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Report No. : |
297516 |
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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HVK HONG
KONG LTD. |
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Registered Office : |
Unit 913, 9/F., Hung Hom Commercial Centre, Block A, 37-39 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12.2010 |
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Com. Reg. No.: |
53486297 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler
of all kinds of diamonds and gem stones bearing the Brand Name “HVK” Subject product ranges are as
follows: Peridot, Amethyst, Aquamarine, Citrine, Emerald, Garnet, Lapis-Lazuli, Tourmaline, Turquoise, Chrome Diopside and Single Cut Diamond, 14K, 18K as well as 10K gold and 925 Silver Jewellery |
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No of Employees : |
05 (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
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Source
: CIA |
HVK HONG
KONG LTD.
Unit 913, 9/F., Hung Hom Commercial Centre, Block A, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2365 6311
FAX: 852-2365 6212
E-MAIL: hk@hvkonline.com
Managing Director: Mr. Dharmeshkumar Hasmukhbhai Patel
Incorporated on: 20th December, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Diamond Trader.
Employees: 5. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 913, 9/F., Hung Hom Commercial Centre, Block A, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Holding Company:-
HVK International Private Ltd., India.
Associated
Companies:-
Argo Diam, Hong Kong.
Daval Jewels, India.
Gemorina (HK) Ltd., Hong Kong.
H. Vinodkumar & Co., India.
H.V. Diam B.V.B.A., Belgium.
H.V. Jewels Co. Ltd., Thailand.
HVK (Shanghai) Ltd., China.
HVK International Pvt. Ltd., India.
HVK Jewels DMCC, UAE.
HVK Jewels Pvt. Ltd., India.
53486297
1542489
Managing Director: Mr. Dharmeshkumar Hasmukhbhai Patel
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry
dated 20-12-2013)
|
Name |
|
No.
of shares |
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HVK International Private
Ltd. Block A/1, Dreamland
Building, 3/F., Mama Parmanand Marg, Opera House, Mumbai, 400004 Maharashtra,
India. |
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1,020,000 |
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Sunny Nagjibhai SAKARIYA |
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980,000 |
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––––––––– |
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Total: |
2,000,000 ======= |
(As per registry dated
07-11-2014)
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Name (Nationality) |
Address |
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Dharmeshkumar Hasmukhbhai PATEL |
Flat A, 10/F., Grand Villa,
401 Chatham Road North, Hunghom, Kowloon, Hong Kong. |
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Sunny Nagjibhai SAKARIYA |
502, Kripanidhi Association, J.V.P.D.,
Gulmohar Cross Road-4, Vile Parle (W), Mumbai - 400056, India. |
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HVK International Private Ltd. |
Block A/1, Dreamland Building,
3/F., Mama Parmanand Marg, Opera House, Mumbai, 400004 Maharashtra, India. |
(As per registry dated
20-12-2013)
|
Name |
Address |
Co.
No. |
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C K Registrations Ltd. |
Room 902, 9/F., Bank Centre, 636 Nathan Road, Kowloon,
Hong Kong. |
0803965 |
The subject was incorporated on 20th December, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 913, 9/F., Hung Hom Square, 37‑39 Ma Tau Wai Road, To Kwa Wan, Kowloon, Hong Kong, moved to Room 1001, 10/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong in late 2011, and further moved to the present address in late April 2013.
The subject increased its issued share capital to HK$2 million and changed its shareholders in April 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and gem stones.
Brand Name: HVK.
Employees: 4. (Including associates)
Commodities Imported: India, Thailand, etc.
Markets: Hong Kong, Japan, US, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Profit or Loss: Made a very small profit in 2012 & 2013.
Condition: Business keeps on improving.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Formerly had issued 10,000 ordinary shares of HK$1.00 each, HVK Hong Kong Ltd. was wholly owned by Mr. Ashok Bhai Mohanbhai Sakriya who is an India merchant.
Now, the subject has increased its issued share capital to HK$2 million. 51% of the subject’s stake is held by HVK International Private Ltd. which is an India-based company while the balance 49% is held by Mr. Sunny Nagjibhai Sakriya.
Now, the managing director of the subject Mr. Dharmeshkumar Hasmukhbhai PATEL is also an Indian but he is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject’s associated factories are in Surat and Mumbai of India.
Business commenced in December 2010, the subject is a diamond trader. Its main products are the followings: peridot, amethyst, aquamarine, citrine, emerald, garnet, lapis-lazuli, tourmaline, turquoise, chrome diopside and single cut diamond, 14K, 18K as well as 10K gold and 925 silver jewellery
Most of its products bear the brand name of HVK. However, the subject is significant for its loose diamonds.
Products are chiefly imported from India, Thailand, Europe, etc. Prime markets are Japan, other Asian countries, the United States, etc. Business is keeps on improving.
In recent year, the HVK Group has set up a branch company in Shanghai, China known as HVK (Shanghai) Ltd., a China-registered company.
The subject’s business is chiefly handled by D H Patel himself.
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 is going to take part in “HKTDC Hong Kong International Jewellery Show 2015” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2015.
The history of the subject is just about four years. It is fully supported by the HVK Group.
On the whole, consider the subject good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.95 |
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|
1 |
Rs. 97.16 |
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Euro |
1 |
Rs. 76.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
-- |
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.