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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
VRAMS IMPEX (HK) LTD. |
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Registered Office : |
Unit J3, 8/F., Kaiser Estate, Phase II, |
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Country : |
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Date of Incorporation : |
23.02.2006 |
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Com. Reg. No.: |
36489608 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Trader of Jewellery & Fancy Cut Diamonds. |
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No of Employees : |
6 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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.
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Source
: CIA |
VRAMS IMPEX (HK)
LTD.
ADDRESS: Unit J3, 8/F., Kaiser Estate,
Phase II, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311
4136, 2363 4123
FAX: 852-2366
1147, 2366 4123
E-MAIL: info@vramsimpex.com
Managing Director: Mr. Vithal
Dhanjibhai Vaghasia
Incorporated on: 23rd February, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$7,000,000.00
Business Category: Diamond
Trader.
Annual Turnover: US$15~20 million.
Employees: 6.
Main Dealing Banker: Wing Lung
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
VRAMS IMPEX (HK)
LTD.
Registered Head
Office:-
Unit J3, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
Elan Jewels, Hong Kong.
G. Diam BVBA, Belgium.
Sun Sui Co., Hong Kong.
VD Global LLC, USA.
VD Global Pvt. Ltd., India.
Vrams Diamonds LLC, UAE.
Vrams Import, Hong Kong.
36489608
1025968
Managing Director: Mr. Vithal
Dhanjibhai Vaghasia
Contact Person: Mr. Vithal Patel
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$7,000,000.00
(As per registry dated 23-02-2014)
|
Name |
|
No. of shares |
|
Vithal Dhanjibhai VAGHASIA |
|
7,000,000 ======= |
(As per registry dated 23-02-2014)
|
Name (Nationality) |
Address |
|
Vithal Dhanjibhai VAGHASIA |
Flat B, 13/F., Ocean View Court, |
(As per registry dated 23-02-2014)
|
Name |
Address |
Co. No. |
|
City Light Accountancy Consultants Ltd. |
Room 1321, 13/F., Leighton Centre, 77 Leighton Road, Causeway
Bay, Hong Kong. |
0330495 |
The subject was incorporated on 23rd February, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit J2, 8/F., Kaiser Estate, Phase
II, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to Unit J3, 8/F.
of the same building in March 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Jewellery,
fancy cut diamonds
Employees: 6.
Commodities Imported: India,
Belgium, Africa, Russia
Markets: Middle
East, US, Europe, Southeast Asia
Annual Turnover: US$15~20
million.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/A
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$7,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 200.00 |
|
12-04-2010 |
paid up |
HK$ 6,999,800.00 |
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|
––––––––––––––– |
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Total: |
paid up |
HK$ 7,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$20,000,000.00 |
on |
12-04-2010 |
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Business is
normal and steady.
Facilities: Making active
use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
Wing Lung Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Fubon Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Formerly had issued 200 ordinary shares of HK$1.00 each, Vrams Impex (HK)
Ltd. was equally owned by Mr. Vithal Dhanjibhai Vaghasia and Mr. Ghanshyam
Dhanjibhai Vaghasia. Both of whom were
Indian. The former resided in Hong Kong
while the latter, in India. On 26th
September, 2008, the latter transferred all his shares to the former. In April 2010, the issued share capital was
increased to HK$7,000,000.00. Now, the
subject is wholly-owned by Mr. Vithal Dhanjibhai Vaghasia. He is also the only director of the
subject. He is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
The subject is specialized in manufacturing fancy cut diamonds. Most of the products are loose diamonds,
polished diamonds with a variety range of cuts and sizes. It also provides diamond jewellery such as
diamond earrings. Raw materials are
imported from India, Belgium, Africa, Russia.
The followings are
the subject’s main products:-
·
Finished Jewellery
·
Diamond Jewellery
·
White Diamond Jewellery
·
Pearl Jewellery
·
Pearl Simulant Jewellery
·
Materials
·
Diamond
·
Polished White Diamond
·
Polished Colour Diamond
The subject’s
products are exported to the Middle East, the United States, Europe, Southeast
Asia, etc. Currently, it has got the
following foreign associated firms:-
·
Elan Jewels, Hong Kong.
·
G. Diam BVBA, Belgium.
·
Sun Sui Co., Hong Kong.
·
VD Global LLC, USA.
·
VD Global Pvt. Ltd., India.
·
Vrams Diamonds LLC, UAE.
·
Vrams Import, Hong Kong.
The above firms are responsible for marketing the subject’s products in
their local country respectively.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong. For instance, it took part in Shenzhen
International Gold, Jewellery and Jade Show 2013 which had been held during the
period of 26th February to 1st March, 2013 in Shenzhen Special Economic Zone,
China.
It is going to take part in “HKTDC Hong Kong Jewellery & Ornaments
Show 2013” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 20th to 23rd June, 2013. Besides, For instance, it is going to take
part in “HKTDC Hong Kong International Jewellery Show 2015” which will be held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 4th to 8th March, 2015.
The subject’s business is chiefly handled by Vithal Dhanjibhai Vaghasia
himself. Its annual sales turnover
ranges from US$15 to 20 million, making a small profit every year. Business is normal.
The subject has had associated or affiliated diamond trading firms in
Hong Kong. For instance, Elan
Jewels is located at the same address and is operated by Vithal Dhanjibhai
Vaghasia. This company is also a diamond
trader.
The subject owns a number of premises in Hong Kong.
The history of the subject in Hong Kong is over eight years and eight
months.
On the whole, consider it good for normal business engagements.
REMARKS:
Property information of the
company:-
1. Property Location: Unit C on 13/F., Yun Fat Commercial
Building, 70-74 Wuhu Street, Kowloon, Hong Kong.
Owner: Vrams Impex (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
15-08-2008 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Workshop Unit No. 1 on 9/F.,
Guardforce Centre,
3 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Vrams Impex (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
20-10-2010 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
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15-08-2008 |
Instrument: Mortgage Property: 65/2,674th parts or shares of and in Hung Hom Inland Lot No. 404, 355
& 342 (Unit C on 13/F. of Yun Fat Commercial Building, 70-74 Wuhu Street,
Kowloon, Hong Kong.) Mortgagee: Wing Lung Bank Ltd., Hong Kong. |
All moneys |
|
20-01-2014 |
Instrument: Legal Charge Property: 5/718th part or share of and in Section E of Kowloon Marine
Lot No. 113 (Workshop Unit 1 on 9/F. of Guardforce Centre, 3 Hok Yuen
Street East, Kowloon, Hong Kong.) Mortgagee: Fubon Bank (Hong Kong) Ltd., Hong Kong. |
All moneys |
|
20-01-2014 |
Instrument: Assignment of Rental Property: 5/718th part or share of and in Section E of Kowloon Marine
Lot No. 113 (Workshop Unit 1 on 9/F. of Guardforce Centre, 3 Hok Yuen
Street East, Kowloon, Hong Kong.) Mortgagee: Fubon Bank (Hong Kong) Ltd.,
Hong Kong. |
All moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
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|
1 |
Rs.98.93 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
-- |
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.