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Report No. : |
303632 |
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Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
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Name : |
VI LUXURY LTD. |
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Registered Office : |
C/o CHK Business Ltd., Room 705A, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
19.05.2006 |
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Com. Reg. No.: |
36782351 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
TRADING IN LOOSE, POLISHED AND CUT DIAMONDS. |
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No. of Employees : |
No employees in Hong Kong. NOTE : It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hongkong |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hongkong |
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 |
HONGKONG - 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 |
VI LUXURY LTD.
ADDRESS: C/o CHK Business Ltd.
Room 705A, 7/F.,
Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Kowloon, Hong Kong.
PHONE: Not available
Managing
Director: Mr. Prem Kumar Sajnani
Incorporated on: 19th May, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$200,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
C/o CHK Business Ltd.
Room 705A, 7/F.,
Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Kowloon, Hong Kong.
36782351
1046494
Managing
Director: Mr. Prem Kumar Sajnani
Nominal Share
Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$200,000.00
(As per registry dated 19-05-2014)
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Name |
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No.
of shares |
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Prem Kumar SAJNANI |
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200,000 ====== |
(As per registry dated 19-05-2014)
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Name (Nationality) |
Address |
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Prem Kumar
SAJNANI |
Flat 89, 7/F., Hannover Court, 85-91
Waterloo Road, Kowloon Tong, Kowloon, Hong Kong. |
(As per registry dated 19-05-2014)
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Name |
Address |
Co.
No. |
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Champion
Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0657221 |
The
subject was incorporated on 19th May, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Diamond Trader.
Lines: All kinds of diamonds
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, Prepayment, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
Profit or Loss: Made very small profits in past years.
Condition: Business is fairly active.
Facilities: Adequate for current running.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
Having issued 200,000 ordinary shares of HK$1.00 each, Vi Luxury Ltd. is wholly owned by Mr. Prem Kumar Sajnani who is an India merchant. He is an Italy passport holder and has been in Hong Kong for a very long time. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 705A, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Kowloon, Hong Kong known as CHK Business Ltd. which is handling its correspondences and documents. The subject’s corporate secretary Champion Corporate Ltd. is located at Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong. Its phone and fax number are 852-2110 0898 and 852-2110 0280 respectively. These are the phone and fax number provided by your party.
The subject has no employees in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, China, Japan and the other Asian countries. Business is fairly active.
The subject is just a one-man company. Business is chiefly handled by P K Sajnani himself. History in Hong Kong is over eight years and eight months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.61 |
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|
1 |
Rs.93.49 |
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Euro |
1 |
Rs.71.38 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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.