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MIRA INFORM REPORT
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Report No. : |
486617 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
RONAK GEMS |
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Registered Office : |
Room 5, 4/F., Energy Plaza, 92 Granville Road, Tsim Sha Tsui East,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.10.2015 |
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Com. Reg. No.: |
13129493-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
The subject was a diamond and gemstone trader. Products handled include fancy coloured
diamonds, unusual rose cut and briolette cut diamonds as well as loose
diamonds. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Business Ceased |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 |
Note
(Formerly Located At:
Room 9, 12/F., Flat A2F2, Phase 2,
Hang Fung Industrial Building,
2G Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.)
Company
name
RONAK GEMS
ADDRESS
Head Office:-
Room 5, 4/F., Energy Plaza, 92 Granville Road, Tsim Sha Tsui East,
Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 86207, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated
Company:-
Hong Kong Capital Co., Hong Kong.
(Same owner and same address)
BUSINESS
REGISTRATION NUMBER
13129493-000-10
MANAGEMENT
Manager: Mr. Rajendrakumar
Jayantilal Soni
SOLE
PROPRIETOR
Name: Mr. Rajendrakumar Jayantilal SONI
Residential Address: 14/F.,
Front Portion, Ocean View Court, 25 Chatham Road, Tsimshastui, Kowloon, Hong
Kong.
HISTORY
The subject was established on 30th October, 1989 as a sole
proprietorship concern owned by Mr. Rajendrakumar Jayantilal Soni 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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Rajendrakumar Jayantilal Soni |
30-10-1989 |
07-07-1992 |
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Mayur Gambhirdas Gandhi |
06-07-1992 |
02-10-1998 |
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Pravin Kirtilal Mehta |
01-10-1998 |
11-10-2001 |
Initially the subject was located at Flat E, 16/F., Windsor Mansion, 29‑31 Chatham
Road, Tsimshastui, Kowloon, Hong Kong, moved to 13/F., 23 Chatham Road,
Tsimshastui, Kowloon, Hong Kong in July 1990; to Flat A, 5/F., Hilton
Tower, 96 Granville Road, Tsimshastui, Kowloon, Hong Kong in February
1992; to Room 501, 5/F., Polly Commercial Building, 21-23A Prat Avenue,
Tsimshastui, Kowloon, Hong Kong in May 1993; to Flat D & E, 16/F., Cameron
Plaza, 23-25A Cameron Road, Tsimshastui, Kowloon, Hong Kong in November 1993;
to Room 108, 1/F., Wing On Plaza, 62 Mody Road, Tsimshastui East, Kowloon, Hong
Kong in October 1998; to Flat 7 & 8, 8/F., Guardforce Centre, 3 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong in May 2004; to 14/F., Front Portion,
Ocean View Court, 25 Chatham Road, Tsimshastui, Kowloon, Hong Kong in July
2004; to Flat B, 7/F., Golden Mansion, 83-85 Chatham Road, Tsimshastui,
Kowloon, Hong Kong in August 2005; to Flat F, 26/F., Block 1, Royal Peninsula,
8 Hung Lai Road, Hunghom, Kowloon, Hong Kong in July 2007; to Flat D, 18/F.,
Block 1 of the same building in July 2008; to Flat G, 3/F., Block 2 of the same
building in December 2009; moved to Flat J, 3/F., Block 2 of the same building
in January 2010.
The subject moved to ‘Room 9, 12/F., Flat A2F2, Phase 2, Hang Fung
Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong’ in
late October 2013 and further moved to ‘Room 5, 4/F., Energy Plaza,
92 Granville Road, Tsim Sha Tsui East, Kowloon, Hong Kong’ in June 2015.
It ceased business formally on 31st October, 2015. Rajendrakumar Jayantilal Soni outwent on the
same date.
Apart from these, neither material change nor amendment has been ever
traced and noted.
GENERAL
Ronak Gems has ceased business since 31st October, 2015.
The subject was a sole proprietorship company which was formed in 1989 by
an Indian merchant Mr. Rajendrakumar Jayantilal Soni. Soni had once outgone from the subject but
joined in again in October 2001.
The subject moved to ‘Room 5, 4/F., Energy Plaza, 92 Granville Road,
Tsim Sha Tsui East, Kowloon, Hong Kong’ in June 2015. This was the last address of the subject
before ceased business.
The subject was a diamond and gemstone trader. Products handled include fancy coloured
diamonds, unusual rose cut and briolette cut diamonds as well as loose
diamonds.
In addition, the subject also had traded in some rare gemstones such as
amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey
topaz, kunzite, peridot, morganite, pink tourmalines, pink topaz, emerald,
garnet, lapis-lazuli, ruby, sapphire, rose quartz, etc.
The business of the subject was chiefly handled by Rajendrakumar
Jayantilal Soni himself.
On 31st October, 2015 the subject ceased business formally.
Since the subject has ceased business, consider it not suitable for any
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 63.89 |
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1 |
INR 88.60 |
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Euro |
1 |
INR 78.12 |
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HKD |
1 |
INR 8.16 |
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
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.