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Report No. : |
330994 |
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Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
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Name : |
GEMGOLD INT’L |
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Registered Office : |
Room 1102, 11/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
19.12.2007 |
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Com. Reg. No.: |
38763117-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds |
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No. of Employees : |
5 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
GEMGOLD INT’L
ADDRESS: Room
1102, 11/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 852-2367
2833
FAX: 852-2301
2733
E-MAIL: gemgoldintl@biznetvigator.com
MANAGEMENT:
Manager: Mr. Shridhar Venkataiah Naidu
Establishment: 19th December, 2007.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: US$7.0~9.0 million.
Employees: 5.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
GEMGOLD INT’L
Head Office:-
Room 1102, 11/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
Gemgold Int’l USA Inc., US.
38763117-000-12
Manager: Mr. Shridhar Venkataiah
Naidu
Contact Person: Mr. P V Naidu
Name: Mr. Shridhar Venkataiah
NAIDU
Residential Address: 3/F.,
Front Block, Ocean View Court, 25 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong.
The subject was established on 19th December, 2007 as a sole
proprietorship concern owned by Mr. Shridhar Venkataiah Naidu under the Hong
Kong Business Registration Regulations.
There was a firm known as Gemgold International which was set up on
20th April 1990 bearing business registration number 13545948. The sole proprietor of this firm was Mr.
Poluru Venkataiah Naidu. This firm
ceased business on 23rd October, 2007 as a result of the death of the owner on
the same date. This firm was located at
Room 1102, 11/F., CFC Tower, 22‑28 Mody Road, Tsimshatsui, Kowloon,
Hong Kong.
On 19th December, 2007, a new firm bearing the name of Gemgold Int’l but
with different business registration number 38763117 was established. The new firm is located at Room 1101, 11/F.,
CFC Tower, 22-28 Mody Road, Tsimshatsui, Kowloon, Hong Kong. It moved to the present address in January
2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Employees: 5.
Commodities Imported: India,
Belgium, other European countries.
Markets: US,
UK, Japan, Taiwan, Switzerland.
Annual Turnover: US$7.0~9.0
million.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Gemgold Int’l is a sole proprietorship set up on and owned by Mr.
Shridhar Venkataiah Naidu who is an India merchant. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject is the successor to the old Gemgold International which was
established on 20th April, 1990. The
subject was founded by Naidu who is a family member of the owner of the old firm.
The subject is trading in the following commodities: all kinds of loose
diamonds, natural fancy colour diamonds, round cut diamonds, 34-83-carat
diamonds, 27-29-carat diamonds, 41-83-carat diamonds, 18K Gold Diamond
Earrings, etc. Commodities are imported
from India, Belgium, etc. Prime markets
are Hong Kong, China, South Korea, Taiwan, the United States, the United
Kingdom, Japan, Taiwan, Switzerland.
Now, the subject has set up an associated company Gemgold Int’l USA Inc.
in New York, the United States.
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 2016”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 1st to 5th March, 2016. It
took part in the same exhibition in 2014 and 2015.
The annual sales turnover of the subject ranges from US$7.0 to 9.0 million. Making a small profit every year.
The subject’s business is chiefly handled by S V Naidu. History in Hong Kong is over seven years
and six months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
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|
1 |
Rs.97.65 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.