|
Report Date : |
22.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
VAMASTAR
(H.K.) LTD. |
|
|
|
|
Registered Office : |
Flat 2E, 6/F., Summit Building, 30 Man Yue Street,
Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
25.04.2006 |
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|
|
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Com. Reg. No.: |
36682202 |
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|
|
|
Legal Form : |
Private Limited Company. |
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|
|
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
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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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VAMASTAR (H.K.) LTD.VAMASTAR (H.K.) LTD.
Flat E, 10/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 6383 6007
FAX: 2368 3806
Managing Director: Mr. Kalpesh Rajnikant Shah (Mobile: 6383 6007)
Incorporated on: 25th April, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
Flat 2E, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Operating Office:-
Flat E, 10/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
36682202
1040440
Managing Director: Mr. Kalpesh Rajnikant Shah (Mobile: 6383 6007)
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 25-04-2012)
|
Name |
|
No. of shares |
|
Kalpesh Rajnikant SHAH |
|
1,000,000 ======= |
(As per registry
dated 25-04-2012)
|
Name (Nationality) |
Address |
|
Kalpesh Rajnikant SHAH |
Unit 14, 7/F., New Knutsford House, 13-14 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong. |
|
Sejal Kalpesh SHAH |
Unit 14, 7/F., New Knutsford House, 13-14 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 25-04-2012)
|
Name |
Address |
Co.
No. |
|
Dhun’s Management Services Ltd. |
7/F., Man On Commercial Building, |
0027006 |
The subject was incorporated on 25th April, 200625th April, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at 7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong where is the operating address of Dhun’s Management Services Ltd. The subject moved to Flat 2E, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong with effect from 25th April 2010. It moved to the present address in early 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, etc.
Employees: Nil.
Commodities Imported: India, Europe, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Alternation of
Capital:-
|
Initially |
paid up |
HK$ 90,000.00 |
|
23-03-2009 |
paid up |
HK$ 410,000.00 |
|
07-07-2010 |
paid up |
HK$ 500,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 1,000,000.00 ============== |
Profit or Loss: Making a small profit in the past years.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Vamastar (H.K.) Ltd. has issued one million ordinary shares of HK$1.00 each which are wholly owned by Mr. Kalpesh Rajnikant Shah who is an Indian. He and his wife Sejal Kalpesh Shah are the directors of the subject. Now, the couple are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject’s issued share capital was increased from HK$90,000.00 to HK$500,000.00 on 23rd March, 2009 and further increased to HK$1,000,000.00 on 7th July, 2010.
Formerly the subject did not have its own operating office. Its registered office was in a commercial service firm located at 7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong Kong known as Dhun’s Management Services Ltd. which handled its correspondences and documents. Dhun’s Management Services Ltd. is also the corporate secretary of the subject. The subject moved to the present address in early 2012.
K. R. Shah can be reached at his mobile phone number 6383 6007.
The subject is a diamond importer, exporter and wholesaler. It is trading in single-cut diamond, fullcut loose diamond, carat size diamonds, etc. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries. Business keeps on improving.
The subject has had loose diamond suppliers in Mumbai, India.
Business handled by K. R. Shah and his wife, the subject is just a small trading company. History in Hong Kong is over six years.
On the whole, consider it good for business engagements in small credit amounts.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.55.54 |
|
UK Pound |
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.