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Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VERLIY
INTERNATIONAL LTD. |
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|
|
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Registered Office : |
c/o Giale
Hong Kong Co. Ltd., Flat 05, 19/F., Billion Trade Centre, 31 Hung To Road,
Kwun Tong, |
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Country : |
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Date of Incorporation : |
19.08.2010 |
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Com. Reg. No.: |
52814681 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
subject is a
diamond trader |
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No. of Employees : |
Not
Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
No operating office in |
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Payment Behaviour : |
Unknown |
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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 |
VERLIY INTERNATIONAL LTD.
Registered
Office:-
c/o Giale Hong Kong Co. Ltd.
Flat 05, 19/F., Billion Trade Centre, 31 Hung To Road, Kwun Tong, Kowloon, Hong Kong. [Tel: 2950 0374]
52814681
1495216
19th August, 2010.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry
dated 19-08-2011)
|
Name |
|
No. of shares |
|
Senthil Kumar THANGARAJ |
|
10 == |
(As per registry
dated 19-08-2011)
|
Name (Nationality) |
Address |
|
Senthil Kumar THANGARAJ |
1B, 1/F., Block C, Rams Flats, No. 2, Raman Street, M.C. Nager, Hastinapuram, Chennai 600064, TN, India. |
(As per registry
dated 19-08-2011)
|
Name |
Address |
Co.
No. |
|
Tagent Corporate Services Ltd. |
Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong. |
0616242 |
Verliy International Ltd. was incorporated on 19th August, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. According to our site investigation, its registered office is in a Hong Kong-registered firm located at Flat 05, 19/F., Billion Trade Centre, 31 Hung To Road, Kwun Tong, Kowloon, Hong Kong known as Giale Hong Kong Co. Ltd. [Giale] which is handling its correspondences and documents. There is another firm located at the above-mentioned address known as G & L Enterprise.
Formerly the subject’s registered office is in an accountant firm located at Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong known as Andy L.B. Tsin & Co. which had handled its correspondences and documents. The subject’s registered office moved to the present address in late 2011.
An associated company of Andy L.B. Tsin & Co. known as Tagent Corporate Services Ltd. is the corporate secretary of the subject. This firm is also located at Room 1507, 15/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong.
The subject has no employees in Hong Kong.
Giale is a leather and garment trader. The above-mentioned address is Giale’s registered address as well as operating address. This office is also a retailing outlet. It is retailing all kinds of garments.
According to the Companies Registry of Hong Kong, the subject has issued 10 ordinary shares of HK$1.00 each of which are wholly owned by Mr. Senthil Kumar Thangaraj who is an Indian. He is also the only director of the subject. Thangaraj is an India passport holder and does not have the right to reside in Hong Kong permanently. Currently, he is residing in India and cannot be reached.
The subject is a diamond trader. Thangaraj has had a diamond trading firm in India and he wants to penetrate the markets of the other Asian countries such as Hong Kong, China and Japan.
It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not very active. History in Hong Kong is just about two years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
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.
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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.
-
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.55.03 |
|
UK Pound |
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
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.