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MIRA INFORM REPORT
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Report No. : |
495712 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SUNRISE DIAMONDS LIMITED |
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Registered Office : |
Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.02.2004 |
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Com. Reg. No.: |
34310748 |
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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 : |
11 |
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 : |
Satisfactory |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 |
Company
name and address
SUNRISE
DIAMONDS LIMITED
ADDRESS: Unit 1, 14/F., Peninsula
Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2723
5100, 2723 6100
FAX: 852-2314
9100
E-MAIL: sunrise@hknet.com
MANAGEMENT
Managing Director:
Mr. Ritesh Ashok Mehta
SUMMARY
Incorporated on: 25th February, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$15,600,000.00
Business Category: Diamond
Trader.
Employees: 11.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street,
Hunghom, Kowloon, Hong Kong.
Holding Company:-
Famous Link Investment Ltd., Hong Kong.
Associated
Companies:-
Shairu Gems Diamonds Pvt. Ltd., India.
Shairu Gems Pvt. Ltd., India.
Shairu Gems, India.
The Source Diamonds DMCC, UAE.
BUSINESS
REGISTRATION NUMBER
34310748
COMPANY
FILE NUMBER
0884758
MANAGEMENT
Managing Director:
Mr. Ritesh Ashok Mehta
(Hong Kong Mobile: 852-6401 3416)
ISSUED
SHARE CAPITAL
HK$15,600,000.00 (1,560,000 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 25-02-2017)
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Name |
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No. of shares |
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Ritesh Ashok MEHTA |
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764,400 |
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Famous Link Investment Ltd., Hong Kong. |
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795,600 |
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–––––––– |
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Total: |
1,560,000 ======= |
DIRECTOR
(As per registry dated 25-02-2017)
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Name (Nationality) |
Address |
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Ritesh Ashok MEHTA |
Flat K, 5/F., Block
2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 25-02-2017)
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Name |
Address |
Co. No. |
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Taxbase Consultants
Ltd. |
Room 1408, 14/F.,
Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong. |
0411324 |
HISTORY
The subject was
incorporated on 25th February, 2004 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.
Employees: 11.
Commodities Imported: India,
other European countries.
Markets: Japan,
Southeast Asia, Europe, Middle East, North and South America, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$15,600,000.00
(1,560,000 fully paid ordinary shares)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
Hang Seng Bank Ltd.,
Hong Kong.
ABN AMRO Bank N.V.,
Hong Kong Branch.
Antwerpse DiamantBank
NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Good.
GENERAL
Having
issued 1,560,000 ordinary shares of HK$10.00 each, formerly Sunrise Diamonds
Limited was wholly owned by Mr. Ritesh Ashok Mehta who was an Indian. Now, the subject is jointly owned by Ritesh Ashok
Mehta, holding 49% interests, and Famous Link Investment Ltd. [FLI], a
Hong Kong-registered company holding 51%.
FLI is located at the next door of the subject.
Ritesh
Ashok Mehta is a Hong Kong ID Card holder and has got the right to reside in
Hong Kong. He is also the only director
of the subject.
The
subject is a diamond importer, exporter and wholesaler. Raw materials are imported from India,
Belgium and other European countries.
Finished products (polished diamonds, carat size diamonds, and loose
diamonds) are marketed in Hong Kong, China, and exported to Japan, South Korea,
Southeast Asia, Australia, Europe, the Middle East, North and South America,
etc.
According
to the subject, its associated factory was established in 1965 in India. The India factory is a pioneer in
manufacturing of cut and polished diamonds.
Its product ranges are loose (0.01 pts to 5.00 cts up) diamonds and
carrying GIA Dossiers & Certificate (0.30 pts to 5.00 cts up). The subject is a sightholder.
The
subject has developed close business ties with those diamond firms in Belgium
and India.
The
subject belongs to Shairu Gems Group which was established in 1976. The Shairu Gems Group is a leading polished
diamond supplier headquartered in Mumbai, India with manufacturing operations
centrally located in Surat, India. The
Group employs more than 1,500 employees throughout the world. Its prime markets are America and Europe, as
well the fastest growing regions of India and the other Asian countries.
Shairu
Gems is a family-owned company in India.
The core member of the Group is Shairu Gems Diamonds Pvt. Ltd., an
India-based company. The manufacturing
facilities of Shairu Gems are located in Surat 395004, India.
The
subject’s business is chiefly handled by Mr. Ritesh Ashok Mehta.
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 such
as in Macao and Hochiminh City of Vietnam.
For
instance, it took part in “HKTDC Hong Kong International Diamond, Gem &
Pearl Show 2017” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong
Kong during the period of 28th February to 4th March, 2017. Its booth No. was AWE 5-F02.
According
to the subject, it is going to take part in the same Show in 2018.
Besides,
the subject also sells its products online.
Business is rather active.
It
operates from a self-owned premises located at the present address. History in Hong Kong is over thirteen years
and eight months.
On
the whole, consider the subject good for normal business engagements.
REMARKS
1. Property
information of the company:-
Property
Location: Unit 1 on 14/F., East
Wing, Peninsula Square, 18 Sung On Street, Kowloon, Hong Kong.
Owner: Sunrise
Diamonds Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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02-10-2007 |
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ABN AMRO Bank N.V., Hong Kong Branch. |
Mortgage to secure general banking facilities |
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29-11-2013 |
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Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property
Location: Unit 2, 14/F, East Wing,
Peninsula Square, 18 Sung On Street, Kowloon, Hong Kong
Owner: Sunrise
Diamonds Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
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Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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29-11-2013 |
- |
Hang Seng Bank
Ltd., Hong Kong. |
Mortgage to secure
general banking facilities |
MORTGAGE
OR CHARGE
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Date |
Particulars |
Amount |
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24-01-2006 |
Instrument: Debenture Property: All the Company’s undertaking and property and assets Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
General banking facilities |
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29-11-2013 |
Instrument: Mortgage Property: All those 2,290/588, 444 parts or shares of and in
Kowloon Inland Lot No. 10985 (Unit 1, 14/F, East Wing, Peninsula Square,
18 Sung On Street, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
All money, obligations and liabilities |
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29-11-2013 |
Instrument: Mortgage Property: 1,260/588, 444parts or shares of and in Kowloon Inland
Lot No. 10985 (Unit 2, 14/F, East Wing, Peninsula Square, 18 Sung On
Street, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
All money, obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.31 |
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 : |
TRU |
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.