MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAVANI HONG KONG
LTD. |
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Registered Office : |
Room 1206, 12/F., Hang Seng Tsim Sha Tsui Building, 18 Carnarvon Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.03.2006. |
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Com. Reg. No.: |
36549048 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler 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
BHAVANI
HONG KONG LTD.
ADDRESS
Room 1206, 12/F., Hang
Seng Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 2368 6769
FAX: 2368 6979
MANAGEMENT
Managing
Director: Mr. Pradeep Jagdish Jhaveri
SUMMARY
Incorporated on: 16th March, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1206, 12/F.,
Hang Seng Tsim Sha Tsui Building, 18 Carnarvon Road, Tsimshatsui, Kowloon, Hong
Kong.
Affiliated Companies:-
Bhavani Gems,
India.
Instyle Jewellery,
India.
BUSINESS REGISTRATION NUMBER
36549048
COMPANY FILE NUMBER
1030955
MANAGEMENT
Managing
Director: Mr. Pradeep Jagdish Jhaveri
CAPITAL
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
SHAREHOLDERS
(As per registry dated 16-03-2008)
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Name |
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No. of shares |
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Pradeep Jagdish
JHAVERI |
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5,000 |
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Khadela SAMIR |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry dated 11-04-2008)
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Name (Nationality) |
Address |
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Pradeep Jagdish
JHAVERI |
13-C, Haven Court, Discovery Bay, Hong
Kong. |
SECRETARY
(As per registry dated 16-03-2008)
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Name |
Address |
Co. No. |
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Willie
Management Services Ltd. |
Room 907, 9/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street,
Hong Kong. |
1159285 |
HISTORY
The subject was
incorporated on 16th March, 2006 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: 4.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, India, other Asian countries, etc.
Terms/Sales: L/C and T/T.
Terms/Buying: L/C.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
Profit & Loss: Suffered from a small loss in 2007.
Condition: Business is improving.
Facilities: Adequate for current running.
Payment: Met
trade commitments on time.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued
10,000 ordinary shares of HK$1.00 each, Bhavani Hong Kong Ltd. is equally owned
by Mr. Pradeep Jagdish Jhaveri and Mr. Khadela Samir. The latter is a Belgian.
The director of the subject is Mr. Pradeep Jagdish Jhaveri who has been
in Hong Kong for a very long time.
The subject is
trading in the following commodities: cut and polished diamonds, diamond and
gold jewellery, carat size diamonds, fancy diamonds, loose diamonds, diamond
jewellery, platinum jewellery, etc.
Products are mainly imported from India and Belgium.
The subject is an
affiliate of Bhavani Gems [Bhavani] which is an India-based firm. The subject is responsible for promoting
Bhavani Gems throughout the Asia Pacific region by distributing its products in
the form of “Regular, high-end gems and diamonds in pointers carat plus sizes”.
The subject has
got an affiliated company known as Instyle Jewellery which is also an India-based
firm. Instyle Jewellery has been a
sightholder of the Diamond Trading Company [DTC] since 1996, and is an ISO 9001
certified company. It is a major
manufacturer of round and tapers polished diamonds, and offers jewellery
manufacturers and retailers in the United States, Belgium, the Asia Pacific
region and India a full range of small stars, melee and other finished
diamonds. Instyle Jewellery’s diamonds
are graded by three makes, Gem, High and Regular to fulfil the customer’s
specific requirements. Bhavani Gems offers customers worldwide with consistent
assortment and just in time delivery.
Currently, Bhavani Gems exports over US$90 million worth of polished
diamonds annually, business is rather active.
In April 2008, DTC
released the names of all 79 companies that are UK sightholders for the 2008 to
2011 contract period while Bhavani Gems is one of the firms.
The subject is
engaged in the same lines of business as Instyle Jewellery.
In order to
penetrate the international market further, the subject has taken part in fairs
and exhibitions held in Hong Kong and other foreign large cities. The latest fair the subject and Bhavani Gems
participated was Hong Kong Jewellery & Watch Fair which had been held on
15th to 19th September, 2008. Bhavani
Gems’ business is handled by Mr. Nilesh Jhaveri who seems to the a family
member of Mr. Pradeep Jagdish Jhaveri.
Since the history
of the subject is just over two and a half years in Hong Kong, consider it
good for normal business engagements on L/C basis for the time being.
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.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
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%)