MIRA
INFORM REPORT
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Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
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Name : |
DIAMART LTD. |
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Registered Office : |
Rm 1724, 17/F, Star House, |
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Date of Incorporation : |
09-10-2000 |
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Com. Reg. No.: |
733837 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of jewellery products. |
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
DIAMART LTD.
ADDRESS
RM 1724, 17/F, STAR HOUSE,
TSIMSHATSUI,
TEL : 852 28773191
FAX : 852 28014925
EXECUTIVE SUMMARY
INCORPORATION DATE : 9-10-2000
REGISTRATION NO. : 733837
REGISTERED LEGAL FORM : PRIVATE LIMITED CO.
CHIEF
EXECUTIVE : MEHTA NISHIT DINESH (DIRECTOR)
STAFF STRENGTH : 8
AUTHORIZED
CAPITAL : US$3M = 3M SHARES @ US$1.-
PAID-UP CAPITAL
: US$1,583,000
BUSINESS LINE : MANUFACTURE OF JEWELLERY PRODUCTS
TURNOVER : N/A (AS OF DEC. 31, 2004)
EQUITIES : N/A (AS OF DEC. 31, 2004)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : HKD 7.75960 = USD1 AS OF 2006-03-03
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
The
correct address of SC should be the heading one instead of the address given by
you.
SC is a
private limited company registered under incorporation file no. 733837 on
9-10-2000.
SC's
shareholders & directors are shown to be as follows:
Shareholders (as at 9-10-2005) Number
of shares held
Digico Holdings Ltd. 1,582,999
Mehta Nishit Dinesh 1
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1,583,000
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Directors
(as at 9-10-2005)
Mehta
Nishit Dinesh / P286059(0)
Sedani
Nilesh Ratilal / E5459129
Gyanabrata
Bhattacharya Arya / P270311(8)
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 28/F, Bank of
East Asia Harbour View Centre, 56
Total number of employees : 8.
Location : Maintaining
its office at the heading business address which occupies a gross area of 1,000
square feet at a commercial building in a commercial & shopping district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
Property
ownership : Current land search indicates the ownership details of the
captioned premises as follows:
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Owner(s) : SC
- Date of
purchase & consideration : 26-7-2002 / HKD 2,750,000
- Date of
mortgage & secured amount : 4-3-2005 / ANS
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Mortgagee : Industrial & Commercial Bank of
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
Civil litigation/winding-up petitions : None in our database.
Mortgage/charge record(s) : (X)
see below ( ) see per attached
Creation date :
4-3-2005
Charger(s) :
SC
Chargee(s) :
Industrial & Commercial Bank of
Secured amount :
ANS
Charge particulars : Mortgage (Same as heading business address)
Creation date :
4-3-2005
Charger(s) :
SC
Chargee(s) :
Industrial & Commercial Bank of
Secured amount :
ANS
Charge particulars : Debenture
Creation date :
29-4-2005
Charger(s) :
SC
Chargee(s) :
UCO Bank
Secured amount :
US$600,252.50
Charge particulars : Undertaking Relating to Deposits
Mortgage
Index:
Year(s)
in which mortgage registration(s) are filed: 2002, 2005
Year(s)
in which mortgage satisfaction record(s) are filed: 2004
Mehta
Nishit Dinesh, director:
- In his
50's & married
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Embarked upon his career to present field as a junior salesman in his 20's
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: Same as heading business address.
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
Sedani
Nilesh Ratilal, director:
- In his
50's & married
- Embarked
upon his career to present field as a junior salesman in his 20's
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: Same as heading business address.
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 : 58 (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 manufacturing of jewellery products.
Items
available include rings, earrings, bracelets, pendants, bangles, necklaces
& other jewellery products (made of gemstones, jade & diamond).
Production
is assigned to its affiliated factories located in PR China,
Principal
purchases :
Major types of
sourcing : Raw
materials
Local--type of
suppliers :
Importers
Buying terms : COD
& credit of 30 to 60 days
Overseas--supplying
countries :
Buying terms : L/C
& T/T
Principal
market :
Local--type of
customers : Wholesalers &
retailers
Selling terms : COD
& credit of 30 to 60 days
Overseas--buying
countries : PR China,
Selling terms : L/C
& T/T
Reportedly,
SC is an affiliate of Digico Group.
SC's
group maintains affiliates in
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:
- HSBC
-
Industrial & Commercial Bank of
- UCO
Bank
During our report preparation, the
principals could not be contacted while the staff members hesitated to release
financial information without the principals' consent.
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 9-10-2005 was US$600,000.
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 |