|
|
|
MIRA
INFORM REPORT
|
Report No. : |
493550 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
CRYSTAL KING LIMITED |
|
|
|
|
Registered Office : |
C/O Buttar
Secretarial Ltd., Unit C, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam
Street, Jordan, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
02.05.2012 |
|
|
|
|
Com. Reg. No.: |
59742285 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The subject is a diamond importer, exporter and wholesaler. It is
trading in loose, polished and cut diamonds.
|
|
|
|
|
No. of Employees : |
The subject has no
employees in Hong Kong. NOTE: It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
No operating office in Hong Kong |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
CRYSTAL KING
LIMITED
ADDRESS
Registered Office:-
c/o Buttar
Secretarial Ltd.
Unit C, 1/F., Mau Lam
Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
59742285
COMPANY FILE NUMBER
1738692
DATE OF INCORPORATION
2nd May, 2012.
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry
dated 02-05-2017)
|
Name |
|
No. of shares |
|
Viral Bhikhubhai
DHAMELIA |
|
10,000 ===== |
DIRECTOR
(As per registry
dated 02-05-2017)
|
Name (Nationality) |
Address |
|
Viral Bhikhubhai
DHAMELIA |
103, 1/F., Siddhesh
Apartments, 2nd Khatter Galli, Thakurdwar Road, Mumbai-400002, India. |
SECRETARY
(As per registry
dated 02-05-2017)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial
Ltd. |
Unit 13, 16/F.,
Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong. |
2086550 |
HISTORY
The subject was
incorporated on 2nd May, 2012 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the
subject’s registered address was located at 14/F., Chun Wo Commercial Centre,
25 Wing Wo Street, Central, Hong Kong where was the operating address of a
secretarial firm known as GNL12 Ltd. The
subject changed its registered address to the present one in May 2012 as it has
changed its commercial service provider since then.
Apart from these,
neither material change nor amendment has been ever traced and noted.
GENERAL
Having issued 10,000
ordinary shares of HK$1.00 each, Crystal King Limited is wholly owned by Viral
Bhikhubhai Dhamelia who is an India merchant.
Formerly one share was held by a Hong Kong nominee firm GNL12 Ltd. which
was a Hong Kong-registered firm. On 10th
May, 2012, GNL12 Ltd. transferred the single share to Dhamelia who had held
9,999 shares. Now, the subject is
wholly-owned by him.
Dhamelia 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. His registered
address is in Mumbai, India.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at “Unit C, 1/F., Mau
Lam Commercial Building, 16‑18 Mau Lam Street, Jordan, Kowloon, Hong
Kong” known as “Buttar Secretarial Ltd.” [BSL] which is handling its
correspondences and documents. This
company is also the corporate secretary of the subject. ‘Unit C’ is the file number of the
subject in the secretarial company. BSL
has several offices in Hong Kong.
Another office is
located at ‘Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New
Territories, Hong Kong’.
The subject has no
employees in Hong Kong.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in loose, polished and cut diamonds. Its main products are single-cut diamond, fullcut
loose diamond, carat size diamonds, fancy coloured diamonds.
Most of the
commodities are imported from India.
Prime markets are Hong Kong, China, Thailand, India and the other
Asian countries.
The subject has had a
number of suppliers in Mumbai, India.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is just over five years and ten months.
On the whole, since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis or in very small
credit amounts.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
HKD |
1 |
INR 8.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
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.