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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
M B IMPEX |
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Registered Office : |
Unit 1008, 10/F., Guardforce Centre, |
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Country : |
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Date of Incorporation : |
16.10.1997 |
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Com. Reg. No.: |
21310844-000-10 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
· Importer, Exporter and Wholesaler of Polished and cut diamonds & jewellery subject also produces ODM products
according to the requirements of its customers. Subject product ranges include rings, earrings, pendants,
bracelets and necklaces which are set in 18K gold and platinum with diamonds
and gemstones. |
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No of Employees : |
04 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A1 |
|
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 |
M B IMPEX
Unit 1008, 10/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong
PHONE:852-2994 8832
FAX:852-2311 3443
E-MAIL: mbimpex@netvigator.com
Manager: Mr. Manishkumar Savjibhai Patel
Establishment: 16th October, 1997.
Organization: Partnership.
Capital: Not disclosed.
Business Category:
Diamond Trader.
Annual
Turnover: HK$100~120 million.
Employees: 4.
Main Dealing
Banker: Hang Seng Bank Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Head Office:-
Unit 1008, 10/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
D. Goldi B.V.B.A.,
Belgium.
Jewel Goldi (NY)
Inc., USA.
Jewel Goldi,
India.
M B Impex Ltd., Hong Kong. (Same
address)
R. Goldi (Shanghai)
Diamond Co. Ltd., China.
S. Goldi (Asia)
Ltd., Hong Kong.
S.Goldi, Hong
Kong. [Operated by Mr. Manishkumar
Savjibhai Patel]
Shree Ramkrishna
Export, India.
V. Goldi Ltd.,
Israel.
21310844-000-10
Manager: Mr. Manishkumar Savjibhai Patel
Name:
Mr. Manishkumar
Savjibhai PATEL
Residential Address:
7/F., Ocean View
Court, 27A Chatham Road, Tsimshatsui, Kowloon, Hong Kong
Name:
Mr. Nileshkumar
Mohanbhai PATEL
Residential Address:
Flat E, 2/F., Luna
Court, 53-59 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong
The
subject was established on 16th October, 1997 as a sole proprietorship concern
owned by Mr. Manishkumar Savjibhai Patel under the Hong Kong Business
Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Manishkumar Savjibhai Patel |
16-10-1997 |
- |
|
Jayeshbhai
Mohanbhai Patel |
01-06-2001 |
31-03-2002 |
|
Nileshkumar
Mohanbhai Patel |
05-01-2005 |
- |
Initially
the subject was located at 7/F., Ocean View Court, 27A Chatham Road,
Tsimshatsui, Kowloon, Hong Kong where is the residential address of the
partner, moved to Flat B, 10/F., Ocean View Court, 43 Mody Road, Tsimshatsui,
Kowloon, Hong Kong in November 1997; to Flat F, 14/F., Block B, Hilton Towers,
96 Granville Road, Tsimshatsui East, Kowloon, Hong Kong in May 2002; to Room
502, 5/F., Lee Kar Building, 4‑4A Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong in August 2002; to 13/F., Fullcorp Centre, 53-55 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong in June 2005. In December 2005, Fullcorp Centre was renamed
Katherine House. The subject moved to
Unit L1, 13/F., Kaiser Estate, Phase 2, 47-53 Man Yue Street, Hunghom, Kowloon,
Hong Kong in May 2007 and further to the present address in September 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Polished and cut diamonds, jewellery
Employees: 4.
Commodities
Imported: Belgium India, Israel, other Asian countries, etc.
Markets: Belgium, USA, other Asian countries.
Annual
Turnover: HK$100~120
million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc
Hong Kong
Jewellery & Jade Manufacturers Association, Hong Kong.
Hong Kong Jewelry
Manufacturers’ Association, Hong Kong.
Japan Jewellery Association,
Japan.
Capital: Not disclosed.
Profit or Loss:
Making a small profit every year.
Condition: Business is active.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial
Morality: Satisfactory.
Hang Seng Bank
Ltd., Hong Kong.
Bank of Baroda
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
M B Impex is a partnership
concern jointly owned by Mr. Manishkumar Savjibhai Patel and Mr. Nileshkumar
Mohanbhai Patel. The two Patels are
Indian and belong to the same family.
The subject,
established in 1997, is one of the prestigious establishments for polished diamonds
in Hong Kong. The supply comes from its
India factory directly in order to provide stable and reliable sources to
support the jewellery production.
According to the subject, wide range of products are well finished with
high quality tapers, baguettes, princess and other fancy shapes by skilful
craftsmen in the Greater China region.
The subject’s in-house design team creates over a thousand designs. The products include rings, earrings, pendants, bracelets and necklaces which are set in 18K gold and platinum with diamonds and gemstones. The subject also produces ODM products according to the requirements of its customers.
The followings are the main products of
the subject:-
Diamond Jewellery
· White Diamond Jewellery (such as diamond ring, microset diamond ring)
Colour
Diamond Jewellery (such as Bi-colour diamond ring)
Gem Set Jewellery
Emerald Jewellery
Ruby Jewellery
Sapphire Jewellery
Gold Jewellery
18K Gold Jewellery (such as 18K white gold
Onyx pendant)
Platinum Jewellery
Pt 900 Platinum Jewellery
The subject has
actively participated in major international jewellery shows to explore the
venturing market worldwide. For
instance, the subject has taken part in the following fairs and shows:-
The United States
JCK Las Vegas Show
Italy
Vicenzaoro First
Vicenzaoro Charm
Vicenzaoro Choice
Turkey
Istanbul Jewelry
Show I
Istanbul Jewelry Show II
Hong Kong
HK Int’l Jewellery
Show
HK Jewellery &
Gem Fair
HK International Jewelry Manufacturers’ Show
Thailand
Bangkok Gems &
Jewelry Fair
Middle East
Mid-East Watch
& Jewellery, Sharjah, UAE
Jewellery Arabia,
Bahrain
Dubai Int’l Jewellery Week, UAE
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 main
markets are Belgium, other European countries, the Middle East, the United
States, and other Asian countries.
Annual sales turnover of the subject ranges from HK$100 to 120 million. Business is rather profitable and active.
Besides operating
the subject, Manishkumar Savjibhai Patel is also operating a sole
proprietorship S. Goldi which is also a diamond trader. Located at the same building, S. Goldi has
got an affiliated company S. Goldi (Asia) Ltd. [S. Goldi] which is a Hong
Kong-registered firm located at its operating address. S. Goldi has had affiliated companies in
Belgium, the United States, India, China and Israel.
S. Goldi (Asia)
Ltd., the Asia marketing affiliate of India-based Shree Ramkrishna Export, was
set up in 2004 and is directed by Mr. Mansukh Budheliya Patel. This firm possesses an efficient and
knowledgeable sales team and this marketing affiliate deals effectively in the
sales of diamonds ranging mainly from 0.01 to 3.00 carats. These diamonds are available in qualities
from IF to I3 and colours from D to all colours. All the products include certified as well as
non-certified stones i.e. GIA dossier and GIA certified stones up to 3.00
carats. Venturing into the upper segment
of the market in South East Asia, S.Goldi (Asia) Ltd. provides reliable
services to wholesalers, jewellery manufacturers, jewellery retailers and the
end consumers.
The history of the
subject in Hong Kong is over sixteen years.
On the whole, consider
it good for normal business engagements.
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.62.12 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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26-40 |
B |
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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-- |
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.