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MIRA INFORM REPORT
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Report No. : |
493610 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KOMAL GEMS |
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Registered Office : |
Room 802, 8/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
23.12.1991 |
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Com. Reg. No.: |
15157882-000-12 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds and
Jewellery Products, Emerald. |
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No. of Employees : |
5. (Including
associates) |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. In 2017, Chief Executive 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
KOMAL GEMS
ADDRESS: Room 802, 8/F., Guardforce
Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311
9628, 2367 0121
FAX: 852-2311
4498
E-MAIL: komal@komalgems.com
MANAGEMENT
Manager: Mr. Rakesh Girdharlal Gajera
SUMMARY
Establishment: 23rd December, 1991.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 5. (Including associates)
Main Dealing Banker: Wing
Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Room 802, 8/F., Guardforce Centre, 3 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Balmukund Diamond Pvt. Ltd., India.
Cygnus Jewelry Inc., USA.
Dahanamal Silk Mills Ltd., India.
Komal Gems N.V., Belgium.
L. D. Creations, Hong Kong. (Same address)
Laxmi Dia Jewels Pvt. Ltd., India.
Laxmi Diamond (HK) Ltd., Hong Kong. (Same address)
Laxmi Diamond (Shanghai) Ltd., China.
Laxmi Diamond Private Ltd., India.
Laxmi Jewel Pvt. Ltd., India.
Mili Star (N.Y.) Inc., USA.
Mili Star Co. Ltd., Thailand.
Shree Laxmi Infosolutions & Jewellery Ltd., India.
Shree Laxmi Jewelry LLC, UAE.
Shree Laxmi Jewels Pvt. Ltd., India.
Suberi Brothers LLC, USA.
etc.
BUSINESS
REGISTRATION NUMBER
15157882-000-12
MANAGEMENT
Manager: Mr. Rakesh Girdharlal Gajera
SOLE
PROPRIETOR
Name: Mr. Rakesh Girdharlal
GAJERA
Residential
Address: Flat 8C, 8/F., Tower 12A,
Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
HISTORY
The subject was
established on 23rd December, 1991 as a partnership concern jointly owned by
Mr. Rajeshkumar Chandanmal Shah and Mr. Ashok Kumar Haribhai Gajera under the
Hong Kong Business Registration Regulations.
The following table
shows the changes of the partners:-
Name |
Incoming
Date |
Outgoing
Date |
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Rajeshkumar
Chandanmal SHAH |
23-12-1991 |
22-02-2006 |
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Ashok Kumar
Haribhai GAJERA |
23-12-1991 |
29-12-1993 |
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Girdharbhai H.
GAJERA |
05-05-1995 |
29-10-2002 |
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Kiran Shambhu
VAGHASHIYA |
28-06-1995 |
24-05-2000 |
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Lalit Jivraj PATEL |
24-05-2000 |
01-06-2008 |
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Vipulkumar Kesubhai
BOGHANI |
03-01-2002 |
30-11-2009 |
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Rakesh Girdharlal
GAJERA |
21-02-2006 |
--- |
Now, the subject is a
sole proprietorship just owned by Rakesh Girdharlal Gajera.
Initially the subject
was located at Room 2208, 22/F., Melbourne Plaza, 33 Queen’s Road Central,
Hong Kong, moved to Room 404, 4/F., Block C, Lip Seng Mansion, 15-19 Carnarvon
Road, Tsimshatsui, Kowloon, Hong Kong in March 1992; to Room 914, 9/F.,
Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong
in May 1993; to Room 906, 9/F., Hang Seng Bank Building, 18 Carnarvon Road,
Tsimshatsui, Kowloon, Hong Kong in August 1994; to Room 807, 8/F. of the
same building in August 2000; and further moved to the present address in June
2004.
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 and jewellery products, emerald.
Employees: 5.
(Including associates)
Commodities Imported: India,
other Asian countries, Belgium, Israel, etc.
Markets: Hong Kong, China, Japan,
Belgium, South Korea, Thailand, India, other Asian countries, Europe, North America, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition: Business
is active and steady.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Good.
Bankers:-
Wing Lung Bank Ltd.,
Hong Kong.
Antwerpse DiamantBank
NV
(also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Good.
GENERAL
Komal Gems formerly
was a partnership jointly owned by Mr. Vipulkumar Kesubhai Boghani and Mr. Rakesh
Girdharlal Gajera [R. G. Gajera] while both are India merchants. However, Boghani outwent on 30th November,
2009, since then the subject has become a sole proprietorship solely owned by
the latter. R. G. Gajera 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 a
member of the Laxmi Group. It has got an
associated company Laxmi Diamond (HK) Ltd. [Laxmi Diamond] located at its
operating address. The directors of Laxmi
Diamond are Monikaben Rakesh Gajera and Ashokkumar Haribhai Gajera. The Gajeras are the family members of R. G.
Gajera. Laxmi Diamond is a subsidiary
company of an India diamond manufacturer Laxmi.
Having more than 30
years’ experience in manufacturing diamonds products, Laxmi is now one of the
largest diamond manufacturing companies in India. It became a “sightholder” of the Diamond
Trading Company [DTC] of India in 1995.
Besides operating the
subject, R. G. Gajera is also operating another company L. D. Creations which
is also located at the same address.
This company is also a diamond trader.
The subject is
trading in Diamond and Diamond Jewellery.
The followings are some of its major products:
Diamond bracelets,
diamond earrings, diamantes & pearl ornaments, 925 silver diamonds,
white diamond brooches, diamond bangles, diamond pins, etc.
Products are marketed
in Hong Kong, China and exported to Japan, South Korea, India, the other Asian
countries, North America, Europe, Scandinavia, etc.
The subject also has
got another associated company Komal Gems N.V. [Komal] which is a Belgium-based
firm.
Komal is a
manufacturer and wholesaler of diamonds and gems. This firm is controlled by Girdharbhai H.
Gajera who is in Belgium most of the time.
He was one of the old partners of the subject who has outgone for a long
time.
Komal is specialised
in manufacturing star and melee from white to “TTLB”. It also produces a wide range of diamond in
round, princess cut, taper and marquise.
Possessing substantial
stocks, Komal is able to supply customers with diamonds in large quantities on
diamonds. The major markets of Komal are
the United States, China, Singapore, Thailand, the Philippines, Taiwan,
Belgium, Japan and Europe.
Komal is also trading
in uncut diamonds.
The subject operates
from an office in Hong Kong owned by Laxmi Diamond.
The subject is able
to maintain a number of regular suppliers and foreign customers. Annual sales
turnover is significant.
The subject is fully
supported by Laxmi and the Gajera family. Business is chiefly handled by R. G.
Gajera himself in Hong Kong. Overall
business is active and normal.
As the history of the
subject in Hong Kong is over twenty-six years and two months, on the whole,
consider it good for normal business engagements.
REMARKS
Court case record:-
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Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
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Aug. 2003 |
H21 |
Antwerpse
DiamantBank NV (also known as Antwerp Diamond Bank NV) |
Komal Gems |
Assignment of
Receivable |
Not stated |
Property information
of affiliate:-
Property Location: Unit No. 2 on 8/F., Guardforce Centre,
3 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Laxmi Diamond (HK) Ltd.
Date of
Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date
of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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29-01-2008 |
- |
Wing Lung Bank
Ltd., Hong Kong. |
Mortgage to secure
general banking facilities |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.33 |
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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DIV |
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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
·
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.