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MIRA
INFORM REPORT
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Report No. : |
505266 |
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Report Date : |
28.04.2018 |
IDENTIFICATION DETAILS
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Name : |
GARNET IMPEX |
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Registered Office : |
Room 1016, 10/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.03.2002 |
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Com. Reg. No.: |
32446832-000-03 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Diamonds and Gemstones |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small Company |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
Excess liquidity, low interest rates and a tight housing supply have
caused Hong Kong property prices to rise rapidly. The lower and middle-income
segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic
situation. Its continued reliance on foreign trade and investment makes it
vulnerable to renewed global financial market volatility or a slowdown in the
global economy.
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 surged from 4.5 million in 2001 to 47.3 million in
2014, outnumbering visitors from all other countries combined. After peaking in
2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The
tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47
million. Travelers from Mainland China totaled 44.45 million, accounting for
76% of the total.
The Hong Kong Government is promoting the Special Administrative Region
(SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the
Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first
launched in Hong Kong. Offshore RMB activities experienced a setback, however,
after the People’s Bank of China changed the way it set the central parity rate
in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end
of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement
handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9
trillion RMB in 2017.
Hong Kong has also established itself as the premier stock market for
Chinese firms seeking to list abroad. In 2015, mainland Chinese companies
constituted about 50% of the firms listed on the Hong Kong Stock Exchange and
accounted for about 66% 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. 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
(CEPA), adopted in 2003 to forge closer ties between Hong Kong and the
mainland. The new measures, which took effect in March 2015, cover a negative
list and a most-favored treatment provision. On the basis of the Guangdong
Agreement, the Agreement on Trade in Services signed in November 2015 further
enhanced liberalization, including extending the implementation of the majority
of Guangdong pilot liberalization measures to the whole Mainland, reducing the
restrictive measures in the negative list, and adding measures in the positive
lists for cross-border services as well as cultural and telecommunications services.
In June 2017, the Investment Agreement and the Agreement on Economic and
Technical Cooperation (Ecotech Agreement) were signed under the framework of
CEPA.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual
Recognition of Funds, and the Bond Connect scheme are all important steps
towards opening up the Mainland’s capital markets and have reinforced Hong
Kong’s role as China’s leading offshore RMB market. Additional connect schemes
such as ETF Connect (for exchange-traded fund products) are also under
exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM
announced plans to increase government spending on research and development,
education, and technological innovation with the aim of spurring continued
economic growth through greater sector diversification.
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Source
: CIA |
Company name & address
GARNET IMPEX
ADDRESS: Room 1016, 10/F., Block A, Focal
Industrial Centre, 21 Man Lok Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-3157 0739
FAX: 852-3426 9236
E-MAIL: garnetimpex@hotmail.com
MANAGEMENT
Manager: Mr. Abdul Rab Ansari
SUMMARY
Establishment: 18th March, 2002.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
GARNET IMPEX
ADDRESS
Head Office:-
Room 1016, 10/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hung Hom, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
32446832-000-03
MANAGEMENT
Manager: Mr. Abdul Rab Ansari
PARTNERS
Name: Mr. Abdul Rab ANSARI
Residential Address: Flat E,
13/F., New Lucky House, 300 Nathan Road, Jordan, Kowloon, Hong Kong.
Name: Mr. Abdul Salam
Residential Address: Flat E,
13/F., New Lucky House, 300 Nathan Road, Jordan, Kowloon, Hong Kong.
HISTORY
The subject was established on 18th March, 2002 as a partnership concern
jointly owned by Mr. Abdul Rab Ansari and Mr. Abdul Salam under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at ‘Flat E, 13/F., New
Lucky House, 300 Nathan Road, Jordan, Kowloon, Hong Kong’, moved to
‘Room 1, Block B, 14/F., Wai Wah Building, Granville Road, Tsimshatsui,
Kowloon, Hong Kong’ in March 2003, and further moved to the present address in
March 2005.
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 and gemstones.
Employees: 3.
Commodities Imported: India, Europe
and acquired from local suppliers.
Markets: Hong Kong, other Asian countries,
Europe, US, etc.
Terms/Sales: CAD,
L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
MEMBERSHIP
Hong Kong Gemstone Manufacturers’ Association Ltd., Hong Kong.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits in past years.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
GENERAL
Garnet Impex is a partnership jointly owned by Mr. Abdul Rab Ansari and
Mr. Abdul Salam. Both of them are India
merchants.
The subject is trading in all kind of natural Gemstone beads, cabs and
cut stones.
Its main products are as follow:
Gemstone Necklace;
Precious Stone Beads;
Garnet Stone;
Gemstone Set;
Black Spinel Stone;
Colour Semi Precious Stone Strands;
Colour Gemstone Strands;
Peridot Necklace;
Garnet Necklace; &
Colour Semi Precious Stone Strands.
Most of its products bear the brand names of GI or Garnet Impex.
According to the subject, most of its partners have more than 30 years’
experience in the jewellery field.
Its products are marketed in Hong Kong, China and exported to the
following countries or areas:
Central & South America, Eastern Europe, Japan, South Korea, North
America, Scandinavia, Southeast Asia, Taiwan, other Asian Countries, Western
Europe, etc.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
For instance, it took part in “HKTDC Hong Kong International Diamond,
Gem & Pearl Show 2018” which had been held in Hong Kong AsiaWorld-Expo,
Lantau, Hong Kong during the period of 27th February to 3rd March, 2018. Its booth No. was AWE 9-G15.
The business of the subject is chiefly handled by the two partners. History in Hong Kong is over 15 years and a
month.
On the whole, consider it good for normal business engagements in small
credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.78 |
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1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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HKD |
1 |
INR 8.49 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.