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Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
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Name : |
R K HONG KONG LTD. |
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Registered Office : |
9/F., |
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Country : |
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Date of Incorporation : |
20.06.2013 |
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Com. Reg. No.: |
61622740 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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'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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of
total system deposits in Hong Kong by the end of 2013. 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 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 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. Credit expansion and tight
housing supply conditions have caused Hong Kong property prices to rise
rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed
new agreements under the Closer Economic Partnership Agreement, adopted in 2003
to forge closer ties between Hong Kong and the mainland. The new measures,
effective from January 2014, cover services and trade facilitation, and will
improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
R K HONG
KONG LTD.
ADDRESS: 9/F., Tung
Fai Building, 27A Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-2449 0606
FAX: 852-2449 0009
Managing Director: Mr. Ritesh Kirtilal Vora
Incorporated on: 20th June, 2013.
Organization: Private Limited Company.
Paid Up Capital: HK$10,000.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
9/F., Tung Fai Building, 27A Cameron
Road, Tsimshatsui, Kowloon,
Hong Kong.
61622740
1925997
Managing
Director: Mr. Ritesh
Kirtilal Vora
HK$10,000.00
(As
per registry dated 20-06-2014)
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Name |
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No.
of shares |
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Ritesh Kirtilal VORA |
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10,000 ===== |
(As
per registry dated 20-06-2014)
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Name (Nationality) |
Address |
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Chetan Mahendra JAVERI |
C/515, Samir
Apartment, 169, S.V. Road, Andheri West, Mumbai 400
058, India. |
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Ritesh Kirtilal VORA |
201, Sharnam, Devidas Road, Devidas Lane, Borivali (W), Mumbai Suburban 400092, India. |
(As
per registry dated 20-06-2014)
|
Name |
Address |
Co.
No. |
|
Kaizen
Secretaries Ltd. |
Room 2103, 21/F., Futura Plaza, 111 How Ming
Street, Kwun Tong, Kowloon,
Hong Kong. |
0640440 |
The subject was incorporated on 20th June, 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: 4.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Paid Up Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
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 10,000 ordinary shares of HK$1.00 each, R K Hong Kong Ltd. is wholly owned
by Ritesh Kirtilal Vora who is an India merchant. The directors of the subject are Ritesh Kirtilal Vora and Chetan Mahendra Javeri. Both are India passport holders and do not
have the right to reside in Hong Kong permanently.
Incorporated
in June 2013, the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, China and the other Asian countries.
Business is still under development.
The
business of the subject is chiefly handled by the two directors. History in Hong Kong is just over a year and
a month.
On
the whole, since the history of the subject is short in Hong Kong, consider it
good for normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.85 |
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|
1 |
Rs.96.73 |
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Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 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.