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Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ANDIAMEX ASIA LTD. |
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Registered Office : |
c/o Wing Fung Jewellery Manufacturing Ltd. Unit 13, 3/F., Tower A, Focal Industrial Centre, |
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Country : |
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Date of Incorporation : |
31.05.2013 |
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Com. Reg. No.: |
61524821 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a diamond trader It is trading in the following commodities: carat size
diamond, loose diamond stones, all kinds of emeralds. |
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No. of Employees : |
No employees in It is to be noted that
the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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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 |
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Source
: CIA |
ANDIAMEX ASIA
LTD.
ADDRESS: c/o Wing Fung Jewellery Manufacturing Ltd.
Unit 13, 3/F., Tower A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311 7823
FAX: 852-2366 9697
Managing Director: Mr. Raphael Rubin
Incorporated on: 31st May, 2013.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Diamond Trader.
Employees: 6. (Including affiliate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Wing Fung Jewellery Manufacturing Ltd.
Unit 13, 3/F., Tower A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
Associated Company:-
Rubin & Zonen BVBA
Hoveniersstraat 51, 2018 Antwerpen, Belgium.
Affiliated Company:-
Wing Fung Jewellery Manufacturing Ltd., Hong Kong. (Same address)
61524821
1916238
Managing Director: Mr. Raphael Rubin
Contact Persons: Mr. Lo Hin Wing
Ms. Amy Lo
ISSUED SHARE
CAPITAL: HK$10,000.00
SHAREHOLDERS: (As per registry dated 31-05-2014)
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Name |
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No. of shares |
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Raphael RUBIN |
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4,000 |
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Ariel RUBIN |
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4,000 |
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Joeri WILK |
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2,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS: (As per registry dated 28-11-2014)
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Name (Nationality) |
Address |
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Raphael RUBIN |
Vijfhoekstraat 13, 2600, Belgium. |
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Ariel RUBIN |
rehov Bar llan 22, 65223 Tel Aviv, Belgium. |
SECRETARY: (As per registry dated 31-05-2014)
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Name |
Address |
Co. No. |
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Fansway Secretaries Ltd. |
Rooms 1009-1012, 10/F., K Wah Centre, 191 Java Road, North Point, Hong Kong. |
0048960 |
The subject was incorporated on 31st May, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Sunny Ocean Development Ltd., name changed to the present style on 25th June, 2014.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Diamond Trader.
Lines: All kinds of diamonds
Employees: 6. (Including affiliate)
Commodities Imported: India, Belgium, etc.
Markets: Hong Kong, China, other Asian countries.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, pre-payment, etc.
Issued Share Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitment as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Andiamex Asia Ltd. is jointly owned by three Belgium merchants, namely, Raphael Rubin, holding 40% interests; Mr. Ariel Rubin, also holding 40%; Mr. Joeri Wilk, 20%. The former two are also directors of the subject. They are Belgium passport holders and do not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a Hong Kong-registered company located at Unit 13, 3/F., Tower A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong known as Wing Fung Jewellery Manufacturing Ltd. [Wing Fung] which is handling its correspondences and documents.
The subject has no employees in Hong Kong. All the employees in the office belong to Wing Fung.
Wing Fung is a jewellery products manufacturer and trader.
The subject is a diamond trader. It has had an associated company in Belgium known as Rubin & Zonen BVBA which is also operated by Raphael Rubin.
Rubin & Zonen and the subject are engaged in the same lines of business. The subject is trading in the following commodities: carat size diamond, loose diamond stones, all kinds of emeralds, etc.
Its rounds range from 0.01 pts to 5 carats, princess ranges from 0.10 pts to 5 carats while its emeralds are in fancy shapes.
In order to penetrate the international market further, Rubin & Zonen BVBA 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.
The Contact Persons of the subject are Mr. Lo Hin Wing and Ms. Amy Lo. Both are CEOs of Wing Fung.
The subject’s business is not very active in Hong Kong. History in Hong Kong is just over a year and six months.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.62.65 |
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|
1 |
Rs.98.53 |
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Euro |
1 |
Rs.78.02 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.