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Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
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Name : |
VARNIRAJ EXPORTS LTD |
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Registered Office : |
Room 305, 3/F., Chevalier House, |
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Country : |
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Date of Incorporation : |
17.05.2007 |
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Reg. No.: |
37966566 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supplier, Importer and Exporter of All kinds of diamonds, etc |
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No. of Employees : |
2 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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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 |
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 re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese 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; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports 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 has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
VARNIRAJ EXPORTS LTD
Room 305, 3/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2866 6627
FAX: 2723 2290
E-MAIL: info@viraniexports.com
Managing Director: Mr.
Mukundkumar Ranchhodbhai Virani
Incorporated on: 17th May, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,600,000.00
Issued: HK$1,600,000.00
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VARNIRAJ EXPORTS
LTD.
Registered Head
Office:-
Room 305, 3/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
Virani Exports Ltd., India.
37966566
1133613
Managing Director: Mr.
Mukundkumar Ranchhodbhai Virani
Nominal Share Capital: HK$1,600,000.00 (Divided into 1,600,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,600,000.00
(As per registry dated 17-05-2012)
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Name |
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No. of shares |
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Mukundkumar Ranchhodbhai VIRANI |
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1,600,000 ======= |
(As per registry dated 17-05-2012)
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Name (Nationality) |
Address |
|
Mukundkumar Ranchhodbhai VIRANI |
65/66, Gopinath Society 2, Kantareshwar Mandir, Katargam,
Surat-395004, India. |
(As per registry dated 17-05-2012)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated on 17th May, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Initially the subject’s registered office was located at Unit A, 8/F.,
Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai,
Hong Kong where is the operating office of CBS Pacific Ltd., moved to Room
602, 6/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong
with effect from 22nd December, 2009, and further moved to the present address
in October 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Supplier,
Importer and Exporter.
Lines: All
kinds of diamonds, etc.
Employees: 2.
Commodities Imported: India,
Europe, other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,600,000.00
(Divided into 1,600,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,600,000.00
Indebtedness: HK$7,218,103.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 17-05-2012)
Mortgage or Charge: (See
attachment)
Profit & Loss: Made
a small profit in past two years.
Condition: Business
is normal.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Dah Sing Bank Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
Varniraj Exports Ltd. was incorporated on 17th May, 2007 as a private
limited liability company under the Hong Kong Companies Ordinance.
The subject has issued 1.6 million ordinary shares of HK$1.00 each which
are wholly owned by Mr. Mukundkumar Ranchhodbhai Virani who is an Indian.
Formerly the subject had just issued 100,000 ordinary shares of
HK$1.00 each which were wholly-owned by Mr. Parshottambhai Naranbhai
Virani who was also an Indian.
Parshottambhai Naranbhai Virani transferred his shares to Mukundkumar
Ranchhodbhai Virani and the subject has increased its ordinary shares to the
present number. The former was also the
only director of the subject. Now, he
has retired.
On 27th April, 2010, Mukundkumar Ranchhodbhai Virani was appointed
the new director of the subject to take the place Parshottambhai Naranbhai
Virani.
The subject is a diamond trader.
Owned by the Virani family, the subject has got an associated firm
Virani Exports Ltd. [Virani] which is also a diamond manufacturer in Surat,
India. Virani is supplying its worldwide
customers with loose, polished and cut diamonds under the name of the subject.
Virani has been exporting a wide range of exquisite diamonds since
1971. It is engaged in manufacture
diamonds like Round, Princess, Marquise, Pear, Heart, Emerald, Cushion and
Fancy shapes in all Sizes and Colours.
It is pioneers in Colour D to K Diamonds and Quality pk to vvs
Diamonds. Its manufacturing unit is
based out of Surat, India which is the Diamond Hub of India as well as the
world. It has set up its offices in
Mumbai and New Delhi of India.
The subject is the supplier, importer and exporter of versatile range of
diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut
round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy
colour diamonds, etc. Its significant
products are polished white and coloured diamonds.
Commodities are chiefly supplied by Virani in India. Prime markets are Hong Kong and the other
Asian countries. Business is improving.
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 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 history of the subject in Hong Kong is just over five years. On the whole, consider it good for business
engagements in moderate credit amounts.
|
Date |
Particulars |
Amount |
|
20-08-2010 |
Instrument: Mortgage Property: 1/301st parts or shares of and in The Remaining Portion of Kowloon Inland
Lot No. 8247 (Flat A on 10/F., Union Mansion, 33-35 Chatham Road, Kowloon,
Hong Kong.) Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
To secure general banking facilities |
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30-09-2010 |
Instrument: Mortgage Property: 96/19,060th parts or shares of and in The Remaining Portion of Kowloon
Inland Lot No. 7072, Kowloon Inland Lot No. 8670, Kowloon Inland Lot No. 8567
& Kowloon Inland Lot No. 7074 (Unit 5 on 3/F., Chevalier House,
45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure general banking facilities |
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13-10-2011 |
Instrument: Second Mortgage Property: 96/19,060th parts or shares of and in The Remaining Portion of Kowloon
Inland Lot No. 7072, Kowloon Inland Lot No. 8670, Kowloon Inland Lot No. 8567
& Kowloon Inland Lot No. 7074 (Unit 5 on 3/F., Chevalier House,
45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all the general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.52 |
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|
1 |
Rs.87.48 |
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Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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.