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Report No. : |
338066 |
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Report Date : |
24.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SIMPLEX DIAM LTD. |
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Registered Office : |
Room 1401, 14/F., Nine Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.05.2002 |
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Com. Reg. No.: |
32610085 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of all kinds of diamonds
and jewellery products |
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No. of Employee : |
7 (Including associates) |
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 |
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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 12.5% 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 |
SIMPLEX DIAM
LTD.
Room 1401, 14/F., Nine
Queen’s Road Central, Hong Kong.
PHONE: 852-2522 6131
FAX: 852-2845 3470
E-MAIL: fairway@simplexdiam.net
President: Mr. Yeung Kwok Hing, Carlos
Incorporated
on: 2nd May, 2002.
Organization: Private Limited Company.
Issued Share
Capital: HK$23,400,000.00
Business Category: Diamond Trader.
Employees: 7.
(Including associates)
Main Dealing
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Room 1401, 14/F.,
Nine Queen’s Road Central, Hong Kong.
Holding Company:-
Treasure World
Investment Ltd., Hong Kong. (Same
address)
Associated
Companies:-
Best Long Diamonds DMCC, UAE.
Bestlong
International Trading Ltd., Hong Kong.
(Same address)
Cream Jewelry, India.
Fairway Diamond Co. Ltd., Hong Kong. (Same address)
Golawala Diamonds, India.
Ima Gem Jewels, India.
Simplex Diam (Israel) Ltd., Israel.
Simplex Diam NV, Belgium.
Vaishali Diamond Corporation, USA.
Affiliated Company:-
MSY Holdings Corporation, Philippines.
32610085
0796009
President: Mr. Yeung Kwok Hing, Carlos
Contact
Person: Mr. Milan Amratlal Shah
HK$23,400,000.00
(As
per registry dated 02-05-2015)
|
Name |
|
No.
of shares |
|
Milan
Amratlal SHAH |
|
11,700,000 |
|
Treasure World Investment Ltd., Hong Kong. |
|
11,700,000 |
|
|
|
––––––––– |
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Total: |
23,400,000 ======== |
(As
per registry dated 02-05-2015)
|
Name (Nationality) |
Address |
|
YEUNG Kwok Hing,
Carlos |
Flat I, 12/F., Grenville House, 1 Magazine
Gap Road, Hong Kong. |
|
Milan Amratlal
SHAH |
Flat B, 32/F., Block 5, Parc Palais, 18 Wylie
Road, Homantin, Kowloon, Hong Kong. |
(As
per registry dated 02-05-2015)
|
Name |
Address |
|
WONG
Suk Han |
Room 1401, 14/F., Nine Queen’s Road Central, Hong Kong. |
The
subject was incorporated on 2nd May, 2002 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 diamonds and
jewellery products.
Employees: 7.
(Including associates)
Commodities
Imported: India,
Belgium, other Asian countries, etc.
Markets: Southeast Asia, Europe, US,
etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share
Capital: HK$23,400,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory
condition.
Facilities: Making active use of general banking
facilities.
Payment: Met trade obligations as contracted.
Commercial
Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Very Good.
Having
issued 23.4 million ordinary shares of HK$1.00 each, Simplex Diam Ltd.
formerly was jointly owned by Mr. Milan Amratial Shah, holding 42.5% interests;
Treasure World Investment Ltd. [TWI], also holding 42.5%; and Joystar
International Investment Holdings Ltd. [JIIH], 15.0%. On 7th February, 2014 the shares of JIIH was
equally transferred to Milan Amratial Shah and TWI. Now, the subject is equally held by TWI and
Milan Amratial Shah. The latter is an
India merchant. The former is a
Hong Kong-registered firms and located at the operating address of the
subject.
Milan
Amratial Shah is a Hong Kong ID holder and has got the right to reside in Hong
Kong permanently.
The
subject’s office is also the Hong Kong office of Simplex Diam NV, a
Belgium-based company.
Besides,
located at the same address, the subject has got an associated company Fairway
Diamond Co. Ltd. [Fairway] which is also a Hong Kong‑registered
firm. Fairway is a member of Diamond
Federation of Hong Kong, China Ltd. which is a Hong Kong-based organization. Fairway and the subject are engaged in the
same lines of business. Both firms are
diamond traders.
Fairway
has been engaged in diamonds trading for a very long time in Hong Kong.
The
president of the subject and Fairway is Mr. Carlos Yeung Kwok Hing who is a
Hong Kong merchant. He is also a
director of the subject.
The
subject has had another associated company Bestlong International Trading Ltd.
[Bestlong] which is also located at the same address. One of the directors of Bestlong is also Milan
Amratlal Shah. Bestlong is also a
diamond and gemstone trader.
The
subject is specialised in accurately regulated assortments of stars and melees,
baguettes marquise pears, exceptional diamonds from pointers to large
carat-size, brilliant Russian-cut rounds and a very broad selection of
GIA-certificated stones. Commodities are
imported from India, Belgium and other European countries. Prime markets are Hong Kong, Southeast Asia,
Europe and the United States. Business
is rather active.
The
subject has got a number of affiliated companies in Mumbai of India, Antwerp of
Belgium, Israel and New York of the United States.
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 has been taking part in the
Las Vegas Show of the United States.
On
the other hand, Simplex Diam NV going to take part in “HKTDC Hong Kong
International Diamond, Gem & Pearl Show 2016” which will be held in Hong
Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st to 5th March,
2016. Its booth No. is AWE 2-N18.
According
to the subject, the management of the subject has been engaged in diamond
trading business for over forty years.
It is able to offer customers with all kinds of diamonds and jewellery
products at competitive prices.
The
subject’s another associated company Golawala Diamond is an India-based
firm. This company has a manufacturing
plant in Mumbai, India. Around 150
workers are working and cutting the carat and stones.
Carlos
Yeung is also the Vice Chairman of MSY Holdings Corporation [MSY] which is 100%
owned by the Yeung family. The
Chairwoman of MSY Mariquita Salimbangon Yeung is the wife of Carlos Yeung. MSY is a real estate developer. The Yeungs had accumulated quite a
substantial amount of land in Cebu, the Philippines.
The
subject’s business is chiefly handled by Carlos Yeung and M. A. Shah.
As
the history of the subject is over thirteen years and three months in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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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 |
|
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.