MIRA INFORM REPORT

 

 

Report No. :

507883

Report Date :

12.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

RAA IMPEX

 

 

Registered Office :

Room C, 5/F., Cheerful Commercial Building, 116 Ma Tau Wai Road, Hunghom, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

20.03.2017

 

 

Com. Reg. No.:

55888304-000-03

 

 

Legal Form :

Sole Proprietorship.

 

 

Line of Business :

Importer, Exporter and Wholesaler of Diamonds. (Unconfirmed)

 

 

No. of Employees :

1

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

NB

 

Credit Rating

Explanation

 

Rating Comments

NB

New Business

No recommendation can be done due to business in infancy stage

 

 

Status :

New Business

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hongkong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

Company name and address

 

RAA IMPEX

 

ADDRESS:                   Room C, 5/F., Cheerful Commercial Building, 116 Ma Tau Wai Road, Hunghom,

                                    Kowloon, Hong Kong.

 

PHONE:                        Not available

 

 

MANAGEMENT

 

Manager:                      Ms. Agal Ranu

 

 

SUMMARY

 

Establishment:                          20th March, 2017.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:       Importer, Exporter and Wholesaler.

 

Employee:                    1.

 

Main Dealing Banker:     Not available.

 

Banking Relation:          Not applicable.

 

 

ADDRESS

 

Head Office:-

Room C, 5/F., Cheerful Commercial Building, 116 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

55888304-000-03

 

 

MANAGEMENT

 

Manager:                      Ms. Agal Ranu

 

 

SOLE PROPRIETOR

 

Name:                           Ms. Agal RANU

Residential Address:     Room B, 5/F., Block 9 Site 11, Whampoa Garden, Hunghom, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 20th March, 2017 as a sole proprietorship concern owned by Ms. Agal Ranu under the Hong Kong Business Registration Regulations.

Formerly the subject was located at ‘Room B, 5/F., Block 9 Site 11, Whampoa Garden, Hunghom, Kowloon, Hong Kong’, moved to the present address in June 2017.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Diamonds, etc. (unconfirmed)

 

Employee:                    1.

 

Commodities Imported: India, other Asian countries, etc.

 

Markets:                       Hong Kong, other Asian countries, etc.

 

Terms/Sales:                 CAD or as per contracted.

 

Terms/Buying:               L/C, T/T, advanced payment, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:               Too early to offer an opinion.

 

Condition:                     Business is under development.

 

Facilities:                      Adequate for current running.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Not available.

 

Standing:                      Small.

 

 

GENERAL

 

Raa Impex is a sole proprietorship set up and owned by Ms. Agal Ranu who is an India businesswoman.

 

She is a Hong Kong ID card holder and has got the right to reside in Hong Kong.  She is also manager of the subject.

 

She has been in Hong Kong for a very long time as she has got her Hong Kong ID card before setting up the subject.

 

The subject is in a residential building located at ‘Room C, 5/F., Cheerful Commercial Building, 116 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong’.  The residential building is not trespassed by outsiders.  This address seems to be the new residential address of Ms. Agal Ranu.

 

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

 

The subject is a diamond trader. However, this line of business is unconfirmed as the manager of the subject cannot be reached.

 

The subject is a diamond importer, exporter and wholesaler.  It is trading in loose, polished and cut diamonds.  Most of the commodities are imported from India. Prime markets are Hong Kong, China, India and the other Asian countries. Business is still under development.

 

The business of the subject is chiefly handled by Ms. Agal Ranu herself.  History in Hong Kong is just over a year and a month.

 

On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.22

UK Pound

1

INR 90.88

Euro

1

INR 80.09

HKD

1

INR 8.58

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.