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MIRA INFORM REPORT
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Report No. : |
508514 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
R IMPEX LIMITED |
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Registered Office : |
Room C, 5/F., Cheerful Commercial Building, 116-118 Ma Tau Wai Road,
Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.07.2016 |
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Com. Reg. No.: |
66422791 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of
Diamonds. |
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No. of Employees : |
3. (Including Associated Company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Relatively New Business |
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Payment Behaviour : |
Slow |
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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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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.
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 and address
R IMPEX LIMITED
ADDRESS: Room C, 5/F., Cheerful Commercial
Building, 116-118 Ma Tau Wai Road, Hung Hom,
Kowloon, Hong
Kong.
PHONE: 852-6097 6031
MANAGEMENT
Managing Director:
Mr. Pradeep Toshniwal
SUMMARY
Incorporated on:
14th July, 2016.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3. (Including associated
company)
Main Dealing Banker: Shanghai
Commercial Bank Ltd., Hong Kong.
Banking Relation:
Satisfactory.
ADDRESS
Registered Office:-
Flat B, 5/F., Tower 9, Bauhinia Mansion, Site 11,
Whampoa Garden, Hung Hom, Kowloon, Hong Kong.
Operating Office:-
Room C, 5/F., Cheerful Commercial Building, 116-118 Ma
Tau Wai Road, Hung Hom, Kowloon, Hong Kong.
Associated Company:-
R Impex
Room C, 5/F., Cheerful Commercial Building, 116-118 Ma
Tau Wai Road, Hung Hom, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
66422791
COMPANY
FILE NUMBER
2402963
MANAGEMENT
Managing Director:
Mr. Pradeep Toshniwal
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 14-06-2016)
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Name |
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No. of shares |
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Pradeep TOSHNIWAL |
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10,000 ====== |
DIRECTOR
(As per registry dated 14-07-2016)
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Name (Nationality) |
Address |
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Pradeep TOSHNIWAL |
Flat B, 5/F., Tower 9, Bauhinia Mansion, Site 11,
Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 27-07-2016)
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Name |
Address |
Co. No. |
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CBS Pacific Ltd. [Resigned on 14-07-2017] |
Unit A, 6/F., Kam Chung Commercial Building, 19‑21
Hennessy Road, Wanchai, Hong Kong. |
0582043 |
HISTORY
The subject
was incorporated on 14th July, 2016 as a private limited liability company
under the Hong Kong Companies Ordinance.
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. (Including associated
company)
Commodities Imported: India,
Europe, etc.
Markets: Hong Kong, other Asian countries, Europe,
US, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, Advanced Payment, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Kept a balance account in 2017.
Condition: Business keeps on improving.
Facilities: Adequate for current running.
Payment: Slow
Commercial Morality:
Satisfactory.
Banker: Shanghai Commercial Bank
Ltd., Hong Kong.
Standing: Small.
GENERAL
Having
issued 10,000 ordinary shares of HK$1.00 each, R Impex Limited is wholly owned
by Mr. Pradeep Toshniwal who is an India merchant.
He is a Hong
Kong ID holder and has got the right to reside in Hong Kong. He is also the only director of the subject.
He has been
in Hong Kong for a very long time as he has got his Hong Kong ID before setting
up the subject.
The
subject’s registered address is in the residential address of the sole
shareholder located at ‘Flat B, 5/F., Tower 9, Bauhinia Mansion, Site 11,
Whampoa Garden, Hunghom, Kowloon, Hong Kong’.
The residential building is not intruded by outsiders.
The
subject’s operating office is located at ‘Room C, 5/F., Cheerful Commercial
Building, 116-118 Ma Tau Wai Road, Hung Hom, Kowloon, Hong Kong’.
The subject
shares the office with its associated company R Impex. Mr. Pradeep Toshniwal is also the sole
proprietor of R Impex. He can be reached
at his mobile phone number 852-6097 6031.
The subject
is a diamond importer, exporter and wholesaler.
It is trading in loose, polished and cut diamonds. It also trades in rough diamonds.
Most of the
commodities are imported from India.
Prime markets are Hong Kong, China, Japan and the other Asian
countries. Business keeps on improving.
The business
of the subject is chiefly handled by Mr. Pradeep Toshniwal himself. History in
Hong Kong is just over a year and ten months.
On the
whole, since the history of the subject is short in Hong Kong, consider it good
for normal credit requirements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.11 |
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1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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HKD |
1 |
INR 8.50 |
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 : |
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
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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.