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Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ARIHANT EXPORTS H.K. LTD. |
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Registered Office : |
c/o Companies Registrations & Secretary Ltd. Room 1501, 15/F., SPA Centre, |
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Country : |
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Date of Incorporation : |
22.11.2010 |
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Com. Reg. No.: |
53316391 |
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Legal Form : |
Private Limited Liability Company |
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Line Of Business : |
Subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. |
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No. of Employees : |
No employees in It is to be noted that
the company does not have its own operating office in |
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 – June 1, 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 |
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 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 |
ARIHANT EXPORTS
H.K. LTD.
Registered
Office:-
c/o Companies Registrations & Secretary Ltd.
Room 1501, 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong.
Operating
Address:-
c/o Krisha Diam Ltd.
Suite E, 6/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
53316391
1531084
22nd November, 2010.
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 22-11-2013)
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Name |
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No. of shares |
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CHEN Xin |
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4,000 |
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Jimesh Kantilal MEHTA |
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6,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 22-11-2013)
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Name (Nationality) |
Address |
|
Jimesh Kantilal MEHTA |
14A, Cuiyongge, Cuiyong Huating, Cuizhu Road, Luohu District, Shenzhen
City, China. |
(As per registry dated 22-11-2013)
|
Name |
Address |
Co. No. |
|
Companies Registrations & Secretary Ltd. |
Room 1501, 15/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong. |
1303515 |
The subject was incorporated on 22nd November, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Suite E, 6/F.,
Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to
the present address in November 2012.
However, its operating address is still located at the old address
nominally.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Arihant Exports
H.K. Ltd. is jointly owned by Mr. Chen Xin, holding 40% interests, and
Mr. Jimesh Kantilal Mehta, holding 60%.
The former is a China merchant while the latter is an Indian. Mehta 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. At present, the two
shareholders are in China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1501, 15/F., SPA Centre, 53‑55 Lockhart
Road, Wanchai, Hong Kong known as Companies Registrations & Secretary 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.
The subject’s old address was located at Suite E, 6/F., Cameron Plaza,
23‑25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong. This is the operating office of a Hong
Kong-registered company Krisha Diam Ltd. [Krisha] which is a diamond
trader. But, the subject is still using
the office of Krisha as its corresponding address.
Having issued 780,000 ordinary shares of HK$1.00 each, Krisha is wholly
owned by Kavinkumar Kumarpal Shah who is an Indian. Kavinkumar Kumarpal Shah can be reached at
his Hong Kong mobile phone number
852-9084 0578 which is the same as the one provided by your party.
We had reached K K Shah and he confirmed that the subject is located at
his company Krisha. However, Krisha has
no relationships with the subject.
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
China and the other Asian countries. It
seems that the subject has had an associated company in Shenzhen Special
Economic Zone, China which is also a diamond trader.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three years
and six months.
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.61.42 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
Report Prepared
by : |
NIS |
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.