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Report No. : |
303802 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ORIENTAL GEMCO HK CO. |
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Registered Office : |
Room 1305, 13/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
11.08.2005 |
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Com. Reg. No.: |
35911187-000-08 |
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Legal Form : |
Partnership |
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Line of Business : |
Trader of all kinds of Gemstones. |
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No. of Employees : |
3 |
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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Hongkong |
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 |
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 |
(Your enquiry given as:
ORIENTAL HEMCO HK CO with former located at:
Room 702A, 7/F., Block A, Focal Industrial
Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.)
Note: Your given Room No. 707A is not correct.
ORIENTAL GEMCO HK CO.
ADDRESS: Room 1305, 13/F., Peninsula
Square, 18 Sung On Street, Hung Hom, Kowloon,
Hong Kong.
PHONE: 852-2766 2980
FAX: 852-2766 2981
E-MAIL: tracysit@orientalgemco.com
Manager:
Mr. Sankalp
Nigam
Establishment: 11th
August, 2005.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Gemstone trader.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head
Office:-
Room 1305, 13/F., Peninsula Square, 18 Sung
On Street, Hung Hom, Kowloon, Hong Kong.
Associated
Companies:
Oriental Gemco Ltd., Hong Kong.
Oriental Gemco Pvt. Ltd., India.
Oriental Gemco (NY) Inc., US.
35911187-000-08
Manager:
Mr. Sankalp
Nigam
Name:
Mr. Gaurav
Nigam
Residential Address: B-41A, Malviya Nagar, Jaipur – 302017, India.
Name:
Mr.
Pravesh Nigam
Residential Address: 118-17, Union Turnpike Apt 19H, Forest Hill, NY 11375 U.S.A.
Name:
Mr.
Sankalp NIGAM
Residential Address: 80/303, Patel Marg, Mansarover Jaipur.
The subject was established on 11th August, 2005 as a partnership
concern jointly owned by Mr. Gaurav Nigam, Mr. Pravesh Nigam and Mr. Sankalp
Nigam under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat 8, 11/F., Star
Mansion, 3-5 Minden Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1206,
12/F., Block B, Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong in November 2006, to Room 702A, 7/F., Block A, Focal
Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong in January
2008 and further moved to the present address in August 2013.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Gemstone
trader.
Lines: All
kinds of gemstones
Employees: 3.
Commodities Imported: India, Sri Lanka, other Asian countries, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, North America, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying: L/C,
Advanced T/T, etc.
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:
Normal.
Oriental Gemco HK Co. is a partnership jointly owned by three India
merchants, namely, Mr. Gaurav Nigam, Mr. Pravesh Nigam and Mr. Sankalp
Nigam. All belong to the Nigam family.
The subject is a gemstone trader.
In the early 1970’s brothers from the Nigam family started hand cutting
stones for Jewellers in India. By the
late 1990’s the company had grown into a major supplier in the global jewellery
market. In 2005 the subject launched its
first jewellery collection into the market.
The family now runs business and controls all the parts of the jewellery
manufacturing, from stone cutting to the final finishing.
The subject is a manufacturer of fine jewellery products. The company has its offices in the United
States and India.
Now, the subject has become a multi-million dollar business
enterprises. The US company is known as
Oriental Gemco (NY) Inc. The US company
was opened in 1996 with a 475 sq.ft. office.
In 5 years, the US company moved to a 6,000 sq.ft. office in the Diamond
District of Manhattan. This company
maintains a large inventory of Diamond Beads-Briolette, Rose cuts, Precious and
Semi-Precious Stone beads in all shapes and sizes.
According to the subject, a young and dedicated team is always traveling
and participating in around 55 shows annually all over the world.
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
Jewellery Show 2015” which will be held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2015.
The business of the subject is active, so do its associated companies in
India and the United States.
As the history of the subject is over nine years and five months in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.50 |
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|
1 |
Rs.92.16 |
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Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.