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MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
DHARM CREATION (HK) LTD |
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Registered Office : |
RM 1701, 17/F, Lee Wai Commercial Bldg., 1-3 Hart Ave., Tsimshatsui,
Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.07.2004 |
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Com. Reg. No.: |
910307 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Jewellery |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
DHARAM CREATIONS (HK) LTD.
RM 1701, 17/F, LEE WAI COMMERCIAL BLDG., 1-3 HART AVE., TSIMSHATSUI,
KOWLOON, HONG KONG.
TEL: 852 27220292 / 27231466
FAX: 852 27225214
EXECUTIVE SUMMARY
INCORPORATION DATE :
7-7-2004
REGISTRATION NO. :
910307
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE :
PATEL PIYUSHKUMAR LALJIBHAI (DIRECTOR)
STAFF STRENGTH :
3
AUTHORIZED CAPITAL :
HKD $5M = 0.5M ORDINARY SHARES @ HKD $1.-
+ 450 PREFERENCE SHARES @ HKD $10,000
PAID-UP CAPITAL :
HKD $3,570,000
BUSINESS LINE :
TRADING OF JEWELLERY
TURNOVER :
US$5M (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
SMALL AMOUNT
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79809 = USD1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
M - million HKD – Hong Kong
Dollars
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The correct name of SC is the heading one instead of "Dharm
Creations (HK) Ltd." (given by you).
SC is a private limited company registered under incorporation file no.
910307 on 7-7-2004.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 7-7-2007) Number
of shares held
- Dharmanandan Diamonds Private Ltd. 10,000
- Goti Prakashkumar Tulsibhai 20,000
- Patel Piyushkumar Laljibhai 30,000
- Jerambhai Virani Sanjaykumar 10,000
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Ordinary shares: 70,000
=====
.
Dharmanandan Diamonds Private Ltd. 350
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Preference shares: 350
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Director(s) (as at 7-7-2007)
- Patel Piyushkumar Laljibhai / Z1446736
- Goti Prakashkumar Tulsibhai / E9002026
- Sutariya Vipulbhai Purshottambhai / Z1530440
- Jerambhai Virani Sanjaykumar / A8569707
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
SC's registered office address:
Suite 1-3, 16/F, Kinwick Centre, 32 Hollywood Road, Central, Hong Kong.
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Goti Prakashkumar Tulsibhai, director:
- He is by Indian nationality
Currently residing in India & only visits Hong Kong for business
occasionally.
Registered residential address: 57, Narayan Muni, Nagar, Nani Ved, Gam
Surat, Gujarat, India.
Credit history check : This refers to a check of our database whether
the said person has been involved in any of the following 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
Jerambhai Virani Sanjaykumar, director:
- He is by Indian nationality
Currently residing in India & only visits Hong Kong for business
occasionally.
Registered residential address: 34, Narayan Muni, Ngar, Nani Ved, Ved
Road, Behind Swamy Narayan Guruku, Surat 395004, Gujarat, India.
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 : 61 (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.
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During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
Our current search reveals that SC's turnover for the year ended 31-12-2006
was US$5M.
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 7-7-2007 was nil.
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Banking relations are maintained principally with: HSBC
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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 records 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.
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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.
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Business categories :
SC is engaged in trading of jewellery.
Items available include loose polish diamond, polished diamond &
diamond studded jewellery.
Principal purchases :
Major types of sourcing :
Merchandise
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
India (SC's affiliate)
Buying terms :
Intercompany account basis
Principal market :
Local--type of customers :
Wholesalers & walk-in customers
Selling terms :
COD & credit of 30 days
Overseas--buying countries :
SE Asia
Selling terms :
T/T & open account of 30 days
Total number of employees : 3.
Location : Maintaining its office & shop at the heading business address which
occupies a gross area of 1,000 square feet at a commercial building in a commercial
district.
Condition inside the premises during our visit : Normal.
Office/factory layout : Standard.
The premises is rented.
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SC's affiliate:
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- Name: Dharmanandan Diamonds
Pvt. Ltd.
- Address: G/14, Prasad
Chambers, Opera House, Mumbai, India.
- Tel: 91-22-40041111
- Fax: 91-22-66355533
SC's branch office:
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- Address: Dharm exim, Plot no
-152, Surat Special Economic Zone, Sachin-Surat - 394230, Gujarat, India.
- Tel: 91-261-2398511/8233
- Fax: 91-261-2398088
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SC is considered a normally advancing concern with steady customers and
good base to meet its trade engagements.
Credit in the range of small amount can 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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)