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Report No. : |
342248 |
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Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
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Name : |
LEO WOLLEMAN (HONG KONG) LTD. |
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Registered Office : |
Room 712, 7/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.07.2005 |
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Com. Reg. No.: |
35870496 |
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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
GEMSTONES |
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No. of Employees : |
8 |
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) |
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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 12.5% 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 |
LEO WOLLEMAN
(HONG KONG) LTD.
ADDRESS: Room 712, 7/F., Fu Hang Industrial
Building, 1 Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.
PHONE: Not
available
MANAGEMENT:
Managing Director:
Ms. Lam Pui Kwan
Incorporated on: 28th July, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 712, 7/F., Fu Hang Industrial Building, 1 Hok Yuen
Street, Hung Hom, Kowloon, Hong Kong.
Holding Company:-
Leo Wolleman Inc., US.
Associated Companies:-
Color Craft, US.
Leo Wolleman (Guangdong) Ltd., China.
Leo Wolleman (Thailand) Ltd., Thailand.
35870496
0986042
Managing Director:
Ms. Lam Pui Kwan
HK$10,000.00
(As per registry dated 28-07-2015)
|
Name |
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No. of shares |
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Leo Wolleman Inc. 45 West 45th
Street, New York, 10036, U.S.A. |
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10,000 ===== |
(As per registry dated 11-09-2015)
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Name (Nationality) |
Address |
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LAM Pui Kwan |
Flat 38, 2/F., Man Cheong
Building, Ferry Point, Kowloon, Hong Kong. |
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David Paul STEIN |
400 East 52nd
Street, Apt. 7B/C New York 10022, U.S.A. |
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Kenneth Mark GURNY |
37 Stratton Road,
Scarsdale New York 10583, U.S.A. |
(As per registry dated 28-07-2015)
|
Name |
Address |
Co. No. |
|
Aitia Corporate
Secretaries Ltd. |
Room 2102A, 21/F.,
The Centrium, 60 Wyndham Street, Central, Hong Kong. |
2138048 |
The subject was incorporated on 28th July, 2005 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 gemstones.
Employees: 8.
Commodities Imported: India,
Europe, US
Markets: China,
Hong Kong, other Asian countries, US, Europe
Terms/Sales: CAD, as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: No Complaints
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, Leo Wolleman (Hong Kong) Ltd. is wholly owned
by Leo Wolleman Inc. [LWI] which is a US-based company.
The managing director
of the subject Ms. Lam Pui Kwan is a Hong Kong businesswoman. She was appointed on 11th September, 2015.
The subject is a
gemstone manufacturer and trader. Its products
are marketed in Hong Kong, China, and exported to the other Asian countries,
Europe, the United States, the Middle East
LWI has offices based
in New York City, Bangkok and Hong Kong.
The subject is the Hong Kong office of LWI.
LWI employs over one
hundred people and indirectly positively influence thousands of people who
depend on it to help drive the jewellery industry.
LWI began its
business in 1925. Leo Wolleman started
his multi-generational business based in New York City in 1925. He came from Germany to the United States in
1920 as an apprentice diamond setter and jeweller.
Today the third and
fourth generations, Todd Wolleman, David Gurny, Ken Gurny, David Stein and
Rachel Stein are actively involved in LWI.
In 2003, it opened a cutting facility in Bangkok, Thailand with over 300
employees. In 2004, it opened a branch
office in Bangkok, dedicated to coordinating all of its customers who have
different gemstone needs. In 2008, LWI
opened a quality control facility in Guangzhou City, Guangdong Province, China.
LWI buys rough
material directly from the mines and cut it ourselves insuring the custody of
our products.
LWI has set up an
associated company Color Craft which is in New York of the United States.
Color Craft is a
member of the Twenty Four Karat Club of New York, Jewelers Board of Trade,
Plumb Club, JIC, JVC, JSA and MJSA.
The business of the
subject is chiefly handled by Ms. Lam Pui Kwan.
History in Hong Kong is over ten years and two months.
On the whole,
consider the subject good for normal business engagements.
Brief Personal
Profiles of the Directors:-
Mr. David
Paul STEIN, Vice President of LWI
Born in 1957, New York, New York. Graduated from New York University with a
master’s degree. David has opened and
manages LWI’s offices in Bangkok, Hong Kong and Panyu, Guangdong Province of
China.
Mr.
Kenneth Mark GURNY, Vice President of Finance of LWI
Born in 1959, White Plains, New York. Graduated from Syracuse University with a
degree in marketing. Ken’s ability to resource
stones is the secret sauce of Color Craft.
He resides in Westchester County.
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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 –
-
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.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
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 |
-- |
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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.