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MIRA INFORM REPORT
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Report No. : |
484306 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HK EXPORT |
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Registered Office : |
C/o Hong Kong Secretarial Service Co., Room 2, 12/F.,
Chung Wo Commercial Centre, 42-46 Shanghai Street, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
07.03.2006 |
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Com. Reg. No.: |
36514594-000-03 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds |
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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 : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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Hongkong |
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 |
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 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.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. 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 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
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 Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company
name and address
HK EXPORT
ADDRESS: C/o
Hong Kong Secretarial Service Co.
Room 2,
12/F., Chung Wo Commercial Centre, 42-46 Shanghai Street, Kowloon,
Hong Kong.
PHONE: Not
available
FAX: Not
available
MANAGEMENT
Manager: Mr. Vaishali Nilay Shah
SUMMARY
Establishment: 7th March, 2006.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
and Gemstone Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
C/o Hong Kong Secretarial Service Co.
Room 2, 12/F., Chung Wo Commercial Centre, 42-46 Shanghai
Street, Kowloon, Hong Kong.
Associated Company:-
Far East Trade
Flat 56, Block D, 24/F., Mai Luen Industrial Building,
23-31 Kung Yip Street, Kwai Chung, New Territories, Hong Kong.
(Same owner)
BUSINESS
REGISTRATION NUMBER
36514594-000-03
MANAGEMENT
Manager: Mr. Vaishali Nilay Shah
SOLE
PROPRIETOR
Name: Mr. Vaishali Nilay SHAH
Residential
Address: Flat B, 12/F., Golden
Mansion, 83-85A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was
established on 7th March, 2006 as a sole proprietorship concern owned by Mr.
Nilesh Manharlal Chauhan under the Hong Kong Business Registration Regulations.
Changed to a partnership when Mr. Sanket Bharat Shah joined in as a
partner on 5th December, 2008.
The subject became a
sole proprietorship again as Nilesh Manharlal Chauhan outwent on 31st December,
2009.
It became a
partnership as Mr. Vaishali Nilay Shah joined in the subject on
1st September, 2014. However, Mr. Sanket Bharat Shah outwent on
28th February, 2015 and the subject became a sole proprietorship again.
Formerly the subject
was located at Flat H, 13/F., Windsor Mansion, 29‑31 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong, moved to ‘Room 202A, 2/F., 2-4 Hysan
Avenue, Causeway Bay, Hong Kong’ in August 2013, moved to 2/F., Eton Tower, 8
Hysan Avenue, Causeway Bay, Hong Kong in December 2013 and further moved to the
present address in September 2015 as it has changed its commercial service
provider since then.
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: 3.
Commodities Imported: India,
European countries, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made
small profits in years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
HK Export was set up
in March 2006. Formerly it was a
partnership jointly owned by Mr. Nilesh Manharlal Chauhan and Mr. Sanket
Bharat Shah, both of whom were Indian.
The former was a Hong Kong ID holder and got the right to reside in Hong
Kong while the latter was an India passport holder and did not have the right
to reside in Hong Kong permanently.
Now the subject is
solely owned by Mr. Vaishali Nilay Shah [V N Shah] as the other partners have
outgone. V N Shah is a Hong Kong ID
holder and has got the right to reside in Hong Kong. He is also manager of the subject.
Now, the registered
address of the subject is located at ‘Room 2, 12/F., Chung Wo Commercial
Centre, 42-46 Shanghai Street, Kowloon, Hong Kong’. This is the operating address of a commercial
service provider.
The subject is a
loose diamond importer, exporter and wholesaler. Commodities are chiefly imported from India,
Thailand, etc. Polished and cut diamonds
are marketed in Hong Kong, China and exported to other Asian countries, the
Middle East, etc. Business is normal.
Besides operating the
subject, Shah is also the owner of another Hong Kong-registered firm Far East
Trade [FET] which is located at Flat 56, Block D, 24/F., Mai Luen Industrial
Building, 23-31 Kung Yip Street, Kwai Chung, New Territories, Hong Kong.
The subject’s
operating office is located at a different address. Its phone number is 852-2367 6584 and its fax
number is 852-2894 8414. It seems that
the subject shares the office with FET.
FET is a sole
proprietorship set up on 22nd January, 2009 and wholly owned by Shah. This firm
is also a diamond and gemstone trader.
The business of the
subject is chiefly handled by V N Shah himself.
The history of the
subject in Hong Kong is over eleven years and ten months.
On the whole,
consider it good for business engagements in small to moderate 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 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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HKD |
1 |
INR 8.14 |
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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NIY |
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Report Prepared
by : |
NIT |
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
·
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.