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Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
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Name : |
VIVA IMPEX LTD. |
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Registered Office : |
Unit 9, 13/F., Tower B, Hunghom Commercial Centre, |
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Country : |
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Date of Incorporation : |
29.04.2011 |
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Com. Reg. No.: |
58289440 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of loose diamonds. |
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No. of Employees |
3 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
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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 - 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 has no tariffs
on imported goods, and it levies excise duties on only four commodities,
whether imported or produced locally: 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, its continued reliance on foreign trade and investment
leaves it vulnerable to renewed global financial market volatility or a slowdown
in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service sector
for Hong Kong-based companies.
|
Source
: CIA |
VIVA
IMPEX LTD.
Unit 9, 13/F., Tower B, Hunghom Commercial
Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311 1040, 6106 2060
FAX: 852-2311 1045
E-MAIL: yourname@cqda.gov.cn
Managing Director: Mr.
Ruchir Dineshchandra Shah
Incorporated on: 29th
April, 2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,010,000.00
Issued: HK$2,010,000.00
Business Category: Diamond Trader.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VIVA
IMPEX LTD.
Registered
Head Office:-
Unit 9, 13/F., Tower B, Hunghom Commercial
Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Associated
Company:-
Viva Impex, Hong Kong. (Same address)
58289440
1594142
Managing Director: Mr. Ruchir Dineshchandra Shah
Nominal Share Capital: HK$2,010,000.00
(Divided into 2,010,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,010,000.00
(As per registry dated 29-04-2014)
|
Name |
|
No.
of shares |
|
Ruchir Dineshchandra SHAH |
|
804,000 |
|
Minal Madhubhai DAVARIYA |
|
1,206,000 |
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|
|
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Total: |
2,010,000 ======= |
(As per registry dated 29-04-2014)
|
Name (Nationality) |
Address |
|
Ruchir Dineshchandra SHAH |
Unit 9, 13/F., Tower B, Hunghom Commercial
Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 29-04-2014)
|
Name |
Address |
Co.
No. |
|
Champion Corporate Ltd. |
Room 907, 9/F., Silvercord Tower 2,
30 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
The subject was incorporated on 29th April,
2011 as a private limited liability company under the Hong Kong Companies
Ordinance.
Initially the subject was located at Unit
F2, Room F15, 1/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street,
Hunghom, Kowloon, Hong Kong, moved to the present address with effect from
26th August, 2011.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of loose diamonds.
Employees: 3.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$2,010,000.00 (Divided into 2,010,000 shares
of HK$1.00 each)
Issued Share Capital: HK$2,010,000.00
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$2,010,000.00 |
in |
12-10-2012 |
Alternation of Issued Capital:-
|
Intitially |
paid up |
HK$
10,000.00 |
|
12-10-2012 |
paid up |
HK$2,000,000.00 |
|
|
|
|
|
Total: |
paid up |
HK$2,010,000.00 ============= |
Mortgage or Charge:-
Date of
Mortgage: 20-06-2011
Amount: All monies
Property: 15/12,841st parts or shares of and in
The Remaining Portion of Section O of Kowloon Marine Lot No. 40 (Unit 9 on 13/F.,
Tower B, Hunghom Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong
Kong.)
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss: Made a small profit in 2013.
Condition: Business
keeps on improving.
Facilities: Making
fairly 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:
Small.
Having issued 2,010,000 ordinary shares of HK$1.00 each, Viva Impex Ltd.
is jointly owned by Mr. Ruchir Dineshchandra Shah, holding 40% interests, and
Minal Madhubhai Davariya, holding 60%.
Both are Indian merchants. The
formen is a Hong Kong ID Card holder and has got the right to reside in Hong
Kong permanently. He is also the only
director of the subject. He can be
reached at his Hong Kong mobile phone number 852-6016 2060. The latter currently is residing in Surat,
India.
Incorporated in April 2011, the subject is a loose diamond trader. It also trades in GIA stones. It is significant for its white and black
diamonds. Products are imported from
India, prime markets are China, Hong Kong and the other Asian countries.
Davariya is in Surat responsible for the sourcing of diamonds and
related products. The subject also has
had its own diamond factory in Surat of India.
The factory was established in 1978.
Now, it has about 4,000 workers.
The subject has had an associated company Viva Impex located at the same
operating address. Viva Impex and the
subject are engaged in the same lines of businesses. This firm is also operated by Shah.
In order to penetrate the international market further, Viva Impex 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 2015
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2015. Its
booth No. is AWE 2-S13.
The subject operates from a self-owned office in Hong Kong.
The businesses of the subject and Viva Impex are chiefly handled by Shah
himself. History is just over three
years in Hong Kong.
On the whole, consider it good for normal business engagements on L/C
basis or 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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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
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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.
Indias 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.15 |
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UK Pound |
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
SDA |
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 |
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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 SCs 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.