MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	IG EXPORTS
Registered Office :	Room 1223, 12/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	29.05.2007
Com. Reg. No.:	37990420-000-05
Legal Form :	Sole Proprietorship
Line of Business :	Importer and Exporter of Sapphire, ruby, emerald, gemstone, diamond
No. of Employees :	5. (Including affiliates)

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 :	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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

company name

IG EXPORTS

ADDRESS

Room 1223, 12/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.

PHONE: 852-2366 4499

FAX: 852-2366 5599

E-MAIL: iskcongems@biznetvigator.com

mail@iskcongems.com

MANAGEMENT

Manager: Ms. Sunita Agarwal

SUMMARY

Establishment: 29th May, 2007.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Precious Stone and Diamond Trader.

Employees: 5. (Including affiliates)

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

Banking Relation: Satisfactory.

Company name

IG EXPORTS

ADDRESS

Head Office:-

Room 1223, 12/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.

Affiliated Companies:-

IGM Exports Pvt. Ltd., India.

Iskcon Gems, Hong Kong. (Same address)

Navaratna Exports Ltd., Thailand.

BUSINESS REGISTRATION NUMBER

37990420-000-05

MANAGEMENT

Manager: Ms. Sunita Agarwal

SOLE PROPRIETOR

Name: Ms. Sunita AGARWAL

Residential Address: Flat B, 15/F., Harbourfront Landmark, Tower 2, 11 Wan Hoi Street, Hunghom, Kowloon, Hong Kong.

HISTORY

The subject was established on 29th May, 2007 as a sole proprietorship concern owned by Ms. Sunita Agarwal under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer and Exporter.

Lines: Sapphire, ruby, emerald, gemstone, diamond.

Employees: 5. (Including affiliates)

Commodities Imported: India, Africa, Burma, Brazil, etc.

Markets: Asia, North America, South America, Europe, etc.

Terms/Sales: L/C or as per contracted.

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

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Made small profits in past three years.

Condition: Business is normal.

Facilities: Making rather active use of general banking facilities.

Payment: Met as contracted.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

IG Exports is a sole proprietorship set up on 29th May, 2007 and owned by Ms. Sunita Agarwal who is an India businesswoman. She is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. She is the manager of the subject.

The subject has got an affiliated company known as Iskcon Gems located at its operating address. Iskcon Gems is owned by Mr. Pinky Agarwal who is supposed to be a family member of Sunita Agarwal.

The subject and Iskcon Gems are controlled by the Agarwal family. Both firms are engaged in the same lines of business.

Currently, Iskcon Gems is trading in the following commodities:-

Product/Service	Product/Service Remarks
Fine Jewellery Gemstones and Jade
Semi-Precious Stone	Citrine, Peridot, Garnet, Aquamarine, Iolite, Tourmuline, Tahzanite and Tsavorite (Importer) Citrine, Peridot, Garnet, Aquamarine, Iolite, Tourmuline, Tahzanite and Tsavorite (Exporter)
Sapphire	From Thailand, Australia, Ceylon (Importer) From Thailand, Australia, Ceylon (Exporter)
Ruby	From Thailand, Burma, Africa (Importer) From Thailand, Burma, Africa (Exporter)
Emerald	From Brazil, Zambia, Columbia (Importer) From Brazil, Zambia, Columbia (Exporter)

The above-mentioned products include the following specifications:

Precious Stone:-

Diamonds, Ruby, Sapphire, Emerald, Pink Sapphire, Yellow Sapphire, White Sapphire, and all other colour sapphires;

Semi Precious Stone:

Alexandrite, Amethyst, Apatite, Aquamarine, Ametrine, Blue Topaz (Swiss Blue, London Blue, Sky Blue), Chalcedony, Citrine, Crome-diopside, Garnet, Green Amethyst, Iolite, Kunzite, Moonstones in all colour, Peridot, Quartz in all kind (Lemon, Olive, Champagne, Pink), Rodholite , Rubilite, Spessartite, Sunstone, Tanzanite, Topaz, Tourmaline (Pink, Green, Multi colour), Tsavorite;

Shapes:

Round, Oval, Pear, Marquise, Heart, Baguette, Octagon, Square, Trillion, Cushion, Cabochons in all shapes, Checkerboard in all shapes, Radiant and Concave cutting in all shapes, Princess cut Square, Diamond cut Round, Drops/ Briolette( Round and Flat), and many more Fancy cut stones;

Sizes:

All calibrated and specially requested sizes are available; &

Rough Stone:

Amethyst, Blue Topaz, Citrine, Lemon Quartz, Olive Quartz, Green Amethyst, Garnet, Pink Amethyst, Peridot, Rose Quartz, White topaz etc.

Most of the commodities are import from Thailand, Burma, Africa, India, etc. Business is rather active. Finished products are exported to Asian countries, North America, South America, Europe, etc.

Besides, the subject and Iskcon Gems have got an affiliated company Navaratna Exports Ltd. [Navaratna] which is a Thailand-based firm. Navaratna is in Bangkok, Thailand.

Another affiliated firm of Iskcon Gems in India is known as IGM Exports. This firm is in Jaipur, India. IGM Exports is trading in sapphire, ruby, emerald, and other kinds of semi-precious stones. Overall business is good.

In order to penetrate the international market further, Iskcon Gems has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. The history of Iskcon Gems is over twenty-seven years in India.

In order to penetrate the international market further, Iskcon Gems has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in “HKTDC Hong Kong International Jewellery Show 2013” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.

The subject is fully supported by its affiliated firms both in Hong Kong and overseas. Business is normal. History of the subject in Hong Kong is over six years.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.29
Euro	1	Rs.84.12

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%)

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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.