|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
NUANCE JEWELS |
|
|
|
|
Formerly Known as : |
Rolling Stones |
|
|
|
|
Registered Office : |
Flat D, 6/F., Tower 2, Lake View Garden, 21 Yau On Street,
Shatin, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.07.2001 |
|
|
|
|
Com. Reg. No.: |
31973387-000-07 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of all kinds of diamond, gemstone and jewellery. |
|
|
|
|
No of Employees : |
20 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
NUANCE JEWELS
Room 1001, 10/F., Golden Dragon Centre, 38-40 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 1144, 2334 5550
FAX: 852-2334 4449
Manager: Mr. Gaurang Ramesh Paymaster
Establishment: 1st July, 2001.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Wholesaler and Re-exporter.
Employees: 20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
address:-
Flat D, 6/F., Tower 2, Lake View Garden, 21 Yau On Street, Shatin, New Territories, Hong Kong.
Head Office:-
Room 1001, 10/F., Golden Dragon Centre, 38-40 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Crystural Gems, Hong Kong. (Same address)
31973387-000-07
Manager: Mr. Gaurang Ramesh Paymaster
Name: Mr. Gaurang Ramesh PAYMASTER
Residential Address: Flat
C, 4/F., Block 3, Palm Mansion, Whampoa Garden, Hunghom, Kowloon, Hong
Kong.
The subject was established on 1st July, 2001 as a sole proprietorship concern of Mr. Gaurang Ramesh Paymaster under the Hong Kong Business Registration Regulations.
Originally the subject was registered under the name of Rolling Stones, name changed to the present style on 29th April, 2013.
Initially the subject’s registered address was located at “Flat C, 4/F., Block 3, Palm Mansion, Whampoa Garden, Hunghom, Kowloon, Hong Kong” where is the residential address of the proprietor, moved to the present address in June 2002.
However, its operating address is located at “Room 1001, 10/F., Golden Dragon Centre, 38-40 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.”
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of diamond, gemstone and jewellery.
Employees: 20.
Commodities Imported: Imported from Europe, India, other Asian countries, etc.
Markets: Hong Kong, India, other Asian countries, Middle East, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Made small profits in the past years.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Fair.
Bankers:-
· ABN AMRO Bank N.V., Hong Kong Branch.
Deutsche
Bank AG, Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Formerly known as Rolling Stone, Nuance Jewels is a sole proprietorship set up and owned by Mr. Gaurang Ramesh Paymaster who is an India merchant. Having been in Hong Kong for a very long time, he is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Paymaster is also manager of the subject.
The subject’s registered address is located at Flat D, 6/F., Tower 2, Lake View Garden, 21 Yau On Street, Shatin, New Territories, Hong Kong while its operating office is located at Room 1001, 10/F., Golden Dragon Centre, 38-40 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
We can reach Paymaster at your given Hong Kong phone number 852-2334 5550. According to Paymaster, the subject has had over 20 employees in Hong Kong.
Business commenced on 1st July, 2001, the subject is a diamond and gemstone importer, exporter and wholesaler. It is also a commission agent.
Polished and cut diamonds and loose diamonds are mainly imported from India, the other Asian countries and Europe. It imports gemstones from Sri Lanka, Thailand, South Africa, etc. Processed diamonds are marketed in Hong Kong which is the prime market. In recent years, it also has exported some of its products to India, other Asian countries and the Middle East. Most of its customers are Indian diamond retailers and exporters. Business has been fairly active.
Last time, the subject’s office was located at Flat C, 4/F., Block 3, Palm Mansion, Whampoa Garden, Hunghom, Kowloon, Hong Kong where was the residential address of the proprietor. In June 2002, the subject moved to Flat D, 6/F., Tower 2, Lake View Garden, 21 Yau On Street, Shatin, New Territories, Hong Kong where is supposed to be Paymaster’s new residence. The residential building Lake View Garden is not trespassed by outsiders.
The subject has had close business ties with a number of diamond manufacturers and suppliers in Mumbai, India.
Besides, the subject has had an associated company known as Crystural Gems located at its registered address. Established on 23rd September, 1999, Crystural Gems is also a diamond and gemstone company which is also owned and operated by Paymaster.
The subject has had sufficient working capital to support its current operating level.
As the history of the subject in Hong Kong is about thirteen years, on the whole, 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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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.