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MIRA
INFORM REPORT
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Report No. : |
490404 |
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Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DK METAL WORLD LIMITED |
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Registered Office : |
Flat B4, 15/F., Prat Mansion, 26-36 Prat Avenue, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.04.2005 |
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Com. Reg. No.: |
35506518 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of alloy products. |
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No. of Employees : |
2 |
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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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
DK METAL
WORLD LIMITED
ADDRESS: Flat
B4, 15/F., Prat Mansion, 26-36 Prat Avenue, Kowloon, Hong Kong.
PHONE: 852-2312
1660
FAX: 852-2312 1662
MANAGEMENT
Managing Director: Mr.
Sanjay Arya
SUMMARY
Incorporated on: 9th
April, 2005.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employee:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Flat B4, 15/F., Prat Mansion, 26-36 Prat
Avenue, Kowloon, Hong Kong.
Associated Companies:-
KRM Metals LLP, India.
Wook Silicon Alloys Private Ltd., India.
BUSINESS REGISTRATION NUMBER
35506518
COMPANY FILE NUMBER
0962064
MANAGEMENT
Managing Director: Mr. Sanjay Arya
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 09-04-2017)
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Name |
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No. of shares |
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Rajesh Popatlal GALA |
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5,000 |
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Sanjay ARYA |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 09-04-2017)
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Name (Nationality) |
Address |
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Sanjay ARYA |
804, B-Wing, Magnam Vasant Marvel Western,
Express Highway Borivali-E, Mumbai-66, M.S., India. |
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Rajesh Popatlal GALA |
A/103, Satyam, Simpoli Road, Borivali
(West), Mumbai‑L100092, India. |
SECRETARY
(As per registry dated 09-04-2017)
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Name |
Address |
Co. No. |
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VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3
Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. |
0750831 |
HISTORY
The
subject was incorporated on 9th April, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of KR Metals Ltd., name changed to
the present style on 18th October, 2007.
Formerly
the subject was located at Room 1617-1618, 16/F., Star House, 3 Salisbury
Road, Tsimshatsui, Kowloon, Hong Kong where is the operating office of VMC
Secretaries Ltd. The subject moved to
the present address with effect from 16th January, 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of alloy
products.
Employee: 2.
Commodities Imported: India, Middle East, South America, etc.
Markets: Japan, Europe, US, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made very small
profits in Hong Kong.
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
DK Metal World Limited has issued 10,000 ordinary shares of
HK$1.00 each which are equally owned by Mr. Rajesh Popatlal Gala and Mr.
Sanjay Arya, both of whom are India merchant.
The two shareholders are also directors of the subject. Both are Hong Kong ID holders and have got
the right to reside in Hong Kong.
Formerly, the subject’s registered office was in a secretarial
service firm located at Room 1617-1618, 16/F., Star House, 3 Salisbury
Road, Tsimshatsui, Kowloon, Hong Kong known as VMC Secretaries Ltd. [VMC]
which is handling its correspondences and documents. VMC is also the corporate secretary of the
subject. With effect from 16th January,
2011, the subject’s registered address moved to Flat B4, 15/F., Prat Mansion,
26‑36 Prat Avenue, Kowloon, Hong Kong. This office is not in a commercial building
but a residential building. This address
may also be the residence of the two shareholders.
The subject is trading in the following products:
1.
Ferro manganese (ELC, LC, MC, HC),
2.
Ferro chrome (ELC, LC, HC),
3.
Ferro molybdenum,
4.
Ferro titanium,
5.
Silicon manganese,
6.
Stabilised Ferro-silicon,
7.
Manganese oxide, etc.
These alloys are widely used in manufacturing tools. Some of these products are de‑oxidizers,
de-nitrogenator, etc. Commodities are
sourced from India, the United Arab Emirates, Russia, South America, etc. Prime markets are Japan, European countries
and the United States.
Besides, the subject has had an associated company Wook Silicon
Alloys Private Ltd. [WSA] in India. WSA
is also owned and operated by the two shareholders of the subject. They are also directors of WSA while the
third director is Mr. Nitesh Jain.
WSA was incorporated on 19th October, 2010. Its authorized share capital is Rs. 5 million
and its paid up capital is Rs. 200,000.
WSA has a Ferro Alloy Manufacturing Unit in India. The subject is marketing and exporting the
products of WSA.
Besides WSA, the subject has got another associate in India known
as KRM Metals LLP [KRM]. Rajesh Popatlal
Gala and Sanjay Arya are also directors of KRM.
The following companies are two of the subject’s US buyers:-
·
Tremond Alloys
& Metals GRP Corporation.
·
R. I. Swearer
Co. Inc.;
The subject’s business in Hong Kong is normal. History in Hong Kong is over twelve
years and eight months.
On the whole, consider it good for business engagements in
moderate credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.08 |
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1 |
INR 91.34 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR 8.20 |
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 : |
SYL |
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
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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.