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MIRA INFORM REPORT
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Report No. : |
495681 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VDA JEWELLERY LIMITED |
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Registered Office : |
Flat E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.06.2016 |
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Com. Reg. No.: |
66246103 |
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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 Products. |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Relatively New Business |
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Payment Behaviour : |
Slow |
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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, which took effect in
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 2.6% in 2016, but
slowed to 2.0% in 2017. 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. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company
name & address
VDA JEWELLERY LIMITED
ADDRESS: Flat E1, 3/F., Hang Fung Industrial
Building, Phase 1, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3927
9466, 3925 5900
FAX: 852-3927
9467, 2363 3300
MANAGEMENT
Managing Director: Mr. Pang Chun
Lai
SUMMARY
Incorporated on: 2nd June, 2016.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
VDA JEWELLERY LIMITED
ADDRESS
Registered Head
Office:-
Flat E1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen
Street, Hunghom, Kowloon, Hong Kong.
Associated Companies:-
Guangzhou Dihe Jewellery Ltd., China.
VDA Holdings Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
66246103
COMPANY
FILE NUMBER
2385389
MANAGEMENT
Managing Director: Mr. Pang Chun
Lai
Contact Person: Mr. Gavin Huang
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 02-06-2017)
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Name |
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No. of shares |
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PANG Chun Lai |
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10,000 ===== |
DIRECTORS
(As per registry dated 02-06-2017)
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Name (Nationality) |
Address |
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PANG Chun Lai |
547 Nam Bin Tsuen, Fanling Wai, Fanling, New Territories, Hong
Kong. |
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TANG Chee Kwong |
Room E, 27/F., Grosvenor Court (Block 28), Phase 4, The Oasis
South Horizons, 28 Yi Nam Road, Ap Lei Chau, Hong Kong. |
SECRETARY
(As per registry dated 01-02-2018)
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Name |
Address |
Co. No. |
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JK Corporate Consultancy Ltd. |
Room 1309, 13/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories, Hong Kong. |
1837022 |
HISTORY
The subject was incorporated on 2nd June, 2016 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Fast Trend Development
(HK) Ltd., name changed to the present style on 16th February, 2017.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of Jewellery Products.
Employees: 4.
Commodities Imported: China, other
Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, US, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, etc.
MEMBERSHIP
The Hong Kong General Chamber of Commerce, Hong Kong. [Membership
No. HKV0179]
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Adequate
for current running.
Payment: Slow.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 1,000 ordinary shares of HK$1.00 each, VDA Jewellery
Limited is wholly-owned by Mr. Pang Chun Lai who is a Hong Kong merchant. He is also director of the subject.
The subject is trading in all kinds of carat of gold set with diamond,
precious and semi-precious stones.
According to the subject, it belongs to the VDA Group.
Established in 2017, VDA Group is a leading integrated manufacturer in
fine jewellery and has been serving for jewellery wholesalers and retailers in
the world.
The subject is committed to serve the industry with the best products
and solutions. The Group has over 700
professionals working in its Hong Kong headquarters and factories in Panyu,
Guangzhou City, Guangdong Province, China.
Products are marketed in Hong Kong, exported to other Asian countries,
Europe, the United States, etc.
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 took part in “HKTDC Hong Kong International Jewellery
Show 2018” which had been held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 1st to 5th March, 2018. Its booth No. was CEC 1B-E14.
The business of the subject is chiefly handled by Mr. Pang Chun
Lai. History in Hong Kong is just over a
year and nine months.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.92 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.54 |
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HKD |
1 |
INR 8.31 |
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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VIV |
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Report Prepared
by : |
TPT |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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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.