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MIRA INFORM REPORT
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Report No. : |
509915 |
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Report Date : |
31.05.2018 |
IDENTIFICATION DETAILS
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Name : |
VRAMS IMPEX (HK) LIMITED |
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Registered Office : |
Unit J3, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.02.2006 |
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Com. Reg. No.: |
36489608 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Jewellery, fancy cut diamonds |
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No. of Employees : |
5 |
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 : |
Slow but Correct |
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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.
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.
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Source
: CIA |
Company
name and address
VRAMS IMPEX
(HK) LIMITED
ADDRESS: Unit
J3, 8/F., Kaiser Estate, Phase II, 51 Man Yue Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-2311
4136, 2363 4123
FAX: 852-2366
1147, 2366 4123
E-MAIL: info@vramsimpex.com
MANAGEMENT:
Managing Director:
Mr. Vithal Dhanjibhai Vaghasia
SUMMARY
Incorporated on: 23rd February, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$7,000,000.00
Business Category: Diamond
Trader.
Employees: 5.
Main Dealing Banker: Wing
Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit J3, 8/F., Kaiser Estate, Phase II, 51 Man Yue
Street, Hunghom, Kowloon, Hong Kong.
Related/Associated Companies:-
Baguette Diam Inc., USA.
G. Diam BVBA, Belgium.
VD Global Pvt. Ltd., India.
Vrams Diamonds DMCC, UAE.
Vrams Diamonds LLC, UAE.
Vrams Import, Hong Kong.
BUSINESS
REGISTRATION NUMBER
36489608
COMPANY
FILE NUMBER
1025968
MANAGEMENT
Managing Director:
Mr. Vithal Dhanjibhai Vaghasia
Contact Person:
Mr. Hitesh Bhai
ISSUED
SHARE CAPITAL
HK$7,000,000.00
SHAREHOLDER
(As per registry dated 23-02-2018)
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Name |
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No. of shares |
|
Vithal Dhanjibhai VAGHASIA |
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7,000,000 ======= |
DIRECTOR
(As per registry dated 23-02-2018)
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Name (Nationality) |
Address |
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Vithal Dhanjibhai VAGHASIA |
Room C, 11/F., Tower 2, Parc Palais, 18 Wylie Road,
Homantin, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 23-02-2018)
|
Name |
Address |
Co. No. |
|
City Light Accountancy Consultants Ltd. |
Room 1321, 13/F., Leighton Centre, 77 Leighton
Road, Causeway Bay, Hong Kong. |
0330495 |
HISTORY
The subject was incorporated on 23rd February, 2006 as a
private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit J2, 8/F., Kaiser
Estate, Phase II, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to
Unit J3, 8/F. of the same building in March 2013.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: Jewellery,
fancy cut diamonds, etc.
Employees: 5.
Commodities
Imported: India, Belgium, Africa, Russia, etc.
Markets: Hong
Kong, China, Middle East, US, Europe, Southeast Asia, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying:
L/C, T/T, D/A, etc.
MEMBERSHIP
Responsible
Jewellery Council, United Kingdom.
FINANCIAL
INFORMATION
Issued Share Capital: HK$7,000,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Business
is normal and steady.
Facilities: Making
active use of general banking facilities.
Payment: Slow but Correct.
Commercial Morality:
Satisfactory.
Bankers:-
Wing Lung Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Fubon Bank (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong.
Standing: Good.
GENERAL
Formerly had issued 200 ordinary shares of HK$1.00 each,
Vrams Impex (HK) Limited was equally owned by Mr. Vithal Dhanjibhai Vaghasia [V
D Vaghasia] and Mr. Ghanshyam Dhanjibhai Vaghasia. Both of whom were Indian. The former had resided in Hong Kong while the
latter in India. On 26th September,
2008, the latter transferred all his shares to the former. In April 2010, the issued share capital was
increased to HK$7,000,000.00. Now, the
subject is wholly-owned by Mr. V D Vaghasia.
He is also the only director of the subject. He is a Hong Kong ID holder and has got
the right to reside in Hong Kong. His
Hong Kong mobile phone number is 852-6624 0534 and he can reach him at
this number.
The subject is specialized in manufacturing fancy cut
diamonds. Most of the products are loose
diamonds, polished diamonds, full-cut diamonds, with a variety range of cuts
and sizes. It also provides diamond
jewellery such as diamond earrings. Raw
materials are imported from India, Belgium, Africa, Russia, etc.
The followings are the subject’s main products:-
Finished Jewellery
Diamond Jewellery --- White Diamond Jewellery
Pearl Jewellery --- Pearl Simulant Jewellery
Materials
Diamond --- Polished White Diamond, Polished Colour
Diamond
The subject’s products are marketed in Hong Kong,
exported to the Middle East, the United States, Europe, Southeast Asia,
etc. Currently, it has got several
associated companies in Hong Kong, Belgium, India, the United States and the
United Arab Emirates. Its associated
company in India is known as VD Global Pvt. Ltd., an India-based company.
Its associated companies are responsible for marketing
the subject’s products in their local country respectively.
The business of the subject in Hong Kong is active.
The subject is a certified member of the Responsible
Jewellery Council of the United Kingdom.
In order to penetrate the international market further,
the subject has taken part in fairs and exhibitions held in Hong Kong and
China.
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 2nd to 6th
March, 2018. Its booth No. was 1EC43.
The subject’s business is chiefly handled by V D Vaghasia
himself. Its annual sales turnover is
significant.
The subject owns a number of premises in Hong Kong.
In recent years, the subject has risen mortgages from
Bank of China (Hong Kong) Ltd., Wing Lung Bank Ltd., as well as Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
The history of the subject in Hong Kong is over twelve
years and three months.
On the whole, consider it good for normal business
engagements.
REMARKS
Property
information of the company:-
1. Property
Location: Unit C on 13/F., Yun Fat
Commercial Building, 70-74 Wuhu Street, Kowloon, Hong Kong.
Owner: Vrams Impex
(HK) Ltd.
Date of Purchase:
15-08-2008
Purchased Price:
HK$1,600,000.00
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-03-2017 |
- |
Bank of China (Hong Kong) Ltd., Hong Kong. |
Mortgage |
2. Property
Location: Workshop Unit No. 1 on
9/F., Guardforce Centre,
3 Hok Yuen Street East, Kowloon, Hong Kong.
Owner: Vrams Impex
(HK) Ltd.
Date of Purchase:
18-01-2008
Purchased Price:
HK$6,981,000.00
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
20-12-2017 |
- |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
Mortgage |
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20-12-2017 |
- |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
Rent Assignment |
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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30-03-2017 |
Mortgage |
Bank of China (Hong Kong) Ltd., Hong Kong. |
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20-12-2017 |
Mortgage |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
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20-12-2017 |
Rent Assignment |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong.qw |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 67.63 |
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|
1 |
INR 89.70 |
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Euro |
1 |
INR 78.20 |
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HKD |
1 |
INR 8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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Report Prepared
by : |
KET |
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.