MIRA INFORM REPORT

 

 

Report No. :

512008

Report Date :

26.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

TRUST JEWEL (HK)

 

 

Registered Office :

Block D, 12/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

02.01.2010

 

 

Com. Reg. No.:

51636202-000-01

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of Diamonds, Jewellery.

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Hongkong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.

 

Source : CIA

 

 

Company name and address

 

TRUST JEWEL (HK)

 

ADDRESS:                   Block D, 12/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon,

                                    Hong Kong.

 

PHONE:                        852-2366 7422, 2366 7311

 

FAX:                             852-2366 7399, 3794 7186

 

E-Mail:                          trustjewelhk@gmail.com

 

 

MANAGEMENT

 

Manager:                      Mr. Pritesh Hasmukhbhai Shah

 

 

SUMMARY

 

Establishment:                          5th January, 2010.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:       Jewellery Trader.

 

Annual Sales:                HK$50-70 million.

 

Employees:                  3.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Head Office:-

Block D, 12/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

Associated Company:-

A. Lallubhai & Brothers, India.

 

 

BUSINESS REGISTRATION NUMBER

 

51636202-000-01

 

 

MANAGEMENT

 

Manager:                      Mr. Pritesh Hasmukhbhai Shah

(Hong Kong Mobile Phone: 852-9508 6809)

 

 

SOLE PROPRIETOR

 

Name:                           Mr. Pritesh Hasmukhbhai SHAH

Residential Address:     Flat D, 14/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 5th January, 2010 as a sole proprietorship concern owned by Mr. Pritesh Hasmukhbhai Shan under the Hong Kong Business Registration Regulations.

 

Initially the subject was located at Flat D, 14/F., Windsor Mansion, 29‑31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to Room 808, 8/F., Workingport Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong in June 2011, and further moved to the present address in May 2013.

 

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, jewellery.

 

Employees:                  3.

 

Commodities Imported: India, other Asian countries, etc.

 

Markets:                       Hong Kong, India, US, China, Belgium, etc.

 

Annual Sales:                HK$50-70 million.

 

Terms/Sales:                 CAD, L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Annual Net Profit:          HK$0.2 - 0.5 million.

 

Profit or Loss:               Business is profitable.

 

Condition:                     Keeping in an active state.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Trust Jewel (HK) is a sole proprietorship set up and owned by Mr. Pritesh Hasmukhbhai Shah [P H Shah] who is an Indian.  He is a Hong Kong ID holder and has had the right to reside in Hong Kong.

Being manager of the subject, P H Shah can be reached at his Hong Kong mobile phone number 852-9508 6809.

Business commenced in January 2010, the subject moved to the present address in May 2013.

The subject is a loose diamond and jewellery importer, exporter and wholesaler. It is trading in the following products:

Fancy Diamond, Round Loose Diamond, Pear-Shaped Diamond, Round Diamond, Carat Size Diamond, etc.

The subject’s diamonds range from 0.30 to 5.00 cts, D to M colour and 1F to 1I clarity.

The subject is also a commission agent.  Most of the commodities are imported from India.  Prime markets are Hong Kong, India, the United States, China, Belgium, etc.

For the year ended 31st March, 2012, the sales of the subject amounted to HK$41.3 million, net profit was HK$0.2 million.  Now, its annual sales turnover ranges from HK$50 to 70 million, annual net profit ranges from HK$0.2 to 0.4 million.  Overall business is good.

The subject has had a related company in India known as A. Lallubhai & Brothers.  Founded in 1989, this firm is also a diamond manufacturer and trader.

The business of the subject is chiefly handled by P H Shah himself.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong.  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 E-F19.

Besides, it also took part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2017” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 28th February to 4th March, 2017.  Its booth No. was AWE 5-A17.

It also took part in JMA Hong Kong Fair.  Its booth number was 1ED21.

In 2018, the subject will also take part in the above-mentioned exhibitions and fairs.

The history of the subject in Hong Kong is about eight years.  Regular suppliers and customers have been maintained.

On the whole, consider it good for normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.26

UK Pound

1

INR 91.22

Euro

1

INR 79.88

HKD

1

INR 8.63

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.