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Report No. : |
317888 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AQUA DIAMONDS LTD. |
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Registered Office : |
Room 303A, 3/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai
Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.08.2010 |
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Com. Reg. No.: |
52729399 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of All Kinds of Jewellery
Products. |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
AQUA DIAMONDS LTD.
ADDRESS: Room 303A, 3/F., Tower A,
Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2773
0368, 2773 0166
FAX: 852-2773
0996
E-MAIL: aqdiamonds@gmail.com
Managing Director: Mr. Lam Chuen,
Simon
Incorporated on: 4th August,
2010.
Organization: Private Limited
Company.
Issued Share Capital: HK$3,500,000.00
Business Category: Manufacturer,
Importer and Exporter.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
AQUA DIAMONDS
LTD.
Registered Head
Office:-
Room 303A, 3/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong.
China Factory: Panyu, Guangzhou,
Guangdong Province, China.
Associated
Companies:-
Manee Diam Co. Ltd., Thailand.
Pak Fook (SZ) Jewellery Co. Ltd., China.
Pak Fook Jewellery (HK) Ltd., Hong Kong.
[Dissolvd]
Pak Fook Jewellery Group (HK) Ltd., Hong Kong.
52729399
1488830
Managing Director: Mr. Lam Chuen,
Simon
HK$3,500,000.00
(As per registry dated 04-08-2014)
|
Name |
|
No. of shares |
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LAM Chuen |
|
2,500 |
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Wiroon SUWANNATEEKUL |
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2,500 |
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Nilesh Sambhubhai ITALIYA |
|
3,495,000 |
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|
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‑‑‑‑‑‑‑‑‑‑‑‑‑ |
|
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Total: |
3,500,000 ======= |
(As per registry dated 04-08-2014)
|
Name (Nationality) |
Address |
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LAM Chuen |
Flat C, 23/F., Tower 3, Tregunter, 14 Tregunter Path, Hong Kong. |
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Wiroon SUWANNATEEKUL |
56/392 Moo 10rd. Prtchkasem Bangkea, Bangkok 10106, Thailand. |
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Nilesh Sambhubhai ITALIYA |
A32, Saify Society Nr. St. Depot, L.H. Road, Surat, India. |
(As per registry dated 04-08-2014)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated on 4th August, 2010 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: Manufacturer,
Importer and Exporter.
Lines: All
kinds of jewellery products.
Employees: 6.
Materials/Commodities: Belgium,
Israel, US
Markets: China,
Asian countries, Europe, North America
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T
Issued Share Capital: HK$3,500,000.00
Mortgage or
charge:-
Date of Assignment of Life Insurance:
04-02-2013
Amount: (i) all and
monies and liabilities; (ii) interest on such monies; (iii) all monies paid by
the Bank in respect of the Policy Apursuant to the terms o this Deed; and (iv)
all expenses of the Bank in perfecting or enforcing this Deed on a full
indemnity basis.
Property: (i) all the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance; and (ii) all the Assignor’s claims and rights against
the issuer of the Policy upon the terms herein set out as a continuing security
for the due and punctual payment of the Secured Monies.
Insurance Policy No.: 28005829
Name of Insurance Company: HSBC
Life (International) Ltd.
Name of Issured: Italiya Nelish Sambhubhai
Details of Assignor / Policy Owner: Aqua Diamonds Ltd.
Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small
profit in past two years.
Condition: Business is
normal.
Facilities: Making rather
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.
Incorporated on 4th August, 2010, Aqua Diamonds Ltd. formerly was set up
and owned by Mr. Simon Lam Chuen who is a Hong Kong businessman. Now, two more shareholders have joined
in. The largest shareholder is Nilesh
Sambhubhai Italiya who is an India merchant.
He is a Hong Kong ID holder and has got the right to reside in Hong Kong
permanently.
The directors of the subject are Simon Lam Chuen, Nilesh Sambhubhai
Italiya and Wiroon Suwannateekul. The
third is a Thai.
The subject is trading in Carat Size Diamonds, Fancy Diamonds, Loose
Diamonds
Simon Lam is also the director of Pak Fook Jewellery Group (HK) Ltd.
[Pak Fook] which is also located in the same building of the subject.
Pak Fook has got an affiliate in Shenzhen Special Economic Zone, China
known as Pak Fook (SZ) Jewellery Co. Ltd. [Shenzhen Pak Fook]. It also has had an office in Shenzhen Special
Economic Zone, China. Pak Fook is able
to offer customers with 925 silver, 14K, 18K gold and PT900 fine jewellery with
diamonds and precious stones. Its
production plant is in Panyu, Guangzhou, Guangdong, China covering an area of
over 20,000 sq.ft. Around 150
experienced craftsmen are employed. The
monthly production capacity of the factory is over 3,000 pieces.
The subject is engaged in the same lines of business as Pak Fook.
The subject and Pak Fook are jewellery traders and manufacturers.
The subject serves all exporters, manufacturers, wholesalers, department
stores and even every single customer.
Its main products are bangles, earrings, pendants, necklaces, men’s
rings, ladies’ rings, cuff links, brooches, bracelets, etc. Raw materials are chiefly imported from
Belgium, Israel, the United States, etc.
Products are exported to Japan, Singapore, other Asian countries,
Europe, the United States.
The subject has an associated company Manee Diam Co. Ltd. which is in
Thailand. This company started its
operations in Surat and Mumbai of India.
On the whole, since the history of the subject in Hong Kong is over four
years and four months, consider it 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.62.39 |
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|
1 |
Rs.91.06 |
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Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
-- |
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.