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MIRA INFORM REPORT
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Report No. : |
496252 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KOEX JEWEL’S |
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Registered Office : |
Room 01G, 6/F., Harbour
Centre, Block 2, 8 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.10.1999 |
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Com. Reg. No.: |
30417112-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and wholesaler of all kinds diamonds, gem stones |
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No. of Employees : |
3 (Including other
companies) |
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 (30.09.2017) |
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.
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
KOEX
JEWEL’S
ADDRESS: Room 01G, 6/F., Harbour
Centre, Block 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2377 3522
FAX: Not available
MANAGEMENT
Manager: Mr.
Mayur Narendrakumar Patel
SUMMARY
Establishment: 9th
October, 1999.
Organization: Sole Proprietorship.
Capital: Not
disclosed.
Business Category: Diamond Trader.
Employees: 3. (Including other companies)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Head
Office:-
Room 01G, 6/F.,
Harbour Centre, Block 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
30417112-000-10
MANAGEMENT
Manager: Mr.
Mayur Narendrakumar Patel
SOLE
PROPRIETOR
Name: Mr.
Mayur Narendrakumar PATEL
Residential
Address: 69 Tejkiran Apartment Behind
Shreyas Hall Dadi Sheth X Lane No. 2 Babulnath, Mumbai-7, India.
HISTORY
The subject was
established on 9th October, 1999 as a sole proprietorship concern owned by Mr.
Lee Sung Woo under the Hong Kong Business Registration Regulations.
The following table
shows the changes of the partners:-
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Name |
Incoming Date |
Outgoing Date |
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LEE Sung Woo |
09-10-1999 |
01-04-2002 |
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Mayur Narendrakumar
PATEL |
01-12-2001 01-12-2014 |
01-11-2011 --- |
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Dhairya Ramesh
VIRANI |
13-07-2011 |
22-12-2011 |
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Mayank Babubhai
SAVANI |
01-12-2011 |
01-06-2016 |
Now, the subject is
still a sole proprietorship concern.
Initially the subject
was located at Flat A, 6/F., Bo Yip Building, 6 Ashley Road, Tsimshatsui,
Kowloon, Hong Kong, moved to Flat A, 17/F., Tower 15A, Costa Del Sol
(Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong
Kong in November 2005, and further moved to the present address in October
2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
wholesaler.
Lines: All kinds diamonds,
gem stones.
Employees: 3. (Including other companies)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, South Korea,
China, other Asian countries, Middle East, Thailand, etc.
Terms/Sales: CAD,
L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Slow
but correct
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Koex Jewel’s is a
sole proprietorship operated and owned by Mr. Mayur Narendrakumar Patel who is
an India merchant. M N Patel is an India
passport holder and his registered address is in Mumbai, India. He joined in the subject on 1st December,
2001 but outwent on 1st November, 2011.
He joined in the subject again on 1st December, 2014.
The earliest owner of
the subject Mr. Lee Sung Woo was a Korean.
He was a Korea passport holder who outwent on 1st April, 2002. Now, the subject is solely owned by M N
Patel.
The subject moved to
the present address in October 2014. It
shares the office with the other companies of which names are unknown to us.
The subject is
trading in loose, polished and cut diamonds, emerald, precious stones, ruby
jade, gem sets, semi-precious stones, blue or coloured sapphire. Polished and cut diamonds are imported from
India, Belgium and the other European countries, etc. Products are marketed in Hong Kong, China and
exported or re-exported to South Korea, Taiwan, India, the other Asian
countries, Europe, the Middle East, etc.
It seems that South Korea is the prime market of the subject. Its business is normal.
According to the
subject, it is also a commission agent.
The business of the
subject is chiefly handled by M N Patel himself. Business is profitable.
M N Patel has
developed business ties with a number of suppliers in Mumbai, India.
Since the history of the
subject in Hong Kong is over eighteen years and two months, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.05 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR 8.29 |
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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NIS |
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.