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Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VEE DESIGN (HK)
LTD. |
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Registered Office : |
Unit M9, 2/F., Kaiser Estate, Phase 3, 9-11 Hok Yuen Street, Hung Hom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.04.2007 |
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Com. Reg. No.: |
37823352 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery and diamonds. |
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No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – September 30, 2011
|
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 |
VEE
DESIGN (HK) LTD.
Unit M9, 2/F.,
Kaiser Estate, Phase 3, 9-11 Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 3549 6797
FAX: 3747 7384
E-MAIL: vee_design@yahoo.com
Managing
Director: Mr. Pradip Natubhai Sanchpara
Incorporated on: 13th April, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VEE
DESIGN (HK) LTD.
Registered
Head Office:-
Unit M9, 2/F.,
Kaiser Estate, Phase 3, 9-11 Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.
Holding
Company:-
Diaspark N.V.,
Belgium.
37823352
1123221
Managing
Director: Mr. Pradip Natubhai Sanchpara
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 13-04-2011)
|
Name |
|
No.
of shares |
|
Diaspark N.V. 2018 Antwerp,
Pelikaan Straat 62, Office 627, Belgium. |
|
10,000 ===== |
(As per registry dated 13-04-2011)
|
Name (Nationality) |
Address |
|
Pradip
Natubhai SANCHPARA |
1772/A/2 Sarvoday Soc Bh Vikram,
Bunglows Sardarnagar, Bhavnagar-364001, India. |
(As per registry dated 13-04-2011)
|
Name |
Address |
Co.
No. |
|
Champion
Corporate Ltd. |
Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road,
Wanchai, Hong Kong. |
0657221 |
The
subject was incorporated on 13th April, 2007 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Unit Q10, 6/F., Kaiser Estate, Phase 3, 11 Hok
Yuen Street, Hung Hom, Kowloon, Hong Kong, moved to Unit M9, 2/F. of the same
building with effect from 12th November, 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery and diamonds.
Employees: 2.
Commodities Imported: India, 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$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Made a small profit in 2011.
Condition: Business is Normal.
Facilities: Making fairly 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.
Vee
Design (HK) Ltd. is a wholly-owned subsidiary of Diaspark N.V. which is a
Belgium-based firm.
The
subject is located at a business centre specially for diamond traders located
at Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hung Hom, Kowloon, Hong
Kong. The subject moved to the present
new address in November 2011.
The
Managing Director of the subject Mr. Pradip Natubhai Sanchpara is an Indian who
is an India passport holder. He resides
in India most of the time.
The
subject is trading in round diamonds, rose cut diamonds, round brilliant diamonds,
loose diamonds, etc. Its diamonds are
more than one carets and less than one carats GIA, IGI white single cut
diamonds, white full cut diamonds, dark brown diamonds, etc.
According
to the subject, it is specialized in single cut diamonds, full cut diamonds,
TTLB, white, black, price range from US$30 to US$500; in single cut US$50 to
US$900, in full cut diamonds, GIA, IGI, rose cut, round cut diamonds and fancy
cut diamonds.
Most
of its commodities are imported from India and Belgium. Prime markets are Hong Kong, Japan, other
Asian countries, Europe, the Middle East, North America, etc. Business keeps on 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 took part in “HKTDC Hong
Kong International Jewellery Show 2012” which had been held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 16th
to 20th February, 2012. 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 the subject good for normal business engagements in small
credit amounts.
-
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.
-
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.