|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VRITI DIAM (HK)
LTD. |
|
|
|
|
Registered Office : |
Flat B, 12/F., Granville House, 41C & 41D Granville Road,
Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
27.03.2008 |
|
|
|
|
Com. Reg. No.: |
39087350 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER AND EXPORTER OF ALL KINDS OF LOOSE DIAMONDS |
|
|
|
|
No. of Employees |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 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 |
VRITI
DIAM (HK) LTD.
ADDRESS:
Flat B, 12/F.,
Granville House, 41C & 41D Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3116 7601
FAX: 852-3116 7602
E-MAIL: vriti_diam@yahoo.co.in
Managing
Director: Mr. Bhavesh Narasi Patel
Incorporated on: 27th March, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.0
Business Category: Loose Diamond Trader.
Annual Turnover: HK$110-130 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VRITI
DIAM (HK) LTD.
ADDRESS:
Registered
Head Office:-
Flat B, 12/F.,
Granville House, 41C & 41D Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Vriti Diam
Flat A, 6/F., Hang
Lung Bank Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
[Solely owned by
Mr. Bhavesh Narasi Patel]
Affiliated
Companies:-
Zenia
Room 404, 4/F.,
Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon,
Hong Kong.
[Solely
owned by Mr. Praful Chandra Madhubhai Patel]
Rio Star
Flat 29, 2/F., Block
M, Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
[Solely
owned by Mr. Lalit Jivraj Patel]
Sparsh Diam
Room B, 5/F.,
Tower 1, The Greenwood, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon,
Hong Kong.
[Wholly owned by Mr.
Praful Chandra Madhubhai Patel]
39087350
1220672
Managing
Director: Mr. Bhavesh Narasi Patel
(Mobile: 852-6629 4412)
General
Manager: Mr. Rajesh Tokarawat
Nominal Share Capital:
HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,000,000.00
(As
per registry dated 21-01-2014)
|
Name |
|
No.
of shares |
|
Bhavesh Narasi PATEL |
|
3,000,000 ======= |
(As
per registry dated 27-03-2013)
|
Name (Nationality) |
Address |
|
Bhavesh Narasi
PATEL |
Flat A, 6/F., Hang Lung Bank Building,
46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Maheshkumar
Bhavanbhai GAJERA |
5, Nandan Villa, Model Town Chs. B-11,
Gulmohar Cross Road No. 7, Vile Parle West, Mumbai 400056, India. |
(As
per registry dated 27-03-2013)
|
Name |
Address |
|
Bayani
Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung,
Lantau Island, Hong Kong. |
The
subject was incorporated on 27th March, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at M29, 2/F., Phase 3, Kaiser Estate, 9‑11A Hok
Yuen Street, Hunghom, Kowloon, Hong Kong, moved to Room 404, 4/F., Block
B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong
Kong in March 2009, to Flat B, 12/F., Granville House, 41C & 41D Granville
Road, Tsimshatsui, Kowloon, Hong Kong in 2010, to Room 1711, 17/F., Rise
Commercial Building, 5‑11 Granville Circuit, Tsimshatsui, Kowloon,
Hong Kong with effect from 1st April, 2011.
It moved back to Granville House in late 2011.
The
subject increased its issued share capital to HK$3 million on
20th January, 2014.
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: 2.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, India, China, other Asian countries, etc.
Annual Turnover: HK$110-130 million
Terms/Sales: COD, L/C, T/T, D/A, or 150 days, etc.
Terms/Buying: L/C, T/T, or 120 to 150 days, etc.
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Increase of Nominal Capital:-
|
From |
HK$2,900,000.00 |
to |
HK$3,000,000.00 |
on |
21-01-2014 |
Alternation of Issued Capital:-
|
Initally |
paid up |
HK$ 100,000.00 |
|
20-01-2014 |
paid up |
HK$2,900,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$3,000,000.00 ============= |
Mortgage or Charge: (See attachment)
Annual Net Profit: HK$1.0-1.5 million
Profit or Loss: Making a small profit in past two years.
Condition: Business is active.
Facilities: Adequate for current running.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having
issued 3 million ordinary shares of HK$1.00 each, Vriti Diam (HK) Ltd. is
wholly-owned by Mr. Bhavesh Narasi Patel [B. N. Patel] who is an Indian. B. N. Patel resided in Mumbai, India and now
he has moved to Hong Kong. He is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. B. N. Patel can be reached
at his Hong Kong mobile phone number 852-6629 4412.
The
subject moved back to the former address in late 2011. It has had an associated company Vriti Diam,
a Hong Kong-registered firm located at its operating address. Both firms are under the same management.
Currently,
the subject has had two employees, namely, Mr. Mahesh Gajara and Mr. Bharat
Kadakia. Both of them are Indian.
Besides,
the subject has got the following affiliated firms:-
Raha
Impex H.K., Hong Kong.
Rio
Star, Hong Kong.
Zenia,
Hong Kong.
All
these firms are controlled by the Patel family.
Zenia was established in Hong Kong on 24th September, 2004.
The
subject’s director B. N. Patel is also the sole proprietor of Vriti Diam. The subject and Vriti Diam are engaged in the
same lines of business.
The
subject is a loose diamond trader. It is
trading in white, LC and all size of loose diamonds form 0.01 cts to 1.00
cts. Raw materials, polished and cut
diamonds are imported from India, and other European countries, etc. Some of the raw diamonds are polished or
processed in Hong Kong. Finished
products and polished diamonds are exported to India, China, other Asian
countries, etc.
In
2012, the subject’s turnover amounted to HK$110 million (2011:
HK$99.8 million), net profit for the year was HK$0.8 million (2011:
HK$0.5 million). Profit margins
were low in the years.
Now,
the annual sales turnover of the subject ranges from HK$110 to
130 million.
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 took part in “HKTDC Hong
Kong International Jewellery Show 2014” which had been held in Hong Kong Convention
and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th
March, 2014. Its booth No. was
S426-01. It is going to take part in the
same show which will be held in the same centre in March 2015.
B.
N. Patel is also a diamond businessman.
In India, he has got business ties with a number of diamond
manufacturers and traders.
The
history of the subject is over six years in Hong Kong.
Supported
by the Patel family, on the whole, consider it good for normal business
engagements.
|
Date |
Particulars |
Amount |
|
30-08-2011 |
Instrument: Mortgage Property: 2/94th parts or
shares of and in Section A of Kowloon Inland Lot No. 7603 and The Remaining
Portion of Kowloon Inland Lot No. 7603 (Flat B on 12/F. of Granville House, Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All moneys |
|
08-04-2013 |
Instrument: Security
Over Deposits with the Bank Limited Company - Under Seal Property: Initially
HK$1,300,000 or equivalent and all monies whether now or hereafter standing
to the credit of the company’s deposit with the Bank under deposit
No. 817-357593 & whatever currency it may subsequently be
denominated in, any renewal of such deposit & the interest thereon
together with any further moneys in any deposit account with the Bank at any
of its offices. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities owing at any
time plus interest and all expenses |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.