MIRA INFORM REPORT

 

 

Report No. :

489411

Report Date :

07.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

M.I.D.  (HK)  LIMITED

 

 

Registered Office :

Room 1003, 10/F., The Chinese Bank Building, 61-65 Des Voeux Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

22.02.2005

 

 

Com. Reg. No.:

35362592

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, exporter and wholesaler of all kinds of diamonds

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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 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.

 

Source : CIA

 

Company name and address

 

M.I.D.  (HK)  LIMITED

 

 

ADDRESS:                   Room 1003, 10/F., The Chinese Bank Building, 61-65 Des Voeux Road Central, Hong Kong.

 

PHONE:                        852-2545 7118

 

FAX:                             852-2545 6102

 

E-MAIL:                        hongkong@middiamonds.com

 

 

MANAGEMENT

 

Managing Director:        Mr. Gastao Fausto D’Aquino

 

 

SUMMARY

 

Incorporated on:            22nd February, 2005.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$1.00

 

Business Category:       Diamond Trader.

 

Employees:                  5.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Good.

 

 

ADDRESS

 

Registered Head Office:-

Room 1003, 10/F., The Chinese Bank Building, 61-65 Des Voeux Road Central, Hong Kong.

 

Associated Companies:-

M.I.D. (Shanghai) Ltd., China.

M.I.D. House of Diamonds Ltd., Israel.

MID Belgium B.V.B.A., Belgium.

MID La LLC, US.

MID London, UK.

MID Los Angeles LLC, US.

MID Tokyo, Japan.

 

 

BUSINESS REGISTRATION NUMBER 

 

35362592

 

 

COMPANY FILE NUMBER 

 

0952563

 

 

MANAGEMENT

 

Managing Director:  Mr. Gastao Fausto D’Aquino

(Hong Kong Mobile: 852-9489 4181)

Contact Person:  Mr. Rafael-Arie Kish

 

 

ISSUED SHARE CAPITAL

 

HK$1.00

 

 

SHAREHOLDER  

 

(As per registry dated 22-02-2017)

Name

 

No. of share

Benjamin MEIROV

 

1

=

 

 

DIRECTORS  

 

(As per registry dated 22-02-2017)

Name

(Nationality)

 

Address

Michael MEIROV

Aric Dulchin 8, Ramat-Aviv, Israel.

 

Rafael-Arie KISH

Yizhak Sade 15, Kiriat-ono 55299, Israel.

 

Gastao Fausto D’AQUINO

Apartment 4A, Pokfulam Court, 4 Pokfulam Road, Hong Kong.

 

 

SECRETARY 

 

(As per registry dated 22-02-2017)

Name

Address

Rafael Martin D’AQUINO

Room 1003, 10/F., The Chinese Bank Building, 61-65 Des Voeux Road Central, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 22nd February, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

 

At the very beginning, the subject was located at “Flat A, 14/F., Hong Kong Jewellery Building, 178-180 Queen’s Road Central, Hong Kong”, moved to “22/F., Queen’s Road Centre, 152 Queen’s Road Central, Central, Hong Kong” in March 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.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of diamonds.

 

Employees:                  5.

 

Commodities Imported: India, Belgium, Israel, other European countries, etc.

 

Markets:                       Hong Kong, China, Japan, other Asian countries, US, etc.

 

Terms/Sales:                 CAD, L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

FINANCIAL INFORMATION

 

Issued Share Capital:     HK$1.00

 

Profit or Loss:               Making a small profit every year.

 

Condition:                     Keeping in an active manner.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      slow but correct.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Satisfactory.

 

 

GENERAL

 

M.I.D. (HK) Limited is wholly-owned by Benjamin Meirov who is an Israel passport holder.  He is an Israeli and currently residing in Israel.

 

The subject is a diamond trader.  It is a member of the MID Group which is Israel based.  Formally, the Israel company is known as M.I.D. House of Diamonds Ltd. [MID].

The subject is trading in the following products:

1.     Diamond

2.     Pear-Shaped Diamonds

3.     19-Carat Diamond

4.     Pear-Shaped Diamonds

5.     18K Gold Diamond Ring

6.     Platinum Diamond Ring, etc.

 

MID is one of the world’s largest and manufacturers of polished diamonds.  It is one of the top-10 diamond suppliers of the world.

 

It has been selling to leading retailers around the world for the past 50 years and even though it is among the top ten diamond manufacturers in the world in size, it is still a family business.  It belongs to the Meirov family.

Through its international network of factories and offices, MID maintains close relationships with its clients offering diamonds in every shape, size and colour from ten pointes to extreme sizes, both as individual stones and in bulk.

 

The subject and MID are able to offer customers with the following products:

·         •Polished diamonds in shapes and sizes, from 10 points (0.01 carats) to extremely large sizes of 10.00 carats and more.

·         •Parcels, single stones, matched pairs and layouts.

·         •Certified diamonds, with grading reports from GIA, EGL, AGS, HRD and IGI.

·         •Premium cuts to value cuts, in all shapes and sizes.

·         •The full range of standard colours, and natural fancy-coloured diamonds.

·         •HPHT clarity-enhanced diamonds

·         •Bespoke, one of a kind of jewellery items, set both with white and fancy coloured diamonds.

 

Now, the Group has set up offices in Antwerp of Belgium, Los Angeles and New York of the United States, London of the United Kingdom, Tokyo of Japan, Shanghai of China, besides Israel and the subject in Hong Kong.

The MID Group is one of Israel’s top diamond exporters.  Now, its annual export value amounts to over US$300 million.  The President of the Group is Mr. Benny Meirov.

The subject is trading in the following products as well:

18K Gold Diamond Ring, Platinum Diamond Ring, etc.

 

It is also trading in pear-shaped diamonds, 19 carat diamond, etc.  Most of the products are imported from India, Israel, etc.  Products are exported and re‑exported to the other Asian countries, the United States, 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 is going to take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2018” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February to 3rd March, 2018.  Its booth No. is AWE 2-R02.

The subject is fully supported by the MID Group.  History in Hong Kong is about thirteen years.

On the whole, consider the subject good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.27

UK Pound

1

INR 89.72

Euro

1

INR 79.52

HKD

1

INR 8.20 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.