability company under the Hong Kong Companies Ordinance.
Formerly its operating
address was located at Unit D, 26/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong
Kong where was the operating address of a Hong Kong registered firm known
as Embassy International (HK) Ltd. [Embassy].
This firm had handled its correspondences. Its operating office moved to Room 805, 8/F.,
Podium Plaza, 5 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong in early 2013. Its registered address changed to the present
one in April 2014 as it has changed its commercial service provider since then.
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, etc.
Employee: 1.
Commodities
Imported: India,
other Asian countries, etc.
Markets: Hong
Kong, China, India, other Asian countries, etc.
Annual Turnover:
HK$50 - 80 million.
Terms/Sales: COD
or as per contracted.
Terms/Buying:
Prepayment, L/C, T/T, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$10,000.00
Profit or Loss: Made small profits in past three
years
Annual Net Profit: HK$
0.2 to 0.5 million
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment: No Complaints.
Commercial Morality:
Satisfactory.
Banker: Hang Seng Bank Ltd.,
Hong Kong.
Standing: Small.
GENERAL
Having
issued 10,000 ordinary shares, Sara Gems Limited is wholly owned by Mr. Kailash
Chandra Menaria who is an India merchant.
He is a Hong Kong ID Card and has got the right to reside in Hong
Kong. He is also the only director of
the subject.
The
subject’s registered office is in a business centre located at Unit S, 1/F.,
Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong
known as Buttar.HK Ltd. which is handling its correspondences and
documents. “Unit S” is the file number
of the subject in the business centre.
The phone number of Buttar.HK Ltd. is 852-2368 4768.
The
subject’s corporate secretary Buttar Secretarial Services Ltd. is an associated
company of Buttar.HK Ltd. This company
has several offices in Hong Kong.
Your
given Hong Kong phone number 852-2721 3992 is a business number belonging to
Ciro Diamond Ltd. [Ciro], a Hong Kong-registered company. This company is located at ‘Unit D, 26th
Floor, No. 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong’. It seems that the subject is also using the
phone number of Ciro as its contact number.
The
Hong Kong mobile phone number of Kailash Chandra Menaria is 852‑6400
7118. K C Menaria currently has had an
employee in Hong Kong.
The
subject is also a diamond and gemstone importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, China, India and the other Asian countries. Business keeps on improving.
The
subject is also carrying the following semi-precious stones:-
Aquamarine,
Pink Amethyst, Rubylite, Green Amethyst, Blue Topaz, Lemon Topaz, Citrine,
Smokey Topaz, Kunzite, Peridot, Morganite, Pink Tourmalines, Amethyst, Pink
Topaz, Garnet, Rose Quartz, etc.
For
the year ended 31st March, 2015, the turnover of the subject was HK$62.6
million, grew by 337.8% as compared with HK$14.3 million in 2014; profit for
the year was HK$0.23 million, grew by 162.1% as compared with HK$0.09 million
in 2014. Now, its annual sales ranges
from HK$50 to 80 million.
The
history of the subject in Hong Kong is over five years and five months.
On
the whole, consider it good for business engagements in moderate credit
amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.48 |
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1 |
INR 86.41 |
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Euro |
1 |
INR 76.54 |
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HKD |
1 |
INR 8.11 |
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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PRA |
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Report Prepared
by : |
TRU |
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.