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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
VIVI JEWELRY |
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Registered Office : |
Flat D, 11/F., Tower 12A, Costa Del Sol (Phase IIB), Laguna Verde,
8 Laguna Verde Avenue, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.11.1997 |
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Com. Reg. No.: |
21337339-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds, gems and jewellery,
gold and silver products, etc. |
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No. of Employees : |
1 |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
VIVI JEWELRY
Flat D, 11/F., Tower 12A, Costa Del Sol (Phase IIB), Laguna Verde,
8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
PHONE: 3741 1158, 2377 9622
FAX: 2311 7527
E-MAIL: vivijewhk@yahoo.com.hk
Manager: Mr. Pankajkumar Vitthalbhai
Khunt
Establishment: 1st November, 1997.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
and Gem Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VIVI JEWELRY
Head Office:-
Flat D, 11/F., Tower 12A, Costa Del Sol (Phase IIB), Laguna Verde,
8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Affiliated
Company:-
Hini Star Ltd.
Unit 01-02, 10/F., Harbour Centre, Tower 2, 8 Hok Cheung Street,
Hunghom, Kowloon, Hong Kong.
[Tel: 2724 4330 Fax: 2721 6516]
21337339-000-11
Manager: Mr. Pankajkumar Vitthalbhai
Khunt
Contact Person: Mr. Kwan Chu
Name: Mr. Pankajkumar Vitthalbhai
KHUNT
Residential Address: Flat C,
11/F., Crystal Court, 6 Man Wan Road, Waterloo Hill, Kowloon, Hong Kong.
The subject was established on 1st November, 1997 as a sole
proprietorship concern owned by Mr. Pankajkumar Vitthalbhai Khunt under the
Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Room 1505, 15/F., Tung
Shun Hing Commercial Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong
Kong, moved to Room 1503, 15/F. of the same building in October 2000; to Unit
01-02, 10/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon,
Hong Kong in November 2005; and further to the present address in December of
the same year.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, gems and jewellery, gold and silver products, etc.
Employee: 1.
Commodities Imported: Belgium,
India, Israel, US, etc.
Markets: Hong
Kong, Japan, other Asian countries, Middle East, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Jewellery & Jade Manufacturers Association,
Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Capital: Not
disclosed.
Profit or Loss: Businsss
is profitable.
Condition: Keeping
in an active and steady condition.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Vivi Jewelry is a sole proprietorship set up and owned by Mr.
Pankajkumar Vitthalbhai Khunt who is an Indian.
He is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently.
The subject’s registered address is located at Flat D, 11/F., Tower 12A,
Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom,
Kowloon, Hong Kong. This office is not
in a commercial building but a residential building. It is likely that Khunt has moved to this new
address but does not make any amendments on the subject’s registration
materials. It seems that the subject’s
operating address is also Khunt’s residential address. The residential building is not trespassed by
outsiders. However, the subject has had
its own fax and phone number.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds
like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05
cts to 0.60 cts. It is also carrying the
following semi-precious stones: aquamarine, pink amethyst, rubylite, green
amethyst, blue topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot,
morganite, pink tourmalines, amethyst, pink topaz, garnet, rose quartz, etc.
The subject also carries the following products:-
Finished Jewellery
Diamond Jewellery
White Diamond Jewellery
Color Diamond Jewellery
Gold Jewellery
24K Gold Jewellery
Platinum Jewellery
Pt 950 Platinum Jewellery
In 2011, the subject also began trading in gold and silver
products. It is also a commission agent.
The subject’s business is chiefly handled by Khunt himself. History in Hong Kong is over fifteen
years and five months. Regular suppliers
in India and a number of overseas customers have been maintained.
Khunt is also the General Manager of Hini Star Ltd. [Hini Star] which is
located at a different address. Hini
Star is an affiliated company of Karp Group of Companies. The contact person of the subject Mr. Kwan
Chu is in the office of Hini Star.
The history of the subject in Hong Kong is over fifteen years.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
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.53.53 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.