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MIRA INFORM REPORT
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Report No. : |
495967 |
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Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
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Name : |
H.K. IMPEX |
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Registered Office : |
Room 508, 5/F.,
Hilder Centre, 2 Sung Ping Street, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.01.2002 |
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Com. Reg. No.: |
32290536-000-01 |
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Legal Form : |
Sole proprietorship |
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Line of Business : |
Importer and exporter of all kinds of diamonds and jewellery |
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No. of Employees : |
10. (Including associates) |
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 : |
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.
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, which took effect in 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 2.6% in 2016, but slowed to 2.0% in 2017. 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. In 2017, Chief Executive 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 and address
H.K. IMPEX
ADDRESS: Room 508, 5/F., Hilder
Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2367 8114, 2724 6530,
3741 2290
FAX: 852-2368 7147
E-MAIL: info@hkimpex.com
hk@diamondbyhk.com
MANAGEMENT
Manager: Mr.
Bhagwanji Virji Lunagaria
SUMMARY
Establishment: 1st
January, 2002.
Organization: Sole
proprietorship.
Capital: Not
disclosed.
Business Category: Diamond Importer and Exporter.
Annual Sales
Turnover: US$20-50 million.
Employees: 10. (Including associates)
Main Dealing
Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Head Office:-
Room 508, 5/F.,
Hilder Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong.
Associated
Companies:-
Hari Krishna Group of
Companies
H.K. Designs (India),
India.
H.K. Designs Inc., USA.
H.K. Diam BVBA,
Belgium.
H.K. Exports
(Shanghai) Ltd., China.
H.K. Impex Pvt. Ltd.,
Hong Kong.
H.K. International,
USA.
H.K. Jewels Pvt.
Ltd., India.
Hari Krishna Exports
Pvt. Ltd., India.
Hari Krishna Lifeline
Pvt. Ltd., India.
BUSINESS
REGISTRATION NUMBER
32290536-000-01
MANAGEMENT
Manager: Mr.
Bhagwanji Virji Lunagaria
Contact Persons: Mr. Mukesh Dholakiya
proprietor
Name: Mr.
Bhagwanji Virji Lunagaria
Residential Address: B-241 Ambikanagar Society, 099 Aarogya Kendra,
Katargam, Surat, Gujarat, India.
HISTORY
The subject was
established on 1st January, 2002 as a partnership concern jointly owned by Mr.
Urveshi Kirtikant Maniyar and Mr. Bhagwanji Virji Lunagaria 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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Urveshi Kirtikant
MANIYAR |
01-01-2002 |
28-09-2004 |
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Bhagwanji Virji
LUNAGARIA |
01-01-2002 |
--- |
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Mukeshkumar G.
DHOLAKIYA |
07-08-2002 |
05-08-2003 |
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Jaysukh Kantilal
BHALALA |
01-04-2016 |
01-04-2017 |
Now, the subject has
become a sole proprietorship since April 2017.
At the very
beginning, the subject was located at Flat E, 11/F., Luna Court, 53-59 Kimberly
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1603, 16/F., Winfield
Commercial Building, 6-8A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in
December 2002, to Room 1011, 10/F., Peninsula Square, West Wing, 18 Sung On
Street, Hunghom, Kowloon, Hong Kong in October 2005, to Room 704, 7/F.,
Block 4, Chevalier House, 45-51 Chatham Road, Tsimshatsui, Kowloon, Hong Kong
in August 2011, and further to the present address in January 2015.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of diamonds
and jewellery.
Employees: 10. (Including associate)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Asia Pacific region,
Middle East, Australia, New Zealand, US, Europe, etc.
Annual Sales
Turnover: US$20-40 million.
Terms/Sales: 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: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment: No
complaints
Commercial
Morality: Good.
Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
H.K. Impex is a Hong
Kong based company engaged in jewellery and diamond business. The subject moved to the present address in
January 2015.
Business commenced on
1st January, 2002, the subject now is a sole proprietorship owned by Mr.
Bhagwanji Virji Lunagaria who is an India merchant. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong.
The subject has a
main associated company known as H.K. Impex Pvt. Ltd. [HKIPL] located at the
same address. Mr. Bhagwanji Virji
Lunagaria is the Managing Director of HKIPL.
The subject is a
diamond trader. It is trading in the
following products:
VVS1 Diamond, IF
Diamond, SI3 Diamond, SI2 Loose Diamond, SI1 Loose Diamond, Faceted Loose
Diamond, GIA Diamond.
It is able to offer
its worldwide customers with international standard diamonds. Its prime markets are the Asia Pacific
region, the Middle East, Australia, New Zealand, the United States, Europe,
etc.
HKIPL is engaged in
the same lines of business.
The subject is a
marketing affiliate of m/s. Hari Krishna Exports Pvt. Ltd. which is in Mumbai,
India. The subject belongs to the Hari
Krishna Group.
According to the
subject, Hari Krishna Exports has been engaged in diamond business since
1983. The Group is a diamond
sightholder.
The Group’s products
are exported to the United States, Japan, Israel, the United Kingdom, Belgium,
Australia, New Zealand, the United Arab Emirates, and some of the European
countries.
The Group’s ventures include
jewellery manufacturing facilities in Mumbai: H.K. Jewels and H.K. Designs
(India).
Now, including
manufacturing facilities, the Group employs more than 3,000 people worldwide.
Now, the annual sales
turnover of the Group ranges from US$250 to 300 million. Overall business is active.
The annual sales
turnover of the subject ranges from US$20 to 50 million. Business is profitable.
The business of the
subject is chiefly handled by Bhagwanji Virji Lunagaria.
The history of the
subject in Hong Kong is over 16 years and two months.
On the whole, the
subject is considered 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 65.08 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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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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PRA |
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Report Prepared
by : |
SYL |
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.