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Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
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Name : |
VRAMS IMPEX (HK) LTD. |
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Registered Office : |
Unit J2, 8/F., Kaiser Estate, Phase II, |
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Country : |
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Date of Incorporation : |
23.02.2006 |
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Com. Reg. No.: |
36489608 |
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Legal Form : |
Private Limited Company. |
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LINE OF BUSINESS : |
IMPORTER AND EXPORTER OF JEWELLERY, FANCY CUT DIAMONDS,
ETC. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
VRAMS IMPEX
(HK) LTD.
ADDRESS: Unit J2, 8/F., Kaiser
Estate, Phase II, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2311 4136, 2363 4123
FAX: 2366 1147, 2366
4123
E-MAIL: info@vramsimpex.com
Managing Director: Mr. Vithal
Dhanjibhai Vaghasia
Incorporated on: 23rd
February, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$7,000,000.00
Business Category: Diamond Trader.
Annual Turnover: US$12~17
million.
Employees:
7.
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit J2, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
Associated Companies:-
Baguette Diam Inc., USA.
G. Diam BVBA, Belgium.
Vallbhabhai Dhanjibhai & Co., India.
Vrams Diamonds LLC, UAE.
36489608
1025968
Managing Director: Mr. Vithal
Dhanjibhai Vaghasia
Contact Person: Mr. Vithal Patel
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$7,000,000.00
(As per registry dated 23-02-2012)
|
Name |
|
No. of shares |
|
Vithal Dhanjibhai VAGHASIA |
|
7,000,000 ======= |
(As per registry dated 23-02-2012)
|
Name (Nationality) |
Address |
|
Vithal Dhanjibhai VAGHASIA |
Flat B, 13/F., Ocean View Court, 27-27A Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 23-02-2012)
|
Name |
Address |
Co. No. |
|
City Light Accountancy Consultants Ltd. |
Room 1321, 13/F., Leighton Centre, 77 Leighton Road, Causeway Bay,
Hong Kong. |
0330495 |
The subject was incorporated on 23rd February, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: Jewellery, fancy cut
diamonds, etc.
Employees: 7.
Commodities Imported: India, Belgium, Africa, Russia, etc.
Markets: Middle East, US, Europe, Southeast
Asia, etc.
Annual Turnover: US$12~17 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/A, etc.
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$7,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 200.00 |
|
12-04-2010 |
paid up |
HK$ 6,999,800.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 7,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$20,000,000.00 |
on |
12-04-2010 |
Mortgage or Charge: (See
attachment)
Profit or Loss: Business is
rather profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Wing Lung Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
Formerly had issued 200 ordinary shares of HK$1.00 each, Vrams Impex
(HK) Ltd. was equally owned by Mr. Vithal Dhanjibhai Vaghasia and
Mr. Ghanshyam Dhanjibhai Vaghasia.
Both of whom are Indian. The
former is residing in Hong Kong while the latter, in India. On 26th September, 2008, the latter
transferred all his shares to the former.
In April 2010, the issued share capital was increased to HK$7,000,000.00
for further expansion. Now, the subject
is wholly-owned by Mr. Vithal Dhanjibhai Vaghasia. Mr. Vithal Dhanjibhai Vaghasia is also the
only director of the subject. He is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject is specialized in manufacturing fancy cut diamonds. Most of the products are loose diamonds and
diamond jewellery such as diamond earrings.
Raw materials are imported from India, Belgium, Africa, Russia, etc.
The followings are the subject’s main products:-
Finished Jewellery
1.
Diamond Jewellery
·
White Diamond Jewellery
2.
Pearl Jewellery
·
Pearl Simulant Jewellery
Materials
3.
Diamond
·
Polished White Diamond
·
Polished Colour Diamond
After processing or cut in Hong Kong, finished products are exported to
the Middle East, the United States, Europe, Southeast Asia, etc. Currently, it has got the following
associated firms:-
Baguette Diam Inc., New York, USA
G. Diam BVBA, Belgium
Vallbhabhai Dhanjibhai & Co., India
Vrams Diamonds LLC, Dubai, UAE
The above firms are responsible for marketing the subject’s products in
the local country.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong. For instance, the subject usually takes part
in Hong Kong International Jewellery Show.
It is going to take part in “HKTDC Hong Kong International Jewellery
Show 2013” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
The subject’s business is chiefly handled by Vithal Dhanjibhai Vaghasia
himself. Its annual sales turnover
ranges from US$12 to 17 million, making a small profit every year. Business keeps on improving.
The history of the subject in Hong Kong is over six years and a month.
On the whole, consider it good for normal business engagements.
Property information of
the company:-
1. Property Location: Unit C on 13/F., Yun Fat Commercial
Building, 70-74 Wuhu Street, Kowloon, Hong Kong.
Owner: Vrams Impex (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-08-2008 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property
Location: Workshop Unit No. 1 on
9/F., Guardforce Centre,
3 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Vrams Impex (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
20-10-2010 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
15-08-2008 |
Instrument: Mortgage Property: 65/2,674th parts or shares of and in Hung Hom Inland Lot No. 404, 355
& 342 (Unit C on 13/F. of Yun Fat Commercial Building, 70-74 Wuhu Street,
Kowloon, Hong Kong.) Mortgagee: Wing Lung Bank Ltd., Hong Kong. |
All moneys |
|
07-10-2010 |
Instrument: Debenture constituting a fixed and/or
floating charge over all the assets of the Company Property: 1) By way of first fixed
charge: (i) all chattels as at the date of the Debenture; (ii) all book debts
and other debts and monetary claims; (iii) any credit balance on any account
of the Company; (iv) all goodwill and uncalled capital for the time being of
the Company; (v) all stocks shares debentures bonds loan capital and other
securities; (vi) all letters patent trademarks service marks designs utility
models copyrights design rights and applications for registration; (vii) all
present and future contracts or policies of insurance; and (viii) the
proceeds of sale of any property b) By way of floating
charge all the undertaking of the Company and all its property whatsoever and
wheresoever both present and future Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies and liabilities |
|
20-10-2010 |
Instrument: Mortgage Property: 5/718th parts or shares of and in Section E of Kowloon Marine Lot No.
113 (Workshop Unit No. 1 on 9/F. of Guardforce Centre, 3 Hok Yuen Street
East, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.60 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.