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MIRA
INFORM REPORT
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Report No. : |
495616 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
GEMASIA SOLITAIRE LIMITED |
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Registered Office : |
C/o Tricor Services Ltd. Level 54, Hopewell Centre, 183 Queen’s Road East |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.05.2006 |
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Com. Reg. No.: |
36768555 |
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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, Jewellery, Gemstones. |
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No. of Employees : |
12. (Including Associates) |
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 : |
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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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, 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 & address
GEMASIA SOLITAIRE LIMITED
ADDRESS: Room 1103, 11/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2722
6333, 2367 0497, 2367 0121
FAX: 852-2722 6360,
2721 1173
E-MAIL: sales@gemasiahk.com
MANAGEMENT
Managing Director: Mr. Jatin
Pravinchandra Shah
SUMMARY
Incorporated on: 2nd May, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00
Business Category: Diamond
Trader.
Annual Turnover: Rs. 34,938.6 million (Year ended 31-03-2017)
Employees: 12. (Including Associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
Name
GEMASIA SOLITAIRE LIMITED
ADDRESS
Registered
Office:-
C/o Tricor Services 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:-
Gemasia (Hong Kong) Ltd., Hong Kong.
(Same address).
Intermediate
Holding Company:-
Star Holdings Ltd., UAE.
Ultimate Holding
Company:-
Asian Star Co. Ltd., India.
Associated/Affiliated
Companies:-
A’star Jewellery, India.
Asian Star Co. Ltd., USA.
Asian Star Gems DMCC, UAE.
Asian Star Jewels Pvt. Ltd., India.
Asian Star Trading (Hong Kong) Ltd., Hong Kong.
Creative Designs Ltd., Hong Kong.
(Same address).
Gemasia (Shanghai) Ltd., China.
Gemasia B.V.B.A., Belgium.
InterGems Trading (L.L.C.), Middle East.
Passion Jewels BVBA, Belgium.
Shah Manufacturers, India.
Star Asia (Thailand) Ltd., Thailand.
etc.
BUSINESS REGISTRATION NUMBER
36768555
COMPANY FILE NUMBER
1041911
MANAGEMENT
Managing Director: Mr. Jatin
Pravinchandra Shah
ISSUED SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry dated 02-05-2017)
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Name |
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No. of share |
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Gemasia (Hong Kong) Ltd., Hong Kong. |
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1 = |
DIRECTORS
(As per registry dated 02-05-2017)
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Name (Nationality) |
Address |
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Jatin Pravinchandra SHAH |
Flat B, 6/F., Beauty Mansion, 69-71 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong. |
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Saumil Shailesh SHAH |
Flat H, 19/F., Tower 3, Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 02-05-2017)
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Name |
Address |
Co. No. |
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Tricor Strath Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0004873 |
HISTORY
The subject was incorporated on 2nd May, 2006 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.
Employees: 12.
(Including Associates)
Commodities Imported: India,
Europe, etc.
Markets: Asian countries, Europe, Middle
East, Australia, North America, etc.
Group Net Sales:- Rs.
24,622.1 million (Year ended 31-03-2013)
Rs. 32,501.9 million (Year ended 31-03-2014)
Rs. 32,212.6 million (Year ended 31-03-2015)
Rs. 33,022.0 million (Year ended 31-03-2016)
Rs. 34,938.6 million (Year ended 31-03-2017)
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$1.00
Group Profit After Tax:- Rs.
477.7 million (Year ended 31-03-2013)
Rs. 779.7 million (Year ended 31-03-2004)
Rs. 819.6 million (Year ended 31-03-2015)
Rs. 743.2 million (Year ended 31-03-2016)
Rs. 661.3 million (Year ended 31-03-2017)
Profit or Loss: Making a small profit
every year.
Condition: Keeping in an
active and satisfactory condition.
Facilities: Making active
use of general banking facilities.
Payment: Slow but correct.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Gemasia Solitaire Limited is a wholly-owned subsidiary of Gemasia
(Hong Kong) Ltd. In turn, Gemasia
(Hong Kong) 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. Asian Star is a listed company in Bambay
Stock Exchange.
Being a diamond trader, the subject is a Hong Kong based marketing arm
of Asian Star. Established in 2006, 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.
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.
The subject is trading in the following commodities:-
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Product/Service |
Product/Service Remarks |
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Jewellery – Diamond |
From India and Belgium (Importer) From India and Belgium (Exporter) |
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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. 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 engaged in the following business scope:-
Polished & Cut Diamonds - All polished 2 ct. and smaller in fine makes;
Diamond Jewellery Manufacturing - 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 2,000 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.
For the year ended 31st March, 2017, the sales of the Group amounted to
Rs. 34.9 billion, increased by 5.8% as compared with Rs. 33.0 billion in
FY 2016; profit after tax in the year was Rs. 661.3 million, decreased by
11.0% as compared with Rs. 743.2 million in FY 2016.
Asian Star’s shares are listed on the Bombay Stock Exchange
(scrip code‑531847) in India.
As at end of 2017, Asian Star had 3,693 employees.
The Chairman of Asian Star is Mr. Dinesh Shah, Chief Executive Officer
and Managing Director is Mr. Vipul P. Shah.
All of them belong to the Shah family.
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 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 eleven years and
ten months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.92 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.54 |
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HKD |
1 |
INR 8.30 |
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 : |
TPT |
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
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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.