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Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
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Name : |
VARNIRAJ EXPORTS LTD. |
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Registered Office : |
Room 305, 3/F., Chevalier House, |
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Country : |
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Date of Incorporation : |
17.05.2007 |
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Com. Reg. No.: |
37966566 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supplier, Importer and Exporter of all kinds of diamonds |
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No of Employees : |
4. (Including associate) |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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.
|
Source
: CIA |
VARNIRAJ EXPORTS
LTD.
ADDRESS: Room 305, 3/F., Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2866 6627, 2311 9192
FAX: 852-2723 2290
E-MAIL: info@viraniexports.com
Managing Director: Mr.
Mukundkumar Ranchhodbhai Virani
Incorporated on: 17th May, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,600,000.00
Issued: HK$1,600,000.00
Business Category: Diamond
Trader.
Employees: 4. (Including associate)
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VARNIRAJ EXPORTS
LTD.
Registered Head Office:-
Room 305, 3/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Akshar Diam HK Ltd., Hong Kong.
(Same address)
Virani Exports Ltd., India.
37966566
1133613
Managing Director: Mr.
Mukundkumar Ranchhodbhai Virani
Nominal Share Capital: HK$1,600,000.00 (Divided into 1,600,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,600,000.00
(As per registry dated 17-05-2013)
|
Name |
|
No. of shares |
|
Mukundkumar Ranchhodbhai VIRANI |
|
1,600,000 ======= |
(As per registry dated 17-05-2013)
|
Name (Nationality) |
Address |
|
Mukundkumar Ranchhodbhai VIRANI |
65/66, Gopinath Society 2, Kantareshwar Mandir, Katargam,
Surat-395004, India. |
(As per registry dated 17-05-2013)
|
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 17th May, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Initially the subject’s registered office was located at Unit A, 8/F.,
Kam Chung Commercial Building, 19-21 Hennessy Road, Wanchai,
Hong Kong where is the operating office of CBS Pacific Ltd., moved to Room
602, 6/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong
with effect from 22nd December, 2009, and further moved to the present address
in October 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Supplier,
Importer and Exporter.
Lines: All
kinds of diamonds, etc.
Employees: 4. (Including associate)
Commodities Imported: India, Europe,
other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,600,000.00 (Divided into 1,600,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,600,000.00
Indebtedness:
HK$6,931,926.00 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
17-05-2013)
Mortgage or Charge: (See
attachment)
Profit & Loss: Made a small
profit in past three years.
Condition: Business is
normal.
Facilities: Making active
use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Dah Sing Bank Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
Varniraj Exports Ltd. was incorporated on 17th May, 2007 as a private
limited liability company under the Hong Kong Companies Ordinance.
The subject has issued 1.6 million ordinary shares of HK$1.00 each which
are wholly owned by Mr. Mukundkumar Ranchhodbhai Virani who is an Indian.
Formerly the subject had just issued 100,000 ordinary shares of
HK$1.00 each which were wholly-owned by Mr. Parshottambhai Naranbhai
Virani who was also an Indian.
Parshottambhai Naranbhai Virani transferred his shares to Mukundkumar
Ranchhodbhai Virani and the subject has increased its ordinary shares to the
present number. The former was also the
only director of the subject. Now, he
has retired.
On 27th April, 2010, Mukundkumar Ranchhodbhai Virani was appointed
the new director of the subject to take the place Parshottambhai Naranbhai
Virani.
The subject is a diamond trader. Owned
by the Virani family, the subject has got an associated firm Virani Exports
Ltd. [Virani] which is also a diamond manufacturer in Surat, India. Virani is supplying its worldwide customers
with loose, polished and cut diamonds under the name of the subject.
Besides, the subject has had an associated company Akshar Diam HK Ltd.
[Akshar Diam] located at the same address.
Akshar Diam is wholly-owned by Harikrushna Karsanbhai Virani. Incorporated in July 2010, Akshar Diam is
also a diamond importer, exporter and wholesaler.
Virani has been exporting a wide range of exquisite diamonds since
1971. It is engaged in manufacture
diamonds like Round, Princess, Marquise, Pear, Heart, Emerald, Cushion and
Fancy shapes in all Sizes and Colours.
It is pioneers in Colour D to K Diamonds and Quality pk to vvs
Diamonds. Its manufacturing unit is
based out of Surat, India which is the Diamond Hub of India as well as the
world. It has set up its offices in
Mumbai and New Delhi of India.
The subject is the supplier, importer and exporter of versatile range of
loose diamonds in a wide variety like rose cut diamonds, rose cut heart, rose
cut round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and
fancy colour diamonds, etc. Its
significant products are polished white and coloured diamonds.
Commodities are chiefly supplied by Virani in India. Prime markets are Hong Kong and the other
Asian countries. Business is 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 is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2014”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 3rd to 7th March, 2014. Its booth No. is AWE 1-B21.
The history of the subject in Hong Kong is just over six years. On the whole, consider it good for business
engagements.
Property
information of the company:-
1. Property Location: Unit
5, 3/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.
Owner: Varniraj Exports Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
27-05-2013 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage |
2. Property Location: Flat
A on 10/F., Windsor Mansion (formerly known as Union Mansion), 33-35 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong.
Owner: Varniraj Exports Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
27-05-2013 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage |
|
Date |
Particulars |
Amount |
|
27-05-2013 |
Instrument: Mortgage Property: 96/19,060 parts
or shares of and in The Remaining Portion of Kowloon Inland Lot No. 7072,
7074, 8567 & 8670 (Unit 5, 3/F., Chevalier House, 45-51 Chatham Road
South, Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All monies |
|
27-05-2013 |
Instrument: Mortgage Property: 1/301 parts or shares
of and in The Remaining Portion of Kowloon Inland Lot No. 8247 [Flat A on
10/F., Windsor Mansion (formerly known as Union Mansion), 33-35 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.] Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All monies |
|
05-02-2013 |
Instrument: Assignment
of Life Insurance Property: (1) All the Assignor’s claims under the
Insurance: Insurance Policy
No: 28005992-50 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Yogeshkumar Govindbhai VIRANI Assignor / Policy Owner: Varniraj Exports Ltd. (2) All the Assignor’s claims against the issuer
of the Policy Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All and any monies and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
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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 |
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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 |
|
<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.