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Report No. : |
302706 |
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Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SUN IMPEX |
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Registered Office : |
Room B8, Block B, 14/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.03.2004 |
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Com. Reg. No.: |
34343397-000-03 |
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Legal Form : |
Partnership Concern |
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LINE OF BUSINESS : |
THE SUBJECT IS TRADING IN GEMSTONES, FANCY SAPPHIRE, LOOSE
GEMSTONES, CARAT SIZE SAPPHIRES, LOOSE SAPPHIRES, BLUE SAPPHIRES, RUBIES
& SAPPHIRES |
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No. of Employee : |
2. (Including affiliates) |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
SUN IMPEX
ADDRESS: Room B8, Block B, 14/F., Hankow
Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2368 3813
FAX: 852-2311 2625
Manager: Mr. Kumar Mehul
Virendrakumar Patel
Establishment: 8th March, 2004.
Organization: Partnership.
Capital: Not disclosed
Business Category: Diamond
trader.
Employees: 2. (Including affiliates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUN IMPEX
Head Office:-
Room B8, Block B, 14/F., Hankow Centre, 4A Ashley Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated/Associated
Company:-
Suraj Gems Co. Ltd., Thailand.
New Suren R.O.P., Thailand.
1249/140, Gems Tower Bldg., 15/F., Chalongkrung Road, Suriyawongbang
Rak, Bangkok, Thailand.
[Phone: 66-22352590; Fax:
66-2366849]
34343397-000-03
Manager: Mr. Kumar Mehul
Virendrakumar Patel
Name: Mr. Kumar Mehul
Virendrakumar PATEL
Residential Address: Room A3,
11/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Ms. Jasmin Surendra Kumar
PATEL
Residential Address: Room A3,
11/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 8th March, 2004 as a partnership concern
jointly owned by Mr. Kumar Mehul Virendrakumar Patel, Ms. Jasmin Surendra Kumar
Patel and Mr. Vikram Kiranbhai Patel under the Hong Kong Business Registration
Regulations. However, the third retired
on 31st January, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond
trader.
Lines: All
kinds of gem stones, etc.
Employees: 2. (Including affiliates)
Commodities Imported: India,
Thailand, other Asian countries, etc.
Markets: Hong
Kong, China, Thailand, India, other Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, O/A,
etc.
Capital: Not
disclosed
Profit or Loss: Making
a very small profit every year.
Condition: Keeping in a
fairly active manner.
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.
Sun Impex is a partnership jointly owned by Mr. Kumar Mehul Virendrakumar
Patel and Ms. Jasmin Surendra Kumar Patel.
Both are India merchants and India passport holders and do not have the
right to reside in Hong Kong permanently.
The subject is owned and operated by the Patel family.
The subject has had one or two representatives in Hong Kong who can be
reached at their Hong Kong phone number 852-2368 3813. However, they are also the representatives of
the other companies.
The subject is a diamond and gem stone trader. It has had an associated company in Thailand
known as Suraj Gems Co. Ltd. [Suraj Gems].
The subject is trading in gemstones, fancy sapphire, loose gemstones,
carat size sapphires, loose sapphires, blue sapphires, rubies & sapphires,
etc.
It is also carrying the following semi-precious stones: Aquamarine, Pink
Amethyst, Rubylite, Green Amethyst, Blue Topaz, Lemon Topaz, Citrine, Smokey
Topaz, Kunzite, Peridot, Morganite, Pink Tourmalines, Amethyst, Pink Topaz,
Garnet, Rose Quartz, etc.
In Thailand, the contact person of Suraj Gems is also Jasmin Surendra
Kumar Patel.
Another associated company New Suren R.O.P., also a Thailand-based
company located at the same address as Suraj Gems. Now, New Suren is owned and operated by the
second generation of the Patel family.
It is also trading in colour sapphires, rubies, etc.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over ten years
and ten months.
On the whole, consider it good for business engagements in small credit
amounts or on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
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|
1 |
Rs.94.01 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.