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MIRA INFORM REPORT
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Report No. : |
487213 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ISKCON GEMS |
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Registered Office : |
Unit 4, 3/F., Harbour Center, Block 2, 8 Hok Cheung Street, Hunghom,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
20.01.1988 |
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Com. Reg. No.: |
11546617-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trader of Sapphire, Ruby, Emerald, Gemstone, Precious Stone
and Diamond. |
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No. of Employees : |
5. (Including affiliate) |
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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Hongkong |
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 |
HONGKONG - 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
ISKCON
GEMS
ADDRESS: Unit
4, 3/F., Harbour Center, Block 2, 8 Hok Cheung Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-2366
4499, 2366 9040, 2367 6541,
2366 5599
FAX: 852-2366
5599
E-MAIL: mail@iskkon.com
MANAGEMENT
Manager: Mr. Agarwal Rajesh
SUMMARY
Establishment: 20th January, 1988.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Precious
Stone and Diamond Trader.
Employees: 5. (Including affiliate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Unit 4, 3/F., Harbour Center, Block 2, 8 Hok Cheung
Street, Hunghom, Kowloon, Hong Kong.
Related/Affiliated
Companies:-
IG Exports, Hong Kong.
(Same address)
IGM Exports Pvt. Ltd., India.
Iskkon Ltd., Hong Kong. (Same address)
Navaratna Exports Ltd., Thailand.
BUSINESS
REGISTRATION NUMBER
11546617-000-01
MANAGEMENT
Manager: Mr.
Agarwal Rajesh
SOLE
PROPRIETOR
Name: Mr. Agarwal RAJESH
Residential Address: Alak-Nanda,
C’scheme, Jaipur, India.
HISTORY
The subject was
established on 20th January, 1988 as a sole proprietorship concern
owned by Mr. Agarwal Rajesh under the Hong Kong Business Registration
Regulations.
Long time ago the
subject was located at Room A-3, 9/F., Carnarvon Mansion, 10 Carnarvon Road,
Tsimshatsui, Kowloon, Hong Kong, moved to Room B, 7/F., Block B, Champagne
Court, 16-20 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong in February 1997;
to Room A & B, 13/F., Chase Gold Tower, 100 Ma Tau Wai Road, Hunghom,
Kowloon, Hong Kong in August 2004, to Unit 1223, 12/F., Block B, Focal
Industrial Center, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong in July
2005, and further moved to the present address in November 2016.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Precious
Stone and Diamond Trader.
Lines: Sapphire,
ruby, emerald, gemstone, diamonds.
Employees: 5.
(Including affiliates)
Commodities Imported: India,
Africa, Burma, Brazil, etc.
Markets: Hong
Kong, other Asian countries, North America, South America, Europe, etc.
Terms/Sales: CAD, L/C or as per contracted.
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 normal.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Iskcon Gems is a sole
proprietorship set up on 20th January, 1988 and owned by Mr. Agarwal Rajesh who
is an India businessman. He is a Hong
Kong ID Card holder and has got the right to reside in Hong Kong. He is manager of the subject.
The subject moved to
the present address in November 2016.
The subject has
another company IG Exports located at the same address. IG Export is also a sole
proprietorship set up on 29th May, 2007 and owned by Ms. Sunita Agarwal
who is an India businesswoman. She seems
to be a family member of Agarwal Rajesh.
Located at the same
address, a new company known as Iskkon Ltd. [Iskkon] is also housed. Iskkon was incorporated on 28th July, 2015
and operated by Mr. Kave Agarwal. He is
also a family member of Agarwal Rajesh.
The subject and
Iskkon are engaged in the same lines of business.
The subject is a
supplier of nearly all kinds of gem quality minerals including Rough, Diamonds,
Precious, and Semi-Precious Stones.
The subject is also
significant for its loose diamonds and loose gemstones. Its associated factories are in Thailand,
China and India.
Apart from the above,
the subject also trades in the following products:
Natural White
Diamonds, Natural Fancy Colour Diamonds, Alexandrite, Amethyst, Apatite,
Aquamarine, Ametrine, Blue Topaz (Swiss Blue, London Blue, Sky Blue),
Chalcedony, Citrine, Crome-Diopside, Garnet, Green Amethyst, Iolite, Kunzite,
Moonstone, Peridot, Quartz (Lemon, Olive, Champagne, Pink), Rodholite ,
Rubilite, Spessartite, Sunstone, Tanzanite, Topaz, Tourmaline (Pink, Green,
Multi), Tsavorite.
According to the
subject, its Sapphire is imported from Thailand, Australia and Sri-Lanka; Ruby
is imported from Thailand, Burma and Africa; Emerald is imported from Brazil,
Zambia and Columbia, etc. Products are
marketed in Hong Kong, exported to the other Asian countries, North America,
South America, Europe, etc.
Besides, the subject
has got an affiliated company Navaratna Exports Ltd. [Navaratna] which is a
Thailand-based firm. Navaratna is in
Bangkok, Thailand.
In order to penetrate
the international market further, the subject has taken part in fairs and
exhibitions held in Hong Kong, Bangkok 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 10-J02.
The subject’s
business is normal. Business is chiefly
handled by Mr. Agarwal Rajesh himself. History in Hong Kong is about thirty
years. Regular suppliers and customers
have been maintained.
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 63.64 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.45 |
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HKD |
1 |
INR 8.13 |
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 : |
NIT |
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.