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Report No. : |
347372 |
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Report Date : |
03.11.2015 |
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 : |
Hongkong |
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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. |
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No. of Employees : |
5. (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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
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 |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong
Kong and the mainland. The new measures, effective from March 2015, cover a
negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
HVK HONG
KONG LTD.
ADDRESS: 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.
Issued Share Capital: 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
HK$2,000,000.00
(As per registry dated 20-12-2014)
|
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. |
|
1,020,000 |
|
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 20-12-2014)
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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. |
|
HVK International Private Ltd. |
Block A/1, Dreamland Building, 3/F., Mama Parmanand
Marg, Opera House, Mumbai, 400004 Maharashtra, India. |
(As per registry dated 20-12-2014)
|
Name |
Address |
Co. No. |
|
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: 5. (Including associates)
Commodities Imported: India,
Thailand, etc.
Markets: Hong
Kong, Japan, US, Middle East, Europe, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, Prepayment, etc.
Issued Share Capital: HK$2,000,000.00
Profit or Loss: Made small profits in past three
years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met trade commitments as
contracted.
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, 10K gold and 925 silver jewellery, etc.
Most of its products bear the brand name of HVK. However, the subject is significant for its
loose diamonds and natural coloured 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 China company is trading in all kinds of diamond jewellery.
HVK Group now has
three self-owned factories and seven contracted factories. Its total employees are about 2,400
(excluding contracted factories).
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 Diamond, Gem & Pearl Show 2016” which will
be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st
to 5th March, 2016.
The history of the
subject is just about five years. It is
fully supported by the HVK Group.
On the whole,
consider the subject good for normal business engagements in moderate credit
amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.45 |
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|
1 |
Rs.101.06 |
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Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.