MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
NIRGEM HK LTD. |
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Registered Office : |
Room 803, 8/F., |
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Country : |
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Date of Incorporation : |
22.04.2005 |
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Com. Reg. No.: |
35556903 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of Diamonds and
Jewellery. |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
NIRGEM HK
LTD.
(Trading as NIRGEM)
ADDRESS
Room 803, 8/F.,
PHONE: Not available
FAX: Not available
MANAGEMENT
Managing Director: Mr. Jignesh Chandrakant Mehta
SUMMARY
Incorporated on: 22nd April, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 803, 8/F.,
Operating Company:-
Nirgem,
Affiliated
Companies:-
Pan International DMCC, UAE.
Pan-Facets Co. Ltd.,
Paras Gems N.V.,
Popatlal Nathalal
BUSINESS REGISTRATION NUMBER
35556903
COMPANY FILE NUMBER
965794
MANAGEMENT
Managing Director: Mr. Jignesh Chandrakant Mehta
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
SHAREHOLDERS
(As per registry
dated 22-04-2008)
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Name |
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No. of shares |
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Popatlal Nathalal Shah 1802, Panchratna, Opera
House, Mumbai-400 004, |
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1 |
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Pan-Facets Co. Ltd. |
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1 |
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–– |
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Total: |
2 = |
DIRECTOR
(As per registry
dated 22-04-2008)
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Name (Nationality) |
Address |
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Jignesh Chandrakant MEHTA |
12/F., |
SECRETARY
(As per registry
dated 22-04-2008)
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Name |
Address |
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Bayani Divino Bautista |
Flat B, 2/F., King’s Court, |
HISTORY
The subject was incorporated on 22nd April, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of diamonds and jewellery.
Employees: 4.
Commodities Imported:
Markets: Worldwide.
Terms/Sales: As per contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit & Loss: Making a small profit.
Condition: Business is improving.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd.,
Standing:
GENERAL
Nirgem HK Ltd. is equally owned by Popatlal Nathalal Shah
[PNS],
The subject is trading as Nirgem.
The subject and its affiliated companies are trading in diamonds, gems and jewellery.
PNS is a reputed name in the Indian Diamond Industry for over five decades. It is engaged in manufacturing polished diamonds in various shapes and sizes. It is specialized in manufacturing high value round brilliant cuts from 1 cent to 5 carats.
PNS was established in 1956 by Shri Popatlal Nathalal Shah
with the objective of manufacturing of quality diamonds in
PNS is manufacturing and selling polished diamonds. These diamonds are manufactured in 5 state-of-the-art manufacturing centres located in Dahisar, Mumbai. These units house over 300 skilled craftsmen.
PNS promotes and sells its products in the world market
through its representatives in various countries. Its products find ready acceptance in various
countries. It exports its goods to the
PNS sources its rough diamonds from dependable and reputed sources, ensuring quality and competitive price. It manufactures polished diamonds in various sizes and shapes like Rounds, Marquise, Oval, Princess, Pear, etc.
Manufacturing White Round Diamonds (Brilliant Cut) from 1 cent up to 5 carats is PNS’ speciality. It makes goods from shades D to J in all purities; these are mostly high value goods from 1 cent to 5 carats weight.
PNS’ future plans include venturing into manufacture of diamond-studded jewellery and offer more value to its customers.
The subject is fully supported by PNS.
The subject’s business is chiefly handled by Mr. Jignesh Chandrakant Mehta who is a Hong Kong ID Card holder.
On the whole, in view of the subject’s background and parentage, consider it good for normal business engagements.
COURT CASES: None per our.
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.89 |
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1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.57 |
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. |
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%)