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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
KKK HOLDING
(HK) LTD. |
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Registered Office : |
c/o Akin Professionals Ltd. 20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.02.2012 |
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Com. Reg. No.: |
59425914 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Pig Iron, Iron Ore, Agro-commodities, Coal, Iron & Steel as well as Cement |
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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 |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
KKK HOLDING (HK) LTD.
Registered
Office:-
c/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
Holding Company:-
Swati Mining Pvt Ltd., India.
Associated
Companies:-
Adhunik Commotrade Pvt. Ltd., India.
Dasbhuja Business Pvt. Ltd., India.
Garden Steel Ltd., India.
Glowing Vinimay Pvt. Ltd., India.
Himachai Tradelink Pvt. Ltd., India.
Khatuwala Impex Ltd., India.
Kohinoor Vinimay Pvt. Ltd., India.
Mahima Commosales Pvt. Ltd., India.
Rajeshwari Iron Steel Co. Pvt. Ltd., India.
Shiv Sunderam Steel Pvt. Ltd., India.
Snowhill Suppliers Pvt. Ltd., India.
Stone Metals Pvt. Ltd., India.
Sutherpur Minerals Pvt. Ltd., India.
Swati Concast & Power Pvt. Ltd., India.
Swati International, India.
Turf Advertising Marketing Co. Pvt. Ltd., India.
Unicorp Corporation Ltd., India.
Vaishnavi Metal & Power Pvt. Ltd., India.
Yash Mining Pvt. Ltd., India.
etc.
59425914
1707183
17th February, 2012.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry
dated 17-02-2014)
|
Name |
|
No.
of shares |
|
Swati Mining Pvt Ltd. 1&2, Old Court Housr Corner, Tobacco House, 3/F.,
Kolkata-700001, India. |
|
2,000,000 ======= |
(As per registry
dated 17-02-2014)
|
Name (Nationality) |
Address |
|
Amit Kumar
KEJRIWAL |
28 New Road, 5/F., Ganesh
Court Near Alipore Petrol Pump, Kolkata, West Bengal 7000027, India. |
(As per registry
dated 17-02-2014)
|
Name |
Address |
Co.
No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central,
Sheung Wan, Hong Kong. |
1273165 |
Date of Undertaking Relating To Deposits: 22-07-2013
Amount: All and any liabilities
Property: No. of Receipt: 00490312000531
Value Date: 16-07-2013
Due Date: 16-07-2014
Amount: US$350,000.00
Mortgagee: UCO Bank, Hong Kong Branch.
KKK Holding (HK) Ltd. was incorporated on 17th February, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “20/F., Champion Building, 287‑291 Des Voeux Road Central, Sheung Wan, Hong Kong” known as “Akin Professionals Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 2 million ordinary shares of HK$1.00 each which are wholly-owned by Swati Mining Pvt Ltd. [Swati] which is an India-based company.
The director of the subject Amit Kumar Kejriwal is an India merchant. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is an associated company of Swati Group. The Group and the subject are engaged in the same lines of business. The Group is trading in the following commodities:
Pig Iron, Iron Ore, Agro-commodities, Coal, Iron & Steel as well as Cement
Swati is a privately owned company registered in India as a private limited company. The company is represented in various continents via representative offices and strategic partners. This structure gives Swati the ability to source commodities from around the world and sell to buyers in global markets.
According to Swati, all members of the management team are multilingual and have combined experience in international trade, business operation and banking of over 20 years.
In India, the Group has had a number of associated companies engaged in diversified economy. The Group is led by Kejriwal family which is in Jharkhand, India. One of the significant company of the Group is Rajeshwari Iron Steel Co. Pvt. Ltd. which is in India.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over two years.
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.59.06 |
|
|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.