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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
M.I.D. (HK) LTD. |
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Registered Office : |
22/F., Queen’s Road Centre, 152 Queen’s Road Central, Central |
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Country : |
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Date of Incorporation : |
22.02.2005 |
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Com. Reg. No.: |
35362592 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
MANUFACTURER,
IMPORTER, EXPORTER, WHOLESALER AND TRADER OF ALL KINDS OF DIAMONDS. |
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No of Employees : |
05 |
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 : |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
M.I.D. (HK) LTD.
ADDRESS: Room 1003, 10/F., The Chinese Bank Building,
61-65 Des Voeux Road Central, Hong Kong
&
22/F., Queen’s
Road Centre, 152 Queen’s Road Central, Central, Hong Kong
(Registered
Office)
PHONE: 852-2545 7118
FAX: 852-2545 6102
E-MAIL: hongkong@middiamonds.com
Marketing Manager: Mr. Gastao
Fausto D’Aquino
Incorporated on: 22nd February, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond
Trader.
Employees: 5.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
M.I.D. (HK)
LTD.
Registered Office:-
22/F., Queen’s Road Centre, 152 Queen’s Road Central, Central,
Hong Kong.
Head Office:-
Room 1003, 10/F., The Chinese Bank Building, 61-65 Des Voeux Road
Central, Hong Kong.
Associated Companies:-
M.I.D. (Shanghai) Ltd., China.
M.I.D. House of Diamonds Ltd., Israel.
MID Belgium B.V.B.A., Belgium.
MID La LLC, US.
MID London, UK.
MID Los Angeles LLC, US.
35362592
0952563
Marketing Manager: Mr. Gastao Fausto D’Aquino (Mobile: 852-9489 4181)
Contact Person: Mr. Rafael-Arie Kish
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 22-02-2014)
|
Name |
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No. of share |
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Benjamin MEIROV |
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1 = |
(As per registry dated 22-02-2014)
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Name (Nationality) |
Address |
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Michael MEIROV |
Aric Dulchin 8, Ramat-Aviv, Israel. |
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Rafael-Arie KISH |
Yizhak Sade 15, Kiriat-ono 55299, Israel. |
(As per registry dated 22-02-2014)
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Name |
Address |
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Gastao Fausto D’AQUINO |
Apartment 4A, Pokfulam Court, 94 Pok Fu Lam Road, Hong Kong. |
The subject was incorporated on 22nd February, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
At the very beginning, the subject was located at “Flat A, 14/F., Hong
Kong Jewellery Building, 178-180 Queen’s Road Central, Hong Kong”, moved to
“22/F., Queen’s Road Centre, 152 Queen’s Road Central, Central, Hong Kong”
in March 2011, and further moved to the present address in May 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of diamonds
Employees: 5.
Commodities Imported: India,
Belgium, Israel, other European countries
Markets: China, Japan,
other Asian countries, US
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
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 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: Normal.
M.I.D. (HK) Ltd. is wholly-owned by Benjamin Meirov who is an Israel
passport holder. Currently he is
residing in Israel.
The subject is a diamond trader.
It is a member of the MID Group which is Israel based. Formally, the Israel company is known as
M.I.D. House of Diamonds Ltd.
MID is one of the world’s largest and manufacturers of polished
diamonds. It has been selling to leading
retailers around the world for the past 50 years and even though it is among
the top ten diamond manufacturers in the world in size, it is still a family
business. It belongs to the Meirov
family.
Through its international network of factories and offices, MID
maintains close relationships with its clients offering diamonds in every
shape, size and colour from ten pointes to extreme sizes, both as individual
stones and in bulk.
The story of MID House of Diamonds is really the story of the Meirov
Brothers. Born in Northern Israel, Benny
and Yossi Meirov were born into the diamond business. As teenagers they helped their father in his
small jewellery shop. In young
adulthood, the brothers moved to Tel Aviv, gained employment with a major diamond
company, and began to learn the diamond business. They began by learning rough assortments and
progressed to learning about the cutting and polishing processes. The brothers progressed in the diamond trade
and subsequently the brothers turned their attention to the global diamond
market.
Now, the Group has set up offices in Belgium, the United States, the
United Kingdom, besides Israel and the subject in Hong Kong.
The MID Group is one of Israel’s top diamond exporters, ranking the
second in 2011 with an export value of US$239 million. The President of the Group is Mr. Benny
Meirov.
The subject is trading in the following products:
18K Gold Diamond Ring, Platinum Diamond Ring. It is also trading in
pear-shaped diamonds, 19 carat diamond, etc.
Most of the products are imported from India, Israel, etc. Products are exported and re‑exported
to the other Asian countries, the United States.
In order to penetrate the international market further, the subject 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 Diamond, Gem & Pearl Show 2015”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2015. Its
booth No. is AWE 2-L01.
The subject is fully supported by the MID Group. History in Hong Kong is over nine 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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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 –
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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.
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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.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
TPT |
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 |
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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 |
|
<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.