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MIRA INFORM
REPORT
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Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SIMPLEX
DIAM LTD. |
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Registered Office : |
Room 1401, 14/F., Nine Queen’s Road Central |
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Country : |
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Date of Incorporation : |
02.05.2002 |
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Com. Reg. No.: |
32610085 |
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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 and jewellery products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SIMPLEX DIAM LTD.
company ADDRESS
Room 1401, 14/F., Nine
Queen’s Road Central,
PHONE: 2522 6131
FAX: 2845 3470
E-MAIL: fairway@simplexdiam.net
MANAGEMENT
President: Mr. Yeung Kwok Hing, Carlos
SUMMARY
Incorporated on: 2nd May, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$23,400,000.00
Issued: HK$23,400,000.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Satisfactory.
company ADDRESS
Registered Head
Office:-
Room 1401, 14/F., Nine Queen’s Road Central,
Affiliated
Companies:-
Fairway Diamond Co.
Ltd.,
Simplex Diam (
Simplex
Vaishali
Diamond Corporation,
Associated
with:-
MSY Holdings Corporation,
BUSINESS REGISTRATION NUMBER
32610085
COMPANY FILE NUMBER
0796009
MANAGEMENT
President: Mr. Yeung Kwok Hing, Carlos
CAPITAL
Nominal Share Capital: HK$23,400,000.00 (Divided into 23,400,000 shares of HK$1.00 each)
Issued Share Capital: HK$23,400,000.00
SHAREHOLDERS
(As per registry dated 02-05-2010)
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Name |
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No. of shares |
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9,945,000 |
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Treasure
World Investment Ltd., |
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9,945,000 |
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Joystar International
Investment Holdings Ltd., |
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3,510,000 |
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––––––––– |
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Total: |
23,400,000 ======== |
DIRECTORS
(As per registry dated 02-05-2010)
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Name (Nationality) |
Address |
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YEUNG Kwok Hing, Carlos |
112, Grenville House, |
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Flat B, 32/F., Block 5, Parc
Palais, |
SECRETARY
(As per registry dated 02-05-2010)
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Name |
Address |
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WONG Suk Han |
Room 1401, 14/F., Nine Queen’s Road Central, |
HISTORY
The subject was incorporated on 2nd May, 2002 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 diamonds and jewellery products.
Employees: 5.
Commodities Imported:
Markets: Southeast
Asia,
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$23,400,000.00 (Divided into 23,400,000 shares of HK$1.00 each)
Issued Share Capital: HK$23,400,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd.,
Standing:
GENERAL
Having issued 23.4 million ordinary shares of HK$1.00 each, Simplex Diam Ltd. is jointly owned by Mr. Milan Amratial Shah, holding 42.5% interests; Treasure World Investment Ltd. [TWI], also 42.5%; and Joystar International Investment Holdings Ltd. [JIIH], 15.0%. The second and third firms are Hong Kong-registered firms and located at the operating address of the subject.
Besides, located at the same address, the subject has got an affiliated company Fairway Diamond Co Ltd. [Fairway] which is also a Hong Kong-registered firm. Fairway is a member of Diamond Federation of Hong Kong, China Ltd. which is a Hong Kong-based organization.
Fairway and the subject are engaged in the same lines of business. Both firms are diamond traders.
The
president of the subject and Fairway is Mr. Carlos Yeung Kwok Hing who is a
The
subject is specialised in accurately regulated assortments of stars and melees,
baguettes marquise pears, exceptional diamonds from pointers to large
carat-size, brilliant Russian-cut rounds and a very broad selection of
GIA-certificated stones. Commodities are
imported from
The
subject has got a number of affiliated companies in Mumbai of India, Antwerp of
Belgium,
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in
According to the subject, the management of the subject has been engaged in diamond trading business for over forty years. It is able to offer customers with all kinds of diamonds and jewellery products at competitive prices.
Mr. Carlos Yeung is holding a certain position in a firm known as MSY Holdings Corporation which is a 100% Filipino family owned business. This firm is a real estate developer.
The subject’s business is chiefly handled by Carlos Yeung.
As the history of the subject is
over eight years and five months in
COURT CASES: None per our.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century when
Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these
businesses but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.70 |
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1 |
Rs.82.44 |
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Euro |
1 |
Rs.71.08 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.