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MIRA INFORM REPORT
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Report No. : |
499236 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR DIAMONDS (HK) LIMITED |
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Registered Office : |
Room 1406, 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 : |
20.10.2011 |
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Com. Reg. No.: |
59085045 |
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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, Rough
Diamonds. |
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No. of Employees : |
4. (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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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
BLUE STAR DIAMONDS (HK)
LIMITED
ADDRESS: Room 1406, 14/F., Hang Seng
Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2301 2018, 6929 8306
FAX: 852-2301 2118, 2301 2308
E-MAIL: hongkong@bluestardiamonds.com
MANAGEMENT
Managing Director: Mr.
Arnav Akshay Mehta
SUMMARY
Incorporated on:
20th October, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$20,000,000.00
Business Category: Diamond
Trader.
Employees: 4. (Including associates)
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation:
Satisfactory.
ADDRESS
Registered Head Office:-
Room 1406, 14/F., Hang Seng Tsim Sha Tsui Building, 18
Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Blue Star Diamonds Private Ltd., India.
Associated Companies:-
Antwerp Star Diamonds NV, Belgium.
Arjav Associates NV, Belgium.
Arjav Diamonds Botswana (Pty.) Ltd., Botswana.
Arjav Diamonds India Pvt. Ltd., India.
Arjav Diamonds NV, Belgium.
Arjav Manufacturing NV, Belgium.
Auro Manufacturing Pvt. Ltd., India.
Aurostar Jewellery India Pvt. Ltd., India.
Blue Star & Kiven Diamonds Pty. Ltd., Australia.
Blue Star Diamonds Botswana Pty. Ltd., Botswana.
Blue Star Diamonds DMCC, UAE.
Blue Star Diamonds NY Inc., US.
Sundiam Ltd., Hong Kong. (Same address)
BUSINESS
REGISTRATION NUMBER
59085045
COMPANY
FILE NUMBER
1673291
MANAGEMENT
Managing Director:
Mr. Arnav Akshay Mehta
Contact Person:
Mr. Manish Shah
ISSUED SHARE CAPITAL
HK$20,000,000.00
SHAREHOLDER
(As per registry dated 20-10-2017)
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Name |
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No. of shares |
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Blue Star Diamonds Private Ltd. CE 9010, 8013, 8014, 8016, 9/F., Tower C, Bharat
Diamond Bourse, BKC, Bandra (E) Mumbai - 400051, India. |
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20,000,000 ======== |
DIRECTORS
(As per registry dated 20-10-2017)
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Name (Nationality) |
Address |
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Anshul Anuj MEHTA |
14th Cliff, B.G Kher Marg, Ridge Road, Malabar Hill,
Mumbai-400006, India. |
SECRETARY
(As per registry dated 20-10-2017)
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Name |
Address |
Co. No. |
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Top Establishment Ltd. |
Room 2207-2209, 22/F., Tower Two, Lippo Centre, 89
Queensway, Admiralty, Hong Kong. |
0409655 |
HISTORY
The subject
was incorporated on 20th October, 2011 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, rough diamonds.
Employees: 4. (Including associates)
Commodities Imported: India,
Belgium, etc.
Markets: Hong Kong, other Asian countries,
Europe, etc.
Terms/Sales: CAD or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$20,000,000.00
Profit or Loss: Made small profits in past years.
Condition: Business is normal.
Facilities: Making rather active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having
issued 20 million ordinary shares of HK$1.00 each, Blue Star Diamonds (HK)
Limited is a wholly owned subsidiary of Blue Star Diamonds Private Ltd. [Blue
Star] which is an India-based firm.
The
subject’s associated company Sundiam Ltd., a Hong Kong-registered company is
also located at the same address.
The
directors of the subject were Mr. Arnav Akshay Mehta and Mr. Anshul Anuj Mehta
but now the former has resigned. The
latter Anshul Anuj Mehta 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.
The subject
is trading in loose diamonds, especially loose fancy diamonds. It is a member of the Blue Star Group.
Blue Star,
set up as a partnership firm in 1966 by Mr. Vasantlal Mehta, was reconstituted
as a private limited company on 4th December, 2008. The Blue Star group is one of the top diamond
exporters in the country. The group has
direct access to rough diamonds because of its status as a sightholder of the
Diamond Trading Company (DTC), Harry Winston Diamond Corporation (Aber), Alrosa
Company Ltd (Alrosa), and BHP Billiton Limited; it also sources rough diamonds
from Arjav Diamonds NV (owned by common promoters). The Group is one of the world’s significant
rough diamond distributors.
The Blue
Star group is specialised in higher caratage diamonds (0.70 carats [cts] to
1.00 cts). The followings are the main
polished diamonds products of the Group:-
·
Pointers (certified and uncertified)
·
4 Grainers Up (certified and uncertified)
·
Fancy Shapes (certified and uncertified) ---
include Princess, Cushion, Emerald, Asscher, Radiant, Pear, Marquise, Heart,
Oval, etc.
Blue Star is
now managed by Mr. Mehta’s sons.
The Blue
Star Group was awarded its first DTC sight in Belgium in 1991, under the name
Arjav Diamonds, and a second DTC sight in India in 1994. Over the last two decades, the Blue Star
Group has achieved an average annual compound growth rate of over 10% on its
total sales.
In 2001, the
group moved downstream into the design, manufacture and distribution of
jewellery. In the same year, it launched
a state-of-the-art factory in Surat, India. In 2006, the Group’s modern
manufacturing headquarters in Surat, India, commenced business.
Now, the
Group has subsidiaries in Surat, Antwerp, Gaborone and Dubai besides the
subject. It has 2,000 employees
globally.
The contact
person of the subject Mr. Manish Shah is the Sales Executive of the subject.
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 Diamond, Gem &
Pearl Show 2018” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong
Kong during the period of 27th February to 3rd March, 2018.
The subject
is fully supported by the Blue Star Group.
History in Hong Kong is over six years and five 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 64.91 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.26 |
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HKD |
1 |
INR 8.25 |
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
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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.