MIRA INFORM REPORT
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Report Date : |
16.11.2006 |
IDENTIFICATION DETAILS
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Name : |
LAXMI
DIAMOND (HK) LTD. |
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Registered Office : |
Room 802, 8/F, Guardforce Centre, 3
Hok Yuen Street East, Hunghom, Kowloon, Hong Kong |
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Date of Incorporation : |
5-12-2003 |
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Com. Reg. No.: |
874076 |
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Legal Form : |
Private limited company |
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Line of Business : |
Engaged in 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 & ADDRESS
LAXMI DIAMOND (HK) LTD.
ROOM
802, 8/F, GUARDFORCE CENTRE, 3 HOK YUEN
STREET
EAST, HUNGHOM, KOWLOON, HONG KONG.
TEL: 852
23119628
FAX: 852
23114498
EXECUTIVE SUMMARY
INCORPORATION DATE : 5-12-2003
REGISTRATION NO. : 874076
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : SHAH RAJESHKUMAR CHANDANMAL (MANAGING DIRECTOR)
STAFF STRENGTH :
8 (SHARING WITH ITS AFFILIATE)
AUTHORIZED CAPITAL : HKD 8M = 8M SHARES @ HKD 1.-
PAID-UP CAPITAL : HKD 0.8M
BUSINESS LINE : IMPORT & SUPPLY OF DIAMOND
TURNOVER :
US$40M(YEAR ENDED 31-12-2004)
EQUITIES :
N/A(YEAR ENDED 31-12-2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.75331 = USD1 AS OF 2006-04-25
SC is a private
limited company registered under incorporation file no. 874076 on 5-12-2003.
SC's shareholders
& directors are shown to be as follows:
Shareholders (as at
5-12-2005) Number of shares held
Shah Rajeshkumar
Chandanmal 408,000
Laxmi Jewel PVT Ltd. 160,000
Patel Lalit Jivraj 120,000
Boghani Vipulkumar
Kesubhai 112,000
---------
800,000
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Directors (as at
5-12-2005)
Patel Lalit Jivraj /
R014156(8)
Boghani Vipulkumar
Kesubhai / R136798(5)
Shah Rajeshkumar
Chandanmal / P263927(4)
Gajera Ashokkumar
Haribhai / Z1590992
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 of business
address : SC moved to the heading business address from Room 807, 8/F, Hang
Seng Bank Building, No.18 Canarvon Road, Tsimshatsui, Kowloon, HK. in Jun 2004.
Change of co. name :
SC was formerly named Komal Gems Ltd. & adopted present name on 19-11-2005.
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.
Property ownership :
Current land search indicates the ownership details of the captioned premises
as follows:
- Owner(s) : SC
- 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) : (X) see below ( ) see per attached
Creation date : 26-4-2004
Charger(s) : SC
Chargee(s) : Wing Lung Bank Ltd.
Secured amount : Amount not stated
Charge particulars : Mortgage (Room 802, 8/F, Guardforce
Centre,3 Hok
Yuen Street East, Hunghom, Kln., HK.)
Creation date : 19-1-2005
Charger(s) : SC
Chargee(s) : Antwerpse Diamantbank NV
Secured amount : Amount not stated
Charge particulars : Debenture
Mortgage Index:
Year(s) in which
mortgage registration(s) are filed: 2004, 2005
Year(s) in which
mortgage satisfaction record(s) are filed: nil
Management advised
that SC is affiliated to Laxmi Diamond, a private co. in India, whose partial
information is as follows:
Year established : 1972
Registered/business
address : 416, Prasad Chambers, Opera
House, Mumbai, India.
Business line : It is engaged in the manufacturing,
wholesale, retail & supply of diamond & jewellery. In 2000, the said co. was awarded the second
highest polished diamond manufacturer by the Gem & Jewellery Exporting
Promotion Council in India. *
No. of employees : NA
Civil litigation
& winding-up petition records : None in our database
Turnover : INR10,960M (year ended 31-12-2004)
* The said co. is a
sightholder of the Diamond Trading Company (DTC).
INR = Indian Rupee
INR100 = HK$17.17
Shah Rajeshkumar
Chandanmal, managing director and main founder:
- 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
partner of Komal Gems
Currently active in
SC's day-to-day operations & is responsible for its management.
Registered
residential address: Flat B, 10/F, Princess Terrace, 21-23 Man Fuk Road,
Waterloo Hill, Homantin, Kowloon, HK.
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
Patel Lalit Jivraj,
director:
- In his mid 50's
- He is by Indian
nationality
Currently residing
in Indian & only visits Hong Kong for business occasionally.
Registered
residential address: Flat F, 14/F, Union Mansion, 33-35 Chatham Rd,
Tsimshatsui, Kln., 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: 2 Obtained scores : 68 (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 gemstones, jades, oval, pear and emerald.
Production is
assigned to its affiliated factory located in Surat, India.
A portion is sold
under its own brand(s) "Cygnus".
Principal purchases:
Major types of
sourcing : Merchandise
Local--type of
suppliers : Nil
Buying terms : Nil
Overseas--supplying
countries : Its affiliates in
India (mainly), Thailand, Belgium & USA
Buying terms : Intercompany account basis,
L/C & T/T
Principal market:
Local--type of
customers: Dealers
Selling terms : COD & credit of 30-60
days
Overseas--buying
countries: PR China, Japan, S.Korea, Taiwan, SE Asia, Middle East, USA &
Europe
Selling terms : L/C, D/P & T/T
Jointly occupying
the premises with the below mentioned affiliate.
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 group also
maintains subsidiaries in Belgium, Thailand, USA & United Arabia Emirates.
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:
- ABN AMRO Bank N.V.
- State Bank of
India
- Antwerpse
Diamantbank NV
- Wing Lung Bank
Ltd.
Upon a current contact, SC's principal(s)
declined forwarding any financial information on the ground that SC is a
private venture whose data is not required for public inspection.
Our search indicated
that SC's annual turnover for the year ended 31-12-2004 was US$40M.
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
5-12-2005 was NA.
SC is considered a normally
advancing concern with steady customers and good base to meet its trade
engagements. Credit in the range of
moderate amount can be considered.
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 |