MIRA INFORM REPORT

 

 

Report No. :

502472

Report Date :

06.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BEAUTY GEMS

 

 

Registered Office :

Room 908, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.10.1999

 

 

Com. Reg. No.:

30427911-000-10

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

 

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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.

Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.

 

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.

 

Source : CIA

 

Company name and address

 

BEAUTY GEMS

 

ADDRESS:                   Room 908, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:                        852-3165 1680

 

FAX:                             852-2377 0339

 

 

MANAGEMENT

 

Manager:                      Mr. Harinarayan Khaton Anilkumar

 

 

SUMMARY

 

Establishment:                          11th October, 1999.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:       Diamond trader.

 

Employees:                  2.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Head Office:-

Room 908, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Company:-

K.V. Impex, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

30427911-000-10

 

 

MANAGEMENT

 

Manager:                      Mr. Harinarayan Khaton Anilkumar

 

 

PARTNERS

 

Name:                           Mr. Harinarayan KHATON ANILKUMAR

Residential Address:     Room 4, 18/F., Star Mans, 3-5 Minden Road, Tsimshatsui, Kowloon, Hong Kong.

 

Name:                           Ms. Rekha DAGA

Residential Address:     Flat C, 4/F., Houng Sun Building, 45-47 Carnaruon Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 11th October, 1999 as a partnership jointly owned by Mr. Harinarayan Khaton Anilkumar and Ms. Rekha Daga under the Hong Kong Business Registration Regulations.

 

Initially the subject was located at Room C, 4/F., Golden Mansion, 83-85 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. moved to Room 603, 6/F., Tung Shun Hing Commercial Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong Kong. in February 2006, and further to the present address in May 2013.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of diamonds and jewellery products.

 

Employees:                  2.

 

Commodities Imported: India, Europe, etc.

 

Markets:                       Hong Kong, China, Japan, India, Southeast Asia, Europe, Middle East, etc.

 

Terms/Sales:                 CAD, L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:               Making a small profit every year.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making quite active use of general banking facilities.

 

Payment:                      Slow but correct

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Beauty Gems is a partnership jointly owned by Mr. Harinarayan Khaton Anilkumar and Ms. Rekha Daga, both are India merchants.

 

Both are Hong Kong ID holders and have got the right to reside in Hong Kong.  They have been in Hong Kong for a very long time as they have got their Hong Kong IDs before setting up the subject.

 

The subject is a diamond importer, exporter and wholesaler.  It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05 cts to 0.60 cts.

 

The subject is dealing in fine coloured diamonds, loose diamonds, carat-size diamond series and rare gem stones.  Products include fancy coloured diamonds, unusual rose cut and briolette cut diamonds.  It is significant for its carat-size diamond and loose diamonds.

 

Commodities are imported from India, Belgium and other European countries, etc.  Polished diamonds are exported to Japan, the other Asian countries, Europe, the Middle East, etc.  Overall business is satisfactory.

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 took part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2017” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 28th February to 4th March, 2017.  Its booth No. was AWE 7-C01.

 

Besides operating the subject, Ms. Rekha Daga is also operating another company in Hong Kong known as K.V. Impex, a Hong Kong-registered company located at a different address.  K.V. Impex, set up on 22nd October, 1996, is a sole proprietorship set up and owned by Ms. Rekha Daga.

 

The business of the subject is chiefly handled by the two partners.  History in Hong Kong is over 17 years and eleven months.

 

On the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.06

UK Pound

1

INR 91.50

Euro

1

INR 79.78

HKD

1

INR 8.28

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.