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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SLK DIAMOND LTD. |
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Registered Office : |
2/F., Chic
Corner, 26 Wellington Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.07.2011 |
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Com. Reg. No.: |
58762159 |
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Legal Form : |
Private Limited
Liability |
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Line of Business : |
The subject is a
diamond trader |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRAs Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 |
SLK DIAMOND LTD.
Registered Office:-
2/F., Chic Corner, 26
Wellington Street, Central, Hong Kong.
China Office:-
Room 702, No. 131A
North Xidan Avenue, Xicheng District, Beijing, China. [Tel.: 86-10-5971 6528 Fax: 86-10-5971 6536]
Note:
Please be advised
that there is no such a firm known as SLK Diamonds registered with the Hong
Kong Government.
There is a firm
known as the captioned one with its registered address located at 2/F., Chic
Corner, 26 Wellington Street, Hong Kong.
This firm is
considered to be your enquiry.
58762159
1641197
25th July, 2011.
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As per registry dated
25-07-2012)
|
Name |
|
No. of shares |
|
Shawn YOUNG |
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1,000,000 |
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LU Hui |
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1,000,000 |
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Total: |
2,000,000 ======= |
(As per registry
dated 25-07-2012)
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Name (Nationality) |
Address |
|
Shawn YOUNG |
Suite 302,
Building A2, 38 Nan Wei Road, Xuan Wu District, Beijing 100050, China. |
(As per registry
dated 25-07-2012)
|
Name |
Address |
Co. No. |
|
Golden Rise
Enterprise Ltd. |
Unit F, 22/F., Infotech
Centre, 21 Hung To Road, Kwun Tong, Kowloon, Hong Kong. |
0889520 |
SLK Diamond Ltd.
was incorporated on 25th July, 2011 as a private limited liability company
under the Hong Kong Companies Ordinance.
Having issued 2 million
ordinary shares of HK$1.00 each, the subject is equally owned by Mr. Shawn
Young and Ms. Lu Hui. The former is a
South Africa passport holder while the latter is a China merchant. Shawn Young is also the only director of the
subject. Currently he is residing in
Beijing, China. Lu Hui is residing in
Shenzhen Special Economic Zone, China.
According to the
Companies Registry of Hong Kong, the address of its registered office is
located at 2/F., Chic Corner, 26 Wellington Street, Central, Hong Kong. However, the subject cannot be located as we
made a sport investigation at the above-mentioned address. There are several companies in the second
floor of Chic Corner while none of them are known as SLK Diamond Ltd.
It is likely that
the subject is sharing the office with one of the firms located at the second
floor of Chic Corner. It has no
employees in Hong Kong.
The corporate
secretary of the subject Golden Rise Enterprise Ltd. located at Unit F, 22/F.,
Infotech Centre, 21 Hung To Road, Kwun Tong, Kowloon, Hong Kong resigned on
26th July, 2012.
The subject is a
diamond trader. It has had the following
two associated companies in China:-
·
Shanghai
Conkey Diamond Co. Ltd. [Conkey];
·
Shenzhen
Rifda Jewelery Co. Ltd. [Rifda].
·
Conkey
is a diamond wholesaler. It is
administered by Shawn Young.
The Beijing Office
of Conkey is located at Room 702, No. 131A North Xidan Avenue, Xicheng
District, Beijing, China.
Administered by Lu
Hui, Rifda is a jewellery trader.
The history of the
subject is just over a year.
Since the subjects
registered office cannot be located and has no employees in Hong Kong, consider
it good for business engagements on secured terms.
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.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
---- |
NB |
New Business |
---- |
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.