MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KALP DIAM (HK)
LTD. |
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Registered Office : |
Flat 1501,
15/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.05.2011 |
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Com. Reg. No.: |
58362282 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Wholesaler of all kinds of polished diamonds, etc. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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
KALP
DIAM (HK) LTD.
ADDRESS: Flat 1501, 15/F., Hart Avenue
Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
(Formerly
located at: Flat A, 6/F., Luna Court, 53-59 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong.)
PHONE: 2316 7000
Managing
Director: Mr. Suvir Kirankumar Shah
Incorporated on: 17th May, 2011.
Organization: Private Limited Company.
Capital: Nominal:HK$500,000.00
Issued: HK$500,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat 1501, 15/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
58362282
1601381
Managing
Director: Mr. Suvir Kirankumar Shah
Director &
Contact Person: Mr. Darshit Devangkumar
Shah
Nominal Share
Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$500,000.00
(As per registry dated 17-05-2012)
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Name |
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No. of shares |
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Darshit Devangkumar SHAH |
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130,000 |
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Suvir Kirankumar SHAH |
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370,000 |
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Total: |
500,000 ====== |
(As per registry dated 11-04-2013)
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Name (Nationality) |
Address |
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Aadish Jitendrakumar SHAH |
A/2 Sterling Apts, Nr. Ratnasagar School, Kajinu Medan, Gopipura, Surat-395001, Gujarat, India. |
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Suvir Kirankumar SHAH |
Room 16, 3/F., Sai Darshan, 99 Gowalia Tank 400026, India. |
(As per registry dated 17-05-2012)
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Name |
Address |
Co. No. |
|
Pan Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong. |
1254491 |
The subject was incorporated on 17th May, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat A, 6/F., Luna Court, 53‑59 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect from 11th April, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Wholesaler.
Lines: All kinds of polished diamonds, etc.
Employees: 2.
Commodities Imported: India, other Asian countries, etc.
Market: Hong Kong, China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, advanced T/T, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Alternation of Capital:-
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17-05-2011 |
paid up |
HK$ 26.00 |
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27-06-2011 |
paid up |
HK$499,974.00 |
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Total: |
paid up |
HK$500,000.00 ============ |
Profit or Loss: Made a very small profit in 2012.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 500,000 ordinary shares of HK$1.00 each, Kalp Diam (HK) Ltd. is jointly owned by Mr. Suvir Kirankumar Shah, holding 74% interests, and Mr. Darshit Devangkumar Shah, holding 26%. The two Shahs are Indian. Both are India passport holders and do not have the right to reside in Hong Kong permanently. The directors of the subject are the former and Mr. Aadish Jitendrakumar Shah. The subject is in fact operated by the Shah family.
The subject moved to the present address in April 2013.
The subject can be reached at the phone number 852-2316 7090 or 2316 7000.
The subject is a diamond importer and wholesaler. It is trading in loose, polished and cut diamonds [chiefly D]. Most of the commodities are imported from India. Prime markets are Hong Kong, China, etc. Business is still under development.
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 took part in Shenzhen International Gold, Jewellery and Precious Stone Show 2012 which was held in Shenzhen Convention and Exhibition Centre, China. Its booth No. was J07.
The subjects business is chiefly handled by the Shahs themselves. History in Hong Kong is just about two years.
Since the history of the subject is short, on the whole, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.92 |
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|
1 |
Rs.84.44 |
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Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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This score serves as a reference to assess
SCs 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.