MIRA INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
H K IMPEX |
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Registered Office : |
Room 1011,
10/F., Peninsula Square, West Wing, 18 Sung On Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.01.2002 |
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Com. Reg. No.: |
32290536-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and
Exporter of Diamond |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name
H.K. IMPEX
Address
Room 1011, 10/F.,
Peninsula Square, West Wing,
18 Sung On Street,
Hunghom, Kowloon,
Hong Kong.
ADDRESS
Room 1011, 10/F.,
Peninsula Square, West Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Phone: 3741 2290, 2724 6530
E-Mail: hkimpex@hotmail.com
MANAGEMENT
Manager: Mr. Bhagwanji Virji Lunagaria
SUMMARY
Establishment: 1st
January, 2002.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business Category: Diamond
Importer and Exporter.
Employees: 5.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Head Office:-
Room 1011, 10/F., Peninsula
Square, West Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Associated Companies:-
Hari Krishna Group
of Companies
Hari Krishna
Exports, Mumbai, India.
etc.
BUSINESS REGISTRATION NUMBER
32290536-000-01
MANAGEMENT
Manager: Mr. Bhagwanji Virji Lunagaria
SOLE PROPRIETOR
Name: Mr. Bhagwanji Virji LUNAGARIA
Residential
Address: B-241 Ambikanagar Society, 099 Aarogya Kendra, Katargam, Surat,
Gujarat, India.
HISTORY
The subject was established
on 1st January, 2002 as a partnership concern jointly owned by Mr. Urveshi
Kirtikant Maniyar and Mr. Bhagwanji Virji Lunagaria under the Hong Kong
Business Registration Regulations. Both
of the partners are Indian.
The changes of the
partners are listed in the following table:-
|
Name |
Incoming Date |
Outgoing Date |
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Urveshi Kirtikant Maniyar |
01-01-2002 |
28-09-2004 |
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Bhagwanji Virji Lunagaria |
01-01-2002 |
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Mukeshkumar G. Dholakiya |
07-08-2002 |
05-08-2003 |
At the very beginning, the subject was located at 11/F., Block E, Luna Court, 53-59 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1603, 16/F., Winfield Commercial Building, 6-8A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in December 2002, and further moved to the present address in October 2005.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of
diamonds.
Employees: 5.
Commodities
Imported: India, etc.
Markets: India, US, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit & Loss:
Making a small profit every year.
Condition: Keeping
in a normal state.
Facilities: Making
rather active use of general banking facilities.
Payment: Met
as required.
Commercial
Morality: Satisfactory
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
H.K. Impex is a Hong Kong based company engaged in jewellery and diamond business. Business commenced on 1st January, 2002, the subject is a sole proprietorship owned by Mr. Bhagwanji Virji Lunagaria who is an Indian. He has been in Hong Kong for a very long time.
The subject is a marketing associate of m/s. Hari Krishna Exports, Mumbai, India. According to the subject, it has been in diamond business since 1983 having six related factories in India, with 6,000 workers. The factories, operated by the Hari Krishan Group, are able to cut and polish all kinds of diamond. It is specialized in “white colour and round cut” for all sizes.
The Hari Krishna Group is a diamond cutter and polisher. Its flagship company Hari Krishna Exports was set up in 1992 at Surat in India with a simultaneous opening of sales and marketing office in Mumbai, the hub of polished diamond trade. Ever since then, it has been at the cutting edge of trade, setting trends in the field of manufacturing and exporting of diamonds and studded jewellery.
Hari Krishna Group procures rough diamonds from various producers of Russia, South Africa, Canada, and other agencies of Antwerp. The rough diamonds are brought to its Surat and Ahmedabad manufacturing office where it has been cut and polished in different shapes, sizes, colour and weight. It manufactures specially in the range of 0.01 carat to 5 carats and mainly in Round brilliant cut [RBC] in whites. All the polished goods are sent to Mumbai office where the Group’s sales office and assort departments are located. After the assortment is done, goods are being sold and exported to various clients throughout the world.
H.K. International, the first overseas marketing alliance of Hari Krishna Group, was set up in 1999 at New York. It is dealing in diamonds ranging from 0.50 pts to 5.00 cts. and also in stones duly certified by GIA and EGL. Its manufacturing units are also based in Surat, India.
In 2005, the subject launched “Kisna” branded diamond jewellery for the Indian market. “Kisna” is the only branded diamond jewellery that is available in more than 1,015 jewellery outlets in India.
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, in 2007, the subject took part in 2007 Shenzhen International Jewellery Fair. It also has been an exhibitor of the Hong Kong International Jewellery Show 2008.
The subject has got affiliated companies known as H.K. Designs and H.K. Jewels in Hong Kong.
On the whole, consider the subject good for normal business engagements.
COURT CASES
None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.79 |
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UK Pound |
1 |
Rs.80.05 |
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Euro |
1 |
Rs.64.56 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)