|
Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
R.C.
GEMS |
|
|
|
|
Registered Office : |
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.12.2006 |
|
|
|
|
Com. Reg. No.: |
37408536-000-12 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, gems, precious stones, etc. |
|
|
|
|
No. of Employees : |
01 |
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 |
R.C. GEMS
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Manager: Mr. Chirag Hitendra Sanghvi
Establishment: 1st December, 2006.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
37408536-000-12
Manager: Mr. Chirag Hitendra Sanghvi
Name: Mr. Chirag Hitendra SANGHVI
Residential Address: 10,
Hill View, 2/F., Raghauji Road, Cumballa Hill, Mumbai-400036, India.
Name: Mr. Devendrasingh BORA
Residential Address: Block 203, Dattatraya Niwas Plot, 125 Krishna Nagar X Road No. 12, Borivali, Mumbai
MS 400066, India.
The subject was established on 1st December, 2006 as a partnership concern owned by Mr. Rickin Dhirenkumar Shah and Mr. Chirag Hitendra Sanghvi under the Hong Kong Business Registration Regulations.
The following
table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Rickin Dhirenkumar Shah |
01-12-2006 |
30-06-2009 |
|
Chirag Hitendra Sanghvi |
01-12-2006 |
- |
|
Devendrasingh Bora |
30-06-2009 |
- |
Initially the subject was located at Flat A3, 11/F., Burlington House, 90‑94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 11, 18/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong in November 2007 and further moved to the present address in February, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, gems, precious stones, etc.
Employee: 1.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made small profits in the past three years.
Condition: Business is normal.
Facilities: Making fairly active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
R.C. Gems is a partnership established in December 2006. It was jointly owned by Mr. Rickin Dhirenkumar Shah and Mr. Chirag Hitendra Sanghvi. Both of whom are Indian and each of them is holding an India passport. The former retired on 30th June, 2009 while Mr. Devendrasingh Bora joined in as a partner on the same date so that the subject remains to be a partnership. The new partner is also an Indian holding an India passport. Now, the subject is jointly owned by Chirag Hitendra Sanghvi and Devendrasingh Bora.
The subject moved to the present new address in February 2012.
The subject is a diamond and gem importer, exporter and wholesaler. It is dealing in fine coloured diamonds and rare gem stones. Products include the following items:-
Fancy coloured diamonds, unusual rose cut & briolette cut diamonds, single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire, etc.
Rough diamonds, polished or cut products are imported from India, Belgium and other European countries, etc. Rare gemstones are also imported from Cambodia and Sri Lanka. Finished products and polished diamonds and gems are marketed in Hong Kong, exported or re-exported to Japan, India and other Asian countries. Business keeps on improving. It has got regular suppliers in India and a number of foreign customers.
The subject’s business is chiefly handled by an Indian who can be reached at his mobile phone.
It was reported that the subject has had an associated company bearing the same name in Mumbai, India.
In order to penetrate the international market further, the subject is trying to take part in fairs and exhibitions held in Hong Kong.
As the history of the subject in Hong Kong is over six years, on the whole, consider it good for business engagements in small credit amounts.
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.61.86 |
|
UK Pound |
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.