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Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
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Name : |
GEMDEM DIAMOND & JEWELRY HONG KONG LTD |
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Registered Office : |
Unit
08B, 13/F., Block B, Hunghom Commercial Centre, |
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Country : |
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Date of Incorporation : |
26.01.2010 |
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Com. Reg. No.: |
51739074 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of loose
diamonds |
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No of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 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 |
GEMDEM
DIAMOND & JEWELRY
HONG KONG LTD.
Note: (Your enquiry
given as: GEMDEM DIAMONDS & JEWELLERY HONG KONG LTD.) of the same address
ADDRESS: Unit 08B, 13/F., Block
B, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-3151 7020
FAX: 852-3151 7021
Managing
Director: Mr. Wang Xi Guang
Incorporated on :
26th January,
2010.
Organization:
Private Limited
Company.
Capital:
Nominal: HK$10,000.00
Issued: HK$10.000.00
Business Category:
Importer, Exporter
and Wholesaler.
Employees:
4
Main Dealing Banker:
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation:
Satisfactory.
GEMDEM
DIAMOND & JEWELRY
HONG KONG LTD.
ADDRESS:
Registered Head Office:-
Unit 08B, 13/F.,
Block B, Hunghom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon,
Hong Kong.
Holding Company:-
Shanghai Gemdem
Diamond Co. Ltd., China.
Branch:-
Shanghai Gemdem
Diamond Co. Ltd. Shenzhen Co. (also known as Shenzhen Gemdem Diamond Co. Ltd.)
Flat D, 27/F.,
Baishida Building, Second Phase, Baishida Dongdu Square, Taining Road, Luohu
District, Shenzhen, China.
[Tel: 755-2550
0322, Fax: 755-2550 0322]
51739074
1415745
Managing
Director: Mr. Wang Xi Guang
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10.000.00
(As per registry
dated 06-01-2013)
|
Name |
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No. of shares |
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Shanghai Gemdem Diamond Co. Ltd. Room 803B, Block A, No. 1701 Century Boulevard, Pudong New Area,
Shanghai, China. |
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10,000 ===== |
(As per registry
dated 26-01-2012)
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Name (Nationality) |
Address |
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WANG Xi Guang |
Room 13D, Block 3A, Luohu Qu, Color World Garden,
Shenzhen, China. |
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CHEN Bao Kang |
Room 504, Block 2, Yue Cheng Qu Da Cheng
Wan, |
(As per registry
dated 26-01-2013)
|
Name |
Address |
Co. No. |
|
Excel
Concept Consultants Ltd. |
Unit 1210, 12/F., COL Tower, Wharf T&T Square, 123 Hoi Bun Road,
Kwun Tong, Kowloon, Hong Kong. |
0936900 |
The subject was
incorporated on 26th January, 2010 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of loose diamonds, etc.
Employees: 4.
Commodities
Imported: India, China, etc.
Markets: China, Hong Kong, other Asian countries,
Europe, North America, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, D/A, O/A, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share
Capital: HK$10.000.00
Profit or Loss:
Made a small profit in 2013.
Condition: Business is improving.
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: Small.
Having issued
10,000 ordinary shares of HK$1.00 each, Gemdem Diamond & Jewelry Hong Kong
Ltd. is wholly owned by Shanghai Gemdem Diamond Co. Ltd. [Shanghai Gemdem]
which is a China-based firm.
The directors of
the subject Mr. Wang Xi Guang and Mr. Chen Bao Kang are China merchants. Both are China passport holders and do not
have the right to reside in Hong Kong permanently. Wang is a significant character in the field
of jewellery manufacturing industry in China.
The subject is a
loose diamond trader. Its products bear
the trade mark “Gemdem”.
Wang is a native
of Hunan Province. Graduated from Hunan
Normal University Department of English Language in 1997, he came to Shenzhen
Special Economic Zone in 2004 and set up his business Shenzhen Euro-Light
Jewellery Co. Ltd. [Euro-Light]. Very
soon, Euro-Light has become a partner of Dimexon Eurostar which is a diamond
giant trader. Euro-Light marketed
Dimexon Eurostar’s diamonds in Southern China.
In June 2009, Wang
made investments in Shanghai Gemdem and became a principal shareholder of
it. Now, he is the Executive Director of
Shanghai Gemdem which was set up in 2007 and with a registered capital of RMB10
million Yuan. It is the earliest company
in China trading in natural colour diamonds.
Euro-Light has been merged into Shanghai Gemdem.
According to Wang,
he has been in diamond trading for over thirteen years. He is dealing with those diamond merchants in
Israel, Belgium India, the United States, Japan and Hong Kong.
Now, Shanghai
Gemdem is a business partner of Israel L.L.D. Diamond which has its own diamond
mines.
Shanghai Gemdem is
a member of Shanghai Diamond Exchange.
It has set up a branch office in Shenzhen Special Economic Zone and an
office in Nanjing City of Jiangsu Province.
The annual
turnover of Shanghai Gemdem ranges from RMB500 to 520 million Yuan in
China. Business is quite active. According to Shanghai Government, Shanghai
Gemdem is one of the top five companies having the largest export value in
diamonds.
The subject is
fully supported by Shanghai Gemdem.
History in Hong Kong is about four years.
On the whole,
since the history of the subject is short, consider it good for normal business
engagements on L/C basis or in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.52 |
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1 |
Rs. 101.47 |
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Euro |
1 |
Rs. 84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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.