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MIRA INFORM REPORT
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Report No. : |
498515 |
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Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SHREYA JEWEL |
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Registered Office : |
Room A, 2/F., Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
01.04.2006 |
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Com. Reg. No.: |
36633732-000-04 |
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Legal Form : |
Partnership |
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Line of Business : |
Trader of all kinds of
Diamonds and Jewellery. |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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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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. 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
SHREYA JEWEL
ADDRESS: Room A, 2/F., Hillwood Mansion,
45-47 Hillwood Road, Tsimshatsui, Kowloon,
Hongkong.
PHONE: Not available
MANAGEMENT
Manager: Mr.
Sanket Prakash Shah
SUMMARY
Establishment: 1st April, 2006.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Room A, 2/F., Hillwood Mansion, 45-47 Hillwood Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Shreya Jewel Shanghai Ltd., China.
Tia Diam, Hong Kong.
BUSINESS REGISTRATION NUMBER
36633732-000-04
MANAGEMENT
Manager: Mr. Sanket Prakash Shah
PARTNERS
Name: Mr. Sanket Prakash SHAH
Residential Address: Flat
A, 2/F., Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong
Kong.
Name: Mr. Ankur Ramesh SHAH
Residential Address: 69
Walkeshwar Road, 81 Kamal Building, Malabar Hill DS Mumbai-6, India.
HISTORY
The subject was
established on 1st April, 2006 as a partnership concern jointly owned by Mr.
Sanket Prakash Shah and Mr. Ankur Ramesh Shah under the Hong Kong Business
Registration Regulations.
At the very
beginning, the subject was located at ‘Room E, 38/F., Block 6, Jubilee Garden,
Fotan, Shatin, New Territories, Hong Kong’.
In 2010, the subject
moved to ‘Flat A, 8/F., Kimbry Court, 58‑60 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong’, moved to the present address in March 2013.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond Trader.
Lines: All kinds of diamonds
and jewellery.
Employees: 2.
Commodities Imported: India,
local supplier, other Asian countries, etc.
Markets: Hong Kong, other Asian countries,
Middle East, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits in past years.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Shreya Jewel is
jointly owned by Mr. Sanket Prakash Shah
and Mr. Ankur Ramesh Shah [A R Shah], both of whom are India merchants.
Belonging to the same family, the Shahs are Hong Kong ID holders and have
got the right to reside in Hong Kong.
The first has been in Hong Kong for a very long time as he has got
his ID before setting up the subject.
A R Shah can be reached at his Hong Kong mobile phone number 852-9606
6935.
The registered address located at ‘Flat A, 2/F.,
Hillwood Mansion, 45-47 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong’ is the
Hong Kong residence of Sanket Prakash Shah.
The subject is a loose diamond (ranges from 0.001 to 1.00 ct)
trader. According to the subject, it is
significant for its loose diamonds, white diamonds and round diamonds, etc.
Commodities are chiefly imported from India and European countries. Products are marketed in Hong Kong, China,
and exported to the other Asian countries, the Middle East, etc. Business is normal.
The subject has had an associated company Tia Diam located at a different
address. Tia Diam is a partnership
jointly owned by Ms. Khyati Ankur Shah and Mr. A R Shah.
The subject has set up an associated company in China known as Shreya
Jewel (Shanghai) Ltd. This company is
responsible for marketing the diamond and jewellery products in China. Shreya Jewel (Shanghai) is a member of
Shanghai Diamond Exchange.
The business of the subject is chiefly handled by the two partners. The
subject’s history in Hong Kong is about twelve 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 65.13 |
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1 |
INR 91.96 |
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Euro |
1 |
INR 80.34 |
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HKD |
1 |
INR 8.29 |
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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NIS |
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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.