MIRA
INFORM REPORT
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Report Date : |
26th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
SIMPLEX DIAM LTD |
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Registered Office : |
Room 1401-1402, 14/F, The Galleria, Nine Queen's Road C., Central, Hong Kong |
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Country
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Hong Kong |
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Date of Incorporation : |
2-5-2002 |
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Com. Reg. No.: |
796009 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in the business of import & supply of diamond |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Regular |
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Litigation : |
Clear |
NAME
SIMPLEX DIAM LTD.
ADDRESS
ROOM
1401-1402, 14/F, THE GALLERIA,
NINE
QUEEN'S ROAD C., CENTRAL, HONG KONG.
TEL : 852 25226131
FAX : 852
28453470
EXECUTIVE SUMMARY
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INCORPORATION DATE |
2-5-2002 |
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REGISTRATION NO. |
796009 |
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REGISTERED LEGAL FORM |
PRIVATE
LIMITED CO. |
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CHIEF EXECUTIVE |
YEUNG
KWOK HING CARLOS (DIRECTOR) |
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STAFF STRENGTH |
5
(SHARING WITH ITS AFFILIATE) |
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AUTHORIZED
CAPITAL |
HKD23.4M
= 23.4M SHARES @ HKD1.- |
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PAID-UP
CAPITAL |
HKD23.4M |
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BUSINESS LINE |
IMPORT
& SUPPLY OF DIAMOND |
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TURNOVER |
N/A (AS OF DEC. 31, 2004) |
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EQUITIES |
N/A (AS OF DEC. 31, 2004) |
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PAYMENT |
AVERAGE |
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RECOMM. CREDIT RANGE |
MODERATE AMOUNT |
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MARKET CONDITION |
COMPETITIVE |
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FINANCIAL CONDITION |
STABLE |
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OPERATIONAL TREND |
FAIRLY STEADY |
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GENERAL REPUTATION |
AVERAGE |
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EXCHANGE RATE |
HKD 7.76159 = USD1 AS OF 2006-02-09 |
SC is a
private limited company registered under incorporation file no. 796009 on
2-5-2002.
SC's
shareholders & directors are shown to be as follows:
Shareholders
(as at 2-5-2005) Number
of shares held
Shah
Milan Amratlal 9,945,000
Treasure
World Investment Ltd. 9,945,000
Joystar
International Investment Holdings Ltd. 3,510,000
------------
23,400,000
========
Directors
(as at 2-5-2005)
Yeung
Kwok Hing Carlos / A620603(7)
Shah
Milan Amratlal / R173007(9)
The above
registration information is based on SC's annual return filed at Companies
Registry within the last 2 years.
Our
current search reveals certain material change or amendment of SC has been
recorded within the last 2 years & noted as follows:
Change in
capital :
Authorized
capital was increased from HKD15.6M to the present amount on 11-5-2004 with the
creation of 7.8M shares of @ HKD1.-.
Paid-up
capital: HKD23.4M.
Shares
transfers :
Date No.
of shares Transferor(s) Transferee(s)
25-6-2004 390,000 Joystar International Shan
Milan Amratlal
Investment
Holdings Ltd.
Shares
allotments on 23-6-2004:
Allottee(s) No.
of share(s)
Shah
Milan Amratlal 1,755,000
Treasure
World Investment Ltd. 6,045,000
Total
number of employees : 5 (sharing with its affiliate).
Location
: Maintaining its office at the heading
business address which occupies a gross area of 2,000 square feet at a
commercial building in a commercial & shopping district.
Condition
inside the premises during our visit : Normal.
Office/factory
layout : Standard.
This
section will contain the civil litigations & winding-up petitions filed
against SC for the last 6 years (as stored in our database), and the
mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited
co is not required to be registered in the public records.
Civil
litigation/winding-up petitions : None in our database.
Mortgage/charge
record(s) : None filed since its incorporation date.
Treasure
World Investment Ltd., shareholder, whose partial information is as follows:
Year
established :
2003
Registered/business
address : Same as heading
business address
Business
line :
As an investment holding co. with diverse
interests in import & supply of diamond.
No. of
employees :
NA
Civil
litigation & winding-up
petition
records :
None in our database
Turnover :
NA
Partial
registration information of the said company is as follows:
Authorized
capital : HKD10,000 divided into 10,000 shares @ HKD1.-
Paid up
capital : HKD10,000
Shareholders
(as at 14-2-2004) No. of shares held:
*Yeung
Martin Philip 9,999
*Yeung
Kwok Hing Carlos 1
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10,000
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Directors
(as at 14-2-2004):
*Also
directors
Shah
Milan Amratlal, director:
- In his
40's & married
- He is
by Indian nationality
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: 7/F, Ocean View Court, 27A Chatham Road S., Tsimshatsui,
Kowloon, HK.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of the
following records stored by us within the last 6 years:
Civil
litigation as defendants :
None in our database
Bankruptcy/winding-up
petitions : None in our
database
Delinquent
payment records : None
in our database
Debt
collection records :
No overdue amount owed by the
said person was placed to us for collection
Yeung
Kwok Hing Carlos, director:
- In his
60's & married
- Also
currently director of Treasure World Investment Ltd.
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: I12, Grenville House, 1 Magazine Gap Road, HK.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of the
following records stored by us within the last 6 years:
Civil
litigation as defendants :
None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None
in our database
Debt
collection records :
No overdue amount owed by the
said person was placed to us for collection
Ownership
background appraisal:
Rating :
3 Obtained scores : 60 (see explanatory notes below)
Keys :
1 : scores 81-100 : Excellent
2 : scores 61-80 : Good
3 : scores 46-60 : Average
4 : scores 21-45 : Fair
5 : scores 01-20 : Poor
The
rating indicates the personal financial & operational strength of SC's
major principals. It is calculated from
a composite of scores obtained from the following 5 factors which carry equal
weight in our analysis:
Personal
financial strength, credit history & trade reputation, business experience
& track record, market connection and management skill.
Business
categories
SC is
engaged in import & supply of diamond.
Items
available include ruby, sapphire, emerald, diamond, pearl & other precious
& semi-precious stones.
Principal
purchases
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : SE Asia, Belgium, India
(mainly) & S. Africa
Buying
terms : L/C
Principal
market :
Local--type
of customers : Manufacturers
& retailers
Selling
terms : COD
& credit of 7 to 30 days
Overseas--buying
countries : PR China, Japan, SE
Asia, USA & Europe
Selling
terms : L/C
SC is not
known to have any subsidiary at present.
Overall
payment appraisal
( ) Excellent ( ) Good (X) Average ( ) Fair ( )
Poor ( ) Not yet determined
The appraisal
serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current
enquiry with SC's suppliers), our delinquent payment records and our debt
collection record concerning SC.
Trade
payment experience : SC did not provide any name of trade/service
suppliers and we have no other sources to conduct the enquiry at present.
Delinquent
payment record :
None in our database.
Debt
collection record :
No overdue amount owed by SC was placed to us for collection within the last 6
years.
Banking
relations are maintained principally with:
- HSBC
- Bank of
China (HK) Ltd.
- Bank of
India
- ABN
AMRO Bank N.V.
During our report preparation, the
principals could not be contacted while the staff members hesitated to release
financial information without the principals' consent.
As per
current co. search, total amount of indebtedness of SC in respect of all
mortgages and charges which are required to be registered with Companies
Registry as at 2-5-2005 was nil.
SC is
considered small-sized in its line locally with acceptable base to meet its
normal dealings. Credit up to moderate
amount may be considered.
--
Asset Tracing --
Upon our
current investigation, our database & sources consulted indicate that SC
was not involved in any property transaction (both purchase & disposal) in
Hong Kong for the last 6 years.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |