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MIRA INFORM REPORT
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Report No. : |
497853 |
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Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
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Name : |
STARGEMS (HK) LIMITED |
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Registered Office : |
Room 1007, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.04.2008 |
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Com. Reg. No.: |
53467140 |
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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 and Jewellery Products, Emerald, Precious Stones. |
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No. of Employees : |
5 (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 : |
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 & address
STARGEMS (HK)
LIMITED
ADDRESS: Room
1007, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong
Kong.
PHONE: 852-2724
8488, 2561 5161
FAX: 852-2724
3988
E-MAIL: bhaveshjaveri@hotmail.com
MANAGEMENT
Managing Director: Mr.
Bhavesh Deepak Javeri
SUMMARY
Incorporated on: 7th April, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$40,037,500.00
Business Category: Diamond
Trader.
Employees: 5. (Including Associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1007, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Stargems Holding Ltd., Hong Kong.
Associated/Affiliated
Companies:-
Alma Diamonds (HK) Ltd., Hong Kong.
Le Paris Diamonds LLC, United Arab Emirates.
Stargems BVBA, Belgium.
Stargems Diamonds & Jewellery LLC, United Arab Emirates.
Stargems DMCC, United Arab Emirates.
Stargems Exports Pvt. Ltd., India.
Stargems FZCO, United Arab Emirates.
Stargems Inc., US.
Stargems Jewellery LLC, United Arab Emirates.
Stargems LLC, United Arab Emirates.
Stargems Pty. Ltd., South Africa.
BUSINESS
REGISTRATION NUMBER
53467140
COMPANY
FILE NUMBER
1223841
MANAGEMENT
Managing Director: Mr. Bhavesh
Deepak Javeri
ISSUED
SHARE CAPITAL
HK$40,037,500.00
SHAREHOLDER
(As per registry dated 07-04-2017)
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Name |
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No. of shares |
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Stargems Holding Ltd., Hong Kong. |
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40,037,500 ======== |
DIRECTORS
(As per registry dated 07-04-2017)
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Name (Nationality) |
Address |
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Bhavesh Deepak JAVERI |
Villa-50 (394-1174) (W Sub Meter) 394 Emirates Hill, Dubai 181330,
UAE. |
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Karan JAVERI |
5502, 392-Marsa Dubai, Dubai 181330, UAE. |
SECRETARY
(As per registry dated 07-04-2017)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
HISTORY
The subject was incorporated on 7th April, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Whiteland
Consultants Ltd., name changed to Sterling Star (HK) Ltd. on
23rd December, 2010, and further changed to the present style on
19th August, 2011.
The subject issued 1,550,000 more shares of the same value which were
allotted to Stargems Holding Ltd. on 16th May, 2016.
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, emerald, precious stones.
Employees: 5.
(Including associates)
Commodities Imported: India, other
Asian countries, etc.
Markets: India,
other Asian countries, UAE, etc.
Terms/Sales: COD,
L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$40,037,500.00
Profit or Loss: Making
small profits in the past years.
Condition: Keeping in a rather active
condition.
Facilities: Making active use of general
banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Stargems (HK) Limited
formerly was jointly owned by Mr. Bhavesh Deepak Javeri, holding 30% interests;
and Mr. Karan Javeri, holding 70%. The
two shareholders were Indian. They were
also directors of the subject.
In May 2012, the subject issued 34,990,000 more ordinary shares which
all were allotted to Stargems Holding Ltd. [Stargems Holding]. Stargems Holding is a Hong Kong-registered
firm. Since then, Stargems Holding had
become the holding company of the subject, holding 99.97% of the subject’s
interests.
On 27th June, 2012, the two minor shareholders transferred all their
shares to Stargems Holding. Now, the
subject is a wholly-owned subsidiary of Stargems Holding. In June 2015, the subject’s ordinary share
was made up to 38,487,500 and its issued share capital was increased to
HK$38,487,500.00.
On 16th May, 2016, the subject increased its shares to 40,037,500 of
HK$1.00 each.
The directors of the subject are Mr. Bhavesh Deepak Javeri and Mr. Karan
Javeri.
Now, Stargems Holding is owned by the following Indian:
Bhavesh Deepak Javeri
Address: 5 Navyug Niketan Teen Bhatti, 185 Walkeshwar Road, Mumbai, Ms
400006, India.
Equity: 30.0%
Karan Javeri
Address: Tower 4, 37G Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong.
Equity: 69.2%
Shailesh Javeri
Address: Fazantenlaan 24, 2610 Antwerpen, Belgium.
Equity: 0.8%
Stargems Holding is located at a different address.
The subject has had a number of associated companies in Hong Kong, the
United Arab Emirates, Belgium and South Africa.
The subject is a diamond trader.
It has had associated companies in Dubai, the United Arab Emirates known
as Stargems LLC and Stargems DMCC. Both
companies are located at the same address in the United Arab Emirates. It also has had an associated company in the
United States and Belgium. The one in
Belgium is known as Stargems BVBA.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like
marquise, pears, tappers, buggets and rose cut diamonds, etc. Commodities are sourced from India and the
other Asian countries, products are marketed in China, exported to Japan, the
other Asian countries and the United Arab Emirates, South Africa, the United
States, etc. Business is active.
The subject and its associated companies form the Stargems Group. The Group is engaged in the following
business scope:
Diamond Sourcing
Diamond Manufacturing
Polished Diamonds Trading
Jewellery Wholesaling
Jewellery Retailing
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong, China and other foreign
large cities. For instance, it usually
takes part in “Guangzhou Gold, Jewellery and Jade Show” which is Guangzhou,
Guangdong Province, China annually.
The subject’s associate Stargems BVBA 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 is AWE 2-L12.
The subject is a member of the Stargems Group.
The Chairman of the Group is Mr. Shailesh Javeri. He is also the founder. Bhavesh Deepak Javeri is the Managing
Director and CEO of the Group.
Stargems Group is wholly owned by the Javeri family.
The subject is supported by the Stargems Group and the Javeri family.
As the history of the subject in Hong Kong is over nine years and eight
months, on the whole, consider it 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 65.02 |
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1 |
INR 90.12 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.28 |
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 : |
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
·
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.