|
Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
M B IMPEX |
|
|
|
|
Registered Office : |
Unit 1008, 10/F., Guardforce Centre, 3 Hok Yuen Street
East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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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 : |
Proprietorship Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of Polished and cut diamonds, jewellery, etc. |
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No of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
M B IMPEX
ADDRESS:
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,
etc.
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.
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
-
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.
-
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.
-
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.
-
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. 61.52 |
|
|
1 |
Rs. 101.47 |
|
Euro |
1 |
Rs. 84.11 |
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 |
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.