MIRA INFORM REPORT

 

 

Report No. :

509446

Report Date :

17.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BLUE  GEMS  LIMITED

 

 

Registered Office :

Flat 1511, 15/F., Peninsula Square, 18 Sungon Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

06.03.2012

 

 

Com. Reg. No.:

59490630

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Diamond and Gem Trader of All kinds of diamonds

 

 

No. of Employees :

2.

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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.

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.

 

Source : CIA

 

Company Name And Address

 

BLUE  GEMS  LIMITED

 

ADDRESS:       Flat 1511, 15/F., Peninsula Square, 18 Sungon Street, Hunghom, Kowloon, Hong Kong.

 

PHONE:            852-2314 7661,  852-2180 7520

 

FAX:                 852-2314 7811

 

MANAGEMENT:

 

Managing Director:  Mr. Kiran Champaklal Bhansali

 

 

SUMMARY

 

Incorporated on:             6th March, 2012.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$1.00

 

Business Category:       Diamond and Gem Trader.

 

Annual Sales:                HK$50 to 100 million.

 

Employees:                  2.  (Including associate)

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Flat 1511, 15/F., Peninsula Square, 18 Sungon Street, Hunghom, Kowloon, Hong Kong.

 

Associated/Affiliated Companies:-

Blue Gems, Hong Kong.  (Same address)

Samkit Diamonds Exporters, India.

 

 

BUSINESS REGISTRATION NUMBER

 

  59490630

 

 

COMPANY FILE NUMBER

 

 1713631

 

 

MANAGEMENT

 

Managing Director:  Mr. Kiran Champaklal Bhansali

[Hong Kong Mobile Phone No.: 852-9230 0704]

 

 

ISSUED SHARE CAPITAL

 

  HK$1.00

 

 

SHAREHOLDER

 

(As per registry dated 06-03-2018)

Name

 

No. of share

Kiran Champaklal BHANSALI

 

1

=

 

 

DIRECTORS

 

(As per registry dated 06-03-2018)

Name

(Nationality)

 

Address

Pareshkumar Himmatlal SHAH

Flat D, 28/F., Tower 8, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong.

 

Kiran Champaklal BHANSALI

Flat B, 41/F., Tower 15, Crystalcove, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.

 

SECRETARY

 

(As per registry dated 06-03-2018)

Name

Address

Co. No.

Cbest Solutions Ltd.

Unit 7, 23/F., Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.

1295959

 

 

HISTORY

 

The subject was incorporated on 6th March, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:          Diamond and Gem Trader.

 

Lines:               All kinds of diamonds

 

Employees:      2.  (Including associate)

 

Commodities

Imported:          India, other Asian countries, Europe, etc.

 

Markets:           Hong Kong, China, other Asian countries, Middle East, Europe, etc.

 

Annual Sales:  HK$50 to 100 million.

 

Terms/Sales:  CAD, L/C or as per contracted.

 

Terms/Buying:  L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:  HK$1.00

 

Indebtedness:  HK$1,870,733.82  (Total amount outstanding on all mortgages and charges as per last Annual Return dated 06-03-2018)

 

Mortgage or Charge:-

Date:    20-08-2014

Description of Instrument:          Mortgage

Mortgagee:                               Hang Seng Bank Ltd., Hong Kong.

 

Profit or Loss:                           Made small profits in past years.

 

Annual Net Profit:                      HK$0.5 – 1.0 million.

 

Condition:                                 Business is normal.

 

Facilities:                                  Making active use of general banking facilities.

 

Payment:                                  Slow but Correct.

 

Commercial Morality:                 Satisfactory.

 

Banker:                                     Hang Seng Bank Ltd., Hong Kong.

 

Standing:                                  Normal.

 

 

GENERAL

 

Having issued just one ordinary share of HK$1.00, Blue Gems Limited is wholly owned by Kiran Champaklal Bhansali who is an India merchant.  He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.  He is one of the directors of the subject.  He can be reached at his Hong Kong mobile phone number 852-9230 0704.

The other director of the subject Mr. Pareshkumar Himmatlal Shah was appointed on 9th October, 2013.

Business commenced in March 2012, the subject has an associated company Blue Gems located at its operating address.  The subject and Blue Gems are engaged in the same lines of business.  Both firms are under the same management.

Blue Gems was established in 1990 while the subject was established in 2012.  The subject is engaged in manufacturing, importing, exporting and retailing polished diamonds in a wide variety of round and fancy diamonds.  It is specialized in white, ow, white NATTS, ow NATTS in vs-si and pique quality.  Size ranges from 0.005 to 0.10 carats.

Blue Gems also supplies customers with full-cut diamonds, fancy shapes particularly tapper, banquettes and princess cut diamonds.  According to Blue Gems, it is a consistent supplier of polished diamonds in different quality and quantities.  It is significant for its loose diamonds and full-cut diamonds.

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. was AWE 5-K27.

The annual sales turnover of the subject ranges from HK$50 to 100 million.  Business is profitable.

The subject’s total amount of the indebtedness registered with the Companies Registry as at early March 2018 amounted to HK$1.9 million (2017: HK$2.0 million).

Its business is chiefly handled by Kiran Champaklal Bhansali himself.  History is over six years and two months in Hong Kong.

On the whole, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.83

UK Pound

1

INR 91.68

Euro

1

INR 80.29

HKD

1

INR 8.63

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.