|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GANDHI
JEWELS |
|
|
|
|
Registered Office : |
Room F2-10, 2/F., Hang Fung Industrial Building, Phase 2,
2G Hok Yuen Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.06.2005 |
|
|
|
|
Com. Reg. No.: |
35741483-000-06 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER; COMMISSION AGENT OF ALL KINDS
OF DIAMONDS AND GEMSTONES, ETC. |
|
|
|
|
No. of Employees : |
02 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
GANDHI JEWELS
Room F2-10, 2/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2722 6272
FAX: 3690 1550
E-MAIL: infohk@gemporium.net
Manager: Mr. Vikash Gandhi
Establishment: 20th June, 2005.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Gemstone Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room F2-10, 2/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Affiliated
Companies:-
Embassy International (H.K.) Ltd., Hong Kong.
Embassy
International, Hong Kong.
H.K. Dia Trading,
Hong Kong.
Sunrays, Hong Kong.
Associated
Companies:-
Gandhi Enterprises Co. Ltd.,
Thailand.
Gandhi Enterprises,
India.
Gandhi Gems, India.
Gemporium Inc., USA.
35741483-000-06
Manager: Mr. Vikash Gandhi
Name: Mr. Vimal Prakash GANDHI
Residential Address: Saichol
Mansion 11L, 1349/145 Charoen Niakorn Klongsan BKK 10600, Thailand.
Name: Mr. Vikash GANDHI
Residential Address: Room G, 11/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 20th June, 2005 as a partnership concern jointly owned by Mr. Vikash Gandhi and Mr. Peeyush Daga under the Hong Kong Business Registration Regulations.
The following
table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Mr. Vimal Prakash GANDHI |
28-09-2007 |
-- |
|
Mr. Vikash GANDHI |
20-06-2005 |
-- |
|
Mr. Peeyush DAGA |
20-06-2005 |
28-09-2007 |
At the very beginning, the subject was located at Flat B, 11/F., 15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to Flat H, 6/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong in May 2006, and further to the present address in September 2010.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler; Commission Agent.
Lines: All kinds of diamonds and gemstones, etc.
Employees: 2.
Commodities Imported: India, etc.
Markets: Hong Kong, Southeast Asia, Europe, US, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather 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.
Gandhi Jewels is a partnership jointly owned by Mr. Vimal Prakash Gandhi and Mr. Mr. Vikash Gandhi. Both of whom are Indian.
The subject is a diamond and precious stone importer, exporter and wholesaler. It is also a commission agent.
The subject is the supplier, importer and exporter of diamonds in a wide variety like rose cuts diamonds, rose cut heart, etc. It also trades in emerald, ruby, sapphire, aquamarine, taurmaline amythist blue topaz, and other coloured stones. Its diamonds are imported from India, Belgium and other European countries, etc. Some of the commodities are polished and cut diamonds. Finished products and polished diamonds are marketed in Hong Kong or exported or re-exported to Japan, India, other Asian countries, and the United States. Business is fairly active.
The subject has had affiliated companies in Thailand, India and the United States. Its main associated company Gandhi Enterprises Co. Ltd. [Gandhi Enterprises] is in Thailand.
Gandhi Enterprises was established in Bangkok by Vimal Gandhi and now run by Vimal Gandhi and his son Vikas Gandhi. It started with manufacturing sapphire & rubies in all shapes and sizes and colours. Having over 3 decades of experience, Gandhi Enterprises pioneered the art of cutting precious gemstones. It opened an office in New York by the name of Gemporium Inc. and in Jaipur by the name of Gandhi Gems.
As its strengths in rubies and sapphire grew, it soon started to manufacture emeralds and tanzanites as well followed by spessartite and tsavorite garnets. Its strong sourcing of raw materials gives it a competitive edge to supply to its customers premium quality and reasonably priced goods. Products supplied range from high end exclusive single pieces & calibrated sizes to commercial quality.
As the history of the subject is over seven years in Hong Kong, on the whole, consider it good for normal business engagements.
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This
could be the biggest credibility crisis the Indian diamond industry has ever
faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen
diamond firms in Surat. Until about two months ago, they had not repaid
these dues. Bankers believe many diamantaires borrowed money during the
economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.