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Report No. : |
330952 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SAMDIMON - HK LTD. |
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Registered Office : |
Room 708, 7/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 Diamonds and Jewellery Products |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
SAMDIMON - HK LTD.
ADDRESS: Room 708, 7/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
MANAGEMENT:
Managing Director: Mr. Shailesh
Ganmal Jain
Incorporated on: 3rd September, 1997.
Organization: Private Limited Company.
Issued Share Capital: 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.
SAMDIMON -
HK LTD.
Registered Head
Office:-
Room 708, 7/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
HK$1,000,000.00
(As per registry dated 03-09-2014)
|
Name |
|
No. of shares |
|
Risingmoon Enterprises Ltd. P.O. Box 3151, Road Town, Tortola, British Virgin Islands. |
|
1,000,000 ======= |
(As per registry dated 03-09-2014)
|
Name (Nationality) |
Address |
|
Shailesh Ganmal JAIN |
Room 708, 7/F., Empress Plaza, 17-19 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 03-09-2014)
|
Name |
Address |
|
Navaskhan ZAKARIA |
Room 305, 3/F., Mei Yat House, Yat Tung Estate II, Tung Chung,
Lantau Island, Hong Kong. |
The subject was incorporated on 3rd September, 1997 as a private limited
liability company under the Hong Kong Companies Ordinance.
Long time ago, the subject was located at Room 2001, 20/F., Empress
Plaza, 17‑19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved
to Room 2006, 20/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong in August 2011, and further moved to the present address in
May 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds and jewellery products.
Employees: 6.
Commodities Imported: India, other
Asian countries and Europe.
Markets: Hong
Kong, Japan, India, other Asian countries, Australia, Europe, US, Middle East,
etc.
Terms/Sales: COD, L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
MEMBERSHIPS: Hong
Kong Jewelry Manufacturers’ Association, Hong Kong.
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
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: Good.
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.
It trades in polished and rough diamonds.
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, etc. Both certified (GIA/IGI/HRD) and
non-certified stones.
The subject sources its goods, chiefly polished diamonds, 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 subject is the marketing associates of KP Shanghvi in Hong Kong.
Samdimon Group has offices in Antwerp, New York, Rome, Valenza, Tel
Aviv, Dubai, Mumbai, Shenzhen Special Economic Zone, Shanghai and Tokyo. It has goods in all price range in Indian
cutting, i.e. white, TTLB, Natts, Marquise, Tappers in all sizes from 0.005pts
up to 5.00 carats in (VVS/VS/SI/PK) all quality.
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 2016”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 1st to 5th March, 2016.
The subject has had premises located at 20/F. of the same building in
Hong Kong.
As the history of the subject is over seventeen years and ten 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 |
|
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.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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Report Prepared
by : |
TPT |
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 |
-- |
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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.