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MIRA
INFORM REPORT
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Report No. : |
498845 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KIL INTERNATIONAL LIMITED |
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Registered Office : |
Room 1502, 15/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon |
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Country : |
Hong kong |
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Date of Incorporation : |
04.07.2011 |
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Com. Reg. No.: |
58601909 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Trader of all kinds of Gemstones, Diamonds, Jewellery Products. |
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No. of Employees : |
4 |
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 : |
No Complaints |
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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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Hongkong |
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.
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Source
: CIA |
Company name and address
KIL INTERNATIONAL
LIMITED
ADDRESS: Room 1502, 15/F., Rise Commercial
Building, 5-11 Granville Circuit, Tsimshatsui,
Kowloon, Hong
Kong.
PHONE: 852-2722 4144
FAX: 852-2722 4155
MANAGEMENT
Managing Director:
Mr. Harshil Premji Kanani
SUMMARY
Incorporated on: 4th July, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$32,000,000.00
Business Category: Diamond
& Gemstone Trader.
Revenue from operation:
INR 4,425.7 million (Year ended
31-03-2017)
Employees: 4.
Main Dealing Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
Room 1502, 15/F., Rise Commercial Building, 5-11
Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Kanani Industries Ltd., India.
BUSINESS REGISTRATION NUMBER
58601909
COMPANY FILE NUMBER
1625216
MANAGEMENT
Managing Director:
Mr. Harshil
Premji Kanani
ISSUED SHARE CAPITAL
HK$32,000,000.00
SHAREHOLDER
(As per registry dated 04-07-2017)
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Name |
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No. of shares |
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Kanani Industries Ltd. G-6, Prasad Chambers, Tat Road No. 2, Opera House,
Mumbai-400004, Maharashtra, India. |
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32,000,000 ======== |
DIRECTOR
(As per registry dated 04-07-2017)
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Name (Nationality) |
Address |
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Harshil Premji KANANI |
Flat 104, 9/F., Navyug Nagar No. 1, Forjet Hill Opp.
Bhatia Hosp Tardeo Mumbai-400036, M.S., India. |
SECRETARY
(As per registry dated 04-07-2017)
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Name |
Address |
Co. No. |
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Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
HISTORY
The subject was
incorporated on 4th July, 2011 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the
registered address of the subject was located at “Room 515, 5/F., Tower A, New
Mandarin Plaza, Science Museum Road, Tsimshatsui, Kowloon, Hong Kong” where was
the operating office of Michael Chan & Co.
This firm is an accountant firm.
Its phone and fax number are 3114 7994 and
3114 7995 respectively. The registered
office moved to ‘c/o CBS Pacific Ltd., Room A, 8/F., Kam Chung Commercial
Building, 19‑21 Hennessy Road, Wanchai, Hong Kong’ in May 2012. The subject moved to the present address in
early 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond & Gemstone Trader.
Lines: All kinds of gemstones,
diamonds, jewellery products, etc.
Brand Name: Lucee Diamonds.
Employees: 4.
Commodities Imported: India,
Europe, etc.
Markets: Hong Kong, China, Middle East, Europe,
North America, etc.
Revenue from operation:INR 2,920.5 million (Year ended 31-03-2013)
INR 3,378.1
million (Year ended 31-03-2014)
INR 4,441.3
million (Year ended 31-03-2015)
INR 4,960.0
million (Year ended 31-03-2016)
INR 4,425.7
million (Year ended 31-03-2017)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Issued Share Capital: HK$32,000,000.00
Mortgage or Charge:-
Date of Charge on
Cash Deposit to Secure Liabilities of the Depositor:
29-01-2014
Amount: All sums of money and liabilities
Property: 1) By
way of first fixed charge and agreement to charge:
the Deposit and all
right, title and interest of the Company whatsoever, present and future,
thereto and therein, together with any certificates of deposit or other
instruments or securities evidencing title, or otherwise relating, thereto and
any account to which the same is credited
2) By way of set-off
any sum standing to
the credit of any one or more of the accounts of the Company with the Bank
Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Profit after Tax (Consolidated): INR 9.6 million (Year ended 31-03-2013)
INR 29.9 million
(Year ended 31-03-2014)
INR 16.6 million
(Year ended 31-03-2015)
INR 19.1 million
(Year ended 31-03-2016)
INR 5.0 million (Year ended 31-03-2017)
Profit or Loss: Business of parent is profitable.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: DBS Bank (Hong Kong)
Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 32
million ordinary shares of HK$1.00 each, KIL International Limited is wholly
owned by Kanani Industries Ltd. [Kanani] which is an India‑based and listed
firm.
The director of the
subject is Harshil Premji Kanani who is an India passport holder. He can be reached at his Hong Kong mobile
phone number 852-9278 7842.
Formerly, the
subject’s registered office was in a commercial service firm located at Room A,
8/F., Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai, Hong Kong
known as CBS Pacific Ltd. Now, the
subject has moved to the present address since early 2014.
The subject is a
diamond studded jewellery manufacturer.
Most of its products bear the brand name Lucee Diamonds.
Kanani is a diamond
and jewellery trader, so does the subject.
Kanani was initially
incorporated on 22nd March 1983 with the Registrar of Companies Maharashtra,
Mumbai, as a public limited company under the name of Shivlaxmi Mercantile
Company Limited.
Kanani was acquired
by Mr. Premjibhai D. Kanani and Mr. Vinubhai L. Kanani on 9th April 2007. Since then it has changed in management and
control in shareholding under the name IMP Finance Limited, which was subsequently
changed to “Kanani Industries Limited”.
Kanani is the present name. On
19th October, 2007, Certificate of Name Changed was issued by the Registrar of
Companies Maharashtra Mumbai.
Further the company
had acquired its own land at SEZ, Sachin, Surat (Gujarat) of India, and built
up its own four story factory. Now
Kanani is engaged in diamonds studded jewellery business. The subject is
responsible for marketing its products.
For the year ended
31st March, 2017, the revenue from operation of Kanani amounted to INR 4,425.7
million (2016: INR 4,960.0 million), decreased by 10.8% as compared with
previous year; profit after tax of Kanani amounted to INR 5.0 million
(2016: INR 19.1 million), decreased substantially by 73.8%.
Harshil Premji
Kanani, aged 34, is also the managing director and executive director of
Kanani. His father is Mr. Premjibhai D. Kanani who is also Chairman of Kanani.
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 “Hong Kong Jewellery & Gem Fair 2017” which had been held in Hong
Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 13th to 17th June,
2017. Its booth No. was CEC 3F-B15.
The subject is fully
supported by Kanani. Business is normal
and steady. History in Hong Kong is over
six years and five months.
On the whole,
consider the subject 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 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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HKD |
1 |
INR 8.31 |
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 : |
KET |
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.