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MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAY DIAMONDS (H.K.) LTD. |
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Registered Office : |
Suite 904, 9/F., Hart Avenue Plaza, 5-9A Hart Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.07.2005. |
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Com. Reg. No.: |
35875878 |
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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, 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
KAY DIAMONDS
(H.K.) LTD.
ADDRESS
Suite 904, 9/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2139 9754
FAX: 2139 9756
MANAGEMENT
Managing Director: Mr. Vinit Bhankharia
SUMMARY
Incorporated on: 15th July, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong.
Head Office:-
Suite 904, 9/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Arpee Gem Pte. Ltd., Singapore.
Related Companies:-
Adesh Gems Pvt. Ltd., India.
Adesh International Pvt. Ltd., India.
Apree Gems DMCC, Belgium.
Arpee Gem Pte. Ltd., Singapore.
Gembel European Sales NV, Belgium.
Kay Jewels NV, Belgium.
Kirti Equities Pvt. Ltd., India.
BUSINESS REGISTRATION NUMBER
35875878
COMPANY FILE NUMBER
983378
MANAGEMENT
Managing Director: Mr. Vinit Bhankharia
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
SHAREHOLDER
(As per registry dated
15-07-2008)
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Name |
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No. of shares |
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Arpee Gem Pte. Ltd. 80 Raffles Place, #25-01 UOB Plaza, Singapore 048624. |
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500,000 ====== |
DIRECTORS
(As per registry
dated 15-07-2008)
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Name (Nationality) |
Address |
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Vinit BHANKHARIA |
Flat H, 12/F., Block 3, Site 5, Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
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Chetan MEHTA |
6, Hadasha Street, City Garden, Aprt. No. 222, Tel Aviv, Israel. |
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Bhavin Rashmi MEHTA |
27, Berkanlaan, Wilrijk, Belgium. |
SECRETARY
(As per registry
dated 15-07-2008)
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Name |
Address |
Co. No. |
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Prima Secretaries Ltd. |
Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong. |
569406 |
HISTORY
The subject was incorporated on 15th July, 2005 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, emerald, precious stones, etc.
Employees: 3.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, India, other Asian countries, etc.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, 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$500,000.00
Indebtedness: HK$100,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 15-07-2008)
Mortgage or Charge:-
Date of Security Over Deposits with the Bank (Limited Company – Under Seal): 09-02-2006
Amount: To secure general banking facilities
Property: HK$100,000 and any further sums hereafter standing to the credit of the Company’s A/C No. 808-118368 and any deposit accounts with the Bank
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit & Loss: Making a very small profit.
Condition: Business is normal.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 500,000 ordinary shares of HK$1.00 each, Kay Diamonds (H.K.) Ltd. is a wholly-owned subsidiary of Arpee Gem Pte. Ltd. [Arpee] which is a Singapore-based firm.
The subject is a diamond trader so as its parent company Arpee. Raw materials are imported from India, Belgium and other European countries. Gem stones and diamonds are processed, polished and cut in Hong Kong. Finished products are exported to Singapore, other Asian countries and Europe, etc.
Arpee has got an affiliated company Adesh International Pvt. Ltd. which is in Mumbai, India. Adesh International is engaged in importing rough diamonds, manufacturing jewellery with polished diamonds, cutting and polishing rough diamonds, etc.
One of the directors of the subject Mr. Bhavin Rashmi Mehta is also the directors of the following firms:-
Adesh Gems Pvt. Ltd., India
Adesh International Pvt. Ltd., India
Apree Gems DMCC, Belgium
Arpee Gem Pte. Ltd., Singapore
Gembel European Sales NV, Belgium
Kay Jewels NV, Belgium
Kirti Equities Pvt. Ltd., India
Mr. Bhavin Rashmi Mehta seems to be a significant character in India and he has been appointed director of ING Investment Management Pvt. Ltd., India. Aged 36, Mr. Mehta has got the degree of BSc. from University of Surrey, India, majored in Business and Marketing.
Currently, the subject’s business is chiefly handled by Mr. Vinit Bhankharia who is an Indian holding a Hong Kong ID Card. He has got the right to reside in Hong Kong permanently.
On the whole, since the history of the subject is short in Hong Kong, consider it good for moderate 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.49.29 |
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UK Pound |
1 |
Rs.80.40 |
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Euro |
1 |
Rs.63.35 |
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%)