|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
VAMA EXIM LTD. |
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|
|
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Registered Office : |
Room A, 2/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.01.2013 |
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Com. Reg. No.: |
60854401 |
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Legal Form : |
Private Limited Company |
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Line Of Business : |
Importer, Exporter And
Wholesaler of all Kinds Of Diamonds. |
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|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
Source
: CIA
VAMA EXIM
LTD.
ADDRESS: Room A, 2/F., South Sea
Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 8444
FAX: 2366 9144
E-MAIL: urjenish2000@yahoo.co.in
General Manager: Mr. Jenish
Hasmukhkumar Shah (Mobile: 6739 7144)
Incorporated on: 9th
January, 2013.
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: Too
early to comment.
Registered Head Office:-
Room A, 2/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated Companies:-
Ayu Diam (H.K.) Co. Ltd., Hong Kong.
[Same address]
Ayu Diam (Shanghai) Ltd., China.
H And H Jew., Hong Kong.
60854401
1849436
General Manager: Mr. Jenish
Hasmukhkumar Shah (Mobile: 6739 7144)
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 09-01-2013)
|
Name |
|
No. of shares |
|
Ketan Jayantilal SHAH |
|
500,000 |
|
Vraj Ketan SHAH |
|
500,000 |
|
|
|
–––––––– |
|
|
Total: |
1,000,000 ======= |
(As per registry dated 09-01-2013)
|
Name (Nationality) |
Address |
|
Vraj Ketan SHAH |
2/13 Jaliwala Building, 2/F., Flat No. 2, Banganga Road, Walkeshwar,
Malbar Hill, Mumbai 400006, India. |
|
Ketan Jayantilal SHAH |
Jaliwala Building, Walkeshwar Road, Mumbai 400006, India. |
(As per registry dated 09-01-2013)
|
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 9th January, 2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1711, 17/F., Rise Commercial
Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address in March 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds.
Employees: Nil.
Commodities Imported: India, other Asian countries, Belgium, Israel, other European
countries, etc.
Markets: Hong
Kong, Japan (main), India, other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
Advanced 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
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Is
making 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.
Having issued 1 million ordinary shares of HK$1.00 each, Vama Exim Ltd.
is equally owned by Mr. Ketan Jayantilal Shah [K. J. Shah] and Mr. Vraj Ketan
Shah [V. K. Shah]. Being India passport
holders, the two shareholders are also directors of the subject. Both of them currently are residing in Mumbai,
India. Both of the Shahs belong to the
Shah family.
The subject has moved to the present address in recent months. The registered address of the subject is
located at Room A, 2/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. South Sea Mansion is
a residential building and is not trespassed by outsiders. The General Manager of the subject Mr. Jenish
Hasmukhkumar Shah [J. H. Shah] is residing at this address. J. H. Shah can be reached at his mobile phone
number 6739 7144. He is also a member of
the Shah family.
The subject is a diamond importer, exporter and wholesaler. Cut and polished diamonds are imported from
India, other Asian countries, Belgium, Israel, other European countries,
etc. It is trading in loose diamonds
like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05
cts to 0.60 cts. Finished products and
polished diamonds are marketed in Hong Kong, exported or re-exported to
Japan, India and other Asian countries.
Japan seems to be the major market.
It is likely that the subject has got an associated company Vama Exim
Pvt. Ltd. in India which is operated by K. J. Shah and V. K.
Shah. The firm in India is also engaged
in diamonds wholesaling and distributing.
The subject’s business is handled by J. H. Shah in Hong Kong. Being a one-man company, the subject has no
other employees in Hong Kong.
Besides the subject, another firm known as Ayu Diam (H.K.) Co. Ltd.
[Ayu Diam] is located at the same address.
Having issued 7.8 million ordinary shares of HK$1.00 each, Ayu Diam is
chiefly owned by J. H. Shah while the minor shareholder is Mr. Nilesh
Vinoobhai Shah.
Ayu Diam has had an associated company in Shanghai, China known as Ayu
Diam (Shanghai) Ltd. which is a member of Shanghai Diamond Exchange. The subject’s products are also marketed in
China via this firm.
The history of the subject in Hong Kong is just over three months. Business is still under development.
On the whole, since the subject is in a private building, history is
short and has no employees in Hong Kong, consider it good for normal business
engagements on L/C 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.
-
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.53.73 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.71 |
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.