|
|
|
MIRA INFORM REPORT
|
Report No. : |
490276 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KUNMING TRADING COMPANY |
|
|
|
|
Registered Office : |
Room 601-602, 6/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
17.11.1993 |
|
|
|
|
Com. Reg. No.: |
17552882-000-11 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Emerald, Ruby, Sapphire Blue,
Other Coloured Gemstones, Diamonds. |
|
|
|
|
No. of Employees : |
4 |
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 : |
No Complaints |
|
|
|
|
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
Hongkong |
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 |
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 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.
|
Source
: CIA |
Company
name and 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
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~US$6 million.
Employees: 4.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
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: Flat
A, 10/F., 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, etc.
Markets: Taiwan,
Japan, US, Europe, India, etc.
Annual Turnover: US$4~US$6
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 outwent 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 a
diamond trader. It is also known as “KTC
Diamond”.
The subject is a
family-owned business established in Hong Kong.
Ajay Jakhotia, the founding father of the subject, is a leading international
diamond trader and wholesaler.
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.
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, etc. 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, etc. Business is
active.
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 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, etc.
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 2-D01, AWE 2-Q16.
The subject’s annual
sales turnover ranges from US$4 to US$6 million. Small profits were made in the past years.
Operating from a
rented office, the subject has a history of over 24 years and two months.
On the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.14 |
|
|
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
|
HKD |
1 |
INR 8.22 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.