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Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
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Name : |
BEENI IMPEX LTD. |
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Registered Office : |
Flat E, 32/F., Block 5, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.12.2010 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of diamonds
and gemstones. |
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No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 re-exports, is about four times GDP. Hong Kong levies excise
duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon
oil, and methyl alcohol. There are no quotas or dumping laws. 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, helped it to make an initial recovery more quickly than many
observers anticipated, it again faces a possible slowdown as exports to the
Euro zone and US slump. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous year. 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 exports 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 34.9 million in 2012,
outnumbering visitors from all other countries combined. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income
segments of the population are increasingly unable to afford adequate housing.
Hong Kong continues to link its currency closely to the US dollar, maintaining
an arrangement established in 1983
Source
: CIA
BEENI IMPEX
LTD.
ADDRESS: Flat 1202, 12/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 5050
FAX: 852-2367 5050
E-MAIL: beeniimpex@yahoo.com
Managing Director: Mr. Nileshkumar Karshanbhai Patel
Incorporated on: 3rd December, 2010.
Organization: Private Limited Company.
Capital: Nominal:HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Flat E, 32/F., Block 5, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.
Operating Office:-
Flat 1202, 12/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
53413133
1535924
Managing Director: Mr. Nileshkumar Karshanbhai Patel
(Mobile Phone No.: 852-9602 5050)
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry
dated 25-03-2013)
|
Name |
|
No. of shares |
|
Nileshkumar Karshanbhai PATEL |
|
5,000,000 ======= |
(As per registry
dated 03-12-2013)
|
Name (Nationality) |
Address |
|
Nileshkumar Karshanbhai PATEL |
Flat E, 32/F., Block 5, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 25-03-2013)
|
Name |
Address |
Co. No. |
|
Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
The subject was incorporated on 3rd December, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat C, 3/F., Southsea Mansion, 81 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in early 2012.
Its operating address is located at a different address.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and gemstones
Employees: 2.
Commodities Imported: India, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C or prepayment.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Increase of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$5,000,000.00 |
in |
25-03-2013 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$1,000,000.00 |
|
25-03-2013 |
paid up |
HK$4,000,000.00 |
|
|
|
–––––––––––––– |
|
Total: |
paid up |
5,000,000 ============= |
Profit or Loss: Made a small profit in 2012.
Condition: Business is improving.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1 million ordinary shares of HK$1.00 each at the very beginning, Beeni Impex Ltd. is wholly owned by Mr. Nileshkumar Karshanbhai Patel who is an Indian. In July 2013, its ordinary shares were increased to 5 million in total and all of which are owned by N. K. Patel.
Petal is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Patel is also the only director of the subject.
The subject’s registered address is in a private building located at Flat E, 32/F., Block 5, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. This is the new residence of Patel.
The subject’s operating address is located at a different address.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. It is trading in loose diamonds like Marquise, Pears, Tappers, Baguettes and Rose Cut, Round Brilliant, Single Cut and Fancy Cut, Heart Cut, Emerald Cut, etc.
Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries. Business is improving.
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 Jewellery Show 2014” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014.
The subject’s business is chiefly handled by Patel himself. He can be reached at his mobile phone number 852-9602 5050. History in Hong Kong is just over two years.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian workforce
and the untiring and unflagging efforts of the Indian diamantaires, supported
by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations which
operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Report
Prepared by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.