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MIRA INFORM REPORT
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Report No. : |
504789 |
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Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SIMPLEX DIAM LIMITED |
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Registered Office : |
Room 1904, 19/F., 1 Lyndhurst Tower, 1 Lyndhurst Terrace, Central |
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Country : |
Hongkong |
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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 : |
Importer, Exporter and Wholesaler of all kinds of Diamonds and
Jewellery Products. |
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No. of Employees : |
7. (Including Associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
SIMPLEX DIAM LIMITED
ADDRESS: Room 1904, 19/F., 1 Lyndhurst Tower,
1 Lyndhurst Terrace, Central, Hong Kong.
PHONE: 852-2522 6131
FAX: 852-2845 3470
E-MAIL: fairway@simplexdiam.net
MANAGEMENT
President: Mr. Yeung Kwok Hing, Carlos
SUMMARY
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.
ADDRESS
Registered Head
Office:-
Room 1904, 19/F., 1 Lyndhurst Tower, 1 Lyndhurst Terrace,
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 DMCC, UAE.
Simplex Diam NV, Belgium.
Vaishali Diamond
Corporation, USA.
Related Company:-
MSY Holdings Corporation, Philippines.
BUSINESS REGISTRATION NUMBER
32610085
COMPANY FILE NUMBER
0796009
MANAGEMENT
President: Mr.
Yeung Kwok Hing, Carlos
Contact Person: Mr. Milan Amratlal Shah
ISSUED SHARE CAPITAL
HK$23,400,000.00
SHAREHOLDERS
(As per registry dated 02-05-2017)
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Name |
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No. of shares |
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Milan Amratlal SHAH |
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11,700,000 |
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Treasure World Investment Ltd., Hong Kong. |
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11,700,000 |
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––––––––– |
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Total: |
23,400,000 ======== |
DIRECTORS
(As per registry dated 02-05-2017)
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Name (Nationality) |
Address |
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YEUNG Kwok Hing, Carlos |
4/F., Karen Court, 10 Yik Yam Street, Happy Valley,
Hong Kong. |
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Milan Amratlal SHAH |
Flat B, 32/F., Block 5, Parc Palais, 18 Wylie Road,
Homantin, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 02-05-2017)
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Name |
Address |
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WONG Suk Han |
Room 1904, 19/F., 1 Lyndhurst Tower, 1 Lyndhurst
Terrace, Central, Hong Kong. |
HISTORY
The subject was incorporated
on 2nd May, 2002 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject
was located at “Room 1401, 14/F., Nine Queen’s Road Central, Hong Kong”, moved
to the present address in July 2016.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
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: Hong Kong, China, Southeast Asia,
Europe, US, etc.
Terms/Sales: CAD, L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$23,400,000.00
Profit or Loss: Making a small profit every year.
Condition: Business is active.
Facilities: Making active use of general
banking facilities.
Payment: Met as contracted.
Commercial Morality:
Good.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 23.4
million ordinary shares of HK$1.00 each, Simplex Diam Limited formerly was
jointly owned by Mr. Milan Amratial Shah [M A 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 M A Shah and TWI.
Now, the subject is equally held by TWI and M A Shah. The latter is an India merchant. The former is a Hong Kong-registered
firms and located at the operating address of the subject.
M A Shah is a Hong
Kong ID holder and has got the right to reside in Hong Kong.
The directors of the
subject are M A Shah and Mr. YEUNG Kwok Hing, Carlos.
The subject’s office
is also the Hong Kong office of Simplex Diam NV [SDNV], a Belgium-based company
which is an associate of the subject. It
was claimed that the subject is a subsidiary of SDNV.
The subject moved to
the present address in July 2016. It is
a member of Golawala Group.
SDNV has had an
associated mine where it can get rough diamonds directly from suppliers.
The aim of SDNV is to
reach the top 20 seller list all over the world right from mining to marketing
of the precious gemstone.
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 and belong to Golawala Group.
The Group is represented by Golawala Diamonds.
The president of the
subject and Fairway is Mr. Carlos Yeung Kwok Hing who is a Hong Kong
merchant. He is also one of the
directors 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 M A Shah.
Bestlong is also a diamond and gemstone trader.
The subject is
specialised in the following products:
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, etc.
Commodities are
imported from India, Belgium and the other European countries. Prime markets are Hong Kong, Southeast Asia,
Europe and the United States. Business
is rather active.
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.
Golawala Diamonds is
one of the technologically advanced diamond manufacturing companies in India.
The subject’s
business is chiefly handled by Carlos Yeung and M. A. Shah themselves.
As the history of the
subject is about sixteen years in Hong Kong, on the whole, consider it
good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.36 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 81.05 |
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HKD |
1 |
INR 8.49 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.