|
Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEAUTY GEMS |
|
|
|
|
Registered Office : |
Room 908, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, 02 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.10.1999 |
|
|
|
|
Com. Reg. No.: |
30427911-000-10 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
diamonds. |
|
|
|
|
No. of Employees : |
02 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
BEAUTY GEMS
ADDRESS: Room 908, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3165 1680, 2191 9099
FAX: 852-2377 0339
E-MAIL: khatod@netvigator.com
Manager: Mr. Anilkumar Harinarayan Khaton
Establishment: 11th October, 1999.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Gem Trader.
Annual Turnover: HK$35~40 million.
Employees: 2.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 908, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated with:-
Gold Creation Ltd., Hong Kong.
K.V. Impex, Hong Kong.
30427911-000-10
Manager: Mr. Anilkumar Harinarayan Khaton
Name: Mr. Anilkumar Harinarayan KHATON
Residential Address: Flat
4, 18/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
Name: Ms. Rekha DAGA
Residential Address: Flat
C, 4/F., Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 11th October, 1999 as a partnership concern jointly owned by Mr. Anilkumar Harinarayan Khaton and Ms. Rekha Daga under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat C, 4/F., Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C, 4/F., Golden Mansion, 83-85 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong in December 1999, moved to Room 603, 6/F., Tung Shun Hing Commercial Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong Kong in February 2006, and further moved to the present address in May 2013.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: 2.
Commodities Imported: India, Europe, etc.
Markets: Japan, Southeast Asia, Europe, Middle East, etc.
Annual Turnover: HK$35~40 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active status.
Facilities: Making quite active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
Beauty Gems is a partnership concern jointly owned by Mr. Anilkumar Harinarayan Khaton and Ms. Rekha Daga, both of whom are Indian. The two partners are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject moved to the present new address in May 2013.
Business commenced in October 1999, the subject is a diamond and gem importer, exporter and wholesaler. It is dealing in fine coloured diamonds, loose diamonds, diamond collection, carat-size diamond series, loose diamond collection and rare gem stones. Products include fancy coloured diamonds, unusual rose cut and briolette cut diamonds. Commodities are imported from India, Belgium and other European countries, etc. Finished products and polished diamonds are marketed in Hong Kong, exported to Japan, Taiwan, the other Asian countries, Europe, the Middle East, etc. Overall business is satisfactory.
To our knowledge, Ms. Rekha Daga is also the sole proprietor of K.V. Impex which is located at Flat C, 12/F., Mass Resources Development Building, 12 Humphrey’s Avenue, Tsimshatsui, Kowloon, Hong Kong. Established on 22nd October, 1996, K.V. Impex is also a diamond trader.
The business of the subject is chiefly handled by the two partners. Regular suppliers and foreign, local customers have been maintained.
In order to penetrate the international market further, the subject 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. It is going to take part in “HKTDC Hong Kong International Jewellery Show 2014” which will be held in the same Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014.
The annual sales turnover of the subject ranges from HK$35 to 40 million. Making a small profit every year.
In recent years, the two partners have bought premises in Hong Kong. The premises are located at 6/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong. They also have bought three car-parks as well. These premises were purchased under the name of Gold Creation Ltd. which is owned by the two partners.
According to Khaton, the subject is trying to penetrate the Middle East market further in the years ahead.
On the whole, since the history of the subject is over fourteen years in Hong Kong, 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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.