|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOSHE NAMDAR
& CO. (HONG
KONG) LTD. |
|
|
|
|
Registered Office : |
c/o TMF Secretaries
(HK) Ltd.,36/F., Tower 2, Times Square, 1 Matheson Street, Causeway Bay |
|
|
|
|
Country : |
Hong Kong. |
|
|
|
|
Date of Incorporation : |
11.03.2005 |
|
|
|
|
Com. Reg. No.: |
35476575 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF DIAMONDS AND JEWELLERY PRODUCTS |
|
|
|
|
No. of Employees : |
4. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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.
|
Source : CIA |
MOSHE NAMDAR
& CO. (HONG
KONG) LTD.
ADDRESS: 11/F., 10 Pottinger Street,
Central, Hong Kong.
PHONE: 852-2155 3177-79
FAX: 852-2155 3166
Managing
Director: Mr. Moshe Namdar
Incorporated
on: 11th March, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category:
Diamond and Jewellery Trader.
Employees: 4.
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Good.
Operating
Office:-
11/F., 10
Pottinger Street, Central, Hong Kong.
Registered
Office:-
c/o TMF
Secretaries (HK) Ltd.
36/F., Tower 2,
Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
Or & Co. Ltd.,
British Virgin Islands.
Capellaro & C.
SpA, Italy.
Moshe Namdar &
Associates LLC, USA.
Moshe Namdar &
Co. Ltd., Israel.
35476575
0955257
Managing
Director: Mr. Moshe 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 11-03-2013)
|
Name |
|
No.
of share |
|
Or & Co. Ltd. Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin
Islands. |
|
1 = |
(As
per registry dated 11-03-2013)
|
Name (Nationality) |
Address |
|
Elisheba NAMDAR |
Garian N. 20, Milano, Italy. |
|
Hanna NAMDAR |
25 Tiffany CIR, Manhasset, NY 11030-2912,
USA. |
|
Moshe NAMDAR |
Kaplan 82, Herzylia 46743, Israel. |
(As
per registry dated 11-03-2013)
|
Name |
Address |
Co.
No. |
|
TMF
Secretaries (HK) Ltd. |
36F., Tower 2, Times Square, 1 Matheson Street, Causeway Bay, Hong
Kong. |
0099444 |
The
subject was incorporated on 11th March, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the operating office of the subject was located at Room 1201-1206, 12/F., Nan
Fung Tower, 173 Des Voeux Road, Sheung Wan, Hong Kong, moved to the present
address in 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Diamond and
Jewellery Trader.
Lines: All
kinds of diamonds and jewellery products
Brand Name: Leo CutTM.
Employees: 4.
Commodities
Imported: Israel, other
European countries, Asian countries, etc.
Markets: Hong Kong, other Asian countries, Europe, US,
etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
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: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued just one ordinary share of HK$1.00 each, Moshe Namdar & Co. (Hong
Kong) Ltd. is a wholly-owned subsidiary of Or & Co. Ltd. which is a
BVI-registered firm.
The
directors of the subject are Elisheba Namdar, Hanna Namdar and Moshe Namdar,
all of whom belong to the Namdar family.
The first and second are in Italy, while the third, in Israel.
The
subject is a member of the Moshe Namdar & Co. [Moshe Namdar] which is a
diamond cutter and trader in Israel.
The
subject is trading in the same commodities as Moshe Namdar.
Moshe
Namdar is the third in Israel for polishing and exporting diamonds. In the year 2006, it had a turnover for more
than US$204 million. Now, its annual
sales turnover ranges from US$215 to 220 million.
Its
main office is located in Tel Aviv, Israel and has several departments such as
Rough, Fancy Color, Polished, Precious stones and a department for unique
special Investment.
Moshe
Namdar is a sightholder of the Diamond Trading Company [DTC], a company which
acquires rough stones directly form De Beers.
The
brand name of Moshe Namdar is Leo CutTM. This brand is developed and owned by Moshe
Namdar.
According
to Moshe Namdar, Leo CutTM is a patented brilliant
with a single cut of 66 facets.
In
2000, Moshe Namdar set up Capellaro Co. of Valenza. In 2001, Leo CutTM
penetrated the Italy market.
In
2004, Moshe Namdar began operating branches in Tel Aviv, New York,
Johannesburg, Madrid, Vicenza, and Italy.
It also has opened numerous cutting workshops in China, Canada, South
Africa, Botswana and Israel.
Since
2005, Leo CutTM has been distributed by famous
goldsmiths such as Bibigi, Claudio Fiorentino, Comete, Gioelli, I Codici di
Lenti & Vilasco, Si by Sinico, etc.
In
2007, the Leo CutTM diamond collection was born. Significant products are such as ear-rings,
pendants, rings, etc.
In
order to penetrate the international market further, Moshe Namdar 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 2014” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 5th to 9th March, 2014.
The
history of the subject in Hong Kong is over eight years. It is fully supported by Moshe Namdar.
On
the whole, in view of the background of the subject, consider it good for
normal business engagements.
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 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.
-
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.
-
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 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
-- |
NB |
New
Business |
-- |
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.