MIRA
INFORM REPORT
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Report Date : |
08.01.2007 |
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 |
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Country
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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:
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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
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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
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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:
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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
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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
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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 |