MIRA INFORM REPORT
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Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
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Name : |
ARGO DIAM |
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Registered Office : |
Rm 802, 8/f, guardforce centre, 3 hok yuen street
east, hunghom, kowloon, hong kong. |
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Date of Incorporation : |
15-2-2006 |
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Com. Reg. No.: |
36442272 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers & exporters of diamond |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NAME & ADDRESS
ARGO DIAM
RM 802, 8/F,
GUARDFORCE CENTRE, 3 HOK YUEN STREET EAST,
HUNGHOM, KOWLOON, HONG
KONG.
TEL: 852
23119628
FAX: 852 23114498
EXECUTIVE SUMMARY
INCORPORATION DATE : 15-2-2006
REGISTRATION NO. : 36442272
REGISTERED LEGAL FORM : SOLE
PROPRIETORSHIP
CHIEF EXECUTIVE :
SHAH RAJESHKUMAR CHANDANMAL (SOLE
PROPRIETOR)
STAFF STRENGTH :
8
(SHARING WITH ITS AFFILIATE).
AUTHORIZED CAPITAL :
[IN HK, UNLIMITED COS. ARE NOT
REQUIRED TO FILE ITS CAPITAL
PARTICULARS TO BR OFFICE (THE INLAND
REVENUE)]
PAID-UP CAPITAL : NOT
APPLICABLE
BUSINESS LINE : IMPORT & EXPORT OF DIAMOND
TURNOVER :
N/A (AS OF DEC 31,2004.)
EQUITIES :
N/A (AS OF DEC 31,2004.)
PAYMENT :
NOT YET DETERMINED
RECOMM. CREDIT RANGE :
SMALL AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.75321
= USD1 AS OF 2006-05-12
The correct name of
SC is the heading one instead of the name given by you.
The correct business
address of SC is also the heading one.
The address "10-B, Princess Terrace, 21 Man Fuk Road, Homantin,
Kowloon, HK." given by you is the residential address of Shah Rajeshkumar
Chandanmal, SC's principal.
Furthermore, SC's
staff member, advised that SC will move to Rm 1001, 10/F of the captioned
building in June 2006.
SC was established
under Business Registration number 36442272 on 15-2-2006 with present status as
sole proprietorship.
Currently obtained
BR copy indicate the particulars of SC's principal(s) are as follows:
Name(s) of
principal(s) & ID/Passport number(s) Registered address
- Shah Rajeshkumar
Chandanmal Flat B, 10/F, Princess
/ P26392794) Terrace,
21 Man Fuk Road, Homantin, Kowloon, HK.
No material change
or amendment regarding SC has been traced & noted since its inception.
Total number of
employees : 8
(sharing with its affiliate).
Location : Maintaining
its office at the heading business address which occupies a gross area of 1,200
square feet at a commercial & industrial building in an industrial
district.
Condition inside
the premises during our visit :
Normal.
Office/factory
layout : Standard.
The premises is
owned by SC's affiliate.
Property ownership :
Current land search indicates the ownership details of the captioned premises
as follows:
- Owner(s) : Laxmi
Diamond (HK) Ltd.
- Date of purchase
& consideration: 26-4-2004 / HKD 2,592,550
- Date of mortgage
& secured amount: 26-4-2004 / ANS
- Mortgagee : Wing
Lung Bank Ltd.
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): In HK, unlimited companies are not required
to file its charge particulars for public inspection.
Shah Rajeshkumar
Chandanmal, sole proprietor:
- In his late 40's
& married
- He is by Indian
nationality
- Embarked upon his
career to present field as a small businessman in his early 20's
- Also currently
managing director of Laxmi Diamond (HK) Ltd. and partner of Komal Gems
Currently active in
SC's day-to-day operations & is responsible for its management.
Registered
residential address: As stated above.
Property ownership:
Current land search indicates the said premises ownership as follows:
- Owner(s) : Shah
Rajeshkumar Chandanmal & Shah Seema Rajeshkumar
- Date of purchase
& consideration : 2-8-2002 / HKD 3.4M
- Date of mortgage
& secured amount : 2-8-2002 / ANS
- Mortgagee : Wing
Lung Bank Ltd.
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: 2 Obtained scores : 65 (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 & export of diamond.
Items available
include gemstones, jade, oval, pear, emerald & diamond.
Principal
purchases :
Major types of
sourcing : Merchandise
Local--type of
suppliers : Nil
Buying terms : Nil
Overseas--supplying
countries : India (mainly), Thailand,
Belgium & USA
Buying terms : L/C & T/T
Principal market
:
Local--type of
customers : Dealers
Selling terms : COD & credit of
30 days
Overseas--buying
countries : PR China, Japan, S. Korea,
SE Asia, USA &
Europe
Selling terms : L/C & T/T
Jointly occupying
the premises with the below mentioned affiliates.
Affiliate(s):
Company name : Laxmi Diamond (HK) Ltd.
Year established : 2003
Business nature : Import & supply of diamond
Address : Same as heading business address
Turnover : US$40M
(year ended 31-12-2004)
Civil litigation
& winding-up petition records: None in our database
Affiliate(s):
Company name : Komal Gems
Year established : 1991
Business nature : Similar to SC
Address : Same as heading business address
Turnover : NA
Civil litigation
& winding-up petition records: None in our database
SC's related co.:
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- Laxmi Diamond
(based in India)
Overall payment
appraisal:
( ) Excellent ( ) Good ( )
Average ( ) Fair ( ) Poor
(X) 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 has currently commenced operation, its
payment record has remained unestablished.
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:
- Wing Lung Bank
Ltd.
- ABN AMRO Bank N.V.
- State Bank of
India
During our report preparation, the principals
could not be contacted while the staff members hesitated to release financial
information without the principals' consent.
Re: In HK, only the public listed cos.,
financial institutions & overseas cos. are obligated to file their
financial statements to Companies Registry for public search. Generally, the private limited cos. &
unlimited cos. always keep those data as highly confidential matter.
SC is still in early
stage of development with a comparatively limited track record in its
performance. On the other hand, the principals
appear to possess adequate experience and market connection to take off its
business. Credit dealings with SC are
recommended in small amount at present.
RATING EXPLANATIONS
RATING
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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 |