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MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUGEM (H.K.)
LTD. |
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Registered Office : |
Room 502-503, 5/F., Harbour Centre, Tower 2, 8 Hok Cheung Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.03. 2002. |
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Com. Reg. No.: |
32467907 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of Find Jewellery, 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
SUGEM
(H.K.) LTD.
ADDRESS
Room 502-503,
5/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 2723 6407
FAX: 2724 0519
E-MAIL: sugem@sugem.com.hk
(Formerly located
at: Room 1105-1108, 11/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon,
Hong Kong.)
MANAGEMENT
Managing
Director: Mr. Varsha Bhupendra Surani
SUMMARY
Incorporated on: 25th March, 2002.
Organization: Private Limited Company.
Capital: Nominal: US$100,000.00
Issued: US$100,000.00
Business Category: Diamond Trader.
Annual Turnover: HK$25-30 million.
Employees: 11.
Main Dealing Banker: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 502-503,
5/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong
Kong.
Affiliated Companies:-
J. B. International Sourcing (India) Ltd., Hong Kong.
J. B. Jewelry (HK) Ltd., Hong Kong.
J.B. Collection (H.K.) Ltd., Hong Kong.
J.B. Diamonds (H.K.) Ltd., Hong Kong.
J.B. Diamonds, India.
J.B. International Mfg. Ltd., Hong Kong.
Miral Gems Co. Ltd, Thailand.
Sugem Inc., USA.
Sugem Pte. Ltd., Singapore.
Sugem, Hong Kong.
etc.
BUSINESS REGISTRATION NUMBER
32467907
COMPANY FILE NUMBER
790559
MANAGEMENT
Chairman: Mr. Bhupendra Jivrajbhai Surani
Managing
Director: Mr. Varsha Bhupendra Surani
CAPITAL
Nominal Share
Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share
Capital: US$100,000.00
SHAREHOLDERS
(As per registry dated 25-03-2008)
|
Name |
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No. of shares |
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Varsha Bhupendra
SURANI |
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9,500 |
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Bhupendra
Jivrajbhai SURANI |
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85,500 |
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J.B. Diamonds (H.K.) Ltd., Hong Kong. |
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5,000 |
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––––––– |
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Total: |
100,000 ====== |
DIRECTORS
(As per registry dated 31-05-2008)
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Name (Nationality) |
Address |
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Vinu Virjibhai
KUKADIA |
Flat B, 31/F., Block 9, Parc Palace, 18
Wylie Road, Kowloon, Hong Kong. |
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Bhupendra
Jivrajbhai SURANI |
31 King’s Park Hill Road, Homantin,
Kowloon, Hong Kong. |
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Varsha Bhupendra
SURANI |
31 King’s Park Hill Road, Homantin, Kowloon,
Hong Kong. |
SECRETARY
(As per registry dated 25-03-2008)
|
Name |
Address |
Co. No. |
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DSC
(Corporate Services) Ltd. |
Room 1910-1913, 19/F., Hutchison House, 10 Harcourt Road, Central,
Hong Kong. |
535845 |
HISTORY
The subject was incorporated
on 25th March, 2002 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the
subject was located at Room 1105-1108, 11/F., Hilder Centre, 2 Sung Ping
Street, Hunghom, Kowloon, Hong Kong, moved to the present address with effect
from 3rd May, 2008.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of find jewellery, diamonds, etc.
Employees: 11.
Commodities Imported: Belgium India, etc.
Markets: Asia, the Middle East, Europe, US, etc.
Annual Turnover: HK$25-30 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$100,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Business is rather profitable.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
ICICI Bank Ltd., Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued
100,000 ordinary shares of US$1.00 each, Sugem (H.K.) Ltd. is jointly owned by
Mr. Bhupendra Jivrajbhai Surani, holding 85.5% interest; Mr. Varsha Bhupendra
Surani, holding 9.5%; and J.B. Diamonds (H.K.) Ltd., Hong Kong, 5.0%.
Sugem, the marketing
and rough diamond purchasing arm of JB Diamonds, was founded in 1984 in
Antwerp, Belgium. JB Jewelry was
established in 2000, it is an innovative manufacturer and distributor of
diamond jewellery. The subject is
responsible for handling global distribution of all branded jewellery
collection for JB Group. Business is
rather active. The Group has set up a
factory in Surat, India.
JB Group was
founded by Jivraj Surani and Bhagwan Kukadia in 1965. Their vision was to create a diversified business house. Very soon, the company quickly evolved to
become a renowned state-of-the-art manufacturer and distributor of polished
diamond and diamond jewelry worldwide.
The Group today
has multifarious businesses which are run and managed by professionals. The Group’s business portfolio encompasses
diamond, jewelry manufacturing, properties, hospitality, IT park, consultancy,
sourcing, mining, alternate energy and IT/BPO services.
JB Group has gone
from strength to strength since its inception as a diamond cutting and
polishing unit four decades ago in India to a Energy to Properties conglomerate
with a combined Global Sales Turnover of US$3 billion. Besides Hong Kong, today the Group has a
very strong operational presence in the Greater China, Indonesia, Thailand, The
Sultanate of Oman, the UAE, Africa and the United States.
The annual sales
turnover of the subject ranges from HK$25 to 30 million. Business is rather profitable.
The subject’s
business is chiefly handled by the Surani family. Two of the members have been in Hong Kong for a very long time.
On the whole,
consider the subject good for normal business engagements.
COURT CASES: None per our.
MORTGAGE OR
CHARGE
|
Date |
Particulars |
Amount |
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02-08-2002 |
Instrument: Debenture Property: 1) All freehold and leasehold property of the Company 2) All stocks shares bonds and securities of any kind 3) All book and other debts revenues and claims both present and future 4) The uncalled capital goodwill and all patents patent applications trade marks trade names registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property both present and future of the Company 5) The undertaking and all other assets of the Company both present and future and the heritable property Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
General credit facilities for the sum of HK$117,000,000 |
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26-01-2005 |
Instrument: Further Debenture (by way of a Floating Charge) Property: 1) All stocks shares bonds and securities of any kind 2) All book and other debts revenues and claims both present and future 3) The uncalled capital goodwill and all patents patent applications trade marks trade names registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property both present and future of the Company 4) The undertaking and all other assets of the Company both present and future and the heritable property Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
All money and liabilities |
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16-10-2006 |
Instrument: Debenture Property: The Company by way of fixed and floating charge ranking second to the Debenture dated 26-01-2005 granted by the Company to Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV) Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
All money and liabilities |
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19-03-2007 |
Instrument: Charge over Cash Deposit and Shares and Other Securities Property: Fixed Deposit No. 899012000373 dated 01-11-2006 for US$1,250,000 bearing interest at the rate of 5.60% p.a. and any other additional sum deposited/subsequent renewals as per terms of the Facility Letter dated 16-10-2006 Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
General credit facilities |
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11-10-2007 |
Instrument: Charge over Cash Deposit and Shares and Other Securities Property: Fixed Deposit No. 899012000634 dated 31-07-2007 for US$1,250,000 bearing interest at the rate of 5.55% p.a. and any other additional sum deposited/subsequent renewals as per terms of the Facility Letter dated 10-04-2007 Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
General credit facilities |
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08-01-2008 |
Instrument: Charge over Cash Deposit and Shares and Other Securities Property: Fixed Deposit No. 899012000768 dated 13-12-2007 for US$20,000 bearing interest at the rate of 4.60% p.a. and any other additional sum deposited/subsequent renewals as per terms of the Facility Letter dated 10-04-2007 Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
General credit facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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%)