MIRA INFORM REPORT

Report Date :

04.12.2013

IDENTIFICATION DETAILS

Name :	RAINFOREST TRADING COMPANY
Registered Office :	Room 1211, 12/F., Tower 2, The Metropolis Residence, 8-9 Metropolis Drive, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	31.05.2010
Com. Reg. No.:	52485884-000-05
Legal Form :	Sole Proprietorship
Line of Business :	Importer, Exporter and Wholesaler of Jewellery and precious stones, etc.
No. of Employees :	Not Available

NOTES :

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ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Hong Kong	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

RAINFOREST TRADING COMPANY

company ADDRESS

Room 1211, 12/F., Tower 2, The Metropolis Residence, 8-9 Metropolis Drive, Hunghom, Kowloon, Hong Kong.

PHONE: 2311 1293

FAX: 2311 1303

MANAGEMENT

Manager: Ms. Kwong Lo Ming

SUMMARY

Establishment: 31st May, 2010.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company ADDRESS

Head Office:-

Room 1211, 12/F., Tower 2, The Metropolis Residence, 8-9 Metropolis Drive, Hunghom, Kowloon, Hong Kong.

Associated Company:-

Yuriko Trading Co., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

52485884-000-05

MANAGEMENT

Manager: Ms. Kwong Lo Ming

SOLE PROPRIETOR

Name: Ms. KWONG Lo Ming

Residential Address: Room 613, On Hing House, Hing Wah Estate, Chai Wan, Hong Kong.

HISTORY

The subject was established on 31st May, 2010 as a sole proprietorship concern owned by Ms. Kwong Lo Ming under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Jewellery and precious stones, etc.

Employees: Nil.

Commodities Imported: India, other Asian countries, etc.

Markets: Hong Kong, Southeast Asia, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Too early to offer an opinion.

Condition: Business is under development.

Facilities: Making fairly active use of general banking facilities.

Payment: Unknown

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Rainforest Trading Company was established and owned by Ms. Kwong Lo Ming who is a Hong Kong businesswoman. Kwong is also the manager of the subject.

The subject does not have its own operating office. Its registered address is in an apartment located at Room 1211, 12/F., Tower 2, The Metropolis Residence, 8-9 Metropolis Drive, Hunghom, Kowloon, Hong Kong. This is supposed to be the new residence of Kwong. The residential building is not trespassed by outsiders.

The subject has no employees in Hong Kong. Located at the same office, another firm known as Yuriko Trading Co. [Yuriko] is housed. Yuriko is operated by Mr. Ricky Chan. This firm is a jewellery trader. It is likely that the subject and Yuriko are engaged in the same lines of business.

The subject is a diamond importer, exporter and wholesaler. It is trading in gold and silver jewellery, precious and semi-precious stone jewellery. Commodities are imported from India while finished products are marketed in Hong Kong and exported to Southeast Asia. Business is still under development. It is likely that Ricky CHAN is the husband of Kwong.

The subject is just a one-person company. Business is chiefly handled by Kwong herself. History in Hong Kong is just over a year and seven months.

Since the registered office of the subject is in a residential building, on the whole, consider it good for normal business engagements on secured basis.

DIAMOND INDUSTRY – INDIA

- 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 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- 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.

- 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.

- 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.

- 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.

- 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.

- 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.

- Excerpts from Times of India dated 30^th 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.

- 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.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

NIS

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