MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIAMOND MINE CORPORATION LTD. |
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Registered Office : |
Room 1316, 13/F., Peninsula Square, 18 Sung On Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.10. 2003 |
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Com. Reg. No.: |
34086862 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Diamonds and Jewellery Products, Emerald, Precious Stones, 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
DIAMOND MINE CORPORATION LTD.
ADDRESS
Room 1316, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2739 8299
FAX: 2739 9200
E-MAIL: hongkong@sheetalgroup.com
(Formerly located at: Room B-1, 9/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.)
MANAGEMENT
Managing Director: Mr. Girish Vasharambhai Bagadia
SUMMARY
Incorporated on: 2nd October, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 5. (Including affiliate)
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1316, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Affiliated Company:-
Sheetal Hong Kong Ltd., Hong Kong. (Same address)
Associated
Companies:-
Sheetal Group of
Companies
Blossom Diamonds, Hong Kong.
KIAH Life Style Pvt. Ltd., India.
Sheetal Europe B.V.B.A., Belgium.
Sheetal Jewellery Sanjay Kakadia, India.
Sheetal Manufacturing Co., India.
etc.
BUSINESS REGISTRATION NUMBER
34086862
COMPANY FILE NUMBER
864105
MANAGEMENT
Managing Director: Mr. Girish Vasharambhai Bagadia
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
SHAREHOLDER
(As per registry
dated 02-10-2007)
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Name |
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No. of shares |
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Shital Girish BAGADIA |
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2 = |
DIRECTORS
(As per registry
dated 02-10-2007)
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Name (Nationality) |
Address |
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Girish Vasharambhai BAGADIA |
Flat B, 9/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. |
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Vijay Vallabhbhai LAKHANI |
Flat B, 9/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 02-10-2007)
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Name |
Address |
Co. No. |
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Vinford Ltd. |
Room 1813, 18/F., Wellborne Commercial Centre, |
346328 |
HISTORY
The subject was incorporated on 2nd October, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room B-1, 9/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in August 2006.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 5. (Including affiliate)
Commodities Imported: India, Canada, Russia, Australia, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, Europe, Middle East, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, 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
Indebtedness: HK$3,584,960.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 02-10-2007)
Mortgage or Charge:-
Date of Mortgage: 12-07-2006
Amount: To secure general banking facilities
Property: 2,290/588,444th parts or shares of and in Kowloon Inland Lot No. 10985 (Unit 16 on 13/F. of West Wing of Peninsula Square, 18 Sung On Street, Kowloon, Hong Kong.)
Mortgagee: Wing Lung Bank Ltd., Hong Kong.
Profit & Loss: Making a small profit every year.
Condition: Business is steady.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: Wing Lung Bank Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 2 ordinary shares of HK$1.00 each, Diamond Mine Corporation Ltd. is wholly-owned by Mr. Shital Girish Bagadia who is an Indian. The directors of the subject are Mr. Girish Vasharambhai Bagadia and Mr. Vijay Vallabhbhai Lakhani, both of whom are India passport holders.
The subject is a diamond importer, exporter and wholesaler. The subject has got an affiliated company Sheetal Hong Kong Ltd. [Sheetal HK], a Hong Kong-registered firm which is also trading in diamonds and jewellery. Sheetal HK is a member of the Sheetal Group which is an India-based firm. The subject is an associated firm or business partner of the Sheetal Group. To our knowledge, the Group is owned by the Kakadia family.
Currently, Sheetal HK is trading in loose diamonds, carat size diamonds, fancy diamonds and other precious stones. Mr. Girish Vasharambhai Bagadia is also the Chief Executive Officer of Sheetal HK which is a member of Diamond Federation of Hong Kong, China Ltd., Hong Kong.
Sheetal Group, with more than 35 years in business, is one of the leading manufacturers of polished diamonds in the world. With a global presence, Sheetal has firmly established itself in important jewellery markets, specializing across the value chain from mines to market.
Sheetal’s association with major diamond mining companies like De Beers, Rio Tinto, Alrosa and others enables it to source and distribute consistently in volume and variety. It procures diamonds from mining companies in Canada, Russia, Africa and Australia. Along with a robust employee base, Sheetal has developed state-of-the-art factories equipped with advanced equipment. Over the years, it has achieved a reputation of unique end-to-end supply capability and being the brown diamond specialist. It has commanded market leadership position in the brown diamonds segment for more than 11 years.
The famous brand of Sheetal is “KIAH”, an Australian aboriginal word means “coming from a beautiful place”. With a network of 15 exclusive showrooms across major cities in India and Dubai, “KIAH” today is one of the leading brands in the diamond jewellery market in India.
Indirectly, the subject also has had business ties with major diamond mining companies and is able to provide clients with rough diamonds, loose diamonds with competitive prices.
The subject is supported by the Sheetal Group. Annual sales turnover is rather steady.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
Property Location: Unit
16 on 13/F. of West Wing, Peninsula Square,
18 Sung On Street, Kowloon, Hong Kong.
Owner: Diamond Mine Corporation 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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12-07-2006 |
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Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)