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MIRA INFORM REPORT
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Report No. : |
495687 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VITHANI DIAM (HK) LIMITED |
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Registered Office : |
Room 1306, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.10.2012 |
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Com. Reg. No.: |
60460680 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all Kinds of Diamonds. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small Company |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
|
Source
: CIA |
Company
name & address
VITHANI DIAM (HK)
LIMITED
ADDRESS: Room
1306, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-3676
1740
FAX: 852-3676
1704
E-MAIL: vithanidiam@gmail.com
MANAGEMENT
Managing Director: Mr. Maheshkumar Shambhubhai Vithani
SUMMARY
Incorporated on: 10th October, 2012.
Organization: Private Limited Company.
Issued Share Capital: HK$4,000,000.00
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1306, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
60460680
COMPANY
FILE NUMBER
1810225
MANAGEMENT
Managing Director: Mr.
Maheshkumar Shambhubhai Vithani
ISSUED
SHARE CAPITAL
HK$4,000,000.00
SHAREHOLDER
(As per registry dated 10-10-2016)
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Name |
|
No. of shares |
|
Maheshkumar Shambhubhai VITHANI |
|
4,000,000 ======= |
DIRECTOR
(As per registry dated 08-06-2017)
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Name (Nationality) |
Address |
|
Maheshkumar Shambhubhai VITHANI |
C-32-33, Shiv Nagar Society, Matawadi, L.H. Road, Varachha, Surat
395006, India. |
SECRETARY
(As per registry dated 10-10-2016)
|
Name |
Address |
Co. No. |
|
Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon Hong Kong. |
0657221 |
HISTORY
The subject was incorporated on 10th October, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Room E2-05, 10/F., Phase2, Hang
Fung Industrial Building, 2G Hok Yuen Street, Hung Hom, Kowloon,
Hong Kong’, moved to the present address in October 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, etc.
Employees: 3.
Commodities Imported: India, other
Asian countries, etc.
Markets: Hong
Kong, India, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, Advanced payments,
etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$4,000,000.00
Profit or Loss: Made
small profits in past two years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
GENERAL
Vithani Diam (HK) Limited is wholly-owned by Mr. Maheshkumar Shambhubhai
Vithani who is an India merchant. He is
an India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
We can reach Mr. Maheshkumar Shambhubhai Vithani at your given
Hong Kong mobile phone number 852-5938 7593.
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, the other Asian countries, etc.
According to the subject, it is significant for its white diamonds,
carat size diamonds, next to white shade with the size from – 2 to – 14.
Prime markets are Hong Kong, China, India, Thailand and the other Asian
countries. Business is normal.
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 2017”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 28th February to 4th March, 2017.
Its booth No. was AWE 5-G31.
It also took part in “HKTDC Hong Kong International Jewellery Show 2017”
which had been held in Hong Kong Convention and Exhibition Centre, Wanchai,
Hong Kong during the period of 2nd to 6th March, 2017. Its booth No. was 1ED33.
The subject’s business is chiefly handled by Vithani himself. History in Hong Kong is over four years
and eleven months.
On the whole, consider it good for normal business engagements in small
credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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|
1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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
·
Payment
record
·
Litigation
against the subject
·
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.