MIRA INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
AAROHI DIAMONDS LTD. |
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Registered Office : |
Unit 13A, 9/F., Heng Ngai Jewelry Centre, 4
Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
07.11.2003 |
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Com. Reg. No.: |
34064068 |
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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 Products. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name OF THE COMPANY
AAROHI DIAMONDS
LTD.
(Trading as CLASSIC JEWELS)
ADDRESS
Unit 13A, 9/F., Heng Ngai Jewelry Centre, 4
Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 2333 6078
FAX: 2333 6768
E-MAIL: admin@aarohidiamonds.com.hk
MANAGEMENT
Managing Director: Mr. Devang Hasmukhlal Shah
SUMMARY
Incorporated on: 7th November, 2003.
Organization Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category Jewellery Trader.
Employees:
10.
Main Dealing Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered
Head Office:-
Unit 13A, 9/F., Heng Ngai Jewelry Centre, 4
Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Holding Company
Armaan SDW Ltd., Hong Kong. (Same address)
Operating Company
Classic Jewels, Hong Kong. (Same address)
Affiliated Companies
Classic Diamonds Group of Companies
Aarohi Diamonds Inc., US.
Aarohi Diamonds Israel Ltd., Israel.
Classic Diamonds (India) Ltd., India.
etc.
BUSINESS REGISTRATION NUMBER
34064068
COMPANY FILE NUMBER
869809
MANAGEMENT
Managing Director: Mr. Devang Hasmukhlal Shah
CAPITAL
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry
dated 07-11-2007)
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Name |
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No. of shares |
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Classic Diamonds (India) Ltd. 1002, Prasad Chambers, Opera House,
Mumbai-400 004, India. |
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490,000 |
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Armaan SDW Ltd., Hong Kong. [Formerly known as Armaan HK Ltd.] |
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510,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated
07-11-2007)
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Name (Nationality) |
Address |
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Devang Hasmukhlal SHAH |
78/39, Marine Drive, F RD, 4/F., Mumbai 20, India. |
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Nirav Kumar BHANSALI |
C-42, Ramba, Napenansea Road, Mumbai-400 006, India. |
SECRETARY
(As per registry dated
07-11-2007)
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Name |
Address |
Co. No. |
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Essex Tax & Secretarial
Services Ltd. |
Room 606, 6/F.,
Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Kowloon, Hong Kong. |
605716 |
HISTORY
The subject was incorporated on 7th November,
2003 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 products.
Employees: 10.
Commodities Imported: India, Europe and other Asian countries.
Markets: India, other Asian countries, Europe, US, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: US$2,491,200.00 (Total
amount outstanding on all mortgages and charges as per last Annual Return dated
07-11-2007)
Mortgage or Charge:-
Date of Debenture: 16-01-2008
Amount: All
monies
Property: 1) Assign to the Bank the proceeds of each
policy of insurance
2) Charge to the Bank by way of a floating charge
all shares, stock, bonds, debentures, certificates of deposit, promissory
notes, warrants, futures, options, funds, units, notes and other securities
3) Charge to the Bank by way of floating charge
all book debts and other debts
4) Charge to the Bank by way of floating charge
all negotiable instruments at any time drawn, issued or endorsed in favour of,
or held by or on behalf of, the Customer in relation to Secured Assets
5) Charge to the Bank by way of floating charge
all funds standing to the credit of the Customer
6) Charge to the Bank by way of floating charge
all choses in action and claims now and in the future belonging to the Customer
Mortgagee: ICICI Bank Ltd., Hong Kong
Branch.
Profit
& Loss: Making a small profit every
year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking
facilities.
Payment: Met obligations on time.
Commercial
Morality: Satisfactory.
Bankers
ABN AMRO Bank N.V., Hong Kong Branch.
ICICI Bank Ltd., Hong Kong Branch.
Indian Overseas Bank, Hong Kong Branch.
Standing:
Normal.
GENERAL
Having issued 1 million ordinary shares of
HK$1.00 each, Aarohi Diamonds Ltd. is jointly held by two firms: Classic
Diamonds (India) Ltd. [Classic Diamonds], India, holding 49% interest and
Armaan SDW Ltd., Hong Kong, holding 51%.
The latter is also located at the subject’s operating address.
The subject’s business name is “Classic
Jewels” [CJ] which is trading in Classic Diamonds’ products. Currently, Classic Diamonds is listed on the
Bombay Stock Exchange. The subject is a
key member of the Classic Diamonds Group.
With an annual turnover in excess of US$100
million, Classic Diamonds is one of the leading diamond companies in
India. Classic Diamonds converted from
a partnership to a corporate structure in 1986. It has been one of the few publicly quoted companies on the stock
exchange ever since.
Classic Diamonds is one of the largest Indian
manufacturers of Stars (2 pointer) with a monthly output of
2,500,000 stones.
Classic Diamonds is buying its rough diamonds
from the major mining companies, after processing the finished products are
sold to jewellery manufacturers or sent to its own jewellery manufacturing
factory.
Classic Diamonds’ jewellery manufacturing
factory is ISO 9001 certified.
According to Classic Diamonds, its factory in Surat, India is engaged in
cutting and polishing raw diamonds. The
floor area of the factory is 220,000 sq.ft.
In February 2003, Classic Diamonds launched
its CJ flagship stores in India. It is
likely that the subject would operate a CJ store in Hong Kong.
One of the subject’s director Nirav Kumar
Bhansali is also a director of Classic Diamonds.
Besides the subject, Classic Diamonds Group
has set up affiliated companies in the United States and Israel.
The subject is fully supported by the Classic
Diamonds Group.
On the whole, consider the subject good for normal business engagements.
COURT CASES None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.32 |
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UK Pound |
1 |
Rs.74.20 |
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Euro |
1 |
Rs.60.73 |
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%)