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Report No. : |
329967 |
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Report Date : |
06.07.2015 |
IDENTIFICATION DETAILS
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Name : |
R.A. GEM CENTRE
LTD. |
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Registered Office : |
Room 912-913, 9/F., Harbour Centre Tower 1, 1 Hok Cheung Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
21790383 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer, Wholesaler and Exporter of all kinds of diamonds. |
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No of Employees : |
45 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source
: CIA |
R.A. GEM
CENTRE LTD.
ADDRESS: Room 912-913, 9/F., Harbour Centre
Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2721
8360, 2774 8000, 2723 8587
FAX: 852-2311
9377
E-MAIL: info@ragemcentre.com
sales@ragemcentre.com
marketing@ragemcentre.com
Managing Director: Mr. Nilesh Vinodrai Shah
Establishment: 1989.
Incorporated on: 5th June, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Diamond
Trader.
Employees: 45.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Room 912-913, 9/F., Harbour Centre Tower 1, 1 Hok Cheung Street,
Hunghom, Kowloon, Hong Kong.
Holding Company:-
S.Vinodkumar International Pte. Ltd., Singapore.
Associated/Affiliated Companies:-
S.Vinodkumar Group of Companies
Bharat Trading Inc., Japan.
Gemini Diamonds Inc., USA.
IDI Jewels Inc., USA.
Indian Diamond Imports Inc., USA.
Indigo Jewellery (Belgium) BVBA, Belgium.
Indigo Jewellery (India) Manufacturing Pvt. Ltd., India.
Indigo Jewellery Pvt. Ltd., India.
Indigo Jewelry Inc., US.
Indigo Jewels Ltd., Hong Kong.
S.V. Gems N.V., Belgium.
S.V.K. Jewels Pvt. Ltd., India.
S.Vinodkumar (Europe) Sales BVBA, Belgium.
S.Vinodkumar (USA) Inc., US.
S.Vinodkumar Diamonds Pvt. Ltd., India.
S.Vinodkumar DMCC, UAE.
S.Vinodkumar International (USA) Inc., US.
S.Vinodkumar Japan, Japan.
S.Vinodkumar Sales LLP, India.
etc.
21790383
0646505
Managing Director: Mr. Nilesh Vinodrai Shah
Contact Person: Mr. Chetan Shah
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 05-06-2014)
|
Name |
|
No. of shares |
|
S.Vinodkumar International Pte. Ltd. Six Battery Road # 10-01, 049 909 Singapore. |
|
100 === |
(As per registry dated 05-06-2014)
|
Name (Nationality) |
Address |
|
Nilesh Vinodrai SHAH |
Flat H, 8/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
|
Ketul Kumar Chandrakant SHAH |
Room 912-913, 9/F., Harbour Centre Tower 1, 1 Hok Cheung Street,
Hunghom, Kowloon, Hong Kong. |
(As per registry dated 05-06-2014)
|
Name |
Address |
Co. No. |
|
Hojin SEC Ltd. |
Room 301, 3/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong
Kong. |
0612527 |
The subject was originally established in 1989 under the name of R.A. Gem
Centre. Re-organized and incorporated on
5th June, 1998 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject was located at Room 1201, 12/F., Chevalier House,
45‑51 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to
Unit 30‑31, 4/F., Block B, Focal Industrial Centre, 21 Man Lok
Street, Hunghom, Kowloon, Hong Kong in May 2003, and further to the present
address in March 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer, Wholesaler and Exporter.
Lines: All
kinds of diamonds.
Employees: 45.
Materials/Commodities: Imported
from Europe, South Africa, etc.
Markets: Southeast
Asia, China, US, Europe, etc.
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, advanced T/T and D/P.
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
Shanghai Diamond Exchange, China.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Mortgage or Charge: (See attachment)
Indebtedness: HK$15,335,493.47
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 05-06-2014)
Profit or Loss: Business
remains profitable.
Condition: Maintained
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: So far good in manner.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The Royal Bank of Scotland N.V., Hong Kong Branch.
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV),
Hong Kong Branch.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
R.A. Gem Centre Ltd. is a private limited company incorporated in June
1998. It was jointly owned by two
Indians: Mr. Ketan Kantilal Shah and Ms. Abhaykumar Sumatilal Shah. Now, it has become a wholly-owned subsidiary
of S.Vinodkumar International Pte. Ltd. which is a Singapore‑based
firm. The directors of the subject are
Nilesh Vinodrai Shah and Ketul Kumar Chandrakant Shah. The two Shahs belong to the same family.
The subject is a loose diamond importer and exporter. According to the subject, it is one of the
largest suppliers of diamonds below 1 carat in the Asia Pacific Region and
specialized in certified stones from 0.30 pts to 5 carats and is also fully
stocked in a wider and more comprehensive range of diamonds in all sizes and
colours giving all its customers a complete one stop shop solution.
For three consecutive years since 1988, the subject had been awarded the
“Second Highest Importer of Diamonds” (Southeast Asia region) by the Indian
Jewelry Council. From 2002 to 2009, the
subject had been conferred the title of “Best Supporter of Loose Diamond
Supplier in Hong Kong”.
The Shahs established R.A. Gem Centre, which was the subject’s
predecessor, in 1989. Now, the subject
is engaged in manufacturing, wholesaling and exporting loose diamonds, brownish
yellow diamonds. Imported from India and
Belgium, most of the diamonds have been certified by GIA, HRD and IGI.
The subject has been serving the jewellery manufacturing customers for
over 20 years. It is also servicing more
than 300 customers, both jewellery manufacturers and retailers.
The subject is one of the members of S.Vinodkumar Group of Companies
[Group] of India. It is the pioneer
trading company catering the diamond market of Hong Kong as well as other Asian
countries. Its products are also
marketed in Hong Kong.
Indigo Jewellery is the jewellery company of S V Group. It is also an associated company of
S.Vinodkumar Diamonds Pvt. Ltd. Indigo
Jewellery is a leading manufacturer and distributor of polished diamonds and
fine diamond jewellery. Indigo Jewellery
has five companies with a total employees of 700. Its jewellery factory covers a site of 35,000
sq.ft.
In April 2003, the subject moved to Hunghom where is the jewellery
district of Hong Kong. The subject’s
floor area including a workshop covers nearly 14,000 sq.ft. It has employed more than 45 staff. This office is fully equipped with fuller and
wider range of diamonds in all colours and sizes, providing a one‑stop
shop for all walks of customers. Of the
45 staff members, 10 of them are sales executives.
The latest development of the Group is the penetration of the China
market. Its first branch office was set
up in Shanghai, China.
Besides the subject in Hong Kong, the Group has established several
branch offices in the other major cities of the world such as Tokyo, Mumbai,
New York, Dubai, Los Angles and Antwerp.
The corporate office is in Mumbai, India while its factory is in Shyam
Marble Lane, Katargam Road, Surat, India.
The subject’s major markets are China, Japan, Taiwan, South Korea, the
Philippines and Hong Kong.
Rough stones used by the subject are sourced from Belgium. Then they are shipped to the three production
plants located in India for cutting and polishing. Sizes of polished stones range from 0.005
points to 3 carats. Almost all colours
are available. Stones can be provided in
any shape that customers would request.
The subject is also specialized in providing certified stones from sizes
0.30 to 5.00 carats. Its products are
provided by the Group’s factory in Surat, India.
The subject gets its supply of smaller sizes of medium to commercial
make from manufacturers in India mainly, including top exporter S. Vinod Kumar
& Co. in Mumbai. Larger sizes and
stones of finer make are imported from Antwerp in Belgium and New York.
The annual sales turnover of the Group is very significant.
The subject operates from its own office in Hong Kong. It is fully supported by the Group and the
Shah family of India.
The history of the subject in Hong Kong is over sixteen years and five
months.
The contact person of the subject Chetan Shah, who is the Sales Manager,
is also a family member. He can be
reached at his Hong Kong mobile phone number 852-9278 4780.
On the whole, consider the subject good for normal business engagements.
Property information of the company:-
Property Location: Workshop
Unit No. 12 & 13 on 9/F.. Harbour Centre Tower 1,
1 Hok Cheung Street, Kowloon, Hong Kong.
Owner: R.A. Gem Centre Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
13-06-2008 |
- |
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV),
Hong Kong Branch. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
15-10-2003 |
Instrument: Debenture Property: 1) All freehold and leasehold
property of the Company 2) All stocks shares
bonds and securities of any kind whether marketable or otherwise and all
other interests including loan capital of the Company 3) All book and other
debts revenues and claims 4) The uncalled goodwill
and all patents patent applications trade marks trade names registered
designs and copyrights and all licences and ancillary and connected rights
relating to the intangible property 5) The undertaking and
all other assets of the Company Mortgagee: Antwerpse
DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong
Branch. |
The general credit facilities for the sum of HK$46,800,000 |
|
19-03-2012 |
Instrument: Floating
Charge over Assets Property: All company’s undertaking, property and assets Mortgagee: ABN AMRO Bank
N.V., Hong Kong Branch. |
All monies and the discharge of all obligations and liabilities |
|
27-09-2013 |
Instrument: Mortgage Property: 172/13,205th parts or shares of and in Section F of Kowloon Marine Lot
No. 113 and Section H of Kowloon Marine Lot No. 13 (Workshop Unit Nos. 12
& 13 on 9/F., of Harbour Centre Tower 1, Kowloon, Hong Kong.) Mortgagee: Bank of China
(Hong Kong) Ltd., Hong Kong. |
All sums of money |
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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.63.39 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.