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Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
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Name : |
KIL INTERNATIONAL LTD. |
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Registered Office : |
c/o CBS Pacific Ltd. Room A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road,
Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.07.2011 |
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Com. Reg. No.: |
58601909 |
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Legal Form : |
Private Limited Liability |
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LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF GEMSTONES, DIAMONDS, JEWELLERY PRODUCTS. |
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No. of Employees : |
No Employees in Hong Kong [It is to be noted that
the company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
No Operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012,
an increase of 59% from the previous 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 34.9
million in 2012, 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 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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, and less than 2% in 2012.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
KIL INTERNATIONAL
LTD.
c/o CBS Pacific Ltd.
Room A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road,
Wanchai, Hong Kong.
PHONE: 852-2528
2930
FAX: 852-8148
9228
Managing Director: Mr. Harshil Premji
Kanani
Incorporated on: 4th July,
2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$32,000,000.00
Issued: HK$32,000,000.00
Business Category: Diamond
& Gemstone Trader.
Total income of holding company: INR 2,920.5 million
(Year ended
31-03-2013)
Employees: Nil.
Main Dealing Banker: Bank
of India, Hong Kong Branch.
Banking Relation: Satisfactory.
KIL INTERNATIONAL
LTD.
Registered
Office:-
c/o CBS Pacific Ltd.
Room A, 8/F., Kam Chung Commercial Building, 19-21 Hennessy Road,
Wanchai, Hong Kong.
Holding Company:-
Kanani Industries Ltd., India.
58601909
1625216
Managing Director: Mr. Harshil Premji Kanani
Nominal Share Capital: HK$32,000,000.00 (Divided into 32,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$32,000,000.00
(As per registry dated 04-07-2012)
|
Name |
|
No. of shares |
|
Kanani Industries Ltd. G-6, Prasad Chambers, Tat Road No. 2, Opera House, Mumbai-400004,
Maharashtra, India. |
|
32,000,000 ======== |
(As per registry dated 07-04-2013)
|
Name (Nationality) |
Address |
|
Harshil Premji KANANI |
Flat 104, 9/F., Navyug Nagar No. 1, Forjet Hill Opp. Bhatia Hosp
Tardeo Mumbai-400036, M.S., India. |
(As per registry dated 04-07-2012)
|
Name |
Address |
Co. No. |
|
CBS Pacific Ltd. |
Room A, 8/F., Chung Commercial Building, 19‑21 Hennessy
Road, Wanchai, Hong Kong. |
0582043 |
The subject was incorporated on 4th July, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at “Room 515,
5/F., Tower A, New Mandarin Plaza, Science Museum Road, Tsimshatsui, Kowloon,
Hong Kong” where was the operating office of Michael Chan & Co. This firm is an accountant firm. Your given phone and fax number 3114
7994 and 3114 7995 respectively belongs to it.
The registered office moved to the present address in May 2012. The subject changed its registered office
because it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond
& Gemstone Trader.
Lines: All
kinds of gemstones, diamonds, jewellery products.
Employees: Nil.
Commodities Imported: India,
etc.
Markets: Hong
Kong, China, Middle East, Europe, North America, etc.
Total income of holding company:-
INR 1,516.7 million (Year ended 31-03-2011)
INR 1,655.5 million (Year ended 31-03-2012)
INR 2,920.5 million (Year ended 31-03-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$32,000,000.00
(Divided into 32,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$32,000,000.00
Profit after Tax of holding company:-
INR 161.8 million (Year ended 31-03-2011)
INR
6.8 million (Year ended
31-03-2012)
INR
9.6 million (Year ended
31-03-2013)
Profit or Loss: Business of
parent is profitable.
Condition: Business
is under development.
Facilities: Adequate
for current running.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory
Banker: Bank of India,
Hong Kong Branch.
Standing: Small.
Having issued 32 million ordinary shares of HK$1.00 each, KIL International
Ltd. is wholly owned by Kanani Industries Ltd. [Kanani] which is an India‑based
and listed firm.
The director of the subject is Harshil Premji Kanani.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room A, 8/F.,Kam Chung Commercial Building, 19-21
Hennessy Road, Wanchai, Hong Kong” known as “CBS Pacific Ltd.” which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
Kanani is a diamond and jewellery trader, so does the subject.
Kanani was initially incorporated on 22nd March 1983 with the Registrar
of Companies Maharashtra, Mumbai, as a public limited company under the name of
“Shivlaxmi Mercantile Company Limited”.
Kanani was acquired by Mr. Premjibhai D. Kanani and Mr. Vinubhai L.
Kanani on 9th April 2007. Since then it
has changed in management and control in shareholding under the name IMP
Finance Limited, which was subsequently changed to “Kanani Industries
Limited”. Kanani is the present
name. On 19th October, 2007, Certificate
of Name Changed was issued by the Registrar of Companies Maharashtra Mumbai.
Further the company had acquired its own land at SEZ, Sachin, Surat (Gujarat)
of India, and built up its own four story factory. Now Kanani is engaged in diamonds studded
jewellery business. The subject is
responsible for marketing its products.
For the year ended 31st March, 2013, the total income of Kanani amounted
to INR 2,920.5 million (2012 INR 1,655.5 million), grew by 76.4% as compared
with previous year; profit after tax of Kanani amounted to INR 9.6 million
(2012: INR 6.8 million).
Harshil Premji Kanani is also the managing director and executive
director of Kanani.
The subject is fully supported by Kanani. Business is still under development. History in Hong Kong is just over two years.
On the whole, since the subject does not have its own operating office
and has no employees in Hong Kong, consider it good for business engagements on
L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.