MIRA
INFORM REPORT
|
Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DIAMART LTD. |
|
|
|
|
Registered Office : |
Rm 1724, 17/F, Star House, Salisbury Road, Tsimshatsui,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09-10-2000 |
|
|
|
|
Com. Reg. No.: |
733837 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing of jewellery products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NAME
DIAMART LTD.
ADDRESS
RM 1724, 17/F, STAR HOUSE, SALISBURY ROAD,
TSIMSHATSUI, KOWLOON, HONG KONG.
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. CREDIT RANGE :
MODERATE AMOUNT
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 – Hong Kong Dollars
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
------------
1,583,000
=======
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 Gloucester Raod, Wanchai, HK in Jan 2006.
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 : 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 : 26-7-2002 / HKD 2,750,000
- Date of mortgage
& secured amount : 4-3-2005 / ANS
- Mortgagee :
Industrial & Commercial Bank of China (Asia) 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 :
4-3-2005
Charger(s) :
SC
Chargee(s) :
Industrial & Commercial Bank of China (Asia) Ltd.
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 China (Asia) Ltd.
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
- 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, Belgium & India.
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 : Thailand, India, S. Africa
& Beglium
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, SE Asia, USA
& Europe
Selling terms : L/C
& T/T
Reportedly, SC is an
affiliate of Digico Group.
SC's group maintains
affiliates in USA (New York), PR China (Qingdao), Thailand (Bangkok), Japan
(Tokyo), Dubai & India.
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 China (Asia) Ltd.
- 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 |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)