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Report No. : |
328565 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABEE IMPEX LTD. |
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Registered Office : |
Room 1225, 12/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
34916291 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds, Diamond Watches. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
ABEE IMPEX
LTD.
ADDRESS: Room 1225, 12/F., Block B,
Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2723
8220
FAX: 852-2723
8330
E-MAIL: info@abeeimpex.com
Managing Director:
Mr. Bharatkumar Jairambhai
Patel
Incorporated on: 6th September, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$6,300,000.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: US$20-25 million.
Employees: 6.
Main Dealing Banker: Bank
of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1225, 12/F., Block B, Focal Industrial Centre, 21
Man Lok Street, Hunghom, Kowloon, Hong Kong.
Associated Company:-
Abee Impex, Hong Kong.
(Same address)
34916291
0921150
Managing Director:
Mr. Bharatkumar Jairambhai Patel
HK$6,300,000.00
(As per registry dated 06-09-2014)
|
Name |
|
No. of shares |
|
Bharatkumar Jairambhai PATEL |
|
6,300,000 ======= |
(As per registry dated 06-09-2014)
|
Name (Nationality) |
Address |
|
Bharatkumar Jairambhai PATEL |
Flat B, 26/F., Tower 8, Costa Del Sol Laguna Verde,
Phase 3, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 06-09-2014)
|
Name |
Address |
Co. No. |
|
Lodstar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
The subject was
incorporated on 6th September, 2004 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally the subject
was registered under the name of Abee (H.K.) Ltd., name changed to the present
style on 28th October, 2008.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, diamond watches
Brand Name: OMI & COMPANY
Employees: 6.
Commodities Imported: India,
other Asian countries, Europe, etc.
Markets: Hong
Kong, China, Japan, other Asian countries, Europe, North America, etc.
Annual Turnover: US$20-25
million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Hong Kong Jewelry Manufacturers’ Association,
Hong Kong.
Issued Share Capital: HK$6,300,000.00
Indebtedness: HK$20,255,324.69
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 06-09-2014)
Mortgage or Charge (since 2011): (See attachment)
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
required.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of India,
Hong Kong Branch.
DBS Bank (Hong Kong)
Ltd., Hong Kong.
Standing: Good.
Having issued 6.3
million ordinary shares of HK$1.00 each, Abee Impex Ltd. is wholly-owned by Mr.
Bharatkumar Jairambhai Patel who is an Indian.
He is also the director of the subject.
Formerly the subject was jointly owned by Mr. Bharatkumar Jairambhai
Patel, holding 90.9% interests, and Mr. Virendrakumar Jairambhai Patel,
holding 9.1%. On 14th November, 2012, V
J Patel transferred all his shares to B J Patel.
The subject has had
an associated company Abee Impex located at its operating address. Abee Impex and the subject are engaged in the
same lines of business.
The subject is a
manufacturer and wholesaler of the following products: Marquise, pears,
tappers, buggets and rose cut, round brilliant, single cut full cut and fancy
cut, Black Diamonds, etc.
The subject also
provides customers with a wide selection of diamonds and assortment in various
sizes. Raw materials and products are
imported from the United States, Europe and India. The subject has a production base for
diamonds in India. Finished products are
exported to Taiwan, the United States, Germany, other European countries, etc.
Besides diamond and
jewellery, the subject also trades in gentlemen’s diamond watches, ladies diamond
watch sets and watches. Its diamond
watches bear their own brand name OMI & COMPANY owned
by the subject. The subject exports its
watches to the United States, Europe, the Middle East, etc.
Besides, the subject
markets its products to major jewellery and watch manufacturers from all over
the world through major trade shows in Hong Kong. It has taken part in the following fairs and
exhibitions:-
· Hong Kong International Jewellery Show
· Hong Kong Jewellery & Watch Fair
· Hong Kong Watch & Clock Fair
· Hong Kong International Diamond, Gem & Pearl Show, etc.
The first and the
fourth are held in March, while the second and third are held in September
every year.
For instance, it is
going to take part in “HKTDC Hong Kong International Diamond, Gem & Pearl
Show 2016” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong
during the period of 1st to 5th March, 2016.
Annual sales turnover
of the subject and its associate ranges from US$20 to 25 million. Business is rather active. Regular suppliers and overseas customers have
been maintained.
The subject’s total
amount outstanding registered with the Companies Registry as at early
September, 2014 amounted to HK$20.3 million.
As the subject’s
history in Hong Kong is over ten years and nine months, on the whole, consider
it good for normal business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
|
24-03-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR Mortgagee: Bank of India, Hong Kong Branch. |
HK$3,000,000 |
|
10-03-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and invoices, or any other documents
representing or relating to goods. The Company agree that the same and all
goods thereby represented or to which the document relate shall be
hypothecated by way of first charge as a continuing security for all sums in
which the company from time to time be actually or contingently indebted or
liable to Bank on any account Mortgagee: Bank of India, Hong Kong Branch. |
All the money now granted by the Bank & the company
now owing to the Bank and inclusive of the monies which in future will be
granted by the bank and the company will become owing any such sums to the
Bank |
|
30-11-2012 |
Instrument: Mortgage Property: 7/634 part of shares of and in The Remaining Portion of
Section B of Kowloon Marine Lot No. 69m,Section C of Kowloon Marine Lot No.
69, The Remaining Portion of Section B of Kowloon Marine 86, Section C of
Kowloon Marine Lot No. 86 and Sub-Section 1 of Section J of Kowloon Marine
Lot No. 40 (Work Shop E1m 5/F. Hang Fung Industrial Building Phase 1,
Kowloon) Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure All moneys in respect of general banking
facilities & interest thereon |
|
30-11-2012 |
Instrument: Assignment of Rentals Property: All the Company’s right, title, interest & benefit
to and in any moneys whatsoever payable to the Company by present or future
Lessees and all other right and benefits whatsoever securing to the Company Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure All moneys in respect of general banking
facilities and interest thereon |
|
28-02-2013 |
Instrument: Mortgage Property: 29/12,841 part or share of and in the Remaining Portion
of Section O of Kowloon Marine Lot No. 40 (Unit 4 on the 5/F. of Tower B of Hunghom
Commercial Centre, Kowloon, Hong Kong.) Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking
facilities and interest thereon |
|
28-02-2013 |
Instrument: Rent Assignment Property: 29/12,841 part or share of and in The Remaining Portion
of Section O of Kowloon Marine Lot No. 40 (Unit 4 on the 5/F. of Tower B of
Hunghom Commercial Centre, Kowloon, Hong Kong.) Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking
facilities and interest thereon |
|
08-03-2013 |
Instrument: Mortgage Property: 50/13,370 part or share of and in The Remaining Portion
of Kwai Chung Town Lot No. 315 (Unit 5 & 6 of the 12/F. of Tower One of Ever
Gain Plaza) Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking
facilities and interest thereon |
|
08-03-2013 |
Instrument: Assignment of Rentals Property: All the company’s right, title, interest and benefit to
and in any moneys whatever payable to the company by present or future
lessees and all other right and benefits whatsoever securing to the company,
in the company’s capacity as a lessor/licensor, from the present or future
lessees to Hold the same unto the Lender absolutely subject to the proviso
for cesser contained in the assignment of rentals Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking
facilities and interest thereon |
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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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 |
|
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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 |
|
|
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 |
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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.