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Report No. : |
304606 |
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Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ALPHA IMPEX |
|
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Registered Office : |
Room 1507, 15/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon |
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|
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Country : |
Hong Kong |
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Date of Incorporation : |
30.03.1987 |
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Com. Reg. No.: |
10923767-000-03 |
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Legal Form : |
Sole
Proprietorship. |
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|
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Line of Business : |
Importer, Exporter and Wholesaler of Polished Diamonds, Gemstones. |
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No. of Employee : |
4 |
RATING & COMMENTS
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
ALPHA
IMPEX
ADDRESS: Room 1507, 15/F., Hart Avenue Plaza,
5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2311 5568, 2368 4332
FAX: 852-2311 6296
E-MAIL: alpimp97@hkstar.com
MANAGEMENT:
Manager: Mr. Rakesh Sindher
Establishment: 30th
March, 1987.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Annual Turnover: US$5~6
million.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1507, 15/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 96571,
Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
10923767-000-03
Manager: Mr. Rakesh Sindher
Name: Mr. Rakesh SINDHER
Residential
Address: Flat B2, 14/F., Majestic House, 80 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
The subject was established on 30th March, 1987 as a sole proprietorship concern owned by Mr. Rakesh Sindher under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Rakesh SINDHER |
30-03-1987 |
01-04-2000 |
|
Juhi R. CHANDNANI |
01-09-1998 |
01-04-2000 |
|
Babita SINDHER |
01-09-1998 |
16-05-2001 |
Initially the subject was located at Flat C, 11/F., Hanley House, 68-80 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 10/F., Savoy Mansion, 49 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in May 1993; to Flat B2, 14/F., Majestic House, 80 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in October 1997; to Room 1001, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in September 2000; to Room 1306, 13/F. of the same building in August 2002; and further moved to Room 1507, 15/F. of the same building in May 2007.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: Polished diamonds,
gemstones
Employees: 4.
Commodities
Imported:India, Taiwan, China, other Asian countries, US
Markets: Japan, Singapore, Thailand, US
Annual Turnover: US$5~6 million.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
Alpha Impex is a sole proprietorship set up on 30th March, 1987 and
owned by Mr. Rakesh Sindher who is an Indian.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. The subject had two
more partners but has retired.
The subject chiefly is a diamond importer, exporter and wholesaler. It is importing, exporting and wholesaling
the following commodities:-
Most of the commodities are imported from India, Thailand, etc. Prime markets are Hong Kong, China, Japan, Singapore, India, Thailand, the United States
It is reported that
the subject also trades in the following commodities:-
However, the quantities of the above-mentioned products traded are not large. It seems that it has ceased trading in many of the above-mentioned commodities.
The annual sales turnover of the subject ranges from US$5 to 6 million. Making a small profit every year.
As the history of the subject is over twenty-seven years and nine months in Hong Kong, 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.
-
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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
ANK |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.