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Report Date : |
18.10.2013 |
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 : |
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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 diamonds, gems and jewellery, gold and silver products manufacturer of 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
such as aquamarine, pink amethyst, rubylite, green amethyst, blue topaz,
lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink
tourmalines, amethyst, pink topaz, garnet, rose quartz |
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No. of Employees : |
01 |
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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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: 852-3741 1158, 852-2377 9622
FAX: 852-2311 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.
Head Office:-
Flat D, 11/F., Tower 12A, Costa Del Sol (Phase IIB), Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Associated Concern
:-
Hini Star Ltd.
Unit 01-02, 10/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
[Tel: 852-2724 4330 Fax: 852-2721 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.
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: Business 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. Khunt has moved to this new address but does not make any amendments on the subject’s registration materials. 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.
The subject also carries the following
products:-
Finished
Jewellery
· Diamond Jewellery
o White Diamond Jewellery
o Colour Diamond Jewellery
· Gold Jewellery
o 24K Gold Jewellery
· Platinum Jewellery
o 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. 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 associated concern of Karp Group of Companies. The contact person of the subject Mr. Kwan Chu sometimes is in the office of Hini Star.
The subject also trades in the commodities manufactured by Hini Star.
Sometimes, the subject also uses the operating office of Hini Star as its corresponding address which is located at Unit 01-02, 10/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Khunt is also a minor shareholder of Hini Star. He is holding 0.58% stake of this concern .
The history of the subject in Hong Kong is about sixteen years.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements.
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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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-concern 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 –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.58 |
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1 |
Rs.98.51 |
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Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.