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Report No. : |
308181 |
|
Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ORIENTAL GEMCO LIMITED |
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Registered Office : |
Rm. 1305, 13F, Peninsula Square, 18 Sung On St., Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.11.2013 |
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Com. Reg. No.: |
2002443 |
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Legal Form : |
Private Limited Liability Company |
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|
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Line of Business : |
engaged in Manufacturing and sale of jewelry including Gold Necklace, Bracelet and Earring Set as well as Ladies’ Jewelry Set |
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No of Employees : |
Not Available [NOTE: We tried to confirm
the number of employees but no one is ready to part any information from the
company management.] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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Company Name: |
Oriental Gemco Limited |
|
Supplied Name: |
Oriental Gem Co
Ltd |
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Trading Address: |
Rm. 1305, 13F, Peninsula Square, 18 Sung On St., Hung Hom, Kowloon,
Hong Kong |
|
Supplied
Address: |
Room No 1305,
13th Floor, Pennisula Square 18 Sungon Sheet Hunghom Kowloon |
Note: The exact name and address are as above.
|
Credit Opinion: |
Since the subject is a newly established
company, the future development remains to be seen. At this stage credits
require securities. |
We have arranged the site visit for the supplied address, but the result has not been come back, we will update the report when receive the photos.
We contacted the subject through the telephone number +852-2766-2980 from public files, and Mr. Sam answered the phone and confirmed the subject is located at the supplied address.
|
Registered Name: |
|
|
Registered Address: |
Rm. 1305, 13F, Peninsula Square, 18 Sung On
St., Hung Hom, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2766-2980 |
|
Fax Number: |
+852-2766-2981 |
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Date of Registration: |
2013-11-26 |
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Registered Number: |
2002443 |
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Business Registration No.: |
62395710 |
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Paid-up Capital: |
HKD 500,000 (USD 64,500) = 500,000 Shares@ HKD 1 (As of 2015.2, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
89731--Articles of jewellery and parts thereof, of precious metals or
metals clad with precious metals (g) |
|
Principal Activities: |
engaged in Manufacturing
and sale of jewelry including Gold Necklace, Bracelet
and Earring Set as well as Ladies’ Jewelry Set |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-11-26 |
Notes: Subject declined to disclose the number of staff, and from other source we cannot obtain the detail information.
Subject was incorporated on 2013-11-26 with the registered number 2002443 as Private Limited Liability Company in Hong Kong.
Related Companies
|
1 |
|
|
Name: |
Oriental Gemco New York |
|
Address: |
56 West 45th St., 5th Floor, New York, NY-10036,
USA |
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Telephone Number: |
+1-212-391-5801 |
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Fax Number: |
+1-212-391-5803 |
|
2 |
|
|
Name: |
Oriental Gemco Pvt Ltd |
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Address: |
13, Chetak Maro Near JK Lone Hospital Tri Muri Circle, Jaipur 302004 |
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Telephone Number: |
+91-141-261-3454 |
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Nigam Gaurav |
125,000 |
25% |
|
Nigam Narendra Kumar |
125,000 |
25% |
|
Nigam Prateek |
125,000 |
25% |
|
Nigam Pravesh |
125,000 |
25% |
|
Total |
500,000 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Nigam Gaurav |
|
Address: |
Rm. 1305, 13F, Peninsula Square, 18 Sung On St., Hung Hom, Kowloon,
Hong Kong |
|
2 |
|
|
Name: |
Nigam Narendra Kumar |
|
Address: |
11817 Union 19G-H Forest Hills NY 11375 Unites States |
|
3 |
|
|
Name: |
Nigam Prateek |
|
Address: |
11817 Union 19G-H Forest Hills NY 11375 Unites States |
|
4 |
|
|
Name: |
Nigam Pravesh |
|
Address: |
11817 Union 19G-H Forest Hills NY 11375 Unites States |
Core Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Nigam Gaurav |
|
Address: |
Rm. 1305, 13F, Peninsula Square, 18 Sung On St., Hung Hom, Kowloon,
Hong Kong |
|
Position: |
Director |
|
ID Number: |
M 220585(3) |
|
2 |
|
|
Name: |
Lodestar Secretaries Limited |
|
Address: |
13F, Wah Kit Commercial Centre, 302 Des Voeux Rd. Central, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
113023 |
Offices &
Factories
|
|
Office |
|
Address: |
Rm. 1305, 13F,
Peninsula Square, 18 Sung On St., Hung Hom, Kowloon, Hong Kong |
Premises
Information
The subject is located at Rm. 1305, 13F, Peninsula Square, 18 Sung On St., Hung Hom, Kowloon, Hong Kong. However, we cannot get any related registration information for this address in the official authorities.
Production
Information
l Subject is engaged in manufacturing of jewelry
l It is introduced that subject has a factory in the Mainland of China for
production, but we cannot obtain the detail information.
Purchase
Information
l It is introduced that the raw materials of the subject for production are
both purchased at home and abroad like India
Sales Information
l Subject is engaged in sale of jewelry
l The major products of the subject are gold necklace, bracelet and earring
set as well as ladies’ jewelry set
l The sales regions of the subject are domestic market, Japan, Korea,
America, Europe, etc.
l It is introduced that subject’s major customers are jewelry shops and
dealers, etc.
Purchase
1.
Domestic Purchase
|
Products |
Raw materials, etc. |
|
Payment Terms |
T/T, Cash, etc. |
2.
Import
|
Products |
Raw materials, etc. |
|
Payment Terms |
L/C, T/T, etc. |
1.
Domestic Markets
|
Product |
Jewelry, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2.
Export
|
Product |
Jewelry, etc. |
|
Selling Terms |
L/C, T/T, etc. |
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
|
Date: |
2014-9-10 |
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Court Name: |
District Court Civil Action |
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Court No.: |
3453 |
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Claimant: |
Oriental Gemco Ltd c/o Room 1305, 13/F, Peninsula Square, 18 Sung On Street, Hung Hom, Kln c/o Simon S.M. Kwok & Co (a firm) (DCCJ) |
|
Defendant: |
IBO Jewelry Group Ltd c/o Room 607, Tak Shing House, 20 Des Voeux Road, Central, HK |
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Reason: |
Good Sold & Delivered |
|
Amount(USD): |
48,426.10 |
|
2 |
|
|
Date: |
2011-11-5 |
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Court Name: |
High Court Civil Action |
|
Court No.: |
1897 |
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Claimant: |
Oriental Gem Group Ltd c/o Ho, Tse, Wai & Partners (a firm) |
|
Defendant: |
K & L Gates c/o 44/F, Edinburgh Tower, The Landmark, 15 Queen's Road, Central, HK |
|
Reason: |
Debt |
|
Amount(HKD): |
-- |
Mortgage Record
No mortgage record of the subject was found.
Interview
Details
|
Name |
Mr. Sam |
|
Department: |
Sales Department |
89731--Articles of jewellery and parts thereof, of precious metals or metals
clad with precious metals (g)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
360,811 |
286,593 |
1,910,636 |
2,509,526 |
|
3,452 |
187 |
14,139 |
4,212 |
|
|
Australia |
28,455 |
20,576 |
193,679 |
76,769 |
|
Belgium |
5,306 |
2,991 |
18,285 |
12,571 |
|
The Mainland of China |
15,416,663 |
2,786,822 |
80,725,040 |
14,919,295 |
|
Exports |
||||
|
United Arab Emirates |
34,144 |
20,993 |
266,704 |
182,114 |
|
895 |
1,895 |
2,797 |
5,247 |
|
|
Australia |
15,794 |
11,843 |
141,972 |
57,892 |
|
Belgium |
1,028 |
1,273 |
19,070 |
8,044 |
|
The Mainland of China |
286,047 |
25,826 |
1,126,839 |
117,609 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have
been rounded to the nearest final digit after summing up the constituent trade
figures.
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
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.
-
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.62.20 |
|
UK Pound |
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.