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Report No. : |
303488 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
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Name : |
VIJISAN (H.K.) |
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Registered Office : |
Flat E, 22/F., Hong King Building, 28 Hong Keung Street, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.04.2000 |
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Com. Reg. No.: |
30876950-000-04 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds |
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No. of Employee : |
1 |
RATING & COMMENTS
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MIRA’s 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 : |
Slow But Correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
VIJISAN (H.K.)
ADDRESS: Flat E, 22/F., Hong King
Building, 28 Hong Keung Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-9429 5224
FAX: Not available
E-MAIL: vijisan75@hotmail.com
Manager: Mr. Abdul Samad Ibrahim
Solkar
Establishment: 13th April, 2000.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VIJISAN (H.K.)
Registered Head Office:-
Flat E, 22/F., Hong King Building, 28 Hong Keung Street, San Po Kong,
Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 86487, Gillies Avenue Post Office, Kowloon, Hong Kong.
30876950-000-04
Manager: Mr. Abdul Samad Ibrahim
Solkar
Name: Mr. Abdul Samad Ibrahim SOLKAR
Residential Address: 14/F.,
Front Portion, Ocean View Court, 25 Chatham Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 13th April, 2000 as a sole proprietorship
concern owned by Mr. Rajendrakumar Jayantilal Soni under the Hong Kong Business
Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Rajendrakumar Jayantilal SONI |
13-04-2000 |
02-06-2000 |
|
Abdul Samad Ibrahim SOLKAR |
01-06-2000 |
--- |
Initially the subject was located at 14/F., Ocean View Court, 25 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 7/F., Golden Mansion,
83-85 Chatham Road, Tsimshatsui, Kowloon, Hong Kong in August 2005; to Room
804, 8/F., Cheong Shing Court, 7 San Lau Street, Hunghom, Kowloon, Hong Kong in
June 2006; to Flat 2, 2/F., King Wing Building, 57 Man Tai Street, Hunghom,
Kowloon, Hong Kong in November 2007; to Flat A, 11/F., Po Sun Mansion, 87
Bulkeley Street, Hunghom, Kowloon, Hong Kong in March 2009; and further moved
to Flat E, 22/F., Hong King Building, 28 Hong Keung Street, San Po Kong,
Kowloon, Hong Kong in March 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, etc.
Employee: 1.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong Kong, other Asian countries,
North America, Western Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a very small profit in the
past years.
Condition: Business is normal.
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.
Vijisan (H.K.) is a sole proprietorship set up in April 2000 and now
owned by Mr. Abdul Samad Ibrahim Solkar who is an Indian. He is the subject’s manager holding an India
passport. Solkar joined in the subject
in June 2000. It seems that now he is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject’s mailing address is P.O. Box 86487, Gillies Avenue Post
Office, Kowloon, Hong Kong.
The subject’s registered address is located at Flat E, 22/F., Hong King
Building, 28 Hong Keung Street, San Po Kong, Kowloon, Hong Kong. This office is not in a commercial building
but a residential building. It is likely
that Solkar has moved to this new address but does not make any amendments on
the subject’s registration materials. It
seems that the subject’s real operating address is also Solkar’s latest
residential address. The residential
building is not trespassed by outsiders.
The subject moved to this new address in March 2011.
The subject has an employee in Hong Kong. A S I Solkar can be reached at his Hong Kong
mobile phone number 852-9429 5224.
The subject is engaged in the following business scope:-
Rough Diamonds Procurement;
Rough Diamonds Processing; &
Polished Diamonds Trading.
The subject is a diamond trader.
It is dealing in fine coloured diamonds and rare gemstones. Products include fancy coloured diamonds,
unusual rose cut and briolette cut diamonds.
Diamonds and gemstones are imported from India, Belgium and the other
European countries, etc. Some of the
commodities are polished diamonds.
Polished and cut diamonds are exported or re‑exported to Japan,
other Asian countries, Europe, the Middle East and North America. Business is normal.
Originally, the subject was set up by Rajendrakumar Jayantilal Soni who
was also an Indian. Prior to setting up
the subject, on 30th October, 1989, R J Soni set up a diamond trading firm
“Ronak Gems”. R J Soni retired from the
subject on 2nd June, 2000 and has paid more attention on Ronak Gems. Now, Ronak Gems is still operated by R J
Soni. Besides Ronak Gems, Soni is also
the sole proprietor of Hong Kong Capital Co.
Established on 14th April, 1994, Hong Kong Capital Co. is also
a diamond trader.
The subject is able to keep a balance account or make a very small
profit in most of the past years.
On the whole, since the history of the subject in Hong Kong is over
fourteen years and nine months, on the whole, consider it good for normal
business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.84 |
|
|
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
|
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 |
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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.