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Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MANI IMPEX |
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Registered Office : |
Room 303A, 3/F., Tower A, Hung Hom
Commercial Centre, |
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Country : |
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Date of Incorporation : |
06.09.2011 |
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Com. Reg. No.: |
54122711-000-09 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER AND EXPORTER OF ALL KINDS OF DIAMONDS AND
JEWELLERY PRODUCT. |
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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 |
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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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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 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
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Source
: CIA |
MANI IMPEX
ADDRESS: Room 303A, 3/F., Tower A, Hung Hom Commercial Centre, 39 Ma Tau Wai Road, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2773 0368
FAX: 852-2773 0386
Manager: Mr. Yeung Hiu Hoi
Establishment: 6th September, 2011.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 2. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 303A, 3/F., Tower A, Hung Hom Commercial Centre, 39 Ma Tau Wai Road, Hung Hom, Kowloon, Hong Kong.
Affiliated Company:-
Agua Diamonds Ltd., Hong Kong. (Same address)
54122711-000-09
Manager: Mr. Yeung Hiu Hoi
Name: YEUNG Hiu Hoi
Residential Address: Flat A, 23/F., Tower A, Park Towers, 1 King’s Road, Hong Kong.
The subject was established on 6th September, 2011 as a partnership concern jointly owned by Yogeshkumar Damj Ibhai Vaghani and Nilesh Sambhubhai Italiya under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:
|
Name |
Incoming Date |
Outgoing Date |
|
Yogeshkumar Damj Ibhai VAGHANI |
06-09-2011 |
23-08-2012 |
|
Nilesh Sambhubhai ITALIYA |
06-09-2011 |
07-02-2013 |
|
YEUNG, Hiu Hoi |
01-01-2013 |
--- |
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds and jewellery products,
Employees: 2. (Including affiliate)
Commodities Imported: India, other Asian countries,
Markets: Hong Kong, China, other Asian countries,
Terms/Sales: CAD, L/C, T/T,
Terms/Buying: L/C, Advanced T/T,
Capital: Not disclosed.
Profit or Loss: Made a small profit in 2013.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Mani Impex is a sole proprietorship owned by Mr. Yeung Hiu Hoi who is a Hong Kong merchant. He is also manager of the subject.
Yeung has taken over the business of the subject since 1st January, 2013.
The subject is a white loose diamond trader.
Most of the commodities are imported from India. Prime markets are Hong Kong, China and the other Asian countries. Business is normal.
The subject and Agua Diamonds Ltd. [Agua Diamonds] share the same office. Agua Diamonds and the subject are trading in the following commodities:
Loose Full-Cut Diamond;
VVS Loose Diamond;
Carat Round Diamond; &
Fancy Diamond, etc.
However, the subject is significant for its full-cut diamonds and polished loose diamonds.
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 Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd to 6th March, 2015. Its booth No. is AWE 1-B05.
Incorporated on 4th August, 2010 in Hong Kong, Agua Diamonds will also take part in the above-mentioned jewellery show in 2015. Its booth No. is AWE 1-C17.
Agua Diamonds exports its products chiefly to China.
The subject’s business is chiefly handled by Yeung himself. History is over three years and a month in Hong Kong.
On the whole, consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
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|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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 |
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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.