MIRA INFORM REPORT

 

 

Report Date :           

28.04.2011

 

IDENTIFICATION DETAILS

 

Name :

GEM  GOLD

 

 

Registered Office :

Flat B-7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.06.1991

 

 

Com. Reg. No.:

14591712-000-06

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds, precious and semi-precious stones

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

Regular

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

GEM  GOLD

 

 

Company ADDRESS

 

Flat B-7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:                        2366 8910

FAX:                 2366 8535

 

 

MANAGEMENT

 

Manager:  Mr. Biren Ashokkumar Shah

 

 

SUMMARY

 

Establishment:                          3rd June, 1991.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Jewellery Merchant.

 

Employees:                   Nil.

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 

Company ADDRESS

 

Head Office:-

Flat B-7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

 

P.O. Box 91991, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.

 

Affiliated Company:-

Gem Gold (Thailand) Ltd., Thailand.

 

 

BUSINESS REGISTRATION NUMBER

 

14591712-000-06

 

 

MANAGEMENT

 

Manager:  Mr. Biren Ashokkumar Shah

 

 

SOLE PROPRIETOR

 

Name:                           Mr. Biren Ashokkumar SHAH

Residential Address:      6/F., Star Masnion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was originally established on 3rd June, 1991 as a partnership concern jointly owned by Mr. Paresh Bhaskarrai Mehta and Mr. Biren Ashokkumar Shah under the Hong Kong Business Registration Regulations.  Changed to a sole proprietorship firm solely owned by Mr. Biren Ashokkumar Shah as Mr. Paresh Bhaskarrai Mehta retired on 26th May, 1994.

Initially the subject was located at 6/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 9/F., Houng Sun Mansion, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in September 1992; to Flat A-1, 12/F., Austin Mansion, 15A Austin Avenue, Tsimshatsui, Kowloon, Hong Kong in February 1997; to Flat A, 8/F., Ka Ma Building, 16 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in October 1998; to Flat 5F, 5/F., Block F, Comfort Building, 88 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in November 2002; to Flat 44, 7/F., Howard Building, 44 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in September 2003; and further moved to the present address in March 2005.

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, precious and semi-precious stones.

 

Employees:                   Nil.

 

Commodities Imported:   India, Thailand, other Asian countries, Europe, etc.

 

Markets:                       Japan, other Asian countries, Europe, Middle East, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Making a very small profit every year.

 

Condition:                      Keeping in a fairly active manner.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Hang Seng Bank Ltd., Hong Kong.

 

Standing:                      Small.

 

GENERAL

Gem Gold is an Indian company founded by Mr. Biren Ashokkumar Shah in 1991.  Shah has been in Hong Kong for a very long time.

The subject’s registered address is located at Flat B-7, 11/F, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.  This office is not in a commercial building but a residential building.  It is likely that Shah has moved to this new address but does not make any amendments on the subject’s registration materials.  The subject’s operating address is also Shah’s residential address.  The residential building is not trespassed by outsiders.

The subject is a diamond importer, exporter and wholesaler.  It is handling single-cut diamonds, fullcut loose diamonds, diamond watches, carat size diamonds, etc.  Commodities are chiefly imported from India, Thailand and other Asian countries.  Prime markets are Hong Kong, Japan, India, Thailand, other Asian countries, Europe, the Middle East, etc.

It is reported that it has had an associated company known as Gem Gold (Thailand) Ltd. in Thailand.

The subject is just a one-man company.  Keeping a balance account or making a very small profit in the past years.  However, it is able to maintain a number of regular suppliers and customers in India and Thailand respectively.

The history of the subject in Hong Kong is over nine years and ten months.

On the whole, consider the subject good for normal business engagements in small credit amounts.

 

COURT CASES:            None per our.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.40

UK Pound

1

Rs.73.26

Euro

1

Rs.65.17

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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