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MIRA INFORM REPORT
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Report No. : |
507972 |
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Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
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Name : |
K. P. SANGHVI HK LIMITED |
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Registered Office : |
Room 2001, 20/F., Empress Plaza, 17-19 Chatham Road, Tsimshatsui,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
07.01.2004 |
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Com. Reg. No.: |
34225888 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Diamond & Jewellery. |
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No. of Employees : |
6 |
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 |
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.
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 and address
K. P.
SANGHVI HK LIMITED
ADDRESS: Room
2001, 20/F., Empress Plaza, 17-19 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2316
2123
FAX: 852-2125
8975
E-MAIL: hongkong@kpsanghvi.com
MANAGEMENT
Managing Director:
Mr. Bharatkumar Girdharlal
Mehta
SUMMARY
Incorporated on: 7th January, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$125,000.00
Business Category: Diamond
& Jewellery Trader.
Employees: 6.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
ADDRESS
Registered Head
Office:-
Room 2001, 20/F., Empress Plaza, 17-19 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
K. P. Sanghvi International Private Ltd., India.
Associated
Companies:-
Jewellery BVBA, Belgium.
K. P. Sanghvi & Sons, India.
K. P. Sanghvi Capital Services Pvt. Ltd., India.
KP Sanghvi Europe BVBA, Belgium.
KP Sanghvi Inc., US.
KP Sanghvi Infrastructures Pvt. Ltd., India.
KP Sanghvi Jewels Pvt. Ltd., India.
KP Sanghvi Middle East DMCC, U.A.E.
Meru Gems LLC, U.A.E.
BUSINESS
REGISTRATION NUMBER
34225888
COMPANY
FILE NUMBER
0878401
MANAGEMENT
Managing Director:
Mr. Bharatkumar
Girdharlal Mehta
Contact Person and Secretary: Ms. Katie Li
ISSUED
SHARE CAPITAL
HK$125,000.00
SHAREHOLDERS
(As per registry dated 07-01-2018)
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Name |
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No. of shares |
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K. P. Sanghvi International Private Ltd. 12A-03, 13/F., Parinee Crescenzo, C-38/39, G Block,
Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India. |
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100,000 |
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Nitin Hajarimal SANGHVI |
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25,000 |
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––––––– |
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Total: |
125,000 ====== |
DIRECTOR
(As per registry dated 07-01-2018)
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Name (Nationality) |
Address |
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Bharatkumar Girdharlal MEHTA |
Flat A, 11/F., Union Mansion, 33-35 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 07-01-2018)
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Name |
Address |
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Gaurang Mahesh SONI |
Flat C, 9/F., Carlton Building, 2-3 Knutsford Terrace, Tsimshatsui,
Kowloon, Hong Kong. |
HISTORY
The subject was
incorporated on 7th January, 2004 as a private limited liability company under
the Hong Kong Companies Ordinance.
The subject changed
its director in March 2015. In January 2017, it changed its company secretary.
In March 2017, it
changed its shareholder.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond
& Jewellery Trader.
Lines: All
kinds of Diamonds.
Employees: 6.
Commodities Imported: India,
Europe, etc.
Markets: Hong
Kong, China, other Asian countries, the Middle East, Europe, North America,
etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$125,000.00
Mortgage or Charge:-
Date of Debenture: 27-09-2012
Amount: All monies, obligations and
liabilities
Property: The Borrow as beneficial owner hereby
charges to the Lender as trustee for the Secured Parties by way of First
Floating Charge all its undertaking and all its other property and assets and
rights, whatsoever and wheresoever, both present and future including its
uncalled capital
Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met
trade commitments as required.
Commercial Morality:
Good.
Banker: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 125,000
ordinary shares of HK$1.00 each, K.P. Sanghvi HK Limited is 80% owned by K. P.
Sanghvi International Ltd. [KPSIL] which is an India-based company. The other 20% is owned by Nitin Hajarimal
Sanghvi.
Formerly the balance
20% was owned by Mr. Kishore Hajarimal Sanghvi who was a significant India
merchant. He transferred all his shares
to Nitin Hajarimal Sanghvi on 21st March, 2017.
The registered address
of Nitin Hajarimal Sanghvi is in the United Arab Emirates.
The director of the
subject is Mr. Bharatkumar Girdharlal Mehta.
He was appointed on 27th March, 2015.
Mehta is a Hong Kong ID holder and has got the right to reside in Hong
Kong. He is also the only director of
the subject.
The subject is a
member of Sanghvi Group which is based in India. It is trading in diamonds and jewellery
products such as rings, earrings, bracelets, necklaces, pendants.
The Group was set up
by the late Hajarimal Sanghvi and Babulal Sanghvi. Now, the latter is the Chairman of the
Group. Now the Group has associated
companies in India, Belgium, the United States and the United Arab Emirates.
The Group is
supplying diamonds ranging from 0.005 to 5 carats, in Round, Marquise and
Princess Cuts.
KPSIL is the
Jewellery manufacturing and export division of India’s top most Diamontaries;
M/s KP Sanghvi Group. Since 1965, KP
Sanghvi Group has been dedicated towards the art of perfection, a dedication
that shows in its products, its ethics and in its people; a dedication that has
steered the company over the past four decades.
KPSIL exports its
products to the United States, Europe, the Middle East, etc.
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 Jewellery Show 2018” which had been held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 1st to 5th March, 2018. Its
booth No. was ECE 3F-D18.
The business of the
subject is chiefly handled by Mr. Bharatkumar Girdharlal Mehta himself who is
currently residing in Hong Kong.
The subject is fully
supported by KPSIL.
As the history of the
subject is over fourteen years and four months in Hong Kong, on the whole,
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 67.38 |
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1 |
INR 91.39 |
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Euro |
1 |
INR 79.89 |
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HKD |
1 |
INR 8.55 |
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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DIV |
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Report Prepared
by : |
NIT |
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
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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.