MIRA INFORM REPORT
|
Report No. : |
327083 |
|
Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KARP IMPEX HK LIMITED |
|
|
|
|
Registered Office : |
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.02.2003 |
|
|
|
|
Com. Reg. No.: |
33374139 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Diamonds, Products includes Fine Diamonds, Heart
& Arrows Cut Diamonds, Fancy Cut Diamonds, Speciality Cut Diamonds. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 companie
|
Source
: CIA |
Company
name and address
|
Company Name: |
KARP IMPEX HK
LIMITED |
|
Supplied Name: |
KARP IMPEX HK
LIMITED |
|
Trading Address: |
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong |
|
Supplied Address: |
UNIT 01-02, 10/FL,TOWER -2 , HARBOUR CENTRE, 3 HOK CHEUNG, HUNGHOM, HONG KONG |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2724-4330 |
|
Fax Number: |
+852-2721-6516 |
|
Date of Registration: |
2003-2-19 |
|
Registered Number: |
833706 |
|
Business Registration No.: |
33374139 |
|
Registered Capital: |
HKD 10,000,000 (USD 1,290,000) (As of 2015.01, 1 HKD = 0.129 USD) |
|
Paid-up Capital: |
HKD 5,460,000(USD 704,340) = 5,460,000 Shares@ HKD 1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm) |
|
Principal Activities: |
Trading of diamonds and etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-2-19 |
Notes:
Subject declined to disclose its staff number; from other source we cannot
obtain the relevant information, either.
History
Subject was incorporated on 2003-2-19 with the registered number 833706 as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Parent Company
|
Name: |
Karp Impex Limited |
|
Address: |
Shanta Bhuvan, 66 Kumudwadi, Bhavnagar-364002 (Gujarat) |
Related Companies
|
KARP Diamonds Pvt. Ltd. (Jasdan, Gujarat, India) Tel : 91-2821-220 330 Fax : 91-2821-220 326 Email: karpjasdan@karpgroup.com KARP Jewellery Pvt. Ltd. (Surat, Gujarat, India) Tel : 91-261-253 5723 Fax : 91-261-253 5725 Email : karpjew@karpgroup.com KARP IMPEX N.V. (Belgium) Tel : 323-226 5820 Fax : 323-233 3668 Email : karpant@karpgroup.com KARP Jewellery Mfg. HK Ltd. (Hong Kong) Tel : 852-2369 3000 Fax : 852-2369 8600 Email : karpjewhk@karpgroup.com Hini Star Ltd. (Hong Kong) Tel : 852-2724 4330 Fax : 852-2721 6516 KARP Jewellery Mfg. China Ltd. (China) Tel : 8620-3487 5900 Fax : 8620-3487 5902 Email : karpjewchina@karpgroup.com Hini Star Diamonds LLC. (Dubai, U.A.E.) Tel : 971-4 229 5492 Fax : 971-4 229 5493 Email : hinidubai@karpgroup.com Hini Star (Bangkok) Ltd. (Thailand) Tel : 662-6353 441 Fax : 662-6353 442 Email : hinibkk@karpgroup.com Hini Star (Taiwan) Ltd. (Taiwan) Tel : 886-2 2507 7160 Fax : 886-2 2507 6259 Email : hinitwn@karpgroup.com |
Shareholders
|
Subscription Shares |
Proportion of
Investment (%) |
|
|
Karp Impex Limited |
5,459,999 |
99.99998% |
|
Anilkumar Bhikhabhai Virani |
1 |
0.00002% |
|
Total |
5,460,000 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Karp Impex Limited |
|
Address: |
Shanta Bhuvan, 66 Kumudwadi, Bhavnagar-364002 (Gujarat) |
|
2 |
|
|
Name: |
Anilkumar Bhikhabhai Virani |
|
Address: |
Jal-Mayur Chs, 5th Floor, 51 Lamni Vilas, 87 Nepean Sea Road, Mumbai-400 006, India |
Management
Information
Core Management
Detailed Information
of Directors:
|
1 |
|
|
Name: |
Anilkumar Bhikhabhai Virani |
|
Address: |
Jal-Mayur Chs, 5th Floor, 51 Lamni Vilas, 87 Nepean Sea Road, Mumbai-400 006, India |
|
Position: |
Director |
|
Passport Number: |
Z-1515786 |
|
Issuing Country: |
India |
|
2 |
|
|
Name: |
Virani Kishorkumar Bhikhalal |
|
Address: |
Jal-Mayur Chs, 5th Floor, 51 Lamni Vilas, 87 Nepean Sea Road, Mumbai-400 006, India |
|
Position: |
Director |
|
Passport Number: |
Z-006659 |
|
Issuing Country: |
India |
|
3 |
|
|
Name: |
RC Corporate Services Limited |
|
Address: |
Unit 1003, Tung Wai Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
467057 |
Operation
Information
Offices &
Factories
|
|
Office |
|
Address: |
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Workshop Unit No.01 On 10/F Harbour Centre Tower 2 No. 8 Hok Cheung Street Kowloon |
|
Owners: |
Hini Star Limited |
|
Memorial Number: |
05092302030722 |
|
Date of Instrument: |
2005-9-1 |
|
Date of Registration: |
2005-9-23 |
|
Consideration Value: |
HKD 19,000,300.00 (PT.) |
History of
Premises Owners’
|
1 |
|
|
Memorial No.: |
07092002620418 |
|
Date of Instrument: |
2007-9-7 |
|
Date of Registration: |
2007-9-20 |
|
Nature: |
Deed Of Variation And Further
Charge |
|
In Favor of: |
The Hongkong And Shanghai
Banking Corporation Limited |
|
Consideration: |
To Secure All Moneys In Respect Of
General Banking Facilities (PT.) |
|
2 |
|
|
Memorial No.: |
05092302030730 |
|
Date of Instrument: |
2005-9-1 |
|
Date of Registration: |
2005-9-23 |
|
Nature: |
Mortgage |
|
In Favor of: |
The Hongkong And Shanghai
Banking Corporation Limited |
|
Consideration: |
For Consideration See Memorial
(Pt.) |
|
3 |
|
|
Memorial No.: |
05062802320029 |
|
Date of Instrument: |
2005-6-23 |
|
Date of Registration: |
2005-6-28 |
|
Nature: |
Agreement For Sale And Purchase |
|
In Favor of: |
Hini Star Limited |
|
Consideration: |
HKD 19,000,300.00 (PT.) |
Note: (PT.) means “part of”.
Production
Information
The subject is a trader of diamonds and etc without any production activities.
Purchase
Information
It is introduced that subject imports its products mainly from factories of its group in India.
Sales Information
The subject is mainly engaged in sales of diamonds and etc.
It is introduced that subject’s major products includes fine diamonds, heart & arrows cut diamonds, fancy cut diamonds, speciality cut diamonds and etc.
It is introduced that subject’s selling territory includes Asia, Europe, America and etc.
It is introduced that subject’s major customers are manufacturers and designers of jewelry, watch and etc.
Products and Sizes
|
Products |
Items |
Sizes |
|
Heart & arrows cut diamonds |
Certified (GIA, HRD, IGI) |
0.30 -10.00 cts |
|
Non-Certified |
0.01 -10.00 cts |
|
|
Fine diamonds |
Certified (GIA, HRD, IGI) |
0.30 -10.00 cts |
|
Non-Certified |
0.01 -10.00 cts |
|
|
Fancy cut diamonds |
Marquise |
0.05 - 10.00 ct |
|
Pears |
0.05-10ct |
|
|
Hearts |
0.07- 10.00 ct |
|
|
Princess |
0.02 - 10.00 ct |
|
|
Cushion |
0.50 - 10.00 ct |
|
|
Trilliants |
0.05 - 10.00 ct |
|
|
Speciality cut diamonds |
Pie-cut |
0.30 - 02.00 ct |
|
Star-cut |
0.30 - 02.00 ct |
|
|
Sky-Star |
0.30 - 02.00 ct |
Settlements
PURCHASE
Domestic Purchase
The subject has little purchases in domestic market.
Import
|
Products |
Diamonds and etc |
|
Payment Terms |
Interior settlement, Cash and etc |
SALES
Domestic Markets
|
Diamonds and etc |
|
|
Selling Terms |
T/T, Cash and etc |
Export
|
Product |
Diamonds and etc |
|
Selling Terms |
T/T, Cash and etc |
Financial
Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s sales man rejected to disclose the financial information, from other sources we could not obtain such information, either.
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent
litigation of the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special
Note
Interview Details
|
Department: |
Sales Department |
|
E-mail: |
Industry
Information
66729--Diamonds, non-industrial,
otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
96,110 |
728,817 |
662,210 |
4,475,744 |
|
Armenia |
-- |
-- |
461 |
1,049 |
|
Australia |
1,756 |
23,658 |
3,733 |
54,816 |
|
Belgium |
84,515 |
1,239,263 |
423,171 |
6,622,381 |
|
Canada |
476 |
2,771 |
2,771 |
48,195 |
|
Switzerland |
8,077 |
206,582 |
32,377 |
858,188 |
|
Germany |
709 |
2,321 |
12,087 |
20,158 |
|
Britain |
1,277 |
88,340 |
9,442 |
386,120 |
|
Israel |
65,772 |
1,433,655 |
360,130 |
8,238,886 |
|
India |
981,536 |
4,727,211 |
5,338,417 |
26,201,042 |
|
Malaysia |
3,860 |
18,103 |
19,791 |
137,275 |
|
USA |
129,016 |
1,115,405 |
703,068 |
6,169,441 |
|
The Mainland of China |
114,204 |
798,063 |
516,495 |
3,689,202 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
53 |
749 |
|
Israel |
-- |
-- |
50 |
24,803 |
|
-- |
-- |
3 |
116 |
|
|
Singapore |
-- |
-- |
17 |
208 |
|
Belgium |
13 |
4,441 |
249 |
67,929 |
|
Thailand |
-- |
-- |
251 |
732 |
|
USA |
33 |
924 |
465 |
35,419 |
|
The Mainland of China |
157 |
184 |
2,711 |
8,359 |
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.
Attachment
We made an on-site visit to the supplied address, and confirmed the subject is at this location. However, the subject didn’t has its own name plate, and the name plates on the wall belong to subject’s related companies.
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
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.
-
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.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.