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MIRA
INFORM REPORT
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Report No. : |
506450 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
KVG GLOBAL LIMITED |
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Registered Office : |
c/o Krsna Group Ltd. Suite 1101, 11/F., Supreme House, 2A Hart
Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.08.2015 |
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Com. Reg. No.: |
65158765 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Subject is trading following commodities
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No. of Employees : |
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)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
KVG GLOBAL
LIMITED
ADDRESS
Registered Office:-
c/o Krsna Group Ltd.
Suite 1101, 11/F., Supreme House, 2A Hart
Avenue, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
K V Global Private Ltd., India.
Associated Companies:-
Arhan Infratech Pvt. Ltd., India.
K V Aromatics Pvt. Ltd., India.
K V Buildestate LLP, India.
K V Developers Pvt. Ltd., India.
K V Group Foundation, India.
K V Realty Pvt. Ltd., India.
KV Films & Media Pvt. Ltd., India.
KVG Global Pte. Ltd., Singapore.
KVG International Pte. Ltd., Singapore.
PT. KVG Global Coal & Minerals,
Indonesia.
BUSINESS REGISTRATION NUMBER
65158765
COMPANY FILE NUMBER
2277359
DATE OF INCORPORATION
20th
August, 2015.
ISSUED SHARE CAPITAL
US$100,000.00
SHAREHOLDER
(As per registry dated 20-08-2017)
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Name |
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No. of shares |
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K V Global Private Ltd. 15/136, 2nd Floor, Geeta Colony, New
Delhi-110031, Delhi, India. |
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100,000 ====== |
DIRECTORS
(As per registry dated 20-08-2017)
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Name (Nationality) |
Address |
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Sudhanshu Agarwal |
Mohalla Ther, Sambhal, Bhim Nagar, Pin
244302, Uttar Pradesh, India. |
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Sidhant AGARWAL |
MOH. Ther, Near Sheesh Mahel, TEH Sambhal,
Bhim Nagar Pin: 244302, Uttar Pradesh, India. |
SECRETARY
(As per registry dated 20-08-2017)
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Name |
Address |
Co. No. |
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AT Accounting & Secretarial Services
Ltd. |
Room 909, 9/F., Office Tower Two, Grand
Plaza, 625 & 639 Nathan Road, Mongkok, Kowloon, Hong Kong. |
0985965 |
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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14-12-2015 |
Charge Over
Collection Account |
ICICI Bank Ltd., Hong Kong Branch. |
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14-12-2015 |
Assignment of
Assignor’s Rights under Agreements and Credit Instrument |
ICICI Bank Ltd., Hong Kong Branch. |
GENERAL
KVG Global Limited was incorporated on 20th
August, 2015 as a private limited liability company under the Hong Kong
Companies Ordinance.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at ‘Suite 1101, 11/F., Supreme House,
2A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong’ known as ‘Krsna Group
Ltd.’ [Krsna] which is handling its correspondences and documents.
The phone and fax number of Krsna are
852-3904 2662 and 852-3904 2664 respectively.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong
Kong, the subject has issued 100,000 ordinary shares of US$1.00 each which are
wholly-owned by K V Global Private Ltd. [KVGPL] which is an India-based
company.
The directors of the subject are Mr.
Sudhanshu Agarwal and Mr. Sidhant Agarwal are India merchants. Both are India passport holders and do not
have the right to reside in Hong Kong permanently. The latter was appointed on 20th August,
2017. Their registered addresses are in
Uttar Pradesh, India.
The subject is trading in the same
commodities as KVGPL. KVGPL is trading
in the following commodities:
1.
Edible Oil: Crude Palm Oil (CPO) and its derivatives.
2.
Metals: (Ferrous & Non-
Ferrous) Copper Wire, Copper Rod, Copper Cathode, Zinc Ingot.
3.
Coal: Indonesian coal, South
African coal, American coal, PET coke.
Besides the subject, KVGPL has set up
associated companies in India, Singapore and Indonesia. Comprehensively, these companies are referred
to KV Group. KV Group was established in
India in 1996 and now has three major business sectors:
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Aromatics
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Real Estate Developers
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International Trading
The annual sales turnover of the Group is
about US$100 million. Overall business
is active and good.
The CEO of KV Group is also Mr. Sudhanshu
Agarwal.
The subject has been banking with ICICI Bank
Ltd., Hong Kong Branch.
The subject’s business in Hong Kong is not
active. History in Hong Kong is over two
years and eight months.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.66 |
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1 |
INR 91.66 |
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Euro |
1 |
INR 81.01 |
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HKD |
1 |
INR 8.50 |
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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PRA |
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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.