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Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
J. K.
GEMS |
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Registered Office : |
Room 803, 8/F., Tower 2, Harbour Centre, |
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Country : |
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Date of Incorporation : |
09.09.1970 |
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Com. Reg. No.: |
03066340-000-09 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and
jewellery products, emerald, etc. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
J. K. GEMS
Room 803, 8/F.,
Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2376 2512
FAX: 2376 3693
E-MAIL: zaveri@netvigator.com
Manager: Mr. Jayant Kumar Kantilal Jhaveri
Establishment: 9th September, 1970.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$55~60 million.
Employees: 6. (Including affiliate)
Main Dealing Banker: Shanghai Commercial Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
J. K. GEMS
Head
Office:-
Room 803, 8/F., Tower
2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Mailing
Address:-
P.O. Box 95602,
Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Affiliated
Company:-
R. J. Exports,
Hong Kong. (Same address)
03066340-000-09
Manager: Mr. Jayant Kumar Kantilal Jhaveri
Name: Mr. Jayant Kumar Kantilal JHAVERI
Residential
Address:
8-C, 8/F., Rattan
House, 4 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
The
subject was established on 9th September, 1970 as a sole proprietorship concern
owned by Mr. Jayant Kumar Kantilal Jhaveri under the Hong Kong Business
Registration Regulations.
At
the very beginning, the subject was located at 8-C, 8/F., Rattan House,
4 Hankow Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 8/F., Bo
Yip Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong in October 1981,
and further to the present address in April 2007.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds and jewellery products, emerald, etc.
Employees: 6. (Including affiliate)
Commodities Imported: India, Belgium, Africa, US, etc.
Markets: Asian countries, Western Europe, Africa, North America, Middle East, etc.
Annual Turnover: HK$55~60 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: Diamond Federation of Hong Kong, China Ltd., Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Business is rather active.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Shanghai Commercial Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
J.
K. Gems is a sole proprietorship set up and owned by Mr. Jayant Kumar Kantilal
Jhaveri who is an Indian and has been in Hong Kong for a very long time. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
Business
commenced in September 1970, the subject is trading in the following
commodities:-
·
Blue or Coloured Sapphire (from South Africa, Sri
Lanka and India);
·
Loose diamonds (from the United States, Belgium and
India); &
·
Ruby (from South Africa and India).
The
subject also trades in emerald, precious stones, gem stones, semi‑precious
stones, etc. It is also an export agent
and buying co-operator. It imports
diamond, gem stones and jade from Belgium, India, Israel, the United States,
South Africa, etc. Products are marketed
in Hong Kong, exported to the other Asian countries, Western Europe, Africa,
North America, the Middle East, etc. It
is also a commission agent. Business is
rather steady.
The
subject is a member of The Indian Chamber of Commerce Hong Kong, a Hong Kong
base association.
The
annual sales turnover of the subject ranges from HK$55 to 60 million. Making a small profit every year. Regular suppliers and customers have been
maintained.
The
subject has got an affiliated company R. J. Exports located at its operating
address. R. J. Exports is also a diamond
and gem stone trader. Its business is
handled by Mr. Rakesh Zaveri who is also an Indian. Zaveri is also a Hong Kong ID Card holder and
has got the right to reside in Hong Kong permanently. He is also the sole owner of R. J.
Exports. R. J. Exports seems to be a
business partner of the subject.
Business
chiefly handled by Jayant Kumar Kantilal Jhaveri himself, the subject is one of
the oldest diamond traders in Hong Kong.
The
subject considers its business still has room for further expansion.
Since
the history of the subject is over forty-two years in Hong Kong, on the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
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|
1 |
Rs.83.17 |
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Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.