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Report No. : |
305963 |
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Report Date : |
07.02.2015 |
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 : |
Hongkong |
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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 |
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Line of Business : |
Importer,
Exporter and Wholesaler of Polished and Cut Diamonds, Jewellery. |
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No. of Employees : |
4 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
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 |
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 |
M
B IMPEX
ADDRESS: 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.
Associated/Affiliated
Companies:-
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
Morarjibhai 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
Morarjibhai 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, US, 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 and steady.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Bank of Baroda (Hong Kong) Ltd., Hong Kong.
Standing: Good.
M B Impex is a partnership concern jointly owned by Mr. Manishkumar Savjibhai Patel and Mr. Nileshkumar Morarjibhai 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)
Diamond
Ring, Microset Diamond Ring, Baguette Set Wedding Ring, Channel Set Diamond
Ring, Diamond Necklace, etc.
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 2015” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 4th to 8th March, 2015. Its booth No. is CEC 1A-D20.
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.
The history of the subject in Hong Kong is over seventeen years and three months. Regular suppliers and customers have been maintained.
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.61.74 |
|
|
1 |
Rs.94.65 |
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Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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.