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Report Date : |
08.03.2014 |
IDENTIFICATION DETAILS
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Name : |
GEMORO |
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Registered Office : |
1803, 18/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.09.2004 |
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Com. Reg. No.: |
34949206-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is a precious stone trader |
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No. of Employees : |
1 |
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 |
GEMORO
ADDRESS: 1803, 18/F., Star Mansion, 3-5
Minden Row, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3172 2175
FAX: 852-3177 0509
Manager: Mr. Manoj Shrimal
Establishment: 27th September, 2004.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Precious
stone trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GEMORO
Head Office:-
1803, 18/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong
Kong.
Associated
Company:-
Tosco International Inc., US.
34949206-000-09
Manager: Mr. Manoj Shrimal
Contact Person: Mr. Amit Baid
Name: Mr. Manoj SHRIMAL
Residential Address: 154-156,
Austin Road, Garden Mansion, 1A Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 27th September, 2004 as a sole
proprietorship concern owned by Mr. Manoj Shrimal under the Hong Kong Business
Registration Regulations.
Formerly the subject was located at 1A, Garden Mansion, 154-156 Austin
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in
September 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Precious
stone trader.
Lines: All
kinds of precious stones
Employee: 1.
Commodities Imported: India, etc.
Markets: Hong
Kong, China, other Asian countries, Europe
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
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.
Gemoro is a sole proprietorship set up and owned by Mr. Manoj Shrimal
who is an India merchant. He is an India
passport holder. He is also manager of
the subject.
The subject’s registered address is in a private building located at
1803, 18/F., Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong. This is supposed to be the new residence of
Manoj Shrimal in Hong Kong.
The subject is a precious stone trader.
It is carrying the following semi-precious stones:
Aquamarine, Pink Amethyst, Rubylite, Green Amethyst, Blue Topaz, Lemon
Topaz, Citrine, Smokey Topaz, Kunzite, Peridot, Morganite, Pink Tourmalines,
Amethyst, Pink Topaz, Garnet, Rose Quartz
Its significant products are loose sapphire stones, red semi-precious
stone strands, tanzanites, diamonds, etc.
Products are marketed in Hong Kong, exported to the other Asian
countries, the United States
The contact person of the subject Mr. Amit Baid is also an Indian.
The subject has had an associated company in the United States known as
Tosco International Inc. [Tosco].
Located in New York, the United States, Tosco is also operated by Manoj
Shrimal.
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 Diamond, Gem & Pearl Show 2014”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 3rd to 7th March, 2014. Its booth No. is AWE 5-D33.
The subject is able to make a small profit every year.
As the history of the subject is over nine years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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 |
|
<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.