MIRA
INFORM REPORT
|
Report No. : |
337340 |
|
Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
KARP IMPEX HK LIMITED |
|
|
|
|
Registered Office : |
Flat 01, 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.: |
833706 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of diamonds |
|
|
|
|
No. of Employee : |
About 1,000 (Group) |
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 – 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 |
Contact Points
|
Company Name: |
|
|
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/F,TOWER-2,HARBOUR CENTRE,8-HOK,CHEUNG ST,HUNG HOM, KOWLOON, HONGKONG |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Flat 01, 10/F, Tower 2, Harbor Centre, 8 Hok
Cheung Street, Hung Hom, Kowloon, Hong Kong |
|
Telephone Number: |
|
|
Fax Number: |
+852-2721-6516 |
|
Date of Registration: |
2003-2-19 |
|
Registered Number: |
833706 |
|
Business Registration No.: |
33374139 |
|
Paid-up Capital: |
HKD 5,460,000(USD 704,340) = 5,460,000 Shares@ HKD 1 (As of 2015.8, 1 HKD = 0.129 USD) |
|
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 |
|
Staff: |
About 1,000 employees (group) |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-2-19 |
Note: Subject declined to
disclose its staff number, and from other source we can’t obtain the
information, either.
History
Subject was incorporated on 2003-2-19 with the registered number 833706
as Private Limited Liability Company in Hong Kong.
Change of
Registered Address
|
Former Registered Address |
Unit 01-02, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung
Hom, Kowloon, Hong Kong |
|
Current Registered Address: |
Flat 01, 10/F, Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom,
Kowloon, Hong Kong |
Corporate Structure
Parent Company
|
Name: |
|
|
Address: |
Shanta Bhuvan, 66 Kumudwadi, Bhavnagar-364002 (Gujarat) |
Related Companies
|
1 |
|
|
Name: |
KARP Diamonds Pvt. Ltd. (Jasdan, Gujarat, India) |
|
Tel: |
+91-2821-220 330 |
|
Fax: |
+91-2821-220 326 |
|
Email: |
|
|
2 |
|
|
Name: |
KARP Jewellery Pvt. Ltd. (Surat, Gujarat, India) |
|
Tel: |
+91-261-253 5723 |
|
Fax: |
+91-261-253 5725 |
|
Email: |
|
|
3 |
|
|
Name: |
KARP IMPEX N.V. (Belgium) |
|
Tel: |
+323-226 5820 |
|
Fax: |
+323-233 3668 |
|
Email: |
|
|
4 |
|
|
Name: |
KARP Jewellery Mfg. HK Ltd. (Hong Kong) |
|
Tel: |
+852-2369 3000 |
|
Fax: |
+852-2369 8600 |
|
Email: |
|
|
5 |
|
|
Name: |
Hini Star Ltd. (Hong Kong) |
|
Tel: |
+852-2724 4330 |
|
Fax: |
+852-2721 6516 |
|
6 |
|
|
Name: |
KARP Jewellery Mfg. China Ltd. (China) |
|
Tel: |
+86-20-3487 5900 |
|
Fax: |
+86-20-3487 5902 |
|
Email: |
|
|
7 |
|
|
Name: |
Hini Star Diamonds LLC. (Dubai, U.A.E.) |
|
Tel: |
+971-4 229 5492 |
|
Fax: |
+971-4 229 5493 |
|
Email: |
|
|
8 |
|
|
Name: |
Hini Star (Bangkok) Ltd. (Thailand) |
|
Tel: |
+662-6353 441 |
|
Fax: |
+662-6353 442 |
|
Email: |
|
|
9 |
|
|
Name: |
Hini Star (Taiwan) Ltd. (Taiwan) |
|
Tel: |
+886-2-2507-7160 |
|
Fax: |
+886-2-2507-6259 |
|
Email: |
|
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 Laxmi 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 Laxmi 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 Laxmi 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: |
Flat 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
l The subject is a trader of diamonds, etc. without any production
activities.
Purchase
Information
l Subject’s products are mainly purchased from Group factories in India.
Sales
Information
l The subject is mainly engaged in sales of diamonds, etc.
l The major products sold by the subject are fine diamonds, heart & arrows
cut diamonds, fancy cut diamonds, speciality cut diamonds and etc.
l Subject’s major sales regions mainly focus on Mainland China, Southeast
Asia, Europe and America, etc.
l Subject’s major customers are individual, manufacturers and designers of
jewelry, watch and diamond dealer, 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 - 10.00 ct |
|
|
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
1.
Domestic Purchase
The subject has little domestic purchases.
2.
Import
|
Products |
Diamonds, etc. |
|
Payment Terms |
Interior settlement, Cash, etc. |
Sales
1.
Domestic Markets
|
Diamonds, etc. |
|
|
Selling Terms |
T/T, Cash, etc. |
2.
Export
|
Product |
Diamonds, etc. |
|
Selling Terms |
T/T, Cash, 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 relevant staff 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
|
Name: |
Ms. Angle |
|
Department: |
Sales Department |
|
Email: |
Industry Information
66729--Diamonds, non-industrial, otherwise worked, but not mounted or set
(cm)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
113,655 |
854,839 |
1,452,417 |
10,085,815 |
|
Brazil |
33 |
1,437 |
174 |
5,836 |
|
Australia |
2,033 |
41,188 |
10,332 |
181,710 |
|
Belgium |
81,093 |
1,198,674 |
1,070,230 |
181,710 |
|
Germany |
154 |
614 |
18,279 |
80,845 |
|
Canada |
202 |
1,578 |
7,643 |
104,109 |
|
Switzerland |
5,866 |
161,374 |
56,112 |
1,665,846 |
|
Japan |
36,378 |
286,671 |
497,269 |
3,174,371 |
|
Thailand |
65,194 |
243,239 |
657,318 |
3,002,179 |
|
India |
765,990 |
3,982,962 |
12,544,931 |
64,883,740 |
|
The Mainland of China |
117,833 |
912,624 |
1,337,780 |
10,148,553 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
54 |
4,421 |
|
Israel |
61 |
10,875 |
153 |
38,772 |
|
-- |
-- |
3 |
116 |
|
|
Thailand |
-- |
-- |
422 |
1,865 |
|
USA |
140 |
2,916 |
2,982 |
55,371 |
|
Belgium |
2 |
74 |
463 |
70,594 |
|
Singapore |
-- |
-- |
28 |
4,990 |
|
The Mainland of China |
186 |
496 |
4,894 |
15,396 |
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
with Ms. Angle of the subject. However, the subject does not have own name
plate, and the name plates on the wall belong to subject’s related companies.
Tower 2, Harbor Centre, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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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risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.