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MIRA INFORM REPORT
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Report No. : |
489434 |
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Report Date : |
06.02.2018 |
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 : |
08.08.1938 |
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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 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 : |
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
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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 and address
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
SUMMARY
Establishment: 8th
August, 1988.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Gem
& Diamond Trader.
Employees: 3.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat D, 7/F., Cameron Plaza, 23-25A Cameron Road,
Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
12058265-000-08
MANAGEMENT
Manager: Mr. Gangwal
Sunil
SOLE
PROPRIETOR
Name: Mr. Gangwal
SUNIL
Residential Address: Flat
H, 15/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
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.
OPERATIONS
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of gem
stones, diamonds
Employees: 3.
Raw Materials: Imported
from India, other European countries, etc.
Markets: Hong
Kong, China, Southeast Asia, other Asian countries, the Middle East, Europe,
North America, etc.
Terms/Sales: COD, CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP:
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL
INFORMATION
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: No Complaints.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
GENERAL
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.
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, etc.
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. 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 7-A05.
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 29 years and five months.
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 63.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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HKD |
1 |
INR 8.22 |
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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DIV |
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Report Prepared
by : |
KET |
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
·
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.