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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DIVINE GEMS |
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Registered Office : |
Unit F2, Room 7, Block 2, 2/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.11.2005 |
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Com. Reg. No.: |
36195342-000-11 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF GEMSTONES
AND DIAMONDS |
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No. of Employees : |
02 |
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 |
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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) |
|
Hong Kong |
A2 |
A2 |
|
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 |
(Formerly located
at:-
Unit F2, Room 9, Block 2, 2/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong. )
DIVINE GEMS
ADDRESS: Unit F2, Room 7, Block 2, 2/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3174 7920
FAX: 852-3020 5059
Manager: Mr. Neha Jain
Establishment: 15th November, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: Standard Chartered Bank Hong Kong Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit F2, Room 7, Block 2, 2/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Affiliated Companies:
Ajentar Trading Co. Ltd., Hong Kong. (Same address)
Blue Star HK, Hong Kong. (Same address)
36195342-000-11
Manager: Mr. Neha Jain
Name: Mr. Neha JAIN
Residential Address: Flat
H, 9/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 15th November, 2005 as a sole proprietorship concern owned by Mr. Akshat Jain under the Hong Kong Business Registration Regulations. On 15th September, 2008, Mr. Neha Jain joined in the subject as a partner and Akshat Jain retired on 16th September, 2008. Now, the subject is solely owned by Neha Jain.
Initially the subject was located at 5/F., Block 58A, Fortuna House, 58‑60 Granville Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat J, 5/F., Universal Mansion, 52 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong in August 2007; to Flat A3A, 4/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong in November 2007; to Flat E, 13/F., Hillwood Court, 22-28 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong in August 2009; to Flat D, 10/F., Windsor Mansion, 29-31 Chatham Road, Tsimshatsui, Kowloon, Hong Kong in August 2010; to Unit F2, Room 9, Block 2, 2/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong in April 2013; and further to the present address in January 2014.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of gemstones and diamonds,.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, Europe,
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Keeping a balance account.
Condition: Business is fairly active.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank Hong Kong Ltd., Hong Kong.
Standing: Small.
Divine Gems is a sole proprietorship owned by Mr. Neha Jain who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Neha Jain joined in the subject in September 2008.
The subject moved to the present address in January 2014.
The subject 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, etc. Gemstones are imported from India, Thailand, Sri‑Lanka, and Africa, etc. For precious stones, the subject has all sizes in the diamond cut and normal cuts (in rounds) which are chiefly imported from India. Prime markets are Hong Kong, Japan, South Korea, the other Asian countries, Europe, North America, etc.
The subject has had an affiliated company Blue Star HK located at the same address. This company is operated by Mr. Vivek Jain.
The business of the subject is chiefly handled by Jain himself. History in Hong Kong is about nine years.
On the whole, consider the subject good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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 |
|
|
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 |
|
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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.