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Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ABEE IMPEX LTD. |
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Registered Office : |
Room 1225, 12/F., Block B, Focal Industrial Centre, |
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Country : |
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Date of Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
34916291 |
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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, DIAMOND WATCHES. |
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No. of Employees : |
6 |
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 : |
No Complaints |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
ABEE IMPEX LTD.
ADDRESS: Room 1225, 12/F., Block B, Focal
Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2723 8220
FAX: 852-2723 8330
E-MAIL: info@abeeimpex.com
Managing Director: Mr. Bharatkumar Jairambhai Patel
Incorporated on: 6th
September, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$11,150,000.00
Issued: HK$6,300,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: US$20-25
million.
Employees:
6.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
ABEE IMPEX LTD.
Registered Head
Office:-
Room 1225, 12/F., Block B, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.
Associated
Company:-
Abee Impex, Hong Kong. (Same
address)
34916291
0921150
Managing Director: Mr. Bharatkumar Jairambhai Patel
Nominal Share Capital: HK$11,150,000.00 (Divided into 11,150,000
shares of HK$1.00 each)
Issued Share Capital: HK$6,300,000.00
(As per registry dated 06-09-2013)
|
Name |
|
No. of shares |
|
Bharatkumar Jairambhai PATEL |
|
6,300,000 ======= |
(As per registry dated 06-09-2013)
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Name (Nationality) |
Address |
|
Bharatkumar Jairambhai PATEL |
Flat B, 26/F., Tower 8, Costa Del Sol Laguna Verde, Phase 3, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 06-09-2013)
|
Name |
Address |
Co. No. |
|
Lodstar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated on 6th September, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Abee (H.K.)
Ltd., name changed to the present style on 28th October, 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, diamond watches.
Brand Name:
OMI & COMPANY
Employees: 6.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong
Kong, China, Japan, other Asian countries, Europe, North America, etc.
Annual Turnover: US$20-25 million.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
Nominal Share Capital: HK$11,150,000.00 (Divided into
11,150,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,300,000.00
Indebtedness: HK$22,241,010.10 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 06-09-2013)
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping
in a satisfactory manner.
Facilities:
Making
rather active use of general banking facilities.
Payment:
Met
trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India,
Hong Kong Branch.
DBS Bank (Hong
Kong) Ltd., Hong Kong.
Standing:
Normal.
Having issued 6.3 million ordinary shares of HK$1.00 each, Abee Impex
Ltd. is wholly-owned by Mr. Bharatkumar Jairambhai Patel who is an Indian. He is also the director of the subject. Formerly the subject was jointly owned by Mr.
Bharatkumar Jairambhai Patel, holding 90.9% interests, and
Mr. Virendrakumar Jairambhai Patel, holding 9.1%. On 14th November, 2012, V J Patel transferred
all his shares to B J Patel.
The subject has had an associated company Abee Impex located at its
operating address. Abee Impex and the
subject are engaged in the same lines of business.
The subject is a manufacturer and wholesaler of the following
products:-marquise, pears, tappers, buggets and rose cut, round brilliant,
single cut and fancy cut, etc. It also
provides customers with a wide selection of diamonds and assortment in various
sizes. Raw materials and products are
imported from the United States, Europe and India. The subject has had a production base for
diamonds in India. Finished products are
exported to Taiwan, the United States, Germany, other European countries, etc.
Besides diamond and jewellery, the subject also trades in gentlemen’s
diamond watches, ladies diamond watch sets and watches. Its diamond watches bear their own brand name
OMI & COMPANY owned by the subject. The subject exports its watches to the United
States, Europe, the Middle East, etc.
Besides, the subject actively markets its products to major jewellery
and watch manufacturers from all over the world through major trade shows in
Hong Kong with its dynamic sales team.
Fairs and exhibitions participated in Hong Kong are such as Hong Kong
International Jewellery Show, Hong Kong Jewellery & Watch Fair and
Hong Kong Watch & Clock Fair, etc.
The first is held in March, while the second and third are held in
September every year. For instance, it
is going to take part in “HKTDC Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 5th to 9th March, 2014.
Besides, it is going to take part in “HKTDC Hong Kong Watch & Clock
Fair 2014” which will be held in the same Centre in Hong Kong during the period
of 3rd to 7th September, 2014.
Annual sales turnover of the subject and its associate ranges from US$20
to 25 million. Business is rather
active. Regular suppliers and overseas
customers have been maintained.
As the subject’s history in Hong Kong is over nine years, on the whole,
consider it good for normal business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
|
24-03-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR Mortgagee: Bank of India, Hong Kong Branch. |
HK$3,000,000 |
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10-03-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and invoices, or any other documents representing or
relating to goods. The Company agree that the same and all goods thereby
represented or to which the document relate shall be hypothecated by way of
first charge as a continuing security for all sums in which the company from
time to time be actually or contingently indebted or liable to Bank on any
account Mortgagee: Bank of India, Hong Kong Branch. |
All the money now granted by the Bank & the company now owing to
the Bank and inclusive of the monies which in future will be granted by the
bank and the company will become owing any such sums to the Bank |
|
30-11-2012 |
Instrument: Mortgage Property: 7/634 part of shares of and in The Remaining Portion of Section B of
Kowloon Marine Lot No. 69m,Section C of Kowloon Marine Lot No. 69, The
Remaining Portion of Section B of Kowloon Marine 86, Section C of Kowloon
Marine Lot No. 86 and Sub-Section 1 of Section J of Kowloon Marine Lot No. 40
(Work Shop E1m 5/F. Hang Fung Industrial Building Phase 1, Kowloon) Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure All moneys in respect of general banking facilities &
interest thereon |
|
30-11-2012 |
Instrument: Assignment of Rentals Property: All the Company’s right, title, interest & benefit to and in any moneys
whatsoever payable to the Company by present or future Lessees and all other
right and benefits whatsoever securing to the Company Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure All moneys in respect of general banking facilities and interest
thereon |
|
28-02-2013 |
Instrument: Mortgage Property: 29/12,841 part or share of and in the Remaining Portion of Section O
of Kowloon Marine Lot No. 40 (Unit 4 on the 5/F. of Tower B of Hunghom
Commercial Centre, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities and
interest thereon |
|
28-02-2013 |
Instrument: Rent Assignment Property: 29/12,841 part or share of and in The Remaining Portion of Section O
of Kowloon Marine Lot No. 40 (Unit 4 on the 5/F. of Tower B of Hunghom
Commercial Centre, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities and
interest thereon |
|
08-03-2013 |
Instrument: Mortgage Property: 50/13,370 part or share of and in The Remaining Portion of Kwai Chung
Town Lot No. 315 (Unit 5 & 6 of the 12/F. of Tower One of Ever Gain
Plaza) Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking facilities and
interest thereon |
|
08-03-2013 |
Instrument: Assignment of Rentals Property: All the company’s right, title, interest and benefit to and in any
moneys whatever payable to the company by present or future lessees and all
other right and benefits whatsoever securing to the company, in the company’s
capacity as a lessor/licensor, from the present or future lessees to Hold the
same unto the Lender absolutely subject to the proviso for cesser contained
in the assignment of rentals Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking facilities and
interest thereon |
DIAMOND INDUSTRY – INDIA
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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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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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.
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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.62.28 |
|
|
1 |
Rs.103.84 |
|
Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.