MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BALCON LTD. |
|
|
|
|
Registered Office : |
c/o Sincere Secretaries Ltd., 13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
26.02.2004 |
|
|
|
|
Com. Reg. No.: |
34353730 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name of the company
BALCON
LTD.
ADDRESS
c/o Sincere Secretaries Ltd.
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong.
Phone: 2545 6525
MANAGEMENT
Managing Director: Mr. Subhash Dudani
SUMMARY
Incorporated on: 26th February, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$8,000,000.00
Issued: HK$8,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Fair.
ADDRESS
Registered Head Office:-
c/o Sincere Secretaries Ltd.
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong.
BUSINESS REGISTRATION NUMBER
34353730
COMPANY FILE NUMBER
885030
MANAGEMENT
Managing Director: Mr. Subhash Dudani
CAPITAL
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
SHAREHOLDER: (As per registry dated 26-02-2008)
|
Name |
|
No. of shares |
|
Subhash DUDANI |
|
8,000,000 ======= |
DIRECTOR: (As
per registry dated 26-02-2008)
|
Name (Nationality) |
Address |
|
Subhash DUDANI |
10C, Conway Mansion, 29 Conduit Road, Central, Hong Kong. |
SECRETARY: (As
per registry dated 26-02-2008)
|
Name |
Address |
Co.
No. |
|
Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong. |
109535 |
HISTORY
The subject was incorporated on 26th February, 2004 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, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery.
Employees: Nil.
Commodities Imported:India, Europe, etc.
Markets: Japan, India, other Asian countries, etc.
Terms/Sales: L/C.
Terms/Buying: L/C.
FINANCIAL INFORMATION
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
Mortgage or Charge (since August 2007): (See attachment)
Profit & Loss: Kept a balance account in 2007.
Condition: Business is not very active.
Facilities: Making rather active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Fair.
Bankers
Indian Overseas Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Standing: Fair.
GENERAL
Having issued 8 million ordinary shares of HK$1.00 each, Balcon Ltd. is wholly-owned by Mr. Subhash Dudani who is an Indian.
Mr. Dudani is holding an India passport and does not have the right to reside in Hong Kong permanently.
Formerly the subject was equally held by Mr. Dudani and Mr. Parmeshwar Vyas who is also an Indian. The latter transferred all his shares to Mr. Dudani on 21st January, 2008. Since then, the subject has been wholly owned by Mr. Dudani.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at 13/F., Chun Wo Commercial Centre, 23‑29 Wing Wo Street, Central, Hong Kong known as Sincere Secretaries Ltd. which is handling its correspondences and documents. Sincere Secretaries Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds, emerald, precious stones, ruby jade, gem stones, semi-precious stones, etc. Raw materials are imported from India, Belgium, and other European countries, etc. Rough diamonds are processed in Hong Kong or China, while finished products are exported to Japan, other Asian countries, Europe, the Middle East, etc. Business is improving.
Mr. Subhash Dudani seems to be a rather rich Indian. His working capital in Hong Kong is over US$ 2 million.
The subject’s business is chiefly handled by Mr. Subhash Dudani himself.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
COURT CASES
None per our.
MORTGAGE OR CHARGE
(Since August 2007)
|
Date |
Particulars |
Amount |
|
24-08-2007 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: MU 273934 Date of Receipt: 09-08-2007 Amount of Deposit: US$148,000.00 Rate of Interest: 4.75% Maturity Date Shown on Receipt: 09-11-2007 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
21-11-2007 |
Instrument: Undertaking Relating to Deposits Property: Receipts No. Value Date Due Date Amount 2005 EM 695 19-07-2007 18-01-2008 US$411,834.75 2006 EM 53 13-06-2007 13-12-2007 US$158,012.57 2006 EM 63 09-07-2007 09-01-2008 US$121,316.07 2007 EM 101 17-10-2007 17-01-2008 US$325,000.00 Mortgagee: UCO Bank, Hong Kong Branch. |
Liabilities means all and any liabilities, sole or joint, actual or contingent, quantified or not, now or hereafter owing to the Bank by the Company |
|
28-02-2008 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: MU 280909 MU 281188 Date of Receipt: 12-02-2008 28-02-2008 Amount of Deposit: US$750,000.00 US$90,125.38 Rate of Interest: 2.90% 2.90% Maturity
Date Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
06-03-2008 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: MU 281293 Date of Receipt: 04-03-2008 Amount of Deposit: US$635,000.00 Rate of Interest: 2.85% Maturity Date Shown on Receipt: 07-04-2008 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
25-03-2008 |
Instrument: Memorandum Property: Distinctive Date of 91210300001156 10-02-2008 US$161,394.43 10-06-2008 91210300001181 16-02-2008 US$157,815.21 16-05-2008 91210300001193 20-02-2008 US$327,667.11 20-08-2008 91210300001246 06-03-2008 US$110,160.61 06-06-2008 91210300001263 12-03-2008 US$250,000.00 12-09-2008 91210300001301 20-03-2008 US$105,383.90 20-06-2008 91210300000209 14-06-2007 US$213,830.00 14-06-2008 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
04-07-2008 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: MU 283206 Date of Receipt: 11-06-2008 Amount of Deposit: US$500,000.00 Rate of Interest: 2.70% Maturity Date Shown on Receipt: 11-09-2008 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)