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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SAMDIMON – HK LTD. |
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Registered Office : |
Room 2006, 20/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.09.1997 |
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Com. Reg. No.: |
21272965 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer and Exporter of all kinds of Jewellery & Diamonds products ranging from 0.005 to 10.00 carats in white, TTLB, NATTS, Marquise, Princess & white NATTS. Subject supplies both certified (GIA/IGI/HRD) and
Non-Certified Stones. |
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No. of Employees : |
06 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
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 |
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 |
SAMDIMON – HK LTD.
ADDRESS: Room 2006, 20/F., Empress Plaza, 17-19
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 2029
FAX: 852-2723 7480
E-MAIL: hongkong@samdimon.com
Managing Director: Mr. Shailesh
Ganmal Jain
Incorporated on: 3rd September, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond
Trader.
Employees: 6.
Main Dealing Banker: ABN AMRO
Bank N.V., Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
Room 2006, 20/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Risingmoon Enterprises Ltd., British Virgin Islands.
Associated
Companies:-
Ageless Enterprises, Hong Kong.
Deep Gems, Hong Kong.
K.P. Sanghvi & Sons, India.
Samdimon (Shanghai) Ltd., China.
Samdimon (Thailand) Co. Ltd., Thailand.
Samdimon BVBA, Belgium.
Samdimon Inc., Japan.
Samdimon Inc., USA.
Samdimon N.V., Belgium.
21272965
0622660
Managing Director: Mr. Shailesh Ganmal Jain
Contact Person: Mr. Breeze Li
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 03-09-2013)
|
Name |
|
No. of shares |
|
Risingmoon Enterprises Ltd. P.O. Box 3151, Road Town, Tortola, British Virgin Islands. |
|
1,000,000 ======= |
(As per registry
dated 03-09-2013)
|
Name (Nationality) |
Address |
|
Shailesh Ganmal JAIN |
Room 2006, 20/F., Empress Plaza, 17-19 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. |
Shailesh Ganmal JAIN (As per
registry dated 03-09-2013)
The subject was incorporated on 3rd September, 1997 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at Room 2001, 20/F., Empress Plaza,
17‑19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to
the present address in August 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: all kinds of Jewellery & Diamonds products ranging from 0.005 to 10.00 carats in white,
TTLB, NATTS, Marquise, Princess & white NATTS.
Employees: 6.
Commodities Imported: India,
other Asian countries and Europe.
Markets: Hong
Kong, Japan, India, other Asian countries, Australia, Europe, US, Middle East
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
· Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
The
Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00
each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
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 contracted.
Commercial Morality: Satisfactory.
Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Good.
Samdimon-HK Ltd. is a wholly-owned subsidiary of Risingmoon Enterprises Ltd. which is a BVI-registered firm.
The director of
the subject Mr. Shailesh Ganmal Jain is an India merchant. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is a
diamond trader.
Jain is also the
owner of Deep Gems and Ageless Enterprises which are Hong Kong-registered
firms. Both are diamond traders.
The subject is a
member of the Samdimon Group. It is a
reputed supplier of quality diamonds.
Its main market is Asia which includes such as South Korea, Taiwan
and China. It is also targeting those
emerging markets such as Australia, etc.
The wide range of goods supplied by the subject includes diamonds from
0.005 to 10.00 carats in white, TTLB, NATTS, Marquise, Princess & white
NATTS. Both certified (GIA/IGI/HRD) and
non-certified stones.
The subject
sources its goods from KP Shanghvi, Mumbai in India. KP Sanghvi is a DTC Sightholder, known
worldwide as a reputed manufacturer and supplier of polished diamonds, having
international network with key centres like Antwerp, New York and Dubai.
The Samdimon Group
now has had associated companies in Thailand, Belgium, the United States, Japan,
Israel, China and India. Overall
business is good.
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 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-M37.
Besides, it is
also 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. Its booth No. is CEC 3CON-036.
The subject has
had premises located at the same floor and same building in Hong Kong.
As the history of
the subject is over sixteen years and five months in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
04-04-2001 |
Instrument: Charge on all deposits to secure
obligations of the chargor (the “Charge”) Property: All the right, title and interest of the Company whatsoever, present
and future, in and to:- (b) all interest accruing
from time to time on the Deposits; (c) without limitation of
the foregoing, any rights the Company may have individually or any rights the
Company may have through the Bank noe or hereafter arising in or to any
deposit account(s) of the Company with the Bank; and (d) any certificate(s) or
other instruments relating to any or all of the above. Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All moneys, obligations and liabilities |
|
01-02-2002 |
Instrument: Debenture Property: 1. all freehold and leasehold
property of the Company both present and future and all buildings and
fixtures on any such property and all plant machinery vehicles computers and
office and other equipment of the Company both present and future from time
to time with the benefit of all existing and future leases underleases
tenancies and agreements relating to such property: 2. all stocks shares
bonds and securities of any kind whether marketable or otherwise and all
other interests including loan capital of the Company both present and future
in any company firm consortium or entity including all allotments accretions
offices rights benefits and advantages at any time accruing offered or
arising in respect of or incidental to such stocks shares bonds and
securities or offered at any time by way of conversion redemption bonus
preference option or otherwise in respect of such property; 3. all book and other
debts revenues and claims both present and future due or owing or which may
become due or owing to or purchased or otherwise acquired by the Company and
the full benefit of all rights and remedies relating to such property
including but not limited to any negotiable or non-negotiable instruments
guarantees indemnities debentures legal and equitable charges and other
security reservation of proprietary rights of tracing liens and all other
rights and remedies of any nature in respect of such property; 4. the uncalled capital
goodwill and all patents patent applications trade marks, trade names,
registered designs and copyrights and all licences and ancillary and
connected rights relating to the intangible property both present and future
of the Company; 5. the undertaking and
all other assets of the Company both present and future and the heritable
property which are or may be from time to time while this deed is in force
comprised in the property and undertaking of the Company. Mortgagee: Antwerpse Diamantbank N.A. |
The general credit facilities of sum of HK$15,600,000.00 granted by
the Lender to the Company and/or all the Company’s future indebtedness to the
Lender on any account and all the Company’s other liabilities |
|
09-06-2003 |
Instrument: Debenture Property: All the Company’s undertaking and property and assets whatsoever and wheresoever
both present and future including all book and other debts revenues and
claims both present and future due or owing or which may become due or owing
to the Company, all its uncalled capital, goodwill and all patents, patent
applications, trade marks, trade names, registered designs and copyrights and
all licences and ancillary and connected rights relating to the intangible
property both present and future of the Company. Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All moneys |
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.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.