MIRA INFORM REPORT

 

 

Report No. :

510000

Report Date :

28.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

HK EXPORT

 

 

Registered Office :

C/o Hong Kong Secretarial Service Co., Room 2, 12/F., Chung Wo Commercial Centre, 42-46 Shanghai Street, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

07.03.2006

 

 

Com. Reg. No.:

36514594-000-03

 

 

Legal Form :

Sole Proprietorship.

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of Diamonds

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

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:                      Slow but Correct.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.26

UK Pound

1

INR 91.22

Euro

1

INR 79.88

HKD

1

INR 8.59

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET 

 

 

 

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.