MIRA INFORM REPORT

 

 

Report No. :

505234

Report Date :

26.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KALP  DIAM  (HK)  LIMITED

 

 

Registered Office :

Flat 1501, 15/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

17.05.2011

 

 

Com. Reg. No.:

58362282

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Wholesaler of All Kinds of Diamonds

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.

Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.

 

Source : CIA

 

Company name and address

 

KALP  DIAM  (HK)  LIMITED

 

 

ADDRESS:       Flat 1501, 15/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            852-2316 7000,  2316 7090

 

FAX:                 852-2316 7093

 

E-MAIL:            kalpdiam@gmail.com

 

MANAGEMENT:

 

Managing Director:  Mr. Aadish Jitendrakumar Shah

 

 

SUMMARY

 

Incorporated on:            17th May, 2011.

 

Organization:                 Private Limited Company

 

Issued Share Capital:     HK$1,000,000.00

 

Business Category:       Diamond Trader.

 

Employees:                  3.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Flat 1501, 15/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

  58362282

COMPANY FILE NUMBER

 

  1601381

 

 

MANAGEMENT

 

Managing Director:  Aadish Jitendrakumar Shah

 

 

ISSUED SHARE CAPITAL

 

  HK$1,000,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 17-05-2017)

Name

 

No. of shares

Aadish Jitendrakumar SHAH

 

1,000,000

=======

 

 

DIRECTORS

 

(As per registry dated 17-05-2017)

Name

(Nationality)

 

Address

Aadish Jitendrakumar SHAH

Flat H, 17/F., Block 1, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.

 

 

SECRETARY

 

(As per registry dated 17-05-2017)

Name

Address

Co. No.

Pan Pacific Consultants Ltd.

Room D, 3/F., Thomson Commercial Building,
8-10 Thomson Road, Wanchai, Hong Kong.

1254491

 

HISTORY

 

The subject was incorporated on 17th May, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Flat A, 6/F., Luna Court, 53‑59 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect from 11th April, 2013.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer and Wholesaler.

 

Lines:                           All kinds of diamonds, etc.

 

Employees:                  3.

 

Commodities Imported: India, other Asian countries, Europe, etc.

 

Market:                         Hong Kong, China, other Asian countries, Europe, US, etc.

 

Terms/Sales:                 CAD or as per contracted.

 

Terms/Buying:               L/C, advanced T/T, etc.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:     HK$1,000,000.00

 

Profit or Loss:               Made small profits in past years.

 

Condition:                     Business is normal.

 

Facilities:                      Adequate for current running.

 

Payment:                      Slow but Correct.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

GENERAL

 

Formerly Kalp Diam (HK) Limited was jointly owned by Mr. Suvir Kirankumar Shah, holding 74% interests, and Mr. Darshit Devangkumar Shah, holding 26%.  The subject had increased its ordinary shares to 1 million and a new shareholder Mr. Aadish Jitendrakumar Shah joined in.  Accordingly, the equities of the shareholders changed: Suvir Kirankumar Shah, holding 37% interests, Darshit Devangkumar Shah, holding 13%, and Aadish Jitendrakumar Shah, 50%.

In 2015, S K Shah and D D Shah transferred all their shares to A J Shah who has become the sole shareholder of the subject.

A J Shah is an India merchant who 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.  Most of the time he is residing in Hong Kong.  He is able to apply for a Hong Kong ID soon.

The subject moved to the present address in April 2013.  It is a diamond importer, exporter and wholesaler.  It is trading in loose, polished and cut diamonds [chiefly “D”].  It is the supplier, importer and exporter of a versatile range of Diamonds in a wide variety like Rose Cut Diamonds, Rose Cut Heart, Rose Cut Round, Rose Cut Pears, Rose Cut Oval, Rose Cut Marquise, Fancy Cut and Fancy Colour diamonds, etc.

It is also specialized in solitaire diamonds which range from 0.30 to 10.00 carats, from IF to I3 purities, all fancies and round shapes including fancy colours.

Most of the commodities are imported from India and Europe.  Prime markets are Hong Kong, China, India, the other Asian countries, Europe, etc.  Business is normal.

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.

In Hong Kong, it always takes part in JMA Hong Kong Show.  JMA is the abbreviation of Hong Kong Jewelry Manufacturers’ Association, Hong Kong.

It took part in “HKTDC Hong Kong International Jewellery Show 2018” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 2nd to 6th March, 2018.  Its booth number was 1EA44.

The subject’s business is chiefly handled by A J Shah himself.  History in Hong Kong is about seven years.

On the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.70

UK Pound

1

INR 93.14

Euro

1

INR 81.43

HKD

1

INR 8.51

                                                                  

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.