MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELEMENTS LTD. |
|
|
|
|
Registered Office : |
Flat D, 22/F., 8 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
22.05.2002 |
|
|
|
|
Com. Reg. No.: |
32668216 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter, and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name of the company
ELEMENTS LTD.
ADDRESS
Flat D, 22/F., 8 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Phone: 2369 5200
Fax: 2369 5300, 2369 6400
MANAGEMENT
Managing Director: Mr. Mukund Krishna Joshi
SUMMARY
Incorporated on: 22nd May, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$300,000.00
Business Category: Importer, Exporter, and Wholesaler.
Annual Turnover: US$6-7 million.
Employees: 2.
Main Dealing Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory
ADDRESS
Registered Head Office:-
Flat D, 22/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Blue Stone Investments S.A., Luxembourg.
Affiliated Companies:-
Revashanker Gems Ltd., India.
Revashanker Group, India.
Shankar Jewels Ltd., India.
BUSINESS REGISTRATION NUMBER
32668216
COMPANY FILE NUMBER
798977
MANAGEMENT
Vice President: Mr. Rajeev Selot
Managing Director: Mr. Mukund Krishna Joshi
CAPITAL
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$300,000.00
SHAREHOLDER: (As
per registry dated 22-05-2008)
|
Name |
|
No. of shares |
|
Blue Stone Investments S.A. 9B, BD Prince Henri, L1724, Luxembourg. |
|
300,000 ====== |
DIRECTORS: (As
per registry dated 22-05-2008)
|
Name (Nationality) |
Address |
|
Mukund Krishna JOSHI |
Ferdinand Verbiestlaan 1, 2650 Edegem, Belgium. |
|
Rajeev SELOT |
7/31 Pearl of Juhu, Samarth Ramdas Marg, J.V.P.D. Scheme, Mumbai-400 049, India. |
SECRETARY: (As
per registry dated 22-05-2008)
|
Name |
Address |
Co.
No. |
|
Dhun’s Management Services Ltd. |
7/F., Man On Commercial Building, |
27006 |
HISTORY
The subject was incorporated on 22nd May, 2002 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 products, emerald, precious stones, etc.
Employees: 2.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, etc.
Annual Turnover: US$6-7 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$300,000.00
Mortgage or Charge:-
Date of Debenture: 27-09-2005
Amount: General banking facilities
Property: All the Company’s undertaking and property and assets whatsoever and wheresoever both present and future including all book and other debts revenues and claims
Mortgagee: ABN AMRO Bank N.V., Hong Kong Branch.
Profit & Loss: Making a small profit every year.
Condition: Keeping in a normal state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 300,000 ordinary shares of HK$1.00 each, Elements Ltd. is a wholly-owned subsidiary of Blue Stone Investments S.A. which is a Luxembourg-based firm.
The subject is a diamond importer, exporter and wholesaler.
The subject is part of Revashanker Group, which has been a leading manufacturer and supplier of diamonds since 1935. The Group, which is headquartered in Mumbai, also has representative office in New York, Antwerp and Hong Kong. Being a customer of Rio Tinto diamonds, Revashanker Group receives direct allocation from Diavik mines from Canada.
The subject is trading in white diamonds mainly below 15 pts, fine make from VVS ideal cut to I. Raw materials are chiefly imported from Belgium and India. Rough diamonds are polished and cut in Hong Kong or China. Prime markets are Hong Kong, Japan, South Korea, and other Asian countries.
The subject has got a main affiliated company in Mumbai, India known as Shankar Jewels Ltd. which is also a member of Revashanker Group.
Most of the time, Mr. Mukund Krishna Joshi is in Belgium responsible for sourcing raw materials. Another director Mr. Rajeev Selot, also an Indian, is stationing in Mumbai, India handling his business concerns.
The annual sales turnover of the subject ranges from US$6 to 7 million. Making a small profit every year.
The subject’s business is handled by an Indian who can be reached at his mobile phone number 9746 7100 in Hong Kong.
Since the history of the subject in Hong Kong is over six years, consider it good for normal business engagements.
COURT CASES
None per our.
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%)