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MIRA
INFORM REPORT
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Report No. : |
489435 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HOUSE OF SELECTED GEMS |
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Registered Office : |
Room 1104, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.03.1988 |
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Com. Reg. No.: |
11711866-000-03 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Precious Stones, Diamond and Jewellery Items. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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, which took effect in 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 2.6% in 2016, but
slowed to 2.0% in 2017. 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.
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Source
: CIA |
Company name & address
HOUSE OF SELECTED GEMS
ADDRESS: Room 1104, 11/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2368 5432
FAX: 852-2723 6847
E-MAIL: hsghk@hotmail.com
hsg_hk@yahoo.com
MANAGEMENT
Manager: Mr. Arun Parwal
SUMMARY
Establishment: 28th March, 1988.
Organization: Sole Proprietorship.
Capital: Not Disclosed.
Business Category: Diamond
Trader.
Annual Turnover: HK$60~80 million.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
HOUSE OF SELECTED GEMS
ADDRESS
Head Office:-
Room 1104, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 91643, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated
Company:-
Arun Creations, Hong Kong. (Same
address)
Taiwan Branch:-
[Tel: 886-2-2721-7271]
BUSINESS REGISTRATION NUMBER
11711866-000-03
MANAGEMENT
Manager: Mr. Arun Parwal
(Hong Kong Mobile: 852-9174 5637)
SOLE PROPRIETOR
Name: Mr.
Arun PARWAL
Residential Address: Flat F,
18/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 28th March, 1988 as a sole proprietorship
concern owned by Mr. Prasad Chitcangia Dwarka under the Hong Kong Business
Registration Regulations.
The following
table shows the changes of the partners:-
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Name |
Incoming Date |
Outgoing Date |
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Prasad Chitcangia DWARKA |
28-03-1988 |
01-04-1991 |
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Arun PARWAL |
21-11-1990 |
-- |
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Mahima PARWAL |
01-10-2004 |
24-10-2017 |
Now the subject is still a sole proprietorship solely owned by Arun
Parwal. Initially the subject was located at Flat B, 14/F., Star Mansion, 3-5
Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat F, 18/F. of the same
building in September 1990; to Room 707, 7/F., Dragon House, 7‑7B Cameron
Road, Tsimshatsui, Kowloon, Hong Kong in April 2001; to Flat C4, 11/F., Block
C, Hankow Centre, 1 Middle Road, Tsimshatsui, Kowloon, Hong Kong in October
2005; to Room 1104, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong where is the present address in September 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of precious stones, diamond and
jewellery items.
Brand Name: HSG.
Employees: 3.
Commodities Imported: India,
Thailand, Burma, Sri Lanka, Columbia, Brazil, etc.
Markets: Hong Kong, other Asian countries,
North America, Western Europe, etc.
Annual Turnover: HK$60~80
million.
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: Business is steady.
Facilities: Making rather active use of general
banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
GENERAL
House of Selected Gems was a partnership jointly owned by Mr. Arun
Parwal and Mr. Mahima Parwal. Now, it is
a sole proprietorship solely owned by Arun Parwal as Mahima Parwal outwent on
24th October, 2017.
Being an India merchant, Arun Parwal is a Hong Kong ID Card holder and
has got the right to reside in Hong Kong.
Business commenced in March 1988, the subject has claimed to be one of
the renowned manufacturers and exporters of gem stones in Hong Kong. It has grown substantially and is trading in
fine quality loose coloured gem stones of emerald, ruby, sapphire, cut and
cabochon, Indian jewellery. Most of its
raw materials are imported from India, Thailand, Burma, Sri Lanka, Columbia,
Brazil, etc.
The followings are some of its products:-
Diamond Silver Bangles, other kinds of Bangles, Diamond Silver and Gold
Earrings, Gold Diamond Rings, Diamond Bracelets, Diamond Necklaces, Diamond
Rings, natural Burmese sapphire, Zambian Emerald, Burmese Ruby, etc.
Besides, it is also significant for its loose coloured gem stones,
emeralds, ruby, sapphire, beads, Indian jewellery (Vintage Style). Most of its products bear the brand name of “HSG”.
The subject’s other significant products are:
Gold diamond rings, diamond silver and gold earrings, bracelets, diamond
silver bangle, necklaces, etc.
The subject is also specialized in Burmese ruby and Colombian gem
stones.
According to the subject, it has had affiliated factories in India and
Bangkok, Thailand.
Finished products are marketed in Hong Kong, exported to Taiwan, other
Asian countries, Western Europe, Central & South America, etc.
The subject’s business is chiefly handled by Mr. Arun Parwal who can be
reached at his Hong Kong mobile phone number 852-9174 5637.
The subject has set up an office in Taiwan.
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 2018”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 27th February to 3rd March, 2018.
Its booth No. is AWE 11-E30.
The annual sales turnover of the subject ranges from HK$60 to 80
million. Making a small profit every
year. Overall business is steady.
The subject has had an associated company Arun Creations, a
Hong Kong‑registered company located at the same address.
On the whole, since the history of the subject in Hong Kong is about
thirty years, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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HKD |
1 |
INR 8.20 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.