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MIRA INFORM REPORT
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Report No. : |
485893 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
VIDHI ENTERPRISES |
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Registered Office : |
Room 415, 4/F., Fu Hang Industrial Building, 1 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.08.1987 |
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Com. Reg. No.: |
11262647-000-08 |
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Legal Form : |
Partnership |
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Line of Business : |
Diamond Trader of all kinds of diamonds, gemstones |
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No. of Employees : |
6. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company
name and address
VIDHI ENTERPRISES
ADDRESS: Room 415, 4/F., Fu Hang Industrial
Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2724
1688
FAX: 852-2312
2051
MANAGEMENT:
Manager: Mr.
Girish Kumar Jain
SUMMARY
Establishment: 28th August,
1987.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS:
Head Office:-
Room 415, 4/F., Fu Hang Industrial Building, 1 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
11262647-000-08
MANAGEMENT
Manager: Mr.
Girish Kumar Jain
PARTNERS
Name: Mr. Vindo
Kumar KOTAHWALA
Residential Address: 181-25
Midland PKWY Jamaica, New York, NY 11Y32, U.S.A.
Name: Mr. Girish
Kumar JAIN
Residential Address: Flat
6A, 6/F., 8 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Pramod
Kumar AGRAWAL
Residential Address: Flat
8C, Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 28th August, 1987 as a
sole proprietorship concern just owned by Mr. Vindo Kumar Kotahwala under the
Hong Kong Business Registration Regulations.
The subject became a partnership concern as Mr. Girish
Kumar Jain and Mr. Pramod Kumar Agrawal joined on 1st April, 1993 and 1st
November, 2006 respectively.
In 2002, the subject was located at ‘Room 1301, 13/F.,
Hart Avenue Plaza, 5‑9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong’,
moved to ‘Room 1007’ of the same building in July 2005 and further to the
present address in February 2011.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Diamond
Trader.
Lines: All kinds of diamonds, gemstones,
Employees: 6.
Commodities
Imported: India, Sri-Lanka, other Asian
countries, Europe, etc.
Markets: Hong Kong, China, other Asian
countries, Europe, US, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C,
Advanced T/T, etc.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made
small profits in past years.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: No Complaints.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Vidhi Enterprises is a partnership jointly owned by Mr. Vindo
Kumar Kotahwala, Mr. Girish Kumar Jain and Mr. Pramod Kumar Agrawal. All are India merchants.
Girish Kumar Jain is a Hong Kong ID holder and has got
the right to reside in Hong Kong. He is
also manager of the subject.
The subject is a diamond and gemstone trader. However, it seems that it is trading in
gemstones chiefly.
The subject is carrying the following semi-precious
stones:
Aquamarine, Pink Amethyst, Rubylite, Green Amethyst, Blue
Topaz, Lemon Topaz, Citrine, Smokey Topaz, Kunzite, Peridot, Morganite, Pink
Tourmalines, Amethyst, Pink Topaz, Garnet, Rose Quartz, etc.
According to the subject, it is significant for the
following commodities:
Faceted Sapphires
Marquise Emeralds
Sapphires
Emerald
Ruby
Pink Sapphire
Yellow Sapphire
Faceted Rubies
The subject is also significant for its Rose Cut
Diamonds.
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 Diamond, Gem & Pearl Show 2018” which will be held in
Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February
to 3rd March, 2018. Its booth No. is AWE
7-J40.
The business of the subject is chiefly handled by Girish
Kumar Jain himself. History in Hong Kong
is over 30 years and four months.
On the whole, consider it good for normal credit
requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.76 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 78.20 |
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HKD |
1 |
INR 8.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.