|
|
|
MIRA INFORM REPORT
|
Report No. : |
488056 |
|
Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUNNY GEMS |
|
|
|
|
Registered Office : |
Unit 15, Block A, 7/F., Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
05.03.1992 |
|
|
|
|
Com. Reg. No.: |
15337806-000-03 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged in trading in all kinds of cut and polished
semi-precious and precious stones, diamonds, jewellery products. |
|
|
|
|
No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company
name and address
SUNNY GEMS
ADDRESS: Unit
15, Block A, 7/F., Focal Industrial Centre, 21 Man Lok Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-2312
2243, 2334 0498
FAX: 852-2312
2691
E-MAIL: sunnygems@netvigator.com
MANAGEMENT
Manager: Mr. Radha
Govind Vijay
SUMMARY
Establishment: 5
March, 1992.
Organization: Sole
Proprietorship.
Capital: Not
Disclosed.
Business Category: Precious
Stone Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation:
Satisfactory.
SUNNY GEMS
ADDRESS:
Head Office:-
Unit 15, Block A, 7/F., Focal Industrial Centre, 21 Man
Lok Street, Hunghom, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER: 15337806-000-03
MANAGEMENT
Manager: Mr. Radha
Govind Vijay
Contact Person:
Mr. Ram Babu Vijay
SOLE
PROPRIETOR
Name: Mr. Radha
Govind VIJAY
Residential Address: Room
C, 6/F., Wah Fung Mansion, 17-23 Minden Avenue, Tsimshatsui, Kowloon, Hong
Kong.
HISTORY
The subject was established on 5 March, 1992 as a solo
proprietorship concern owned by Mr. Radha Govind Vijay under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at Room A,
14/F., 10-12 Hillwood Road, Kowloon, Hong Kong, moved to Room C, 6/F., Wah Fung
Mansion, 17-23 Minden Avenue, Kowloon, Hong Kong in August 1992; moved to Room
C, 9/F., Kam Ma Building, 16 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in
April 2002, to Room C, 6/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong in August 2006, and further moved to the present address in
May 2009.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Precious
Stone Trader.
Lines: All
kinds of precious stones, diamonds, jewellery products, etc.
Brand Name: SG.
Employees: 3.
Commodities Imported: India,
Europe, etc.
Markets: Hong Kong, China, other
Asian countries, etc.
Terms/Sales: COD 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: Keeping in a satisfactory
manner.
Facilities: Adequate for current
running.
Payment: Slow but Correct
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Sunny Gems is a sole
proprietorship set up on and owned by Mr. Radha Govind Vijay who is an India
merchant. He is a Hong Kong ID holder
and has got the right to reside in Hong Kong.
He is also manager of the subject.
The subject is
trading in all kinds of cut and polished semi-precious and precious stones,
diamonds, jewellery products, etc. Most
of the subject’s products bear the brand name SG.
The subject is famous
for the following commodities:
Multi-Colour
Tourmaline Beads
Amethyst Cut
Emerald Necklaces
Tanzanite Stones
Rose-Cut Diamonds
Semi-Precious
Gemstones
Precious and
Semi-Precious Stones
White diamonds
Black Diamond Beads,
etc.
Its precious stones
include Amethyst, Topaz, Citrine, Emerald, Garnet, Ruby, Tanzanite, etc.
According to the
subject, it is specialised in finished gems, precious stones and semi- precious
stones, beads in various specifications.
Its products are
marketed in Hong Kong, China, and exported to Taiwan, other Asian countries,
Europe, North America, the Middle East, etc.
According to the
subject, it has had offices in India and 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 9-D02.
The business of the
subject is chiefly handled by Radha Govind Vijay himself. The contact person Mr. Ram Vijay is a family
member of R G Vijay. History in Hong
Kong is over 25 years and ten months.
Overall business is normal.
Regular suppliers and customers have been maintained.
On the whole, consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.75 |
|
|
1 |
INR 89.38 |
|
Euro |
1 |
INR 78.75 |
|
HKD |
1 |
INR 8.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
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.