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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SIMI-DIAM LTD. |
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Registered Office : |
Unit 1, 12/F., Block A, Focal Industrial Centre, |
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Country : |
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Date of Incorporation : |
03.06.1988 |
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Com. Reg. No.: |
11916129 |
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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 and precious stones, etc. |
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No. of Employees : |
4. (Including subsidiary) |
RATING & COMMENTS
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MIRAs 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 |
SIMI-DIAM LTD.
ADDRESS:
Unit 1, 12/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.
PHONE: 2736 8018~9
FAX: 2735 9116
E-MAIL: guest2@netvigator.com
Managing Director: Mr. Yogesh
Shah
Incorporated on: 3rd
June, 1988.
Organization: Private
Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Diamond Trader.
Employees:
4. (Including subsidiary)
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1, 12/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.
Subsidiary:-
Twinkle International, Hong Kong.
(Same address)
11916129
0217477
Managing Director: Mr. Yogesh
Shah
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
(As per registry dated 29-08-2011)
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Name |
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No. of shares |
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Yogesh SHAH |
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5,000,000 |
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Priti Yogesh SHAH |
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4,999,999 |
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Noohu A.M. THAIKA |
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1 |
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Total: |
10,000,000 ======= |
(As per registry dated 20-02-2012)
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Name (Nationality) |
Address |
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Priti Yogesh SHAH |
House No. 27, 10th Street, Hong Lok Yuen, Tai Po, New Territories,
Hong Kong. |
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Yogesh SHAH |
House No. 27, 10th Street, Hong Lok Yuen, Tai Po, New Territories,
Hong Kong. |
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Noohu A.M. THAIKA |
1706, Tung Ma House, Fu Tung Estate, Tung Chung, Lantau Island, Hong
Kong. |
Noohu A.M. Thaika (As per
registry dated 03-06-2011)
The subject was incorporated on 3rd June, 1988 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of jewellery and precious stones, etc.
Employees: 4. (Including subsidiary)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, North America, Western Europe, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory condition.
Facilities: Making active use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 10 million ordinary shares of HK$1.00 each, Simi-Diam Ltd.
is equally owned by Mr. Yogesh Shah and Mr. Priti Yogesh Shah. The two Shahs are Hong Kong ID Card holders
and have got the right to reside in Hong Kong permanently.
The subject has increased its issued share capital from HK$4 million to
HK$10 million in August 2011.
The subjects subsidiary Twinkle International is also located at the
same operating address under the same managing personnel.
The subject is a precious stone trader.
It is trading in the following precious stones:-
·
Ruby (from Burma, Thailand)
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Sapphire (from Ceylon and Kanchanapuri)
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Emeralds (from Columbus and Zambia)
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Fancy Sapphire
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Diamond (from India)
Besides precious stones, the subject also trades in polished and cut
diamonds. It also manufactures the
following products:-
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Diamond Gold Jewellery
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Diamond Platinum Jewellery
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Gemset Gold Jewellery 14 karat
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Gemset Gold Jewellery 18 karat
Polished and cut diamonds are imported from India and other European
countries. Jewellery products are
exported to the United State, Europe, Japan, other Asian countries, etc.
The subject is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong. History in Hong Kong is
over twenty-three years and eleven months.
On the whole, consider the subject good for normal business engagements.
COURT CASES: None
as per our.
(Since 2008)
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Date |
Particulars |
Amount |
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29-06-2009 |
Instrument: Letter of Lien Property: Nature of Deposit: 091102
SDR Mortgagee: Bank of India, Hong Kong Branch. |
US$1,400,000 |
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29-06-2009 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any other documents
representing or relating to goods Mortgagee: Bank of India, Hong Kong Branch. |
All the money |
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17-08-2009 |
Instrument: Charge on Deposit to secure the
Depositors Obligations Property: A sum of US$250,000.00 currently represented or evidenced by a
certificate of deposit dated 17-08-2009 bearing account number 6841000014 Mortgagee: Punjab National Bank, Hong Kong
Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
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10-09-2010 |
Instrument: Charge on Deposit Property: A sum of US$62,500.00 currently represented or evidenced by a certificate
of deposit dated 10-09-2010 bearing account number 6841000073 Mortgagee: Punjab National Bank, Hong Kong
Branch. |
To secure all monies in respect of banking facilities |
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26-09-2011 |
Instrument: Charge on Deposit Property: A sum of US$106,000.00 currently represented or evidenced by a
certificate of deposit dated 21-09-2011 bearing number 68111000113 Mortgagee: Philippine National Bank,
Hong Kong Branch. |
To secure all monies in respect of banking facilities |
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23-09-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR TDR Mortgagee: Bank of India, Hong Kong Branch. |
US$1,800,000.00 |
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23-09-2011 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecation and charge to the Bank by way of charge on all the book
debts outsatnding, money receivable, claim and bills Mortgagee: Bank of India, Hong Kong Branch. |
US$1,800,000.00 |
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23-09-2011 |
Instrument: Hypothecation of Tangible Moveable
Property Property: All tangible moveable assets of borrower inculding in particular stocks
of all goods of diamonds, gem, precious stones, jewellery, gold furniture and
fixtures and plant & machinery etc. Mortgagee: Bank of India, Hong Kong Branch. |
US$1,800,000.00 |
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23-09-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and / or invoices, or any other documents
representing or relating to goods. Mortgagee: Bank of India, Hong Kong Branch. |
All the Money |
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.54.88 |
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1 |
Rs.86.84 |
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Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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NB |
New Business |
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This score serves as a reference to assess SCs 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.