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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DALUMI
HONG KONG LTD. |
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Formerly Known as: |
Trump Crystal Ltd. |
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Registered Office : |
22/F., Euro Trade Centre, 21-23 Des Voeux Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.01.1997 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trader of diamonds
and jewellery including earring, necklace, pendant, bracelet & ring |
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No. of Employees |
30 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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.
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Source : CIA |
DALUMI HONG KONG LTD.
(Your enquiry given as: DALUMI DIAMONDS of the same address)
22/F., Euro Trade Centre, 21-23 Des Voeux Road, Hong Kong.
PHONE: 852-2522 9050, 2522 9948
FAX: 852-2522 3450, 2840 0298
E-MAIL: dalumi@dalumi.com.hk
Managing Director: Mr. Jacoy Itzchaki
Incorporated on: 17th January, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Diamond and jewellery trader.
Employees: 30.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
22/F., Euro Trade Centre, 21-23 Des Voeux Road, Hong Kong.
Holding Company:-
Cool Ice Ltd., Macau.
Subsidiary
Company:-
2DDD Ltd., Hong Kong.
Associated
Companies:-
A. Dalumi Diamond
Group of Companies
A. Dalumi Diamond Ltd., Israel.
Dalumi (Shanghai) Diamond Co. Ltd., China.
Dalumi Botswana (Pty) Ltd., Botswana.
Dalumi Diamond Corp, U.S.A.
Dalumi Diamond India Pvt. Ltd., India.
Dalumi Europe BVBA, Belgium.
Dalumi Jewellery Inc., U.S.A.
Dalumi Jewellery Manufacturers Ltd., Hong Kong.
Dalumi Spain, Spain.
etc.
590907
Managing Director: Mr. Jacoy Itzchaki
General Manager: Mr. Kobi Itzchaki
Contact Person: Ms. Sherman Chan
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 17-01-2014)
|
Name |
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No. of shares |
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Cool Ice Ltd. 18/F., Flat B, Av. Praia Grande, No. 369, Keng Ou Commercial
Building, Macau. |
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100 === |
(As per registry
dated 17-01-2014)
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Name (Nationality) |
Address |
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Vered DALUMI ITZCHAKI |
4A, No. 38 Peninsula Village, Discovery Bay, Lantau
Island, New Territories, Hong Kong. |
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Jacoy ITZCHAKI |
4A, No. 38 Peninsula Village, Discovery Bay, Lantau
Island, New Territories, Hong Kong. |
(As per registry
dated 17-01-2014)
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Name |
Address |
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Jacov ITZCHAKI |
4A, No. 38 Peninsula Village, Discovery Bay, Lantau Island,
New Territories, Hong Kong. |
The subject was incorporated on 17th January, 1997 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Trump Crystal Ltd., name changed to the present style on 4th June, 1997.
Formerly the subject was located at Room 1507-1510, 15/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong, moved to the present address in October 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Exporter.
Lines: All kinds of diamond and jewellery.
Employees: 30.
Commodities Imported: Mainly imported from Israel, Italy and other European countries.
Markets: Hong Kong, China, Japan and other Asian countries.
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T, etc.
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Mortgage or Charge: (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Dalumi Hong Kong Ltd. [Dalumi HK] was
formed in 1997 as a member of A. Dalumi Diamond Group [Group] which has over 40 years of
experience in the global diamond business.
The Group is chiefly owned by the Dalumi family.
Dalumi HK is majority owned and
controlled by Mr. Jacoy Itzchaki who is an Israeli. It is trading in diamonds and jewellery. Commodities are mainly imported from Israel,
Italy and the other European countries.
Products include earring, necklace, pendant, bracelet & ring which
are sold in Hong Kong, China and also exported to Japan, the other Asian
countries, Europe, North America, etc.
Business is active.
The Group was founded in 1960 by Mr.
Asher Dalumi. In 1989, the second
generation of Dalumis joined the Group to expand its business. The Group received “Outstanding Exporter Award”
and “Outstanding Exporter to Japan” award in 1995 and 2001 respectively. In 1996, the Group recognized as one of the
top five manufacturers in Israel. It
started to enter the PRC retail market in 2002.
In 2003, the Group has set up a jewellery manufacturing facility in
Shenzhen SEZ, China. Its associate,
Dalumi Jewellery Inc., was also set up in New York, the United States. In 2004, the Group launched the “Tattoo your
Diamond” project in Italy.
The Group is run today by the second
generation. It is an international
company with worldwide distribution operation.
It has manufacturing facilities in Botswana, Israel, China and India,
offices around the globe and some 700 professional employees worldwide. Dalumi has been a DTC Sightholder since 1993,
a DTC Botswana Sightholder since 2007, a Term Client of BHP Billiton, and the
recipient of Israel’s “Outstanding Exporter” award in1995 and in 2008.
The Group is significant for its
Diamond Manufacturing, Jewellery Design & Manufacturing, Swana Diamond
& Golden Diamonds
Currently the Group has taken part in
exhibitions and shows worldwide including “Baselworld Show” in Basel,
Switzerland, “Shanghai Jewellery Fair” in Shanghai, China, “China International
Gold, Jewellery & Gem Fair” in Guangzhou, China, “Hong Kong Jewellery
& Watch Fair” in Hong Kong, etc.
Besides, it is going to take part in “HKTDC Hong Kong International
Diamond, Gem & Pearl Show 2014” which will be held in Hong Kong Convention
and Exhibition Centre, Wanchai, Hong Kong during the period of 3rd to 7th
March, 2014. Its booth No. is AWE 2-M23.
Dalumi HK is fully supported by the
Group. Annual sales turnover is very
significant.
As the history of the subject in Hong
Kong is over seventeen years, on the whole, consider it good for normal business
engagements.
|
Date |
Particulars |
Amount |
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02-06-2006 |
Instrument: Change Over Deposits - CD 2 (05) Property: 1) By fixed Charge: all the Company’s rights in respect of (i) the sum deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group Company Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure the payment or discharge of all moneys,
obligations and liabilities, whether actual or contingent at the date of the
charge or at any time after the date thereof, due, owing or incurred by
Dalumi Hong Kong Ltd. and/or Dalumi Jewellery Manufacturers Ltd. |
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.62.12 |
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|
1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.