MIRA INFORM REPORT

 

 

Report No. :

343234

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

WORLD IMPEX

 

 

Registered Office :

C/o WinGate Business Ltd.

Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

17.12.2010

 

 

Com. Reg. No.:

53467077-000-12

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

THE SUBJECT IS A DIAMOND IMPORTER, EXPORTER AND WHOLESALER.  IT IS TRADING IN LOOSE DIAMONDS.  IT CARRIES THOSE LOOSE DIAMONDS LIKE MARQUISE, PEARS, TAPPERS, BUGGETS AND ROSE CUT, ROUND BRILLIANT, SINGLE CUT AND FANCY CUT. 

 

 

No. of Employees :

No Employee in Hong Kong

 

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

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating Office in Hong Kong

Payment Behaviour :

Unknown

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)

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 12.5% 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

 

Company Name

 

WORLD IMPEX

 

 

ADDRESS

 

Head Office:-

C/o WinGate Business Ltd.

Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

53467077-000-12

 

 

MANAGEMENT

 

Manager:  Mr. Dipen Bascarenha

 

 

SOLE PROPRIETOR

 

Name:  Mr. Dipen BASCARENHA

Residential Address:     Luis Compound Kunjal, Brahiauara Vrupi Dist.‑576217, India.

 

 

HISTORY

 

The subject was established on 17th December, 2010 as a sole proprietorship concern owned by Mr. Sameer Balaram Mungekar under the Hong Kong Business Registration Regulations.  It became a partnership as Mr. Dipen Bascarenha joined in as a partner on 7th October, 2011.

 

However, it become a sole proprietorship again as Mr. Sameer Balaram Mungekar has outgone.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

GENERAL

 

World Impex was a sole proprietorship set up and solely owned by Mr. Sameer Balaram Mungekar who was an Indian.  Now, the subject is also a sole proprietorship just owned by Mr. Dipen Bascarenha.  The new proprietor is also an Indian who has joined in the subject since October 2011.

 

The subject commenced business in December 2010.  It does not have its own operating office.  Its registered office is in a commercial service firm located at Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong known as WinGate Business Ltd. which is handling its correspondences and documents.  The subject has no employees in Hong Kong.

 

We can reach nobody at your given Hong Kong mobile phone number 852‑6306 3263 as it is a vacant line.

 

The subject is a diamond importer, exporter and wholesaler.  It is trading in loose diamonds.  It carries those loose diamonds like marquise, pears, tappers, buggets and rose cut, round brilliant, single cut and fancy cut.  Commodities are chiefly imported from India.  Products are marketed in Hong Kong, China and exported to Japan, the other Asian countries, etc.  The subject is also a commission agent.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is just over four years and nine months.

 

On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.29

UK Pound

1

Rs.99.31

Euro

1

Rs.73.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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%)

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