MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	MP IMPEX FZE

Registered Office :	Room 346, 3/F., Conic Investment Building, 13 Hok Yuen Street, Hunghom, Kowloon

Country :	Hongkong

Date of Incorporation :	31.01.2011

Com. Reg. No.:	53693822-000-01

Legal Form :	Sole Proprietorship.

LINE OF BUSINESS :	IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company

Payment Behaviour :	No Complaints

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hongkong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HONGKONG - 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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company Name and Address

MP IMPEX FZE

ADDRESS: Room 346, 3/F., Conic Investment Building, 13 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.

(Formerly located at: Room A, 1/F., 60 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong,)

PHONE: 852-9287 5939

FAX: Not available

MANAGEMENT

Manager: Mr. Manish Punabhai Chandpara

SUMMARY

Establishment: 31st January, 2011.

Organization: Sole Proprietorship.

Capital: Not disclosed

Business Category: Diamond Trader.

Employees: 2.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

Room 346, 3/F., Conic Investment Building, 13 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

53693822-000-01

MANAGEMENT

Manager: Mr. Manish Punabhai Chandpara

[Mobile phone No.: 852-9287 5939]

SOLE PROPRIETOR

Name: Mr. Manish Punabhai CHANDPARA

Residential Address: D/702, Krishna Galaxy, Datta Mandir Road, Vakola, Santacruz-E, Mumbai.

HISTORY

The subject was established on 31st January, 2011 as a sole proprietorship concern owned by Mr. Manish Punabhai Chandpara under the Hong Kong Business Registration Regulations.

Formerly the subject was located at Room A, 1/F., 60 Ma Tau Wai Road, , Hunghom, Kowloon, Hong Kong, moved to the present address in March 2013.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of diamonds.

Employees: Nil.

Commodities Imported: India, etc.

Markets: Hong Kong, China, other Asian countries, the Middle East, etc.

Terms/Sales: As per contracted.

Terms/Buying: Prepayment, L/C, etc.

FINANCIAL INFORMATION

Capital: Not disclosed

Profit or Loss: Made a small profit in 2013.

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.

GENERAL

MP Impex FZE is a sole proprietorship set up and owned by Mr. Manish Punabhai Chandpara who is an India merchant. Being manager of the subject, he is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject commenced business in January 2011.

The subject’s old registered address was in a private building located at Room A, 1/F., 60 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong. This was the residence of Chandpara when he was in Hong Kong. The subject moved to the present new office in March 2013.

Manish Punabhai Chandpara can be reached at his Hong Kong mobile phone number 852-9287 5939.

The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, China, the other Asian countries and the Middle East. It is likely that the subject has had an associated company in Dubai, the United Arab Emirates. Business has been improving.

The subject’s business is chiefly handled by Chandpara himself. History in Hong Kong is over three years and eight months.

On the whole, consider the subject good for normal business engagements on L/C basis or in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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%)

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