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MIRA INFORM REPORT
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Report No. : |
514943 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
A.T. GEMS |
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Registered Office : |
Room A, 10/F.,
Peninsula Apartment, 16 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.07.2003 |
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Com. Reg. No.: |
33771668-000-07 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of diamonds, gems,
sapphires, ruby and other precious stones |
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No. of Employees : |
5 (Including
associated companies) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source : CIA |
Company
name and address
A.T. GEMS
ADDRESS: Room A, 10/F., Peninsula
Apartment, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 0173
FAX: 852-2367 0175
MANAGEMENT
Manager: Mr.
Avinash Chandrakant Bhurke
SUMMARY
Establishment: 21st July, 2003.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employee: 5. (Including associated companies)
Main Dealing Banker: Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Head Office:-
Room A, 10/F.,
Peninsula Apartment, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:-
* AB Jewellery Ltd., Hong Kong. [Dissolved by Deregistration]
* Akshar Gems, Hong Kong.
# Anitadiam,
Hong Kong.
* D and V International, Hong Kong.
*# Indigo Star, Hong Kong.
* S.K. Gems, Hong Kong.
(* Same owner
# Same
address)
BUSINESS
REGISTRATION NUMBER
33771668-000-07
MANAGEMENT
Manager: Mr. Avinash Chandrakant Bhurke
(Hong Kong Mobile
Phone No.: 852-9076 6906)
SOLE
PROPRIETOR
Name: Mr.
Avinash Chandrakant BHURKE
Residential
Address: Flat C, 5/F., Hong Sun
Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was
established on 21st July, 2003 as a sole proprietorship concern owned by Mr.
Avinash Chandrakant Bhurke under the Hong Kong Business Registration
Regulations.
At the very beginning,
the subject was located at Flat C, 5/F., Hong Sun Building, 45-47 Carnarvon
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B3, 3/F., Block B, Prat
Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in September 2003;
and further moved to Flat 1, 7/F., 1 Hanoi Road, Tsimshatsui, Kowloon, Hong
Kong in June 2004.
In December 2016, the
subject moved to the present address.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of
diamonds, gems, sapphires, ruby and other precious stones.
Employee: 5.
Materials/Commodities: Imported from Europe, India, etc.
Markets: Hong Kong, Southeast
Asia, Japan, India, other Asian countries, etc.
Terms/Sales: CAD,
L/C or as per contracted.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping
in a normal state.
Facilities: Adequate
for current running.
Payment: Slow
but correct.
Commercial
Morality: Satisfactory.
Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Small.
GENERAL
A.T. Gems is a sole
proprietorship set up and owned by Mr. Avinash Chandrakant Bhurke who is an
India merchant. A C Bhurke has been in
Hong Kong for a very long time. He
is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong. He is also manager of the subject.
He has been in Hong
Kong for a very long time as he has got his Hong Kong ID before setting up the
subject.
He can be reached at
his Hong Kong mobile phone number 852-9076 6906.
The subject’s
registered address, which is in an apartment, is not accessed by
outsiders. It is located at Room A,
10/F., Peninsula Apartment, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
Besides the subject,
the following firms are all owned and operated by Bhurke:-
Akshar
Gems
D And V
International
Jebel Gems
Int.
S.K. Gems
All the above-mentioned
firms, registered in Hong Kong, are engaged in the same lines of business as
the subject, more or less.
The subject is
dealing in all kinds of loose diamonds, gems, sapphires, ruby and other
precious stones. It imports raw
materials or commodities from Europe, India, etc. Products are marketed in Hong Kong and
exported to Southeast Asia, Japan, Europe, etc.
Formerly Bhurke also
had operated another firm known as AB Jewellery Ltd. Incorporated on 17th August, 2006, AB
Jewellery Ltd. was wholly-owned by Bhurke who was also the only director of
this firm. This firm was a jewellery
trader. However, it has been dissolved
by deregistration since 25th March, 2011.
The subject’s
business is chiefly handled by Bhurke himself.
As the history of the
subject in Hong Kong is about 14 years, on the whole, consider it good for
business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.20 |
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1 |
INR 89.58 |
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Euro |
1 |
INR 78.79 |
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HKD |
1 |
INR 8.64 |
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 : |
SYL |
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
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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
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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.