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MIRA INFORM REPORT
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Report No. : |
509185 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BHAVANI HONG KONG LIMITED |
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Registered Office : |
Unit 02, 5/F., Rise Commercial Building, 5-11
Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.03.2006 |
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Com. Reg. No.: |
36549048 |
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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 jewellery products,
emerald, precious stones |
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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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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 and address
BHAVANI HONG
KONG LIMITED
ADDRESS: Unit 02, 5/F., Rise Commercial Building,
5-11 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2368 4330, 2368 6769
FAX: 852-2368 6979
E-MAIL: alpesh@bhavanihk.com
MANAGEMENT:
Managing Director: Mr. Alpesh Manubhai Ahir
SUMMARY
Incorporated on: 16th
March, 2006.
Organization:
Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$50~100
million.
Employees: 6.
(Including associate)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 02, 5/F., Rise Commercial Building, 5-11
Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Headquarters:-
Bhavani Gems
101, Prasad Chambers, M. P. Marg, Opera
House, Mumbai-400004, India.
[Tel: 91-22-2367 9521, 4034 9500 (100 lines)
Fax: 91-22-2363 3538
E-mail: info@bhavanigems.com]
Associated Companies:-
Bhavani Gems HK Ltd., Hong Kong. (Same address)
Instyle Jewellery, India.
Star Diam LLC, USA.
Super Diam B.V.B.A., Belgium.
Yin Po Company, Hong Kong.
BUSINESS
REGISTRATION NUMBER
36549048
COMPANY
FILE NUMBER
1030955
MANAGEMENT
Managing Director: Mr. Alpesh Manubhai Ahir
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 16-03-2018)
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Name |
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No. of shares |
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Alpesh Manubhai AHIR |
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10,000 ===== |
DIRECTOR
(As per registry dated 16-03-2018)
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Name (Nationality) |
Address |
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Alpesh Manubhai AHIR |
Flat B, 7/F., Kiu Yip Building, 26-28
Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 16-03-2018)
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Name |
Address |
Co. No. |
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Vinford Ltd. |
Room 1707, 17/F., Wellborne Commercial
Centre, 8 Java Road, North Road, Hong Kong. |
0346328 |
HISTORY
The subject was incorporated on 16th March,
2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room
1206, 12/F., Hang Seng Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong, moved to Room 404, 4/F., Chevalier House, 45-51 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong on 2nd June, 2010; moved to Room
1905, 19/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong
in December 2015; and further moved to the present address in October 2017.
The subject changed its shareholders and
equities in 2013.
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 jewellery products, emerald, precious stones
Employees: 6. (Including associate)
Commodities
Imported: India,
Belgium, other European countries, etc.
Markets: Hong
Kong, China, Japan, India, other Asian countries, etc.
Annual Turnover: HK$50~100
million.
Terms/Sales:
CAD, L/C, T/T, D/P,
etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made small profits in the past years.
Condition: Business
is rather active.
Facilities: Adequate
for current running.
Payment:
No
Complaints.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Having issued 10,000 ordinary shares of
HK$1.00 each, Bhavani Hong Kong Limited formerly was equally owned by two
Indian merchants. Later, the
shareholders of the subject had been reshuffled. It was then jointly owned by Alpesh Manubhai
Ahir [A M Ahir], holding 25% interests; and Samir Ravjibhai Khadela, holding
75%. Now, the subject is solely owned by
A M Ahir. He is also Managing Director
of the subject. He has been in
Hong Kong for a very long time. He
is a Hong Kong ID Card holder and has got the right to reside in Hong Kong.
Mr. A M Ahir can be reached at his Hong Kong
mobile phone number 852‑6305 2889.
The subject has had an associated company
known as Bhavani Gems HK Ltd. located at the same address. This firm is wholly-owned by Bhavani Gems
Private Ltd. [Bhavani Gems], an India-based company.
The subject is trading in cut and polished
diamonds, diamond and gold jewellery, carat size diamonds, fancy diamonds,
loose diamonds, round diamonds, diamond jewellery, platinum jewellery,
etc. Products are mainly imported from
India and Belgium. Prime markets are
Hong Kong, China, South Korea, Taiwan, Southeast Asia, etc.
Head office in Mumbai, India, the subject has
had an associated company Yin Po Company [Yin Po], a Hong Kong registered firm
located at Flat B, 7/F., Kiu Yip Building, 26-28 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong. This firm is
also a diamond trader. The address of
Yin Po is the Hong Kong residence of A M Ahir.
Besides, the subject is an associate of
Bhavani Gems. It is responsible for
promoting Bhavani Gems throughout the Asia Pacific region by distributing its
products in the form of “Regular, high-end gems and diamonds in pointers carat
plus sizes”.
Bhavani Gems is also a Sightholder of
DTC. It also has got the ISO9001:2000
certification and it is the winner of GJEPC India’s export award. Currently, it is operating twelve factories
in India.
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.
The subject is fully supported by Bhavani
Gems. Annual sales turnover ranges from
HK$50 to 100 million.
The subject operates from its own office in
Hong Kong.
Since the history of the subject is over
twelve years and two months in Hong Kong, on the whole, consider it good
for normal business engagements.
REMARKS
Property information of the company:-
Property Location: Unit 4 on 4/F., Chevalier House, 45-51 Chatham Road South,
Kowloon, Hong Kong.
Owner: Bhavani
Hong Kong Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-04-2010 |
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Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking
facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 60.53 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.53 |
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HKD |
1 |
INR 8.64 |
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.