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MIRA INFORM REPORT
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Report No. : |
509611 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
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Name : |
K & T GEMS LIMITED |
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Registered Office : |
Unit 2003, 20/F., Workingport
Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.12.2013 |
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Com. Reg. No.: |
62551598 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Trader of all kinds of diamonds and gemstones |
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No. of Employees : |
3 (Including affiliated company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small Company |
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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.
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 & T GEMS LIMITED
ADDRESS: Unit 2003, 20/F., Workingport
Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3153 4303, 6388 3745
FAX: 852-3153 4304
MANAGEMENT
Managing
Director: Mr. Vaishali Miten Lotia
SUMMARY
Incorporated on: 27th
December, 2013.
Organization: Private
Limited Company.
Issued Share Capital: HK$1.00
Business Category: Diamond & Gemstone Trader.
Employee: 3. (Including affiliated company)
Main Dealing Banker: HDFC Bank, Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Unit 2003, 20/F.,
Workingport Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong
Kong.
Related Company:-
Tanu Star (HK) Ltd.,
Hong Kong.
BUSINESS
REGISTRATION NUMBER
62551598
COMPANY
FILE NUMBER
2017956
MANAGEMENT
Managing
Director: Mr. Vaishali Miten Lotia
Contact Person: Ms.
Phoebe Yeung
ISSUED
SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry
dated 27-12-2017)
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Name |
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No. of share |
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Vaishali Miten
LOTIA |
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1 = |
DIRECTOR
(As per registry
dated 27-12-2017)
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Name (Nationality) |
Address |
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Vaishali Miten
LOTIA |
Flat No. 6, Kalpawriksha
Co-operative Housing Society, Paranjape Scheme Road No 1, Subhash Road, Vile
Parle East, Mumbai 400057, India. |
SECRETARY
(As per registry
dated 27-12-2017)
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Name |
Address |
Co. No. |
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Ponce & Co.
Ltd. |
Unit 324, 3/F., Hankow
Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong. |
1121248 |
HISTORY
The subject was
incorporated on 27th December, 2013 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly the subject
was located at Unit 1405, 14/F., East Wing, Peninsula Square, 18 Sung On
Street, Hung Hom, Kowloon, Hong Kong, moved to the present address with effect
from 22nd January, 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Diamond & Gemstone
Trader.
Lines: All kinds of diamonds
and gemstones, etc.
Employee: 3. (Including affiliated company)
Commodities Imported: India, Europe, etc.
Markets: Hong Kong, other Asian
countries, Belgium, etc.
Terms/Sales: CAD,
or as per contracted.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$1.00
Profit or Loss: Made small profits in 2016 &
2017.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Slow
but correct.
Commercial
Morality: Satisfactory.
Banker: HDFC
Bank, Hong Kong.
Standing: Small.
GENERAL
Having issued just
one ordinary share of HK$1.00, K & T Gems Limited is wholly owned by Mr. Vaishali
Miten Lotia who is an India merchant. He
is an India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
V M Lotia can be
reached at his Hong Kong mobile phone number 852‑6388 3745.
Another Hong
Kong-registered company known as Tanu Star (HK) Ltd. [Tanu Star] is sharing the
same office with the subject. Tanu Star
is a cut and polished diamond trader.
Tanu Star is jointly
owned by Mr. Darshan Jhaveri, holding 60% interests, and Mr. Miten
Narendra Lotia, holding 40%.
The subject is a
diamond and gemstone importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. It is specialized in carat
size diamonds and Melee.
Most of the
commodities are imported from India. It
also trades in the following semi-precious stones: aquamarine, pink amethyst,
rubylite, green amethyst, blue topaz, etc.
Prime markets are
Hong Kong, the other Asian countries and some of the European countries. Business is normal.
The subject’s
business is chiefly handled by V M Lotia himself. History is over four years and four months.
On the whole,
consider it good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.72 |
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1 |
INR 91.65 |
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Euro |
1 |
INR 79.89 |
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HKD |
1 |
INR 8.67 |
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 : |
SYL |
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.