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MIRA INFORM REPORT
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Report No. : |
499531 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
STAR GEMS |
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Registered Office : |
Room 1404, 14/F., Hang Seng Tsim Sha Tsui Building, 18 Carnarvon Road,
Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
02.03.2005 |
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Com. Reg. No.: |
35375975-000-03 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Loose Diamonds. |
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No. of Employees : |
4 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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Hongkong |
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 |
HONGKONG - 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.
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Source
: CIA |
Company
name and address
STAR GEMS
ADDRESS: Room 1404, 14/F., Hang Seng
Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2890
6584, 2367 6600
FAX: 852-2894 8414
E-MAIL: sales@stargems.com.hk
MANAGEMENT
Manager: Mr. Nilaybhai Bhupatbhai Shah
SUMMARY
Establishment: 2nd March, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Room 1404, 14/F., Hang Seng Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated
Companies:-
Excel Overseas HK Ltd., Hong Kong. (Same address)
Excel Overseas Inc., US.
Excel Overseas Pvt. Ltd.
FW-6080, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E), Mumbai
400051, India.
[Tel: 91-22-4502 3333; Fax:
91-22-4502 3300]
BUSINESS
REGISTRATION NUMBER
35375975-000-03
MANAGEMENT
Manager: Mr. Nilaybhai Bhupatbhai Shah
(Mobile Phone No.: 852-9757 0845)
SOLE
PROPRIETOR
Name: Mr. Nilaybhai Bhupatbhai SHAH
Residential Address: Flat H,
13/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.
HISTORY
The subject was established on 2nd March, 2005 as a sole proprietorship
concern owned by Mr. Nilaybhai Bhupatbhai Shah under the Hong Kong Business Registration
Regulations.
At the very beginning, the subject was located at Flat H, 13/F., Windsor
Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to
Room 908, 9/F., Hang Seng Bank Building, 18 Carnarvon Road, Tsimshatsui, Kowloon,
Hong Kong in March 2007, to Room 502, 5/F., Hang Seng Tsim Sha Tsui Building,
18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in June 2011, and further
moved to the present address in July 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 loose diamonds.
Employees: 4.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Japan, Korea, Southeast Asia,
Europe, Middle East, Scandinavia, Taiwan, Africa, America, China, Australia, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/A, O/A, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Business
is profitable.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Moderate.
GENERAL
Star Gems was established on 2nd March, 2005 as a sole proprietorship
owned by Mr. Nilaybhai Bhupatbhai Shah [N B Shah]. He is an India merchant who is holding an
India Passport.
Mr. N B Shah is the manager of the subject and can be reached at his
Hong Kong mobile phone number 852-9757 0845.
The subject moved to the present address in July 2016.
Star Gems is dealing in diamonds.
It is engaged in importing, exporting and wholesaling loose diamonds. Most of the diamonds are sourced from India,
Belgium, Israel and the other European countries.
The Shah family has established its diamond business in India since
1970. The associate of Star Gems known as Excel Overseas Pvt. Ltd. [EOPL] was
incorporated in India in 1992. The headquarters of EOPL are in Mumbai, India.
Currently, EOPL is engaged in manufacturing and marketing rough and
polished diamonds. It has had an associated factory in Moscow, Russia covering
an area of 10,000 sq.ft. Its products include the following diamonds:
Round, Princess, Pears, Marquise, Oval, Hearts, Cushions, Emeralds,
Ascher and Rose Cut, ranging from 0.30 to 15 carat with different fancy
colours, from D to Z; clarity form IF to SI and PIQUE; certified by GIA, HRD, IGI
or non-certified.
EOPL is a Russian Diamond Sightholder of Alrosa Company Ltd. From whom it was able to get consistent
supply of big size Rough Diamonds for the last years. It also buys large
quantity of rough diamonds from State Depository Gokhran.
Star Gems is acting as an agent for EOPL. It is regarded to be the “Hong Kong Office”
of EOPL. Star Gems has also developed
business with a number of suppliers in India and a number of overseas customers
in Japan, South Korea, Southeast Asia, Europe, the Middle East, Taiwan, China,
etc.
EOPL has set up an associated company known as Excel Overseas HK Ltd.
[EOHL] which is located at the same address.
The contact person of EOHL is also Mr. N B Shah. EOHL is a private company limited
incorporated on 25th January, 2017.
Besides, EOPL has set up an office in New York, the United States.
The subject’s business is normal in Hong Kong. History in Hong Kong is over eleven years and
ten 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 65.22 |
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1 |
INR 91.33 |
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Euro |
1 |
INR 79.96 |
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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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PRA |
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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
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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.