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MIRA INFORM REPORT
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Report No. : |
490276 |
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Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KUNMING TRADING COMPANY |
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Registered Office : |
Room 601-602, 6/F., Chevalier House, 45-51 Chatham Road South,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.11.1993 |
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Com. Reg. No.: |
17552882-000-11 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of Emerald, Ruby, Sapphire Blue, Other Coloured Gemstones, Diamonds. |
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No. of Employees : |
4 |
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 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 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 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 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 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.
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 & address
KUNMING TRADING COMPANY
ADDRESS: Room 601-602, 6/F.,
Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 852-2368 5997
FAX: 852-2723 9408
E-MAIL: hongkong@ktcdiamond.com
kunming@netvigator.com
MANAGEMENT
Manager: Mr. Ajay Maheshwari
SUMMARY
Establishment: 17th November, 1993.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: US$4.5~US$5.5 million.
Employees: 4.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
KUNMING TRADING COMPANY
ADDRESS
Head Office:-
Room 601-602, 6/F., Chevalier House, 45-51 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
KTC Bangkok Co. Ltd., Thailand.
Kunming Diamonds USA, US.
VN Trading Co. Ltd., Japan.
BUSINESS
REGISTRATION NUMBER
17552882-000-11
MANAGEMENT
Manager: Mr. Ajay Maheshwari
Contact Person: Mr. Deepa
Maheshwari
PARTNERS
Name: Mr. Ajay MAHESHWARI
Residential Address: 10/A Kok
Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Deepa MAHESHWARI
Residential Address: Flat B3,
14/F., Hankow Centre, 47 Peking Road & 4A Ashley Road, Tsimshatsui,
Kowloon, Hong
Kong.
HISTORY
The subject was established on 17th November, 1993 as a partnership
concern jointly owned by Mr. Damodar Prasad Ramkishore Jakhotia and
Mr. Ajay Maheshwari under the Hong Kong Business Registration Regulations.
On 2nd May, 2003, Mr. Damodar Prasad Ramkishore Jakhotia retired and on
the same date, Mr. Deepa Maheshwari joined in as a partner. Now, the subject has been jointly owned by
the two Mr. Maheshwaris.
Formerly the subject was located at Flat B, 12/F., Alpha House, 27-33
Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in
March 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Emerald,
ruby, sapphire blue, other coloured gemstones, diamonds.
Brand Name: KTC.
Employees: 4.
Commodities Imported: Imported from
Europe, China, India.
Markets: Taiwan,
Japan, US, Europe, India.
Annual Turnover: US$4.5~US$5.5
million.
Terms/Sales: CAD, L/C or as per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made
small profits in the past years.
Condition: Business is normal.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
GENERAL
Kunming Trading Company was established on 17th November, 1993. It was jointly owned by Mr. Damodar Prasad
Ramkishore Jakhotia and Mr. Ajay Maheshwari.
On 2nd May 2003, Mr. Damodar Prasad Ramkishore Jakhotia retired and
replaced by Mr. Deepa Maheshwari. Now,
the subject is jointly owned by the current two partners, namely, Mr. Ajay
Maheshwari and Mr. Deepa Maheshwari.
The subject is also known as “KTC Diamond”.
Formerly the subject had an associated company known as Kunming Company
which was established on 1st March, 1983 and jointly owned by Mr. Damodar
Prasad Ramkishore Jakhotia and Mr. Ajay Maheshwari under Business Registration
No. 8268854. This firm was a gemstone
importer and exporter. On 31st December,
2004, this firm closed down formally.
The subject is a family-owned business established in Hong Kong. Ajay Jakhotia, the founding father of Kunming
Trading Company, is a leading international diamond trader and wholesaler.
Initially dealing in semi-precious stones, such as quality polished
emeralds, rubies and sapphires, Ajay Jakhotia stepped in to the world of
jewels. As the firm expanded, the
subject began concentrating on the natural fancy colour diamonds, yellow
diamonds, blue diamonds. The other
diamonds include GIA, pink, brown, green, rose cut, black and mix shape. All its products bear the trade mark KTC.
The prime markets of the subject are Japan, other Asian countries,
Europe, North America, Central & South America.
Ajay Jakhotia was amongst the first to recognize the up-trend in demand
and market diversification in the natural coloured diamond and emerald sector.
The subject is specialized in natural colour fancy diamonds, beads and
briquettes in plenty of shapes, quality, sizes and colours.
The subject now has set up offices in Bangkok, Kofu, and Mumbai.
The subject’s business is chiefly administered by the two
Maheshwaris. Both of whom, belonging to
the same family, are Indian and have been in Hong Kong for a very long
time.
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 such as Macau, Las Vegas, Tucson and Basel.
For instance, it is going to take part in “HKTDC Hong Kong International
Diamond, Gem & Pearl Show 2017” which will be held in Hong Kong
AsiaWorld-Expo, Lantau, Hong Kong during the period of 28th February to 4th
March, 2017. Its booth No. is AWE 7-G24.
The subject’s annual sales turnover ranges from US$4.5 to US$5.5
million. Small profits were made in the
past years.
Operating from a rented office, the subject has a history of over 22
years and nine months.
On the whole, 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 64.07 |
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UK Pound |
1 |
INR 91.34 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR. 8.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Report Prepared
by : |
TPT |
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.