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Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ISKCON GEMSISKCON GEMS |
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Registered Office : |
Unit 1223, 12/F., Block B, Focal Industrial Center, 21 Man Lok Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.01.1988 |
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Com. Reg. No.: |
11546617-000-01 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
TRADER
OF PRECIOUS STONE AND DIAMOND |
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No. of Employees : |
5. (Including affiliates) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
ISKCON GEMSISKCON
GEMS
ADDRESS: Unit 1223, 12/F., Block B, Focal
Industrial Center, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2366 4499, 2366 9040,
2367 6541, 2366 5599
FAX: 852-2366 5599
E-MAIL: iskongem@netvigator.com
mail@iskcongems.com
Manager: Mr. Agarwal Rajesh
Establishment: 20th January, 1988.
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.
ISKCON GEMSISKCON GEMS
Head Office:-
Unit 1223, 12/F., Block B, Focal Industrial Center, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.
Affiliated
Companies:-
IGM Exports Pvt. Ltd., India.
IG Exports, Hong Kong. (Same
address)
Navaratna Exports Ltd., Thailand.
11546617-000-01
Manager: Mr. Agarwal Rajesh
Name: Mr. Agarwal RAJESH
Residential Address: Alak-Nanda,
C’scheme, Jaipur, India.
The subject was established on 20th January, 1988 as a sole
proprietorship concern owned by Mr. Agarwal Rajesh under the Hong Kong Business
Registration Regulations.
Long time ago the subject was located at Room A-3, 9/F., Carnarvon
Mansion, 10 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room B,
7/F., Block B, Champagne Court, 16-20 Kimberley Road, Tsimshatsui, Kowloon,
Hong Kong in February 1997; to Room A & B, 13/F., Chase Gold Tower, 100 Ma
Tau Wai Road, Hunghom, Kowloon, Hong Kong in August 2004, and further moved to
the present address in July 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Precious
Stone and Diamond Trader. Precious Stone and Diamond Trader.
Lines: Sapphire, ruby, emerald, gemstone, diamond,
etc.
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.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
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.
Iskcon Gems is a sole proprietorship set up on 20th January, 1988 and owned
by Mr. Agarwal Rajesh who is an India businessman. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is manager of the subject.
The subject has another company IG Exports located at the same
address. IG Export is a sole
proprietorship set up on 29th May, 2007 and owned by Ms. Sunita Agarwal
who is an India businesswoman. She seems
to be a family member of Agarwal Rajesh.
The subject is trading in the following commodities:
|
Product/Service |
Product/Service Remarks |
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Fine Jewellery Gemstones and Jade |
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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.
The subject’s associated factories are in Thailand, China and India.
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 has got an affiliated company Navaratna Exports
Ltd. [Navaratna] which is a Thailand-based firm. Navaratna is in Bangkok, Thailand.
Another affiliated firm 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, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. The history of the subject is
over twenty-seven years in India.
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 is going to
take part in “HKTDC Hong Kong International Jewellery Show 2015” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 4th to 8th March, 2015.
Its booth No. is AWE 5-H01.
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
twenty-six years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
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|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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.