|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509659 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
VIE JEWELS LIMITED |
|
|
|
|
Registered Office : |
C/o
Karen Design Co. Unit A, 17/F., Dotcom House, 128 Wellington Street, Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.03.2015 |
|
|
|
|
Com. Reg. No.: |
64478732 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Jewellery and Diamonds |
|
|
|
|
No. of Employees : |
2.
(Including associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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.
|
Source
: CIA |
Company name and address
VIE JEWELS
LIMITED
ADDRESS: c/o Karen Design Co.
Unit
A, 17/F., Dotcom House, 128 Wellington Street, Central, Hong Kong.
PHONE: 852-2151 9622
FAX: 852-2151
9623
MANAGEMENT:
Managing Director: Mr. Rahil Shishir Shah
SUMMARY
Incorporated on: 11th
March, 2015.
Organization:
Private Limited
Company.
Issued Share Capital: US$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
2. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
c/o Karen Design Co.
Unit A, 17/F., Dotcom House, 128 Wellington
Street, Central, Hong Kong.
Holding Company:-
Vie Jewels DMCC, United Arab Emirates.
Related Companies:-
Karen Design Co., Hong Kong. (Same address)
Karen Jewel Co. Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
64478732
COMPANY FILE NUMBER
2209737
MANAGEMENT
Managing Director: Mr. Rahil Shishir Shah
Contact Person: Ms. Lee Si-Wing, Karen
ISSUED SHARE CAPITAL
US$10,000.00
SHAREHOLDER
(As per registry dated 11-03-2018)
|
Name |
|
No. of
shares |
|
Vie
Jewels DMCC Unit
30-01-1047, Jewellery & Gemplex 3, Plot No. DMCC-PH-2-J&GPlexS,
Jewellery & Gemplex, Dubai, United Arab Emirates. |
|
10,000 ===== |
DIRECTOR
(As per registry dated 11-03-2018)
|
Name (Nationality) |
Address |
|
Rahil
Shishir SHAH |
23 Om
Dariya Mahal 3/F., 80/A J Mehta Marg, Nepean Sea Road, Malbar Hill, Mumbai,
400006, India. |
SECRETARY
(As per registry dated 11-03-2018)
|
Name |
Address |
Co. No. |
|
Pan
Pacific Consultants Ltd. |
Room D,
3/F., Thomson Commercial Building, 8-10 Thomson Road, Wanchai, Hong Kong. |
1254491 |
HISTORY
The subject was incorporated on 11th March,
2015 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.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery
and diamonds, etc.
Employees: 2.
(Including associates)
Commodities Imported: India, other Asian countries, etc.
Markets: Other Asian countries, UAE, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying:
L/C, T/T, etc.
FINANCIAL INFORMATION
Issued Share Capital: US$10,000.00
Profit or Loss: Made a very small
profit in 2017.
Condition:
Keeping in a
fairly active manner.
Facilities:
Adequate for
current running.
Payment:
Slow but
Correct.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Vie Jewels Limited is a wholly-owned subsidiary of Vie Jewels DMCC
which is a UAE-based and registered company.
The subject is a jewel and diamond trader. It is using the office of Karen Design Co.
[KDC] which is located at ‘Unit
A, 17/F., Dotcom House, 128 Wellington Street, Central, Hong Kong’ as its
operating office.
Another company Karen Jewel Co. Ltd.
[KJCL] is also located at the same address.
KDC, KJCL and the subject are engaged in the same lines of
business, more or less.
The managing director of KJCL is Ms. Lee Si-Wing, Karen who is a
Hong Kong businesswoman. She is
also contact person of the subject. She
is also a jewellery product designer.
The subject is a business partner of KJCL. The subject is trading in the following
products:
Jewellery - 24K Fine Gold (14K, 18K, 22K Only, 14K, 18K, 22K Only,
14K, 18K, 22K Only, 14K, 18K, 22K Only),
Jewellery - Silver, Stainless Steel Jewellery, etc.
KJCL markets its products in Hong Kong, China and exports its
products to the following countries and areas:
Africa, Australasia, Central & South America, Eastern Europe,
Japan, South Korea, the Middle East, North America, , Scandinavia, Southeast
Asia, Taiwan, other Asian Countries, Western Europe, etc.
The business of the subject is chiefly handled by Ms. Karen
Lee. History in Hong Kong is just over
three years and two months.
On the whole, consider it good for normal business engagements in
small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.02 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
|
HKD |
1 |
INR 8.70 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.