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MIRA INFORM REPORT
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Report No. : |
488527 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KOWLOON TRADING CO |
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Registered Office : |
Flat F, 14/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
01.05.1987 |
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Com. Reg. No.: |
10973982-000-05 |
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Legal Form : |
Partnership. |
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Line of Business : |
The subject is trading in diamond, gemstone, sapphire, ruby,
emerald, coloured gemstone |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 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.
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Source
: CIA |
Company
name and address
KOWLOON TRADING
CO
ADDRESS: Flat F, 14/F., Far East Mansion, 5-6
Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2722 5540, 2721 7443
FAX: 852-2311 4456
E-MAIL: ktco@netvigator.com
MANAGEMENT:
Manager:
Mr. Agrawal Anil
SUMMARY
Establishment: 1st
May, 1987.
Organization:
Partnership.
Capital:
Not
disclosed.
Business Category: Diamond and Gemstone Trader.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat F, 14/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated Companies:-
GRK Gems Inc., US.
Gupta Jewel Corporation, India.
BUSINESS
REGISTRATION NUMBER
10973982-000-05
MANAGEMENT
Manager:
Mr. Agrawal Anil
PARTNERS
Name:
Mr. Agrawal ANIL
Residential Address: Flat A, 16/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui,
Kowloon, Hong Kong.
Name:
Mr. Agrawal Ritu
Residential Address: Flat A, 16/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The subject
was established on 1st May, 1987 as a partnership concern jointly owned by Mr.
Agrawal Anil and Mr. Kumar Gupta Suresh under the Hong Kong Business
Registration Regulations. On 1st
January, 2001, Mr. Kumar Gupta Suresh outwent and a new partner Mr. Kumar
Gupta Ashok joined in. On 15th July,
2014, Mr. Kumar Gupta Ashok outwent.
On 24th
May, 2016, Mr. Agrawal Ritu joined in as a partner. Now, the subject is still a partnership
concern. Initially the subject was located at Flat 3, 10/F., Block C, Hankow
Centre, 1C Middle Road, Tsimshatsui, Kowloon, Hong Kong where is the
residential address of Mr. Anil Agrawal, moved to Flat 4, 10/F., Block C of the
same building in January 1992; to 10/F., Rear Portion, Ocean View Court,
41 Mody Road, Tsimshatsui, Kowloon, Hong Kong in December 1995; to Flat D,
16/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong
in March 2001; and further moved to Flat F, 14/F. of the same building in July
2005.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond
and Gemstone Trader.
Lines: Diamond,
gemstone, sapphire, rube, emerald, coloured gemstone, etc.
Brand Name:
K.T.C.
Employees: 4.
Commodities Imported: India, Thailand, Europe, other Asian countries, etc.
Markets: Japan,
South Korea, Taiwan, Thailand, other Asian countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewellery & Jade Manufacturers
Association, Hong Kong.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Business is
active.
Facilities:
Making active
use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Very Good.
GENERAL
Kowloon Trading Co is a partnership concern jointly owned by Mr. Agrawal
Anil and Mr. Agrawal Ritu, both of whom are India merchants. They are Hong Kong ID holders and have got
the right to reside in Hong Kong permanently.
The subject is trading in diamond, gemstone, sapphire, ruby,
emerald, coloured gemstone. However,
loose diamonds, black diamond collections, yellow diamond collections,
multi-coloured sapphire are the main commodities carried.
Most of its products bear the brand name K.T.C.
Products are imported from India, Thailand, Europe, etc. Commodities are marketed in Hong Kong,
exported to Japan, South Korea, Taiwan, Thailand, Malaysia, China, other Asian
countries, Spain, the United States, etc.
According to the subject, it has got affiliated companies or
offices in Malaysia, Spain, Taiwan, Thailand, China, Taiwan, India and the
United States. The main one in
Thailand is administered by Mr. Kumar Gupta Ashok.
In Hong Kong, the subject set up a retailing outlet in Hong Kong
on 1st May, 2007. However, this firm
ceased business on 1st July, 2008.
The subject has had associated retail outlets in the United
States, Thailand, Taiwan and India.
Business is rather active.
The subject’s business is chiefly handled by the two partners.
To our knowledge, the subject is also an associated company of
Gupta Jewel Corporation [Gupta]. Gupta
was founded in 1970. It is a leading
manufacturer, importer and exporter of a wide range of precious stones and
semi-precious stones comprising of amethyst, citrine, lemon topaz, emerald,
sapphire, garnet, diamond, aquamarine, etc.
Gupta also deals in gold and silver jewellery. Today, Gupta is also a regular member of
International Colored Association [ICA].
Gupta is engaged in manufacturing, importing and exporting of the
following products:-
·
Diamonds;
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Gemstones; &
·
Jewellery.
The subject also trades in Gupta’s products such as those
mentioned above.
The history of the subject in Hong Kong is over twenty-seven years
and ten months. Regular suppliers and
customers have been maintained. Business
is active.
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 2018” which will be held in Hong
Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February to
3rd March, 2018. Its booth No. is AWE
5-G40.
The history of the subject in Hong Kong is over 30 years and nine
months.
On the whole, in view of the subject’s history and background,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.61 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.95 |
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HKD |
1 |
INR 8.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.