MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIAMART LTD. |
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Formerly Known as : |
4C’S DIAMONDS DISTRIBUTORS LTD. |
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Registered Office : |
Room 1724, 17/F., Star House, 3 Salisbury Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.10. 2000. |
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Com. Reg. No.: |
31379959 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Distributor and Wholesaler of All kinds of Diamonds, etc. |
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
DIAMART
LTD.
ADDRESS
Room 1724, 17/F.,
Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2377 1635, 2877 3191
FAX: 2801 4910, 2801 4925
MANAGEMENT
Managing
Director: Mr. Nilesh Ratilal Sedani
SUMMARY
Incorporated
on: 9th October, 2000.
Organization: Private Limited Company.
Capital: Nominal: US$3,000,000.00
Issued: US$3,000,000.00
Business Category:
Diamond Distributor.
Employees: 8.
(Including affiliates)
Main Dealing
Banker: ABN AMRO Bank N.V.,
Hong Kong Branch.
Banking
Relation: Satisfactory.
ADDRESS
Registered Office:-
c/o Tricor Tengis
Ltd.
Level 28, Three
Pacific Place, 1 Queen’s Road East, Hong Kong.
Head Office:-
Room 1724, 17/F.,
Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 96871, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Holding Company:-
Digico Holdings
Ltd., Hong Kong. (Same address)
Affiliated Companies:- (Same address)
4C’S Diamonds
Distributors, Hong Kong.
Trans Exim Ltd.,
Hong Kong.
BUSINESS REGISTRATION NUMBER
31379959
COMPANY FILE NUMBER
733837
MANAGEMENT
Managing
Director: Mr. Nilesh Ratilal Sedani
CAPITAL
Nominal Share Capital:
US$3,000,000.00 (Divided into 3,000,000 shares of US$1.00 each)
Issued Share
Capital: US$3,000,000.00
SHAREHOLDERS
(As per registry dated 09-10-2007)
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Name |
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No. of shares |
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Nishit Dinesh
MEHTA |
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1 |
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Digico Holdings Ltd., Hong Kong. |
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2,999,999 |
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–––––––– |
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Total: |
3,000,000 ======= |
DIRECTORS
(As per registry dated 01-03-2008)
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Name (Nationality) |
Address |
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Deepak
Krishnarao KULKARNI |
Flat No. S11, Block B-2, Lok Bharti, Marol
Maroshi Road, Ansdheri (E), Mumbai-S9, M.S., India. |
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Nilesh Ratilal
SEDANI |
Room 1724, 17/F., Star House, 3 Salisbury
Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 09-10-2008)
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Name |
Address |
Co.
No. |
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VMC Secretaries Ltd. |
Room 1617-1618,
16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. |
750831 |
HISTORY
The subject was
incorporated on 9th October, 2000 as a private limited liability company under the
Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of 4C’S Diamonds Distributors Ltd., name
changed to the present style on 14th February, 2001.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Distributor and Wholesaler.
Lines: All kinds of diamonds, etc.
Employees: 8. (Including affiliates)
Commodities Imported: India, Belgium, etc.
Markets: Hong Kong, other Asian countries, Europe, US, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C.
FINANCIAL INFORMATION
Nominal Share
Capital: US$3,000,000.00 (Divided into 3,000,000 shares of US$1.00 each)
Issued Share
Capital: US$3,000,000.00
Indebtedness: HK$15,000,000.00 (Total amount outstanding on all mortgages and charges as per
last Annual Return dated 09-10-2007)
Mortgage or Charge
(since 2005): (See attachment)
Profit & Loss: Making a very small profit.
Condition: Business is fairly active.
Facilities: Making rather active use of
general banking facilities.
Payment: Met as required.
Commercial
Morality: Satisfactory.
Bankers:-
ABN AMRO Bank
N.V., Hong Kong Branch.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
UCO Bank,
Hong Kong Branch.
ICICI Bank Ltd.,
Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 3
million ordinary shares of US$1.00 each, Diamart Ltd. is a wholly-owned
subsidiary of Digico Holdings Ltd. [Digico Holdings], a Hong Kong-registered
firm located at the operating address of the subject. Digico Holdings is an affiliated company of the Digico Group
[Digico] which is an Indian group.
The subject is a
diamond trader. It sources raw
materials from India and Belgium. After
processing in Hong Kong, finished products are exported to Japan and other
Asian countries.
Established in
1966, Digico is one of the earliest established diamond houses in the world.
Digico has
established jewellery manufacturing facilities of its own, built an
distribution and marketing infrastructure, introduced multiple diamond
jewellery brands and created incremental downstream demand for the diamonds
that are manufactured in its own factories worldwide. Digico has been a DTC sight holder since 1967 (one of the first
companies to be granted a sight).
The Group has a
strong presence at every level of the diamond business, right from sourcing
diamonds at competitive prices from DTC as sight holder to retailing its
products through a vast network of self owned and franchised stores.
Digico is the
pioneer of branded jewellery in India and has several well established brands
in its arsenal to tap the continuously growing branded jewellery market in
India and the rest of the world. The
list includes well‑know and well established brands such as “Nakshatra”,
“Gili”, “Asmi”, “Sangini”, “D’Damas”, “Mi Amor”
and “Giantti”. Digico has a
strong retail presence in India and across the globe through its retail stores
of Samuels , Rogers and Verite.
Digico announced
on 16th April, 2008 in Tokyo, Japan, the takeover bid for Verite, the jewellery
retail major based out of the Japanese capital. Listed at the Tokyo Stock Exchange since 1991, Verite has over
one hundred stores across Japan and boasts of annual sales of over US$100
million.
The subject is
fully supported by the Group.
The subject’s
business is chiefly handled by Mr. Nilesh Ratilal Sedani who is an Indian
passport holder.
The subject has
got a number of affiliated companies located at its operating address, namely,
4C’S Diamonds Distributors, Trans Exim Ltd., etc.
On the whole,
consider the subject good for business engagements.
REMARKS
Court Cases: None per our.
Property
information of the company:-
Property Location: Unit No. 1724 on 17/F., Star House,
3 Salisbury Road, Kowloon, Hong Kong.
Owner: Diamart Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
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Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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04-03-2005 |
- |
Belgian Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 2005)
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Date |
Particulars |
Amount |
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04-03-2005 |
Instrument: Debenture Property: The Borrower hereby charges to the Lender
by way of first floating charge all its accounts receivable, book debts,
undertakings and all the property, assets and rights and other choses in
action, whatsoever and wheresoever, both present and future Mortgagee: Belgian
Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
To secure all moneys in respect of general banking facilities |
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04-03-2005 |
Instrument: Mortgage Property: 24/19,328th parts or shares of and in
Section A of Kowloon Marine Lot No. 10 (Unit No. 1724 on 17/F. of Star House,
3 Salisbury Road, Kowloon, Hong Kong.) Mortgagee: Belgian
Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
To secure all moneys in respect of general banking facilities |
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29-04-2005 |
Instrument: Undertaking
Relating to Deposits Property: Receipt No. Value Date Due Date Amount EM 1463 09-05-2005 09-08-2005 US$600,252.50 Mortgagee: UCO
Bank, Hong Kong Branch. |
Liabilities means all and any liabilities, sole or joint, actual or
contingent, quantified or not, now or hereafter owing to the Bank by the
Company |
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21-09-2007 |
Instrument: Undertaking
Relating to Deposits Property: Receipts No. Value Date Due Date Amount 2005 EM 44 13-08-2007 13-11-2007 US$666,566.28 2007 EM 91 02-10-2007 02-01-2008 US$400,000.00 Mortgagee: UCO
Bank, Hong Kong Branch. |
Liabilities means all and any liabilities, sole or joint, actual or contingent,
quantified or not, now or hereafter owing to the Bank by the Company |
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25-08-2008 |
Instrument: Debenture Property: The Chargor charges to the Bank by way of
floating charge all the undertaking and all property, assets and rights of the
Chargor present and future wherever situate from time to time as continuing
security for the due and punctual payment to the Bank of all monies Mortgagee: ICICI
Bank Ltd., Hong Kong Branch. |
All monies |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)