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So, here's my take -- but be warned, this is all just speculation.

First, let's start with this listing: http://www.ebay.com/itm/201831458561

Watch Analog watch Watch accessory Fashion accessory Jewellery


On first blush, you would be forgiven for mistaking it for a "Russian" Impex watch, as you linked, but this is in fact a Swiss-made watch. And it looks overall much nicer to me -- excellent printing, nicer hands, a curved "saucepan" dial. Unsurprisingly, its asking price is higher, too. This got me thinking these "Russian" Impex watches may not be what we think they are.

I saw the original movement (above) described as ST96, so I did some more digging. It seems the more proper name is FHF 96, a midgrade 17-jewel Swiss movement:

17jewels.info - FHF 96 (Standard)
bidfun-db Archive: Watch Movements: FHF 96

And then I found this YouTube video:
. Look especially at the description and comments.

So, here's my theory: Impex was a legitimate brand marketed in India, using high-quality parts and 17-jewel midgrade Swiss movements (caliber FHF 96). These watches were popular, but a little bit expensive for the layman, so counterfeiters started making knockoffs with cheaper, flat dials, simple baton hands, and cheap-as-dirt Soviet movements. These are what we're finding today all over eBay, and what's shown above on the YouTube video.

That would mean that these curious "Russian" watches are not legitimate nor franken, but actual counterfeits -- akin to a "Folex".

Possible?
 

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So, here's my take -- but be warned, this is all just speculation.

So, here's my theory: Impex was a legitimate brand marketed in India, using high-quality parts and 17-jewel midgrade Swiss movements (caliber FHF 96). These watches were popular, but a little bit expensive for the layman, so counterfeiters started making knockoffs with cheaper, flat dials, simple baton hands, and cheap-as-dirt Soviet movements. These are what we're finding today all over eBay, and what's shown above on the YouTube video.

That would mean that these curious "Russian" watches are not legitimate nor franken, but actual counterfeits -- akin to a "Folex".

Possible?
The counter argument to this would be that the vast majority of "vintage Swiss" counterfeits sold out of India in recent years have been powered by FHF/ST 96 movements and a case usually somewhat similar to this. Could it be that the Russian-powered Impex are the real deal and the Swiss-powered are not?

...or perhaps both are legit as Neruda suggested. After all, the sheer volume of FHF 96 hitting the market inside fakes right now indicates that a large number of them were imported back when they were still in production. Until now, the only Indian brand using this movement that I have been able to identify is Hegde Golay but there must have been more. The "Swiss Movt" text indicates that only the movement was imported. As for the Poljot-powered versions; India had fairly strong trade ties with the USSR back in the 1970s when such a watch would have been made if it is legit. A repeat of the Cardinal story?
 

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The counter argument to this would be that the vast majority of "vintage Swiss" counterfeits sold out of India in recent years have been powered by FHF/ST 96 movements and a case usually somewhat similar to this. Could it be that the Russian-powered Impex are the real deal and the Swiss-powered are not?
And this is why it helps to know something -- anything -- about movements produced outside the USSR.

Interesting ideas all around. I'm sure we'll never know.
 

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In addition to whatever might have been happening in India, there was another Impex company in New York. This is a 1973 catalogue currently on Ebay:
Text Material property Graphic design Book Fashion accessory

The accompanying price-list states all watches were imported from Switzerland, and also notes the company had been in existence for 15 years (so created in approx 1958):
Text Document Paper Paper product

Delta Impex seems to have used quite a range of fantasy brands on the dials, but some are clearly labelled "Impex". Many it seems are also stamped inside the caseback "Delta Impex Watch Co."

So, any connection between Delta Impex and India?

https://www.ebay.com/itm/Vintage-19...085204?hash=item5b30765494:g:BokAAOSwOtdYVYmX
 
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