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Report No. : |
336425 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
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Name : |
M.G. DIAMONDS LTD. |
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Registered Office : |
Room 303, 3/F., Lucky Building, 39 Wellington Street, Central |
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Country : |
Hong Kong. |
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Date of Incorporation : |
04.04.2007 |
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Com. Reg. No.: |
37845423 |
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Legal Form : |
Private Limited
Company |
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LINE OF BUSINESS : |
TRADER OF DIAMOND. |
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No. of Employee : |
5. |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
M.G. DIAMONDS LTD.
ADDRESS: Room
303, 3/F., Lucky Building, 39 Wellington Street, Central, Hong Kong.
PHONE: 852-2127
4949, 9501 3637 (Mobile)
FAX: 852-2127
4919
E-MAIL: sara@mgdiamonds.com
MANAGEMENT:
Managing
Director: Mr. Ofer Mizrahi
Incorporated
on: 4th
April, 2007.
Organization: Private
Limited Company.
Issued Share
Capital: HK$10,000.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Room 303, 3/F.,
Lucky Building, 39 Wellington Street, Central, Hong Kong.
Associated Companies:-
M.G. Diamonds
(Shanghai) Ltd.
Room 312, Block B,
China Diamond Exchange Centre, 1701 Century Boulevard, Pudong New Area, 200122
Shanghai, China.
Ofer Mizrahi
Diamonds Inc., US.
Ofer Mizrahi
Diamonds Ltd., Israel.
37845423
1121118
Managing
Director: Mr. Ofer Mizrahi
Contact
Person: Ms. Sara Wong
HK$10,000.00
(As per registry
dated 04-04-2015)
|
Name |
|
No. of shares |
|
Ofer MIZRAHI |
|
10,000 ===== |
(As per registry
dated 04-04-2015)
|
Name (Nationality) |
Address |
|
Moshe MATSLIAN |
House 9, Ruchama
Street, Ramata Gan 5235951, Israel. |
|
Ofer MIZRAHI |
Haim Gilad 20
petah-tiqva 4222, Israel. |
(As per registry
dated 04-04-2015)
|
Name |
Address |
|
WONG Man Lai |
Flat B, 7/F.,
Block 1, Dawning Views, 23 Yat Ming Road, Fanling, New Territories, Hong
Kong. |
The subject was
incorporated on 4th April, 2007 as a private limited liability company under the
Hong Kong Companies Ordinance.
Formerly the
subject was located at Room 1703, 17/F., Queen’s Place, 74 Queen’s Road
Central, Hong Kong, moved to Room 1301, 13/F., Lucky Building, 39 Wellington
Street, Central, Hong Kong in September 2011, and further moved to the present
address in August 2013.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Diamond Trader.
Lines: All kinds of diamonds
and jewellery products, emerald, precious stones
Employees: 5.
Commodities
Imported: India, Belgium, other European
countries
Markets: Hong Kong, Japan, other
Asian countries
Terms/Sales: L/C,
T/T
Terms/Buying: L/C,
T/T, D/P
Issued Share
Capital: HK$10,000.00
Mortgage or Charge:-
Date of Security Over Deposits with the Bank (Limited
Company – Under Seal): 10-05-2007
Amount: To secure all monies in respect of
banking facilities
Property: Initially HK$50,000 and all monies
whether now or hereafter standing to the credit of the Company’s deposit with
the Bank under deposit No. 400-385787-838 and whatever currency it may
subsequently be denominated in, any renewal of such deposit and the interest
thereon together with any further moneys in any deposit account with the Bank
at any of its offices
Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping in an active
manner.
Facilities: Making 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.
Having issued 10,000
ordinary shares of HK$1.00 each, M.G. Diamonds Ltd. formerly was equally owned
by Mr. Ron Rachamim Golan and Mr. Ofer Mizrahi.
The former transferred all his shares to the latter on 17th October,
2013 and since then, the subject has been wholly owned by Ofer Mizrahi. The directors of the subject are Ofer Mizrahi
and Moshe Matslian. Both are Israeli and
Israel passport holders.
Incorporated in
April 2007, the subject is a diamond trader.
It is trading in all kinds of loose diamonds. It is a diamond exporter of polished diamonds
and operates around the globe. The
subject has had offices in Israel and the United States. Its Israel associated firm is known as Ofer
Mizrahi Diamonds Ltd. [OMDL]. This
company is also chiefly owned by Ofer Mizrahi.
OMDL has an
inventory of up to 6,000 diamonds available at any time. It is headquartered in Shanghai and Hong
Kong, with offices and diamond-cutting facilities in Chicago, New York, San
Francisco, Boston, Los Angeles, Canada and Israel.
The subject trades
in round and fancy shape diamonds range from 0.30 – 5.01ct +, D-M Colour, Si –
IF purity, with or without GIA/HRD/IGI Certificates. It can offer its clients with a wide range of
goods with competitive prices and good service throughout the world.
The subject imports
its products from India and Israel.
Commodities are marketed in Hong Kong, China and re‑exported to
the Middle East, the other Asian countries and the United States. Business keeps on improving.
In recent years,
the subject has set up an associated firm M.G. Diamonds (Shanghai) Ltd.
[Shanghai MG] in Shanghai, China.
Shanghai MG is in the building of Shanghai Diamond Exchange.
Besides, the
subject’s associated company in the United States is known as Ofer Mizrahi
Diamonds Inc. It is headquartered in
Chicago, with offices and diamond-cutting facilities in New York and San
Francisco. Its main factory is in
Israel. According to the subject, it has
been serving the US market for more than 25 years.
The subject’s
contact person Ms. Sara Wong is a Hongkongnese.
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.
The history of the
subject in Hong Kong is over eight years four months.
On the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.12 |
|
|
1 |
Rs.101.62 |
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Euro |
1 |
Rs.72.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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 |
|
<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.