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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
NAMDAR
ASIA LTD. |
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Formerly Known as: |
Central Diamond
Ltd. |
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Registered Office : |
Room 5613, 56/F., The Center, 99 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.02.2006 |
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Com. Reg. No.: |
36718974 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of jewellery and diamonds. |
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No. of Employees : |
08 (Including
associate) |
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 : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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 re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese 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; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports 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 has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
NAMDAR ASIA LTD.
Room 5613, 56/F., The Center, 99 Queen’s Road Central, Hong Kong.
PHONE: 2155 3666
FAX: 2169 3111
E-MAIL: eitannamdar@sn-asia.com
Managing Director: Mr. Eitan Izchak Namdar
Incorporated on: 21st February, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond Trader.
Group Turnover: US$220-270 million.
Employees: 8. (Including associate)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 5613, 56/F., The Center, 99 Queen’s Road Central, Hong Kong.
Associated
Companies:-
Kama Schachter Jewellery Pvt. Ltd., India.
Kama Schachter Jewelry Hong Kong Ltd., Hong Kong.
Kama-Schachter Jewelry Inc., US.
Leo Schachter (Shanghai) Diamonds Ltd., China.
Leo Schachter Diamonds DMCC, U.A.E.
Leo Schachter Diamonds India Pvt. Ltd., India.
Leo Schachter Diamonds LLC., US.
Leo Schachter Doamonds East Ltd., British Virgin Islands/Hong Kong.
Leo Schachter Doamonds Ltd., Israel.
Leo Schachter East Ltd., British Virgin Islands.
Leo Schachter International Ltd., Hong Kong.
Moshe Namdar & Associates LLC., US.
Moshe Namdar & Co. Ltd., Israel.
Schachter & Namdar (Pty) Ltd., South Africa.
Schachter & Namdar Asia Ltd., China.
Schachter & Namdar Asia Ltd., Hong Kong.
Schachter & Namdar Namibia (Pty) Ltd., Namibia.
SN Aisa (israel) Ltd., Israel.
SN Asia USA Inc., US.
William Goldberg Diamond Corp., US.
36718974
1025587
Managing Director: Mr. Eitan Izchak Namdar
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 21-02-2013)
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Name |
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No.
of share |
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Eitan Izchak NAMDAR |
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1 = |
(As per registry
dated 21-02-2013)
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Name (Nationality) |
Address |
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Eitan Izchak
NAMDAR |
Room 4, 3/F., Block B, Queen’s
Garden, 9 Old Peak Road, Mid-Levels, Hong Kong. |
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Ronit LEIPNIK |
Room 4, 3/F., Block B, Queen’s
Garden, 9 Old Peak Road, Mid-Levels, Hong Kong. |
(As per registry
dated 21-02-2013)
|
Name |
Address |
Co.
No. |
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Hongkong China Consultancy Ltd. |
7/F., Bonham Centre, 79-85 Bonham Strand, Sheung Wan, Hong
Kong. |
0744218 |
The subject was incorporated on 21st February, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Central Diamond Ltd., name changed to the present style on 10th January, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Diamond Trader.
Lines: All kinds of jewellery and diamonds, etc.
Employees: 8. (Including associate)8.
Commodities Imported: Belgium, Israel, India, etc.
Turnover: US$220-270 million.
Markets: Hong Kong, other Asian countries, Europe, 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 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
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: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Namdar Asia Ltd. is wholly-owned by Eitan Izchak Namdar. He is also a director of the subject.
The subject is a diamond trader. Commodities are sourced from India, Israel, South Africa, etc. Its diamonds are exported to worldwide countries.
The subject is a member of Schachter & Namdar Group which was set up in 1981.
The Group was jointly formed by Leo Schachter Group of the United States and Namdar family of Milan. This was done by the merger of Namdar Diamonds and Leo Schachter LLC.
The subject has had a main associated company Schachter & Namdar Asia Ltd. in Hong Kong which is located at the same address.
Schachter & Namdar Asia was created in 2004 as an independent division of the Schachter & Namdar Group.
Its Southern Africa manufacturing operations are home to 160 of its 200 employees.
As the universal demand for diamonds continues to grow, Schachter & Namdar Asia has chosen to focus its activities in the East. Its polished diamonds are sorted and distributed through Schachter & Namdar Asia’s International offices in Hong Kong, Tel Aviv, Tokyo, Shanghai, Shenzhen SEZ, Dubai and New York. Some of its diamonds are shipped directly to customers in Asia.
Schachter & Namdar Asia is a leading natural diamond manufacturer in South Africa and Namibia.
Now, the subject is responsible for marketing and exporting those diamonds and products manufactured or polished in South Africa. Prime markets are Hong Kong, Japan, India, China and other Asian countries. Overall business is satisfactory.
The business of the subject and Schachter & Namdar Asia is handled by Eitan Izchak Namdar.
The subject has had an associated company in India known as Schachter & Namdar (Pty.) Ltd., a DTC (Diamond Trading Company) Sightholder.
The annual sales turnover of the Group ranges from US$220 to 270 million. Business is profitable.
The subject is fully supported by the Group. History in Hong Kong is over seven years.
On the whole, consider the subject 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.54.63 |
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UK Pound |
1 |
Rs.83.70 |
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Euro |
1 |
Rs.71.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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
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.