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Report No. : |
328155 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
OM GEM (HK) LTD. |
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Registered Office : |
Room 707, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.10.2012 |
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Com. Reg. No.: |
60473665 |
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Legal Form : |
Private Limited
Company. |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND
WHOLESALER OF FINE JEWELLERY,
DIAMONDS. |
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No. of Employee : |
5. (Including associates) |
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 |
OM
GEM (HK) LTD.
ADDRESS: Room 707, 7/F., Fu
Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2723 0097
FAX: 852-2311
1884, 2723 0096
E-MAIL: info@omgem.com.hk
MANAGEMENT:
Managing Director: Mr. Shailesh Kumar Vallabh Bhai Patel
Incorporated
on: 12th
October, 2012.
Organization: Private
Limited Company.
Issued Share
Capital: HK$50,000.00
Business
Category:
Diamond Trader.
Employees: 5. (Including associates)
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Room 707, 7/F., Fu
Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Associated Companies:- (Same address)
OM Gem Creations,
Hong Kong.
OM Gem Creations Ltd.,
Hong Kong. [Dissolved by deregistration]
60473665
1811510
Managing Director: Mr. Shailesh Kumar Vallabh Bhai Patel
HK$10,000.00
(As per registry dated 12-10-2014)
|
Name |
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No. of shares |
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Shailesh Kumar Vallabh Bhai PATEL |
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10,000 ===== |
(As per registry dated 12-10-2014)
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Name (Nationality) |
Address |
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Shailesh Kumar Vallabh Bhai PATEL |
Flat B, 22/F., Block T6, One Silversea, 18 Hoi Fai Road, Tai Kok Tsui, Kowloon, Hong Kong. |
(As per registry dated 12-10-2014)
|
Name |
Address |
Co. No. |
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Top Honour Secretarial Services Ltd. |
Unit 2501, 25/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong. |
1312187 |
The subject was incorporated on 12th October, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject had seven shareholders, including Shailesh Kumar Vallabh Bhai Patel. On 29th September, 2014, Shailesh Kumar Vallabh Bhai Patel acquired all the shares from the other shareholders. Now, the subject is wholly-owned by him.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Fine jewellery, diamonds
Employees: 5. (Including associates)
Commodities Imported: India, Europe
Markets: Hong Kong, China, India, Southeast Asia, Europe
Terms/Sales: COD, L/C, T/T.
Terms/Buying: L/C, T/T, D/P
MEMBERSHIP: Hong Kong Gemstone Manufacturers’ Association Ltd., Hong Kong.
Issued Share Capital: HK$10,000.00
Profit or Loss: Made a small profit in 2014.
Condition: Business is normal.
Facilities: Making 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.
Having issued 10,000 ordinary shares of HK$1.00 each, formerly Om Gem (HK) Ltd. was jointly owned by Mr. Shailesh Kumar Vallabh Bhai Patel and six Hong Kong merchants. Now, the subject is wholly-owned by Patel. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is an associated company of Om Gem Creations Ltd. [OGC] which is located at the same address. The subject and OGC are engaged in the same lines of business. OGC was incorporated on 17th September, 2004.
The subject is specialized in manufacturing and wholesaling polished diamonds. Its main products are: Baguettes; Tapers; Princess; Marquise; Single cut and Full cut diamonds. The colours of the products are fancy.
It has a factory located in India producing various quality, colour and sizes of diamonds to satisfy the requirements of its customers.
The subject has claimed to be an experienced and reliable supplier.
The major markets of the subject are Hong
Kong, Japan, South Korea, China, Taiwan, India, other Asian countries
The contact person of the subject Shailesh Kumar Vallabh Bhai Patel is also the Managing Director of the subject.
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. Its booth No. is AWE 5-J38.
The history of the subject in Hong Kong is over two years and eight months.
On the whole, consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
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|
1 |
Rs.100.41 |
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Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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 |
-- |
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.