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Report No. : |
342120 |
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Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
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Name : |
RISE GEMS |
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Registered Office : |
Flat D, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.08.1988 |
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Com. Reg. No.: |
12058265-000-08 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturer, Importer and Exporter of All kinds of gem stones, diamonds |
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No. of Employee : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 internationalTRADE 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 |
RISE GEMS
ADDRESS: Flat D, 7/F., Cameron Plaza,
23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 3556
FAX: 852-2369 5376
E-MAIL: risegems@netvigator.com
risegems@gmail.com
MANAGEMENT:
Manager: Mr. Gangwal Sunil
Establishment: 8th August, 1988.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Gem
Trader.
Employees: 3.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat D, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
12058265-000-08
Manager: Mr. Gangwal Sunil
Name: Mr. Gangwal SUNIL
Residential Address: Flat H,
15/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 8th August, 1988 as a sole proprietorship
concern owned by Mr. Gangwal Sunil under the Hong Kong Business Registration
Regulations.
At the very beginning, the subject was located at Flat H, 15/F., Star
Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 6,
15/F., Creative Mansion, 6 Chatham Court, Tsimshatsui, Kowloon, Hong Kong in
January 1991; to Room 1126, 11/F., Beverly Commercial Building,
87-105 Chatham Road, Tsimshatsui, Kowloon, Hong Kong in August 1995; and
further moved to the present address in June 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: All kinds of gem
stones, diamonds
Employees: 3.
Raw Materials: Imported from
India, other European countries
Markets: Hong Kong, China,
Southeast Asia, other Asian countries, the Middle East, Europe, North America
Terms/Sales: COD, L/C, T/T
Terms/Buying: L/C, T/T, D/P
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a
satisfactory condition.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank
Ltd., Hong Kong.
Standing: Good.
Rise Gems is a sole proprietorship set up and owned by Mr. Gangwal Sunil
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 commenced business in August 1988. G Sunil is the manager.
Being one of the oldest diamond traders in Hong Kong, the subject is a
loose diamond, polished and cut diamond, precious stone and semi-precious stone
trader.
The subject is carrying the following semi-precious stones: aquamarine,
pink amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine,
smokey topaz, kunzite, peridot, morganite, pink tourmalines, amethyst, pink
topaz, garnet, rose quartz
However, most of the subject’s commodities are loose diamonds which are
imported from India. Prime markets are
Hong Kong, China, Southeast Asia, the other Asian countries, the Middle East,
Europe, North America, etc. Business is
rather active.
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. 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.
The subject has maintained numerous regular suppliers and overseas
customers. Annual sales turnover is
steady. Making a small profit every
year.
The subject is a member of the Indian Chamber of Commerce Hong Kong,
Hong Kong.
The subject’s business is chiefly handled by Sunil himself. History in Hong Kong is over 27 years
and a month.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
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|
1 |
Rs.100.89 |
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Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
ANK |
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 |
|
<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.