MIRA
INFORM REPORT
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Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
WALASONS LTD. |
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Registered Office : |
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.08. 2007 |
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Com. Reg. No.: |
38240773 |
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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 Precious Stones. |
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
WALASONS LTD.
ADDRESS
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE : 2311 5052
FAX: 2311 5053
E-MAIL: info@walasons.com
walasons@yahoo.com
MANAGEMENT
Managing Director: Mr. Nilesh Sambhubhai Italiya
SUMMARY
Establishment: 2nd April, 2007.
Incorporated on: 1st August, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$300.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated Company:-
Manee Diam Co. Ltd., Thailand.
BUSINESS REGISTRATION NUMBER
38240773
COMPANY FILE NUMBER
1154678
MANAGEMENT:
Managing Director
Mr. Nilesh Sambhubhai Italiya
General Manager: Mr. Pareshkumar Mansukhbhai Katrodia
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$300.00
SHAREHOLDERS
(As per registry
dated 01-08-2008)
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Name |
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No. of shares |
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Prakash Shambhubhai ITALIA |
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100 |
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Nilesh Sambhubhai ITALIYA |
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100 |
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Sharda Nilesh ITALIYA |
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100 |
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––– |
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Total: |
300 === |
DIRECTORS
(As per registry
dated 01-08-2008)
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Name (Nationality) |
Address |
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Sharda Nilesh ITALIYA |
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong. |
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Nilesh Sambhubhai ITALIYA |
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong. |
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Prakash Shambhubhai ITALIA |
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 01-08-2008)
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Name |
Address |
Co. No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong. |
113023 |
HISTORY
The subject was incorporated on 1st August, 2007 as a private limited liability company under the Hong Kong Companies Ordinance to take over the former business of Walasons which was a sole proprietorship concern established on 2nd April, 2007 and owned by Mr. Pareshkumar Mansukhbhai Katrodia under the Hong Kong Business Registration Number 37780910.
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 precious stones.
Employees: 5.
Commodities Imported: Thailand, India, Europe, etc.
Markets: Hong Kong, Asian countries, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
MEMBERSHIP
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKW0471]
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$300.00
Profit & Loss: Too early to offer an opinion.
Condition: Business is still under development.
Facilities: Adequate for current running.
Payment: Met as required.
Commercial Morality: Too early to comment.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Please be advised that Walasons was a sole proprietorship concern established on 2nd April, 2007 under the Hong Kong Business Registration Number 37780910. Owned and set up by Mr. Pareshkimar Mansukhbhai Katrodia who is an Indian, Walasons has ceased business formally since 30th December, 2007.
Located at the same address, now Walasons is replaced by Walasons Ltd. which was incorporated on 1st August, 2007.
Having issued 300 ordinary shares of HK$1.00 each, the subject is equally owned by the members of the Italia or Italiya family, namely, Mr. Prakash Shambhubhai Italia, Mr. Nilesh Sambhubhai Italiya and Sharda Nilesh Italiya
However, the subject is under the leadership of Mr. Pareshkumar M. Katrodia who is the General Manager. The subject is an affiliate of Manee Diam Co. Ltd. [Manee Diam] which is headquartered in Bangkok, Thailand.
In 2007, the global sales of Manee Diam amounted to US$25 million. Business is supposed to be good. It is a leading provider of white colour natural polished diamond. The subject also has got an affiliated company bearing the same name in India [India Walasons]. India Walasons has been a diamond manufacturing, exporting and importing company since 1972. India Walasons started its operation in 1972 from the world’s biggest diamond manufacturing and trading centre Surat and Mumbai in India.
Being a major player on the international diamond stage, India Walasons has got a manufacturing unit in Surat, India, and is providing customers with quality diamonds utilizing the state of the art equipment.
India Walasons serve the customers across the Asia (including strong bases in Thailand, Hong Kong, China, Vietnam ), the Middle East, Europe and the United States.
The subject’s main markets are the following countries and regions: Thailand, Hong Kong, China, Vietnam, the Philippines, Malaysia, Singapore, India, the United States, Russia, Turkey, etc.
The other key members of the subject are Mr. Mukesh Italiya who is the Head of Accounts & Finance; Mr. Abc, Administrator; Mr. Shashi Bhushan, Manager (Marketing & International PR).
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
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.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)