MIRA
INFORM REPORT
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Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIASQUA INTERNATIONAL LTD. |
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Registered Office : |
Rm 401-3, 4/F, Guardforce Centre, 3 Hok Yuen Street East,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.3.2000 |
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Com. Reg. No.: |
709126 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and Supply of Diamond and Gemstones. |
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 : |
No Complaints |
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Litigation : |
Clear |
name & address
DIASQUA INTERNATIONAL LTD.
T/A DIASQUA (HONG KONG)
RM 401-3, 4/F, GUARDFORCE CENTRE,
3 HOK YUEN STREET EAST, HUNGHOM, KOWLOON, HONG KONG.
TEL : 852 2209 6600
FAX : 852 2209 6620
EXECUTIVE SUMMARY
INCORPORATION DATE :
20-3-2000
REGISTRATION NO. :
709126
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : MEHTA NIMESH PIYUSH (DIRECTOR)
STAFF STRENGTH :
30.
AUTHORIZED CAPITAL
: HKD $40M = 40M SHARES @HKD$1.-
PAID-UP CAPITAL
: HKD $40M
BUSINESS LINE :
IMPORT & SUPPLY OF DIAMOND & GEMSTONES
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79594 = USD1
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
SC is a private limited company registered under incorporation file no.
709126 on 20-3-2000.
SC's shareholders & directors are shown to be as follows:
Shareholder(s) (as at 20-3-2007) Number
of shares held
- Mehta Nimesh Piyush 10,000,000
- Mehta Rajul Nimesh 10,000,000
- Mehta Romy Piyush 10,000,000
- Mehta Vimesh Piyush 10,000,000
------------
40,000,000
========
Director(s) (as at 20-3-2007)
- Mehta Nimesh Piyush / P146336(9)
- Mehta Priti Romy / R151747(2)
- Mehta Rajul Nimesh / P195864(3)
- Mehta Romy Piyush / R148936(3)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
SC has 3 trade names as follows:
- Diasqua (HK)
- Diaglobe (HK)
- Diajewel (HK)
SC's group formerly named "The ICD Works".
SC was incorporated in 1933 in India.
Mehta Nimesh Piyush, director:
- In his 50's & married
- He is by Israeli nationality
- Moved to Hong Kong from Israel in his 30's
- Also currently director of:
~ Prismdia Ltd.
~ Gemasia (Hong Kong) Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B2, 20/F, Greenfield Terrace, 26
Homantin Hill Road, Kowloon, Hong Kong.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Mehta Nimesh Piyush & Mehta Rajul Nimesh
- Date of purchase / consideration : 1-8-2000 /HKD $ 4.8M
- Date of mortgage / secured amount : 30-10-2003 / ANS
- Mortgagee : Bank of China (HK) Ltd.
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
Mehta Rajul Nimesh, director:
- In her 40's & married
- She is by Israeli nationality
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as Mehta Nimesh Piyush.
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:
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
Civil litigations : (X) see below ( ) see per attached
Date :
14-11-2003
Defendant(s) : The said person
Plaintiff(s) : Lam Ting Ho Paul
Cause of claims : Motor Claims
Claimed amount : ANS
Ownership background appraisal:
Rating : 2 Obtained scores : 70 (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.
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 20-3-2007 was nil.
Banking relations are maintained principally with:
- Bank of China (HK) Ltd.
- DBS Bank (HK) Ltd.
- Bank of India
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 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 : 17-5-2005
Charger(s) :
SC
Chargee(s) :
Bank of India
Secured amount : US$1.4M
Charge particulars : Letter of Lien
Creation date : 31-10-2005
Charger(s) :
SC
Chargee(s) :
DBS Bank (HK) Ltd.
Secured amount : ANS
Charge particulars : Mortgage (Flat D, 8/F, Sunrise Villa, 33 Sung On St.,
Kln., Hong Kong.)
Creation date : 9-5-2006
Charger(s) :
SC
Chargee(s) :
Commonwealth Finance Corporation Ltd.
Secured amount : ANS
Charge particulars : Letter of Hypothecation of Trade Finance
Creation date : 12-5-2006
Charger(s) :
SC
Chargee(s) :
Commonwealth Finance Corporation Ltd.
Secured amount : ANS
Charge particulars : Charge Over Deposits
(Deposit: US$0.3M)
Creation date : 7-7-2006
Charger(s) :
SC
Chargee(s) :
Bank of India
Secured amount : US$3M
Charge particulars : Letter of Lien **
** Details of the said charge particulars (letter of lien):
- Nature of deposit: Term
deposits
- Date of deposit: 7-7-2006
- Amount: US$750,000
- Due date: 7-7-2007
- Interest rate: 5.00%
- Mode of payment of interest:
Cumulate
Creation date : 23-3-2007
Charger(s) :
SC
Chargee(s) :
HSBC
Secured amount : HKD$ 3.9M
Charge particulars : Security over deposits with the bank(a/c no.181-8-618744)
Creation date : 3-7-2007
Charger(s) :
SC
Chargee(s) :
HSBC
Secured amount : ANS
Charge particulars : Mortgage (address: Flat B, 26/F, Tower 2, Bailey Garden,
Kln., Hong Kong)
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2003, 2006 &
2007
Year(s) in which mortgage satisfaction record(s) are filed: 2004, 2005
& 2007
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 : Owing to the nature of its business, SC is not an active seeker of local commercial credit since merchandise/materials are imported. Its expenses in the form of accruals and servicing are reportedly met in prompt manner.
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 import & supply of diamond & gemstones.
Items available include a wide range of polished diamonds in various
sizes, colours & shapes as follows:
- Sizes: From 0.005 ct. (1/200)
to 3.00 ct.
- Colors: White from the light
to the darker, brown, capes & other natural fancy colors
- Shapes: Brilliant, princess,
marquise, pear, rose-cut, tapper & banguette, briolette, heart, oval.
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : Israel, India, Thailand,
Russia & Belgium
Buying terms : L/C & T/T
Principal market :
Local--type
of customers : Manufacturers &
retailers
Selling
terms : COD &
credit of 30 to 45 days
Overseas--buying
countries : PR China, USA, Europe &
SE Asia
Selling
terms : L/C &
T/T
Total number of employees : 30.
Location : Maintaining
its office & workshop at the heading business address which occupies a
gross area of 3,500 sq. ft. at an industrial building in an industrial
district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
The premises is owned by SC.
Property ownership : Current land search indicates the ownership details
of the heading premises as follows:
- Owner(s) : SC
- Date of purchase / consideration : 15-4-2004 / HKD$ 20,180,000
- Date of mortgage / secured amount : 15-4-2004 / ANS
- Mortgagee : DBS Bank (HK) Ltd.
SC is not known to have any subsidiary at
present.
From all indications, SC is believed to have made a steady and
successful trend of development. Credit
in the range of moderate amount can be considered.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Flat D, 8/F, Sunrise Villa, 33 Sung On St., Kln., Hong Kong.
- Owner(s): SC
- Date of purchase / consideration: 31-10-2005 / HKD$ 2.7M
- Date of mortgage / secured amount: 31-10-2005 / ANS
- Mortgagee: DBS Bank (HK) Ltd.
Current land search indicates that SC was involved in the following
property transaction:
- Address: Unit 2, 8/F,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kln., Hong Kong.
- Assignor: SC
- Assignee: Komal Gems Ltd.
- Date of disposal & consideration:
26-4-2004 / HKD$ 2,592,550
The said premises was formerly purchased by SC at a consideration of
HKD$ 1,962,880 on 26-9-2003.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
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%)