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Report No. : |
345177 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
VEE DESIGN (HK) LTD. |
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Registered Office : |
Unit M9, 2/F., Kaiser Estate, Phase 3, |
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Country : |
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Date of Incorporation : |
13.04.2007 |
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Com. Reg. No.: |
37823352 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Jewellery and Diamonds. |
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No. of Employees : |
2 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
VEE DESIGN (HK) LTD.
ADDRESS: Unit M9, 2/F.,
Kaiser Estate, Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3549 6797
FAX: 852-3747 7384
E-MAIL: vee_design@yahoo.com
MANAGEMENT:
Managing Director: Mr. Pradip Natubhai Sanchpara
Incorporated on: 13th April, 2007.
Organization: Private Limited Company.
Issued Share Capital: HK$4,010,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employee: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
VEE DESIGN (HK) LTD.
Registered Head
Office:-
Unit M9, 2/F., Kaiser Estate, Phase 3, 9-11 Hok
Yuen Street, Hunghom, Kowloon,
Hong Kong.
37823352
1123221
Managing Director: Mr. Pradip Natubhai Sanchpara
(Hong Kong Mobile: 852-6477 8824)
HK$4,010,000.00
(As per registry dated 30-09-2015)
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Name |
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No. of shares |
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Pradip Natubhai
SANCHPARA |
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4,010,000 ======= |
(As per registry dated 13-04-2015)
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Name (Nationality) |
Address |
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Pradip Natubhai
SANCHPARA |
1772/A/2 Sarvoday Soc Bh
Vikram, Bunglows Sardarnagar, Bhavnagar-364001, India. |
(As per registry dated 13-04-2015)
|
Name |
Address |
Co. No. |
|
Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30
Canton Road, Tsimshatsui, Kowloon,
Hong Kong. |
0657221 |
The subject was incorporated on 13th April, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit Q10, 6/F., Kaiser Estate, Phase
3, 11 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong, moved to Unit M9, 2/F. of the
same building with effect from 12th November, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of jewellery and diamonds.
Employee: 2.
Commodities Imported: India,
other Asian countries.
Markets: Hong
Kong, Japan, Thailand, other Asian countries, Europe, US.
Terms/Sales: CAD, L/C, T/T.
Terms/Buying: L/C, T/T, D/P, O/A.
Issued Share Capital:
HK$4,010,000.00
Profit or Loss: Made
small profits in past years.
Condition: Business
is active.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing: Normal.
Vee Design (HK) Ltd. formerly was a
wholly-owned subsidiary of Diaspark N.V. which was a
Belgium-based firm. On 22nd May, 2012
the Belgium company transferred all its shares to Mr. Pradip
Natubhai Sanchpara who is
the current shareholder.
The subject is located at Kaiser Estate, Phase 3, 11 Hok
Yuen Street, Hunghom, Kowloon,
Hong Kong. The subject moved to the
present new address in November 2011.
In September 2012, the subject increased its nominal share capital to
HK$4,010,000.00 from HK$10,000.00.
The Managing Director of the subject Mr. Pradip
Natubhai Sanchpara is an
Indian who is an India passport holder.
Currently, he is in Hong Kong and can be reached at his Hong Kong mobile
phone number 852-6477 8824.
The subject is trading in round diamonds, rose cut diamonds, round
brilliant diamonds, loose diamonds, diamond necklace. Its diamonds are more than one carets and
less than one carats GIA, IGI white single cut diamonds, white full cut
diamonds, dark brown diamonds, black diamonds, TTLB.
According to the
subject, it is specialized in the following products:
·
Black Diamonds (US$ 60 - 150);
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Round F/C White (US$ 95 - 700); &
·
Single Cut (US$ 40 - 300).
Most of its commodities are imported from India and Belgium. Prime markets are Hong Kong, Japan, South
Korea, Thailand, the other Asian countries, Europe, the Middle East, North
America, etc. Business keeps on
improving.
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. 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 going to take part in “HKTDC Hong Kong International
Jewellery Show 2016” which will be held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong
during the period of 3rd to 7th March, 2016.
The history of the subject in Hong Kong is over eight years and six
months. Business is chiefly handled by Pradip himself.
On the whole, consider the subject good for normal business engagements.
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.
India’s 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
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1 |
Rs.100.55 |
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Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.