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Report No. : |
300308 |
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Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MILLENNIUM GEMS |
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Registered Office : |
Room 09, Unit F2, 2/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.10.2005 |
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Com. Reg. No.: |
36066525-000-10 |
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Legal Form : |
Partnership |
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LINE OF BUSINESS : |
IMPORTER AND EXPORTER DIAMONDS AND GEMSTONES |
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No. of Employee : |
2 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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 |
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 |
MILLENNIUM GEMS
ADDRESS: Room 09, Unit F2, 2/F., Hang
Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom,Kowloon, Hong
Kong.
PHONE: 852-2311
1256, 6345 2448
FAX: 852-3171
9547
E-MAIL: mlmgems2000@gmail.com
Manager: Mr. Prashant Chhajed
Establishment: 4th October, 2005.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Gemstone
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MILLENNIUM GEMS
Head Office:-
Room 09, Unit F2, 2/F., Hang Fung Industrial Building, Phase 2, 2G Hok
Yuen Street, Hunghom,Kowloon, Hong Kong.
36066525-000-10
Manager: Mr. Prashant Chhajed
Name: Mr. Prashant CHHAJED
Residential Address: Room H, 4/F.,
Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.
Name: Mr. Khushboo CHHAJED
Residential Address: Room C,
9/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 4th October, 2005 as a sole
proprietorship concern owned by Mr. Prashant Chhajed under the Hong Kong
Business Registration Regulations.
The following table shows the changes of the partners:
|
Name |
Incoming Date |
Outgoing Date |
|
Prashant Chhajed |
04-10-2005 |
--- |
|
Mahendra Kumar Chhajed |
03-11-2008 |
26-03-2013 |
|
Tarun Kumar Chhajed |
03-11-2008 |
26-06-2013 |
|
Khushboo Chhajed |
26-06-2013 |
--- |
Now, the subject is a partnership concern.
At the very beginning, the subject was located at G/F, 503 Canton Road,
Jordan, Kowloon, Hong Kong, moved to Room D, 12/F., Union Mansion, 33‑35
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong in August 2010, to Room C,
9/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong in
August 2012, and further moved to the present address in January 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Diamonds
and gemstones, etc.
Employees: 2.
Commodities Imported: India, other
Asian countries, etc.
Markets: Hong
Kong, Taiwan, China, Thailand, etc.
Terms/Sales: 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: Is making 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.
Millennium Gems is a partnership jointly owned by two India merchants,
namely, Prashant Chhajed and Khushboo Chhajed.
The first is also the manager of the subject. The two partners belong to the Chhajed
family.
They are Hong Kong ID holders and have got the right to reside in
Hong Kong permanently.
The subject’s old registered address was in a private building located
at Room C, 9/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong. It moved to the present
address in January 2014.
The old address was the residence of Prashant Chhajed. He can be reached at his mobile phone number
852-6345 2448.
The subject is a gemstone trader.
According to the subject, it is one of the ‘best gemstone suppliers in
Hong Kong’. It is specialized in ruby,
sapphire and semi-precious stones.
The subject is also 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.
According to the subject, through the efforts of its experienced buyers,
skilled cutters and dedicated sales representatives, it has gained the
reputation of providing ‘the best quality precious stones at reasonable
prices’.
The subject now has set up associated companies in India, Taiwan, China
and Thailand. It exports its products to
Taiwan, China, Thailand and North America, etc.
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 2015”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2015.
The business of the subject is chiefly handled by the two partners of the
subject. History in Hong Kong is over
nine years and three months.
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.63.28 |
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|
1 |
Rs.98.38 |
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Euro |
1 |
Rs.76.30 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
-- |
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.