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MIRA INFORM REPORT
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Report No. : |
497889 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
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Name : |
JHALAK DIAM LIMITED |
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Registered Office : |
Room 512A, 5/F., Fu
Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.10.2010 |
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Com. Reg. No.: |
53128261 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all Kinds of Gemstones, Diamond
for Watches |
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No. of Employees : |
3 (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 and address
JHALAK DIAM
LIMITED
ADDRESS: Room 512A, 5/F., Fu Hang
Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2367 3947
FAX: 852-2367 3916, 3747 6295
E-MAIL: sunny@jhalakdiam.com.hk
jhalak@hkstar.com
MANAGEMENT
Managing
Director: Mr. Sunil Dhanvantlal Shah
SUMMARY
Incorporated on: 7th
October, 2010.
Organization: Private
Limited Company.
Issued Share Capital: HK$150,000.00
Business Category: Diamond Trader.
Annual Turnover: HK$50-80
million. (Including associates)
Employees: 3. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered
Head Office:-
Room 512A, 5/F., Fu
Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Associated
Companies:- (Same address)
Goldstar Diamond
Distributors, Hong Kong.
Jhalak Diam (Single
Cut) Ltd., Hong Kong.
Jhalak Diam, Hong Kong. [Owned by Mr. Sunil Dhanvantlal Shah]
BUSINESS
REGISTRATION NUMBER
53128261
COMPANY
FILE NUMBER
1512451
MANAGEMENT
Managing
Director: Mr. Sunil Dhanvantlal Shah
Contact Person: Mrs.
Apama Sunil Shah
ISSUED
SHARE CAPITAL
HK$150,000.00
SHAREHOLDERS
(As per registry
dated 07-10-2016)
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Name |
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No.
of shares |
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Sunil Dhanvantlal
SHAH |
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138,000 |
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Aparna Sunil SHAH |
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12,000 |
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––––––– |
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Total: |
150,000 ====== |
DIRECTOR
(As per registry
dated 07-10-2016)
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Name (Nationality) |
Address |
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Sunil Dhanvantlal
SHAH |
Flat C, 31/F.,
Block 8, Parc Palais, 18 Wylie Road, Kings Park, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 07-10-2016)
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Name |
Address |
Co.
No. |
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TWP Consultants
Ltd. |
2/F., Wing Yee
Commercial Building, 5 Wing Kut Street, Central, Hong Kong. |
1421957 |
HISTORY
The subject was
incorporated on 7th October, 2010 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
gemstones, diamond for watches, etc.
Employees: 3. (Including associates)
Commodities Imported: India, Europe, Thailand, etc.
Markets: Hong Kong, China, other
Asian countries, North America, Western Europe, etc.
Annual Turnover: HK$50-80 million. (Including associates)
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$150,000.00
Profit or Loss: Made small profits in past years.
Condition: Business is normal.
Facilities: Adequate for current
running.
Payment: Slow
but correct
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 150,000
ordinary shares of HK$1.00 each, Jhalak Diam Limited is jointly owned by Mr. Sunil
Dhanvantlal Shah, holding 92% interests, and Mrs. Apama Sunil Shah, holding
just 8%. Both of them are India
merchants and belonging to the Shah family.
S. D. Shah 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. He can be reached at his
Hong Kong mobile phone number 852-6806 8528.
S. D. Shah and A. S.
Shah is a couple. Currently, they are
residing in a luxury flat in Hong Kong.
The subject is a
diamond trader. It has got associated
companies Jhalak Diam and Jhalak Diam (Single Cut) Ltd. [JDSC] located at the
same address. JDSC was incorporated on
12th January, 2011.
Jhalak Diam is a sole
proprietorship set up on 8th March, 2000 and owned by S. D. Shah. The subject, JDSC and Jhalak Diam are engaged
in the same lines of business, more or less.
The subject is
trading in the following diamonds and products:-
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Baguette Cut Diamonds;
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Black Diamonds;
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Carat Size Diamonds and Loose Diamonds;
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Cut and Polished Diamonds;
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Diamond for Watches;
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Diamond Studded Jewellery;
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Jewellery Watch Cases and Straps;
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Single-Cut Diamonds;
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Tapper Diamonds; &
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Triangular Diamonds.
Most of the diamonds
are certified. Commodities are imported
from India, other Asian countries, Africa, Europe, etc. Prime markets are Hong Kong, China, the other
Asian countries, etc. Business is
normal.
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.
For instance, it took
part in “HKTDC Hong Kong International Jewellery Show 2017” which had been held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 2nd to 6th March, 2017. Its
booth No. was AWE 7-C19.
S. D Shah currently
is operating another firm known as Goldstar Diamond Distributors which is also
in Hong Kong. This firm is located at a
different address.
The business of the
subject is chiefly handled by S. D Shah.
History in Hong Kong is about seven years.
On the whole, consider
it good for normal 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 64.96 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.27 |
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
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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.