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MIRA INFORM REPORT
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Report No. : |
488040 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GEM CENTRE |
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Registered Office : |
Room 908, 9/F., Harbour Centre Tower 2, 8 Hok Cheung Street, Hung Hom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.04.1986 |
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Com. Reg. No.: |
10238740-000-04 |
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Legal Form : |
Partnership |
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Line of Business : |
Importers and Exporters; Wholesalers of All Kinds of Jewellery - Precious Stones, Ruby, Sapphire, Emerald and Diamond. |
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No. of Employees : |
4 |
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
GEM CENTRE
ADDRESS: Room 908, 9/F., Harbour Centre Tower 2, 8
Hok Cheung Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2522
5141, 2521 6150
FAX: 852-2868 5929
E-MAIL: gemcentre@gemcentre.com
MANAGEMENT
Manager: Mr. Kishan Lal Agrawal
SUMMARY
Establishment: 1st April, 1986.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Jewellery
Merchant.
Employees: 4.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
GEM CENTRE
ADDRESS
Head Office:-
Room 908, 9/F., Harbour Centre Tower 2, 8 Hok Cheung Street,
Hung Hom, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
10238740-000-04
MANAGEMENT
Manager: Mr. Kishan Lal Agrawal
PARTNERS
Name: Mr. Kishan Lal AGRAWAL
Residential Address: Flat C-1,
11/F., Hankow Centre, Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Ramesh Chand AGRAWAL
Residential Address: 121
Burmese Colony, Jaipur, India.
HISTORY
The company was originally established on 1st April, 1986 as a sole proprietorship
concern owned by Mr. Kishan Lal Agrawal under the Hong Kong Business
Registration Regulations. Converted into
a partnership firm when Mr. Ramesh Chand Agrawal joined as a partner on 1st
March, 1990.
At the very beginning, the subject was located at ‘Room 902, 9/F.,
United Overseas Bank Building, 54-58 Des Voeux Road Central, Hong Kong’, moved
to ‘Room 1404-1405, 14/F., Hang Seng Bank Building, 18 Carnarvon Road,
Tsimshatsui, Kowloon, Hong Kong’ in September 2001 and further moved to the present
address in December 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importers
and Exporters; Wholesalers.
Lines: All
kinds of jewellery - precious stones, ruby, sapphire, emerald and diamond.
Employees: 4.
Commodities Handled: Mainly
imported from India and Europe, etc.
Markets: Hong
Kong, other Asia countries and Europe.
Annual Turnover: Un-reported.
Terms/Sales: CAD, L/C or 30 days credit.
Terms/Buying: L/C, T/T, O/A, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit & Loss: Making
a small profit every year.
Condition: Keeping in a normal
condition.
Facilities: Making active use of general
banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
GENERAL
Gem Centre is a partnership jointly owned by Mr. Kishan Lal Agrawal and
Mr. Ramesh Chand Agrawal, both of whom are India merchants. They are Hong Kong ID holders and has got the
right to reside in Hong Kong.
The subject is trading in precious stones and diamonds. It is a leading wholesaler of rubies,
sapphires and emeralds.
Its main products are as follow:
Ruby
Sapphire (Blue, Pink, Yellow, Orange)
Emerald
In Shapes:
Rounds: 1mm-8mm (step/brilliant cut)
Squares: 1mm-5mm (step/princess cut)
Marquise: 2x4 to 6x12
Ovals: 3x4 to 8x10; 2ct - 10ct
Baguette/Tapers: All sizes
Cabochons: All sizes
The business of the subject is quite steady. Regular suppliers and customers have been
maintained. History in Hong Kong is over
31 years and nine months.
On the whole, consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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HKD |
1 |
INR 8.14 |
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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NIS |
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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
·
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.