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MIRA INFORM REPORT
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Report No. : |
508667 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SUNNY DIAM (HK) LIMITED |
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Registered Office : |
Room 601, 6/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.07.2011 |
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Com. Reg. No.: |
58795075 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Precious Stones & Diamonds. |
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No. of Employees : |
2. (Including Associate) |
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.
Excess liquidity, low interest rates and a tight housing supply have
caused Hong Kong property prices to rise rapidly. The lower and middle-income
segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic
situation. Its continued reliance on foreign trade and investment makes it
vulnerable to renewed global financial market volatility or a slowdown in the
global economy.
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 surged from 4.5 million in 2001 to 47.3 million in
2014, outnumbering visitors from all other countries combined. After peaking in
2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The
tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47
million. Travelers from Mainland China totaled 44.45 million, accounting for
76% of the total.
The Hong Kong Government is promoting the Special Administrative Region
(SAR) as the preferred business hub for 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, RMB trade
settlement is allowed, and investment schemes such as the Renminbi Qualified
Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong.
Offshore RMB activities experienced a setback, however, after the People’s Bank
of China changed the way it set the central parity rate in August 2015. RMB
deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559
billion RMB at the end of 2017, while RMB trade settlement handled by banks in
Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in
2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and
accounted for about 66% 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
(CEPA), 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. On the basis of the Guangdong
Agreement, the Agreement on Trade in Services signed in November 2015 further
enhanced liberalization, including extending the implementation of the majority
of Guangdong pilot liberalization measures to the whole Mainland, reducing the
restrictive measures in the negative list, and adding measures in the positive
lists for cross-border services as well as cultural and telecommunications
services. In June 2017, the Investment Agreement and the Agreement on Economic
and Technical Cooperation (Ecotech Agreement) were signed under the framework
of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual
Recognition of Funds, and the Bond Connect scheme are all important steps
towards opening up the Mainland’s capital markets and have reinforced Hong
Kong’s role as China’s leading offshore RMB market. Additional connect schemes
such as ETF Connect (for exchange-traded fund products) are also under
exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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.
|
Source
: CIA |
Company name & address
SUNNY DIAM (HK) LIMITED
ADDRESS: Room 601, 6/F., Workingport Commercial
Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3480 3548,
9812 9977
FAX: 3747 2415
E-MAIL: sunnydiam.group@hotmail.com
MANAGEMENT
Managing Director: Mr. Samish
Pravin Shah
SUMMARY
Incorporated on: 27th July, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Diamond
Trader.
Employees: 2. (Including Associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
SUNNY DIAM HK) LIMITED
ADDRESS
Registered Head
Office:-
Room 601, 6/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Sunny Diam (H.K.), Hong Kong.
(Same address)
Sunny Diam (Shanghai) Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
58795075
COMPANY
FILE NUMBER
1644489
MANAGEMENT
Manager: Mr. Samish Pravin Shah
(Hong Kong Mobile Phone No.: 852-9812 9977)
Contact Person: Mr. Chirg
Sanghavi
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 27-07-2017)
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Name |
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No. of shares |
|
Samish Pravin SHAH |
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10,000 ===== |
DIRECTOR
(As per registry dated 27-07-2017)
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Name (Nationality) |
Address |
|
Samish Pravin SHAH |
Flat H, 13/F., Tower 1, Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 27-07-2017)
|
Name |
Address |
Co. No. |
|
Pan Pacific Consultants Ltd. |
Room D, 3/F., Thomson Commercial Building, 8-10 Thomson Road, Wanchai,
Hong Kong. |
1254491 |
HISTORY
The subject was incorporated on 27th July, 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 precious stones & diamonds.
Brand Name: Sunny Diam.
Employees: 2.
(Including associate)
Commodities Imported: India,
Thailand, Europe, etc.
Markets: Hong
Kong, China, Japan, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, Advanced payment,
etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Indebtedness: HK$586,399.03 (Total amount
outstanding on all mortgages and charges as per last
Annual Return
dated 27-07-2017)
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: Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Sunny Diam (HK)
Limited is wholly owned by Mr. Samish Pravin Shah [S P Shah] who is an India
merchant. He has become a Hong Kong ID
Card holder since March 2010 and has got the right to reside in Hong Kong. He is also director of the subject.
S P Shah Sunny can be reached at his Hong Kong mobile phone number
852‑9812 9977.
Another Contact Person is Mr. Bunty who can be reached at his Hong Kong
mobile phone number 9502 4125.
Incorporated in July 2011, the subject has had an associated company
Sunny Diam (H.K.) [SDHK] which is a Hong Kong-registered firm located at
the same address. SDHK, established on
3rd May, 2005, is also owned by
Mr. S P Shah.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished white, round
or coloured diamonds, etc. It supplies
customers with all kinds of loose diamonds with different carats and cuts.
Commodities are imported from India, Belgium and the other European
countries, etc. Products and polished
diamonds are marketed in Hong Kong, exported or re-exported to Japan, China,
India, the other Asian countries, Europe, etc.
All of its products bear the brand name Sunny Diam.
The subject and SDHK are engaged in the same lines of business, more or
less.
The subject has set up an associated company Sunny Diam (Shanghai) Co.
Ltd. in Shanghai, China. This China Company
is responsible for marketing the subject’s products in China.
In order to penetrate the international market further, SDHK has taken
part in fairs and exhibitions held in China.
For instance, it usually takes part in “Shenzhen International Jewellery
Fair” which is held in Shenzhen Special Economic Zone, China.
The subject also has taken part in the fairs and exhibitions held in
Hong Kong. For instance, it took part in
“HKTDC Hong Kong International Jewellery Show 2018” which had been held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
2nd to 6th March, 2018. Its booth No.
was 1EE41.
The subject’s total amount outstanding registered with the Companies
Registry as at late July 2017 amounted to about HK$0.59 million (2016: also
HK$0.59 million).
The history of the subject in Hong Kong is over six years and nine
years. It has developed a number of
regular customers.
On the whole, consider it good for business engagements in moderate
credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
INR 67.52 |
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|
1 |
INR 91.49 |
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Euro |
1 |
INR 80.52 |
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HKD |
1 |
INR 8.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.