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MIRA INFORM REPORT
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Report No. : |
497130 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PURITY (H.K.) COMPANY LIMITED |
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Registered Office : |
Flat B, 8/F., Valiant Commercial Building, 22-24 Prat Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.05.2008 |
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Com. Reg. No.: |
39327976 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds and Precious Stones. |
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No. of Employees : |
5. (Including Associate) |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. 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 & address
PURITY (H.K.) COMPANY LIMITED
ADDRESS: Flat B, 8/F.,
Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 852-2739
1233, 2723 4929, 2723 6969
FAX: 852-2739
1033, 2311 2977
E-MAIL: purityhk@biznetvigator.com
MANAGEMENT
Managing Director: Mr. Rajesh
Golchha
SUMMARY
Incorporated on: 21st May, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$20,000,000.00
Business Category: Diamond
Trader.
Employees: 5. (Including Associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
PURITY (H.K.) COMPANY LIMITED
ADDRESS
Registered Head
Office:-
Flat B, 8/F., Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
Pyramid (HK) Co. Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
39327976
COMPANY
FILE NUMBER
1239724
MANAGEMENT
Managing Director: Mr. Rajesh
Golchha
ISSUED
SHARE CAPITAL
HK$20,000,00.00
SHAREHOLDERS
(As per registry dated 21-05-2017)
|
Name |
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No. of shares |
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Anil Kumar KOTHARI |
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15,000,000 |
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Rajesh GOLCHHA |
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2,500,000 |
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Shrishrimal Naineesh |
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2,500,000 |
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––––––––– |
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Total: |
20,000,000 ======== |
DIRECTORS
(As per registry dated 21-05-2017)
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Name (Nationality) |
Address |
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Anil Kumar KOTHARI |
Flat C, 32/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Tsimshatsui,
Kowloon, Hong Kong. |
|
Rajesh GOLCHHA |
Flat C, 32/F., Block 2, Royal Peninsula, 8 Hung Lai Road, Tsimshatsui,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 21-05-2017)
|
Name |
Address |
Co. No. |
|
Cbest Solutions Ltd. |
Suite 703, 7/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
1295959 |
HISTORY
The subject was incorporated on 21st May, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 807, 8/F., Multifield Plaza, 3‑7A Prat
Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 8/F., Valiant
Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in July
2012, moved to Unit 807, 8/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong in July 2012. It
moved back to its old address in late 2013.
The subject’s new company secretary was appointed on 21st May, 2017.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and precious stones.
Employees: 5.
(Including Associate)
Commodities Imported: India, other
Asian countries, Belgium, etc.
Markets: Hong
Kong, Japan, other Asian countries, US, Europe, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$20,000,000.00
Profit or Loss: Made
small profits in past years.
Condition: Keeping
in normal condition.
Facilities: Making
rather active use of general banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Satisfactory.
GENERAL
Formerly had issued 10 million ordinary shares of HK$1.00 each, Purity
(H.K.) Company Limited was jointly owned by three Indian, namely, Mr. Anil
Kumar Kothari, holding 75.0% interests; Mr. Rajesh Golchha, holding 12.5%; and
Mr. Shrishrimal Naineesh, also 12.5%.
Now, the subject’s ordinary shares have been increased to 20 million of
the same value each, and the equities of the shareholders remain unchanged.
Currently, all the shareholders are residing in Hong Kong. The directors of the subject are Mr. Rajesh
Golchha and Mr. Anil Kumar Kothari, both are Hong Kong ID holders and have got
the right to reside in Hong Kong. The
managing director of the subject is Mr. Rajesh Golchha.
The subject moved to the present address in late 2013. It has had an associated company Pyramid (HK)
Co. Ltd. [Pyramid], a Hong Kong-registered company located at another
address. This company is also owned and
operated by Mr. Rajesh Golchha.
The subject is a polished and cut diamond importer, exporter and
wholesaler. So does Pyramid.
The subject also trades in precious stones. Its main products are fancy shape diamonds
and loose diamonds, range from 0.05 cts to 5.00 cts. Most of the diamonds are GIA certified. The subject is significant for its Heart
Shape Diamond, Oval Shape Diamond, and Pear Shape Diamond.
Besides, the subject also trades in Tsavorite Stones, Natural Tsevo
Stones, Tansanite Stones, Faceted Tanzanite, Blue Tanzanite, Pink Tourmaline,
Red Tourmaline, etc.
Polished and cut diamonds are imported from India, Belgium, other
European countries, etc. Finished
products and polished diamonds are marketed in Hong Kong, exported to Japan and
the other Asian countries. Business
keeps on improving.
The subject is able to manufacture all kinds of jewellery products
according to the requirements of its customer.
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 took part in “HKTDC
Hong Kong International Diamond, Gem & Pearl Show 2018” which had been held
in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th
February to 3rd March, 2018. Its booth
No. was AWE 2-K38.
Mr. Rajesh Golchha is the contact person of the subject.
On the whole, since the history of the subject is over nine years and
nine months, 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 64.95 |
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|
1 |
INR 90.23 |
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Euro |
1 |
INR 80.09 |
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HKD |
1 |
INR 8.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
TPT |
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
·
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.