MIRA
INFORM REPORT
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Report Date : |
26th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AAROHI DIAMONDS LTD. |
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Registered Office : |
Unit 13A, 9/F,
Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong
Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.11.2003 |
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Com. Reg. No.: |
869809 |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged in supply of fine jewellery. Items available include diamonds
& jewelleries. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 : |
Usually Correct |
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Litigation : |
Clear |
Company Name & Address
AAROHI DIAMONDS
LTD.
UNIT 13A, 9/F,
HENG NGAI JEWELRY CENTRE, 4 HOK YUEN STREET EAST, HUNGHOM, KOWLOON, HONG KONG.
TEL : 852 23336078
FAX : N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
7-11-2003
REGISTRATION NO. :
869809
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : BHANSALI NIRAV KUMAR (DIRECTOR)
STAFF STRENGTH :
4.
AUTHORIZED CAPITAL :
HK$1M = 1M SHARES @HK$1.-
PAID-UP
CAPITAL : HK$1M
BUSINESS LINE :
SUPPLY OF FINE JEWELLERY
TURNOVER :
HK 200M (YEAR ENDED 31-3-2006)
EQUITIES :
N/A (YEAR ENDED 31-3-2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80930 = USD1 AS OF 2007-2-25
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
The correct address of SC is the heading one instead of "Unite
#13A, 9th Floor, Heng Nagai Jewellery Centre, 4 Hok Yuen Street, East Hung Hom,
Hong Kong" given by you.
SC is a private limited company registered under incorporation file no.
869809 on 7-11-2003.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 7-11-2006) Number
of shares held
Aarohi Diamonds (Israel) Ltd. 510,000
Classic Diamonds (India) Ltd. 490,000
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1,000,000
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Directors (as at 30-11-2006)
Bhansali Nirav Kumar / Z1568216
Shah Devang Hasmukhlal / R409089(5)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
Bhansali Rupen Chandrakant 30-11-2006
Name(s) of newly appointed director(s) Appointment
date
Shah Devang Hasmukhlal 30-11-2006
Total number of employees : 4.
Location : Maintaining
its office at the heading business address which occupies a gross area of 2,500
square feet at an industrial building in a commercial & residential
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 : (X) see below ( ) see attached sheet
Date :
11-11-2004
Defendant(s) : SC
Plaintiff(s) : Hong Kong Boardband Network
Ltd.
Cause of claim : Service charge
Claimed amount : ANS
Mortgage/charge record(s) : (X) see below ( ) see per attached
Creation date : 30--2005
Charger(s) :
SC
Chargee(s) :
ABN AMRO Bank N.V.
Secured amount : ANS
Charge particulars : Debenture
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2005
Year(s) in which mortgage satisfaction record(s) are filed: Nil
SC is a subsidiary of Aarohi Diamonds (Israel) Ltd., whose partial
information is as follows:
- Registered address: 101, Noam
Building, Diamond Exchange, Ramatgan, Telaviv, Israel
- Business line: Supply of
diamonds, jewelleries, precious stones & metals
- Civil litigation & winding-up petition records: None in our
database
Bhansali Nirav Kumar, director:
- In his late 30's
- He is by Indian nationality
- He has over 10 years of experience in present field
Currently residing in India & only visits Hong Kong for business
occasionally.
Registered residential address: C-42, Ramba, Napenansea Road, Mumbai-400
006, 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
Shah Devang Hasmukhlal, director:
- In his late 30's
- He is by Indian nationality
- He has over 3 years of experience in present field
Currently residing in India & only visits Hong Kong for business
occasionally.
Registered residential address: 78/39 Marine Drive, F Road, 4/F, Mumbai
20, 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 : 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 supply of fine jewellery. Items available include
diamonds & jewelleries.
Principal purchases :
Major
types of sourcing : Diamonds
& jewelleries
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : India & Belgium
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Wholesalers & retailers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : Nil
Selling
terms : L/C &
T/T
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: ABN AMRO Bank N.V.
Upon a current
contact, Shah Devang Hasmukhlal, SC's director, refused releasing detailed
financial data but advised that SC's turnover for year ended 31-3-2006 was
$200M.
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 7-11-2006 was US$2,874,300.44.
SC appears to have maintained a modest
growth in recent years. Its standing
for moderate amount of credit dealings appear acceptable.
-- 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 |
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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%)
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