MIRA INFORM REPORT
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Report No. : |
313625 |
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Report Date : |
27.03.2015 |
IDENTIFICATION DETAILS
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Name : |
HONEYWELL IMPEX |
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Registered Office : |
c/o Success Business Centre Unit 2103, 21/F., Sino Centre, 582 Nathan Road, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.09.2009 |
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Com. Reg. No.: |
51189441-000-09 |
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Legal Form : |
Partnership |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS |
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No. of Employee : |
Not Available NOTE: It is to be noted that
the company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
Company
name and address
HONEYWELL IMPEX
Formerly located at:
c/o Success Business Centre
Room 1006, 10/F., Carnarvon Plaza,
20 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong.]
ADDRESS: c/o Success Business Centre
Unit 2103, 21/F.,
Sino Centre, 582 Nathan Road, Mongkok, Kowloon, Hong Kong.
PHONE: 852-6355 6984
E-MAIL: honeywellimpex@gmail.com
MANAGEMENT
Manager: Mr. Amitkumar
Chhanalal Shah
SUMMARY
Establishment: 22nd September,
2009.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: Nil.
Main Dealing Banker: China
CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered
Office:-
c/o Success Business Centre
Unit 2103, 21/F., Sino Centre, 582 Nathan Road, Mongkok, Kowloon, Hong
Kong.
Associated
Companies:-
Glow Star
c/o Wingate Business Group Ltd.
Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central,
Hong Kong.
Unique Trading Company
c/o Wingate Business Group Ltd.
Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
BUSINESS
REGISTRATION NUMBER
51189441-000-09
MANAGEMENT
Manager: Mr. Amitkumar Chhanalal
Shah
PARTNERS
Name: Mr. Amitkumar Chhanalal
SHAH
Residential Address: 21/A, Baba
Ramdas Building, Hemu Colony Cross Road, 2 Irani Wadi, Kandivali (W),
Mumbai-400067, India.
Name: Mr. CHOI Kwok Lam
Residential Address: Room 8,
9/F., Tak Lee Building, 8 Tsing Yeung Circuit, Tuen Mun, New Territories, Hong
Kong.
HISTORY
The subject was established on 22nd September, 2009 as a sole
proprietorship concern owned by Mr. Amitkumar Chhanalal Shah under the Hong
Kong Business Registration Regulations.
It became a partnership on 10th June, 2013 as a new partner Mr. Choi
Kwok Lam joined in.
Initially the subject was located at Flat 1, 11/F., Star Mansion, 3-5
Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Room 605, 6/F., Stag
Building, 148-150 Queen’s Road Central, Hong Kong in October 2009, moved to
Room 1006, 10/F., Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon,
Hong Kong in September 2010 and further moved to the present address in July
2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer, Exporter
and Wholesaler.
Lines: All kinds of
diamonds
Employees: Nil.
Commodities Imported: India,
Belgium, other European countries
Markets: Hong Kong, China,
India, other Asian countries
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits
in past three years.
Condition: Business keeps on
improving.
Facilities: Making use of
general banking facilities.
Payment: Unknown.
Commercial Morality: Satisfactory.
Banker: China CITIC Bank International Ltd.,
Hong Kong.
Standing: Small.
GENERAL
Honeywell Impex is a partnership jointly
owned by Mr. Amitkumar Chhanalal Shah and Mr. Choi Kwok Lam. The former is an India passport holders while
the latter is a HK ID Card holder and has got the right to reside in
Hong Kong permanently.
The subject does not have its own operating
office. Its registered office was in a
commercial service firm located at Unit 2103, 21/F., Sino Centre, 582 Nathan
Road, Mongkok, Kowloon, Hong Kong known as Success Business Centre (SBC/or
known as SBC Corporate Service Ltd.) which is handling its correspondences and
documents.
The subject moved to the present address in
July 2013. Success Business Centre has
had a number of branch offices in Hong Kong.
We can reach A C Shah at his Hong Kong
mobile phone number
852-6355 6984 as he is in Hong Kong. Mr.
Shah is friendly and co-operative. We
also have confirmed his e-mail address.
The subject is a diamond importer, exporter
and wholesaler. It is trading in
single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire,
etc. Most of the commodities are
imported from Europe, North America, etc.
Prime markets are Hong Kong, India, the other Asian countries, the
Middle East, etc. It is also a
commission agent. Business keeps on
improving.
Shah and Choi are also the owners of Glow
Star which is located at a different address.
Established on 5th March, 2010, Glow Star is also a diamond trader.
The business of the subject is chiefly handled by the two partners. History in Hong Kong is over five years and
six months.
Since the subject does not have its own operating office, consider it
good for business engagements on L/C basis or in small credit amounts.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject operates
from some other country and does not have a base in Hong Kong. Such companies
are registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.67 |
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1 |
Rs.93.26 |
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Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
ANK |
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.