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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HVK HONG KONG LTD. |
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Registered Office : |
Room 1001, 10/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12. 2010 |
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Com. Reg. No.: |
53486297 |
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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
AND GEM STONES |
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No. of Employees : |
4. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Source
: CIA
HVK HONG
KONG LTD.
ADDRESS: Room 1001, 10/F., Guardforce
Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 2365 6311
FAX: 2365 6212
E-MAIL: hk@hvkonline.com
Managing Director: Mr.
Rajeshkumar Chandanmal Shah
Incorporated on: 20th
December, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees:
5. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1001, 10/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
Associated Companies:-
Argo Diam, Hong Kong. (Same
address)
Daval Jewels, India.
Gemorina (HK) Ltd., Hong Kong.
(Same address)
H. Vinodkumar & Co., India.
H.V. Diam B.V.B.A., Belgium.
H.V. Jewels Co. Ltd., Thailand.
H.V. Jewels Pvt. Ltd., India.
HVK International Pvt. Ltd., India.
HVK Jewels DMCC, UAE.
53486297
1542489
Managing Director: Mr.
Rajeshkumar Chandanmal Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 20-12-2012)
|
Name |
|
No. of shares |
|
Ashok Bhai Mohanbhai SAKRIYA |
|
10,000 ===== |
(As per registry dated 12-12-2012)
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Name (Nationality) |
Address |
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Dharmeshkumar Hasmukhbhai PATEL |
At - Limbali Nr Ramji Temple, Ta - Sajitra Di - Anand, India. |
|
Sunny Nagjibhai SAKARIYA |
502, Kripanidhi Association, J.V.P.D., Gulmohar Cross Road-4, Vile
Parle (W), Mumbai - 400056, India. |
|
Rajeshkumar Chandanmal SHAH |
Unit 1001, Guardforce Centre, 3 Hok Yuen Street, Hunghom, Kowloon,
Hong Kong. |
|
Ashok Bhai Mohanbhai SAKRIYA |
9 - 10 Dayanand Society, Rander Road, Surat, Gujrat, India. |
(As per registry dated 20-12-2012)
|
Name |
Address |
|
C K Registrations Ltd. |
Room 902, 9/F., Bank Centre, 636 Nathan Road, Kowloon, Hong Kong. |
The subject was incorporated on 20th December, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 913, 9/F., Hung Hom Square, 37‑39 Ma
Tau Wai Road, To Kwa Wan, Kowloon, Hong Kong, moved to the present address in
late 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and gem stones.
Brand Name:
HVK,
HV JEWELS.
Employees: 4. (Including associates)
Commodities Imported: India, Thailand, etc.
Markets: Hong
Kong, Japan, US, Middle East, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
a very small profit in 2012.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, HVK Hong Kong Ltd.
is wholly owned by Mr. Ashok Bhai Mohanbhai Sakriya who is an Indian. The managing director of the subject Mr.
Rajeshkumar Chandanmal Shah is also an Indian but he is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
The subject is sharing the same office with Gemorina (HK) Ltd.
[Gemorina] and Argo Diam which both are also a Hong Kong-registered firms.
The two companies belongs to the HVJ Group of companies. Besides the subject, the other Group members
are in India, Thailand, Belgium and the United Arab Emirates. The core member of the Group is H.V. Jewels
Pvt Ltd. which is an India-based firm.
The Group’s associated factories are in Surat and Mumbai of India.
Business commenced in December 2010, the subject is a diamond
trader. Its main products are the
followings: peridot, amethyst, aquamarine, citrine, emerald, garnet,
lapis-lazuli, tourmaline, turquoise, chrome diopside and single cut diamond,
14K, 18K, 10K gold and 925 silver jewellery, etc.
Most of its products bear the brand name of HVK and HV JEWELS.
Raw materials are chiefly imported from India, Thailand, Europe,
etc. Prime markets are Japan, other
Asian countries, the United States, etc.
Business is keeps on improving.
Incorporated in 1990, Gemorina is also a gemstone and diamond
trader. The Managing Director Mr.
Ashutosh Bhargava is also an Indian.
Argo Diam is a sole proprietorship set up by Mr. Rajeshkumar Chandanmal
Shah. Established on 15th February,
2006, Argo Diam is also a diamond trader.
It is engaged in the same lines of business as the subject.
The subject’s business is chiefly handled by Shah himself. He has developed business ties with a number
of diamond suppliers in India.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it is going to
take part in “HKTDC Hong Kong International Jewellery Show 2014” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 5th to 9th March, 2014.
Its booth number is 3G-J50.
The history of the subject is just over two years and three months. It is fully supported by the HVJ Group.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
|
1 |
Rs.83..59 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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 and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.