|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIMI-DIAM LTD. |
|
|
|
|
Registered Office : |
Unit 1, 12/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
03.06.1988 |
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|
|
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Com. Reg. No.: |
11916129 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF JEWELLERY
AND PRECIOUS STONES. |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
SIMI-DIAM
LTD.
ADDRESS:
Unit 1, 12/F.,
Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-2736 8018~9
FAX: 852-2735 9116
E-MAIL: simi_diam@hotmail.com
guest2@netvigator.com
Managing
Director: Mr. Yogesh Shah
Incorporated on: 3rd June, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Diamond Trader.
Employees: 4. (Including subsidiary)
Main Dealing Banker: Wells Fargo Bank, N. A., Hong Kong Branch.
Banking Relation: Satisfactory.
SIMI-DIAM
LTD.
ADDRESS:
Registered
Head Office:-
Unit 1, 12/F.,
Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong
Kong.
Subsidiary:-
Twinkle
International, Hong Kong. (Same address)
11916129
0217477
Managing
Director: Mr. Yogesh Shah
Contact
Person: Mr. Thaika Noohu
Nominal Share
Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000,000.00
(As
per registry dated 03-06-2013)
|
Name |
|
No.
of shares |
|
Yogesh
SHAH |
|
5,000,000 |
|
Priti
Yogesh SHAH |
|
5,000,000 |
|
|
|
––––––––– |
|
|
Total: |
10,000,000 ======== |
(As
per registry dated 03-06-2013)
|
Name (Nationality) |
Address |
|
Priti Yogesh
SHAH |
House No. 27, 10th Street, Hong Lok Yuen,
Tai Po, New Territories, Hong Kong. |
|
Yogesh SHAH |
House No. 27, 10th Street, Hong Lok Yuen,
Tai Po, New Territories, Hong Kong. |
(As
per registry dated 03-06-2013)
|
Name |
Address |
|
Noohu A.M.
THAIKA |
Flat 1706, 17/F., Tung Ma House, Fu Tung Estate, Tung Chung,
Lantau Island, Hong Kong. |
The
subject was incorporated on 3rd June, 1988 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery and precious stones.
Employees: 4. (Including subsidiary)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, Japan, other Asian countries, North America, Western Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$10,000,000.00 (Divided into10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Wells Fargo Bank, N. A., Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Standing: Good.
Having
issued 10 million ordinary shares of HK$1.00 each, Simi-Diam Ltd. is equally
owned by Mr. Yogesh Shah and Mr. Priti Yogesh Shah. The two Shahs are Hong Kong ID holders and
have got the right to reside in Hong Kong permanently. They are also directors of the subject.
The
subject has increased its issued share capital from HK$4 million to HK$10
million in August 2011.
The
subject’s subsidiary Twinkle International is also located at the same
operating address and under the same managing personnel. However, the registered address of Twinkle
International is in a residential flat located at Hong Lok Yuan, Tai Po, New
Territories, Hong Kong where is the residence of the two Shahs.
The
subject is a precious stone trader. It
is trading in the following precious stones:-
·
Diamond (from India);
·
Emeralds (from Columbus and
Zambia);
·
Fancy Sapphire;
·
Ruby (from Burma, Thailand); &
·
Sapphire (from Ceylon and
Kanchanapuri).
Besides
precious stones, the subject also trades in polished and cut diamonds. It also manufactures the following products:-
·
Diamond Gold Jewellery;
·
Diamond Platinum Jewellery;
·
Gemset Gold Jewellery – 14 karat;
&
·
Gemset Gold Jewellery – 18 karat.
Polished
and cut diamonds are imported from India and other European countries. Jewellery products are exported to the United
State, Europe, Japan, other Asian countries, the Middle East, North America,
etc.
The
subject is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong. History in Hong Kong is
about twenty-six years. It is one of the
oldest Indian diamond and gemstone traders in Hong Kong. Regular suppliers and customers have been
maintained.
The
Contact Person Mr. Thaika Noohu is also an Indian.
On
the whole, consider the subject good for normal business engagements.
(Since 2008)
|
Date |
Particulars |
Amount |
|
29-06-2009 |
Instrument: Letter
of Lien Property: Nature of Deposit: 091102 SDR Mortgagee: Bank
of India, Hong Kong Branch. |
US$1,400,000 |
|
29-06-2009 |
Instrument: General
Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any
other documents representing or relating to goods Mortgagee: Bank
of India, Hong Kong Branch. |
All the money |
|
17-08-2009 |
Instrument: Charge
on Deposit to secure the Depositor’s Obligations Property: A sum of US$250,000.00 currently represented
or evidenced by a certificate of deposit dated 17-08-2009 bearing account
number 6841000014 Mortgagee: Punjab
National Bank, Hong Kong Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
|
10-09-2010 |
Instrument: Charge
on Deposit Property: A sum of US$62,500.00 currently
represented or evidenced by a certificate of deposit dated 10-09-2010 bearing
account number 6841000073 Mortgagee: Punjab
National Bank, Hong Kong Branch. |
To secure all monies in respect of banking facilities |
|
26-09-2011 |
Instrument: Charge
on Deposit Property: A sum of US$106,000.00 currently
represented or evidenced by a certificate of deposit dated 21-09-2011 bearing
number 68111000113 Mortgagee: Philippine
National Bank, Hong Kong Branch. |
To secure all monies in respect of banking facilities |
|
23-09-2011 |
Instrument: Letter
of Lien Property: Nature of
Deposit: TDR TDR Mortgagee: Bank
of India, Hong Kong Branch. |
US$1,800,000.00 |
|
23-09-2011 |
Instrument: Charge
and Hypothecation of Book Debts Property: Hypothecation and charge to the Bank by
way of charge on all the book debts outstanding, money receivable, claim and
bills Mortgagee: Bank
of India, Hong Kong Branch. |
US$1,800,000.00 |
|
23-09-2011 |
Instrument: Hypothecation
of Tangible Moveable Property Property: All tangible moveable assets of borrower
including in particular stocks of all goods of diamonds, gem, precious
stones, jewellery, gold furniture and fixtures and plant & machinery etc. Mortgagee: Bank
of India, Hong Kong Branch. |
US$1,800,000.00 |
|
23-09-2011 |
Instrument: General
Letter of Hypothecation Property: Bills of exchange, and / or invoices, or
any other documents representing or relating to goods. Mortgagee: Bank
of India, Hong Kong Branch. |
All the Money |
|
22-11-2012 |
Instrument: Hypothecation
of Tangible Moveable Property Property: All tangible moveable assets of borrower
including in particular stocks of all goods of diamonds, gem, precious
stones, jewellery, gold, furniture and fixtures and plant & machinery
etc. Mortgagee: Bank
of India, Kowloon Branch. |
US$2,500,000.00 |
|
22-11-2012 |
Instrument: Charge
and Hypothecation of Book Debts (CC.531) Property: Hypothecate and charge to the Bank by way of
charge on all the book debts outstanding, moneys receivable, claims and bills Mortgagee: Bank
of India, Kowloon Branch. |
US$2,500,000.00 |
|
22-11-2012 |
Instrument: Letter
of Lien Property: Nature of
Deposit: TDR TDR Nature of
Deposit: TDR Mortgagee: Bank
of India, Kowloon Branch. |
US$2,500,000.00 |
|
22-11-2012 |
Instrument: General
Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any
other documents representing or relating to goods. Mortgagee: Bank
of India, Kowloon Branch. |
All the moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.