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Report Date : |
08.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SIMONI
GEMS (HK) LTD. |
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Registered Office : |
Room 1001, 10/F., Winfield Commercial Building, 6-8A Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.07.2006 |
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Com. Reg. No.: |
36984967 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Gemstone Trader of all kinds of gemstones, etc. |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
SIMONI GEMS (HK) LTD.
Room 1001, 10/F., Winfield Commercial Building, 6-8A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2723 2005
FAX: 2724 2005
E-MAIL: sales@simonigems.com
Managing Director: Mr. Darshan Ashok Shah
Incorporated on: 20th July, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$20.00
Business Category: Gemstone Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1001, 10/F., Winfield Commercial Building, 6-8A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Ashwin Diamonds, India.
Fancy Star Diamonds DMCC., UAE.
Shivani Gems Bangkok Co. Ltd., Thailand.
Shivani Gems Inc., US.
Simoni Gems BVBA, Belgium.
36984967
1060988
Managing Director: Mr. Darshan Ashok Shah
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of HK$10.00 each)
Issued Share Capital: HK$20.00
(As per registry
dated 20-07-2011)
|
Name |
|
No. of shares |
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Nirav Sevantilal SHAH |
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1 |
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Rikin Ashvinkumar SHAH |
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1 |
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– |
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Total: |
2 = |
(As per registry dated
15-02-2012)
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Name (Nationality) |
Address |
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Rikin Ashvinkumar SHAH |
Jumeirah Islands, Cluster 24 Villa 16 Dubai, United Arab Emirates. |
|
Darshan Ashok SHAH |
Flat C, 10/F., Tin Man Court, 2A Kimberley Street, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 01-08-2011)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong. |
The subject was incorporated on 20th July, 2006 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.
Activities: Gemstone Trader.
Lines: All kinds of gemstones, etc.
Employees: 4.
Commodities Imported: India, Sri-Lanka, etc.
Markets: Hong Kong, China, other Asian countries, Middle East, United States, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of HK$10.00 each)
Issued Share Capital: HK$20.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 2 ordinary shares of HK$10.00 each, Simoni Gems (HK) Ltd. is equally owned by Mr. Rikin Ashvinkumar Shah and Mr. Nirav Sevantilal Shah. Both are Indian. The Director of the subject Mr. Darshan Ashok Shah is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject’s business is chiefly handled by Nirav Sevantilal Shah who is currently residing in Hong Kong.
The subject is a gemstone and diamond trader. Products are imported from India, other Asian countries, etc. Products are marketed in Hong Kong, exported China, other Asian countries, the Middle East, United States, etc. Business is rather active.
The subject has had an associated company Shivani Gems Inc. [Shivani] in India and the United States.
Shivani established itself as a major supplier of Fancy Shaped Diamonds. Initially, Shivani was specialized in Marquise Diamonds and carved out a very unique niche in the marketplace as one of the large wholesaler of Marquises in the world.
Expanding on this success Shivani has opened offices worldwide and is now supplying Marquises, Pear Shapes, Princess and Ovals to all the major diamond centres. Shivani’s home office is in Mumbai employing over 600 skilled diamond cutters. Now, it has set up offices in New York, Antwerp, Bangkok, Hong Kong, Tokyo and Dubai.
Shivani carries diamond sizes ranging from .005 pointers to 2 carats. Its qualities range from D to K colour and from VS1 flawless to promotional I3.
The subject carries the same products as Shivani, more or less.
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 Jewellery Show 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
As the history of the subject is over six years in Hong Kong, on the whole, consider it good for normal business engagements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.50 |
|
UK Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.