MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNRISE DIAMONDS LTD. |
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Registered Office : |
Flat C, 7/F, |
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Country : |
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Date of Incorporation : |
25-2-2004 |
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Com. Reg. No.: |
884758 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & trading of diamond. |
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/normal. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SUNRISE DIAMONDS LTD.
FLAT C, 7/F,
TEL : 852 27235100
FAX : 852 23149100
EXECUTIVE SUMMARY
INCORPORATION DATE :
25-2-2004
REGISTRATION NO. :
884758
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : MEHTA RITESH ASHOK (DIRECTOR)
STAFF STRENGTH :
2
AUTHORIZED CAPITAL
: HKD$10,000 = 1,000 SHARES @HKD $10.-
PAID-UP CAPITAL
: HKD $100.-
BUSINESS LINE :
MANUFACTURE & TRADING OF DIAMOND
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81898= USD1 AS OF 2007-5-9
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
SC is a private limited company registered under incorporation file no.
884758 on 25-2-2004.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 25-2-2007) Number
of shares held
- Mehta Ritesh Ashok 10
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Directors (as at 25-2-2007)
- Mehta Ritesh Ashok / R276791(A)
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.
Mehta Ritesh Ashok, director: He
has 10 years of experience in present field.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat K, 5/F, Blk 2,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Mehta Ritesh Ashok
- Date of purchase & consideration : 6-1-2005 / HKD $5.8M
- Date of mortgage & secured amount : NA
- Mortgagee : NA
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
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.
Upon a current contact, Mehta Ritesh Ashok, SC's director, declined
forwarding any financial information on the ground that it is the company's
policy not releasing any data to a third party without the benefit of knowing
the identity of the inquiring party.
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 25-2-2007 was NA.
Banking
relations are maintained principally with: ABN Amro Bank N.V.
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
Civil litigation/winding-up petitions: None in our database.
Mortgage/charge record(s): (x) see below ( )
see per attached
Creation date : 24-1-2006
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: 2006
Year(s) in which mortgage satisfaction record(s) are filed: Nil
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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
First Second
Type of supplies : Materials
Time known : 1 year
Selling terms : Net
30 days
Total purchases (last 6 months) : HKD
$0.12M
Present balance : HKD
$44,000
Payment record : 3
Payment record keys : 1 = Prompt : Payment made
before the credit period expires
2
= As agreed terms : Payment made upon due
date
3
= Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond
agreed terms
5
= Poor : Payment made over 45 days beyond
agreed terms
6 = Payment slowing down : Payment formerly prompt
but slowing down in recent months
7 = No comment : Account is newly opened &
record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Business categories:
SC is engaged in manufacturing & trading of diamond.
Principal market :
Local--type
of customers : Wholesalers &
retailers
Selling
terms : COD &
credit of 45 days
Overseas--buying
countries : Europe,
Selling
terms : L/C &
T/T
Total number of employees : 2.
Location : Maintaining
its office at the heading business address which occupies a gross area of 800
square feet at a commercial building in a commercial district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
SC is not known to have any subsidiary at
present.
SC is considered small-sized in its line
with an operating history of 3 years.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in
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%)