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Report No. : |
312662 |
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Report Date : |
24.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SIMI-DIAM LTD. |
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Registered Office : |
Unit 1, 12/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.06.1988 |
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Com. Reg. No.: |
11916129 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of jewellery and precious stones |
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No of Employees : |
4. (Including subsidiary) |
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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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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
Managing Director: Mr. Yogesh
Shah
Incorporated on: 3rd June, 1988.
Organization: Private Limited
Company.
Issued Shares Capital: 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.
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. Punit Rana
HK$10,000,000.00
(As per registry dated
03-06-2014)
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Name |
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No. of shares |
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Yogesh SHAH |
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5,000,000 |
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Priti Yogesh SHAH |
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5,000,000 |
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––––––––– |
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Total: |
10,000,000 ======== |
(As per registry
dated 03-06-2014)
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Name (Nationality) |
Address |
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Priti Yogesh SHAH |
House No. 27, 10th Street, Hong Lok Yuen, Tai Po, New Territories,
Hong Kong. |
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Yogesh SHAH |
House No. 27, 10th Street, Hong Lok Yuen, Tai Po, New Territories,
Hong Kong. |
(As per registry
dated 03-06-2014)
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Name |
Address |
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Noohu A.M. THAIKA |
Unit 1, 12/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong. |
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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, etc.
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.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
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 required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
UCO Bank, Hong Kong Branch.
Wells Fargo Bank, N. A., 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:-
Besides precious stones, the subject also trades in polished and cut
diamonds. It also manufactures the
following products:-
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.
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 took part in
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015” which had
been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of
2nd to 6th March, 2015. Its booth
No. was AWE 5-J32.
The subject is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong. History in Hong Kong is
about twenty-six years and nine months.
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. Punit Rana is also an Indian.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.28 |
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|
1 |
Rs. 93.02 |
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Euro |
1 |
Rs. 67.36 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
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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.