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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GEM EXPORTS LTD |
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Registered Office : |
Unit 27, 11/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
26.03.2010 |
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Com. Reg. No.: |
52002800 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and
jewellery products. |
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No. of Employees : |
4. (Including Associate) |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
HONGKONG - 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 |
GEM EXPORTS LTD.
ADDRESS: Unit 27, 11/F., Block B,
Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-2723
2690, 2739 8551, 2366 6863
FAX: 852-2723
6246
E-MAIL: gemexpo@netvigator.com
Managing Director: Mr. Ashok Mundra
Incorporated on: 26th March, 2010.
Organization: Private
Limited Company.
Capital: Nominal:
HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Diamond
Trader.
Employees: 4. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 27, 11/F., Block B, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.
Associated
Companies:- (Same address)
Gem Exports, Hong Kong.
Tirupati Diamonds, Hong Kong.
52002800
1436043
Managing Director: Mr. Ashok
Mundra
(Mobile Phone No.: 852-9301 5041)
Nominal Share Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry
dated 26-03-2014)
|
Name |
|
No. of shares |
|
Ashok MUNDRA |
|
1,600,000 |
|
Mukesh MUNDRA |
|
400,000 |
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|
–––––––– |
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Total: |
2,000,000 ======= |
(As per registry
dated 26-03-2014)
|
Name (Nationality) |
Address |
|
Ashok MUNDRA |
Unit C & D, 16/F., Tower 25, Laguna Verde Phiva, IVB,
8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
|
Mukesh MUNDRA |
Unit C & D, 16/F., Tower 25, Laguna Verde Phiva, IVB, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 26-03-2014)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Services Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New
Territories, Hong Kong. |
1906147 |
The subject was incorporated on 26th March, 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 diamonds and jewellery
products
Employees: 4.
(Including associate)
Commodities Imported: India,
Belgium, other European
countries, etc.
Markets: Japan,
other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge:-
Date of Assignment of Life Insurance:
06-01-2014
Amount: All monies
Property: (1) All the Assignor’s claims under the
Insurance:
Insurance Policy No: 28007393
Name of Insurance Co.: HSBC Life
(International) Ltd.
Name of the Insured: Priti Mundra
Assignor / Policy Owner: Gem Exports Ltd.
(2) All the Assignor’s claims against the
issuer of the Policy
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made
a small profit in 2013.
Condition: Business
keeps on improving.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Having issued 2 million ordinary shares of HK$1.00 each, Gem Exports
Ltd. is jointly owned by Mr. Ashok Mundra, holding 80% interests; and
Ms. Mukesh Mundra, holding 20%. The
two Mundras are Indian and Hong Kong ID Card holders. The latter is an Indian businesswoman. They have got the right to reside in Hong
Kong permanently. They are also
directors of the subject.
Ashok Mundra can be reached at his Hong Kong mobile phone number 852 -
9301 5041.
The subject is trading in the following commodities:-
Finished Jewellery
Diamond Jewellery
o White Diamond Jwellery
Gem Set Jewellery
o Emerald Jewellery
o Ruby Jewellery
o Sapphire Jewellery
Gold Jewellery
o 18K Gold Jewellery
o 21K Gold Jewellery
Platinum Jewellery
o Pt 750 Platinum Jewellery
o Pt 850 Platinum Jewellery
o Pt 900 Platinum Jewellery
o Pt 950 Platinum Jewellery
o Pt 990 Platinum Jewellery
o Fineness not Specified
Materials
Diamond
o
Polished White Diamond
o
Polished Colour Diamond
Precious gemstones
o
Polished Emerald
o
Polished Ruby
o
Polished Sapphire
Polished Semi precious Gemstone
o
Amethyst
o
Aquamarine
o
Citrine
o
Garnet
o
Tanzanite
o
Tourmaline
o
Others
Incorporated on 26th March, 2010, the subject has had a main associated
company Tirupati Diamonds [Tirupati] located at the same operating office. Tirupati is also a diamond trader.
Tirupati is a sole proprietorship set up and owned by Ms. Mukesh Mundra
who is a shareholder of the subject.
Business commenced in October 1996, Tirupati is trading in loose, cut
and polished diamonds, precious stones, gem sets, semi-precious stones, blue or
coloured sapphire, etc.
The subject’s polished, cut and loose diamonds are imported from India,
Belgium, the other European countries, etc.
India is its main supplying country.
Some of the rough diamonds are polished or processed in Hong Kong
or China. Finished products and polished
diamonds are marketed in Hong Kong, exported to China, Japan, the United
States, Thailand, the United Arab Emirates, South Korea, Europe and the other
Asian countries.
The business of the subject and Tirupati are chiefly handled by the two
Mundras.
Besides Tirupati, the subject has had another associate Gem Exports,
this firm is also a diamond trader and also controlled by the Mundras. Gem Exports is also located at the same
address. It is a member of The Indian
Chamber of Commerce Hong Kong which is a Hong Kong Indian businessmen
association.
In order to penetrate the international market further, the subject will
take part in fairs and exhibitions held in Hong Kong and other foreign large
cities. However, it is going to
penetrate the China market further in the years ahead.
The subject’s business keeps on improving. Its history in Hong Kong is about four years
and seven months.
On the whole, consider the subject good for normal business engagements
in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
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|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
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Report Prepared
by : |
NIT |
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 |
-- |
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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.