MIRA INFORM REPORT

 

 

Report Date :           

01.08.2011

 

IDENTIFICATION DETAILS

 

Name :

FAR  &  BEST  LTD.

 

 

Registered Office :

Flat 7A, 7/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.12.2002

 

 

Com. Reg. No.:

33944328

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name  

 

FAR  &  BEST  LTD.

 

 

Company ADDRESS

 

Flat 7A, 7/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2724 0061

FAX:                 2724 0063

 

 

MANAGEMENT

 

General Manager:  Mr. Satish Iyer

 

 

SUMMARY

 

Incorporated on:             20th December, 2002.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,200,000.00

Issued:              HK$1,000,000.00

 

Business Category:        Diamond Trader.

 

Annual Turnover:            HK$90~100 million.

 

Employees:                   5.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Flat 7A, 7/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

33944328

 

 

COMPANY FILE NUMBER

 

0826813

 

 

MANAGEMENT

 

General Manager:  Mr. Satish Iyer

 

 

CAPITAL

 

Nominal Share Capital:   HK$1,200,000.00 (Divided into 120,000 shares of HK$10.00 each)

 

Issued Share Capital:     HK$1,000,000.00

 

 

SHAREHOLDER  

(As per registry dated 20-12-2010)

 

Name

 

No. of shares

Guvrumurthy Venkataraman IYER

 

50,000

Indira THIAGARAJAN

 

50,000

 

 

–––––––

 

Total:

100,000

======

 

DIRECTORS

(As per registry dated 20-12-2010)

 

Name

(Nationality)

 

Address

Guvrumurthy Venkataraman IYER

107, Sheetal Co. op. Hsg Society, Narayan Nagar, Sion. Mumbin 22, India.

 

Indira THIAGARAJAN

8/50 Ha Mavdil Street, Ramatgan, Israel.

 

 

SECRETARY

(As per registry dated 20-12-2010)

 

Name

Address

Co. No.

Stevensec Ltd.

4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong Kong.

0879348

 

 

HISTORY

 

The subject was incorporated on 20th December, 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, etc.

 

Employees:                   5.

 

Commodities Imported:   India, Israel, etc.

 

Markets:                       Central & South America, North America, Eastern & Western Europe, China, Taiwan,

Japan, South Korea, Middle East, Africa, Australasia, Scandinavia, Southeast Asia, other Asian countries, etc.

 

Annual Turnover:            HK$90~100 million.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$1,200,000.00 (Divided into 120,000 shares of HK$10.00 each)

 

Issued Share Capital:     HK$1,000,000.00

 

Indebtedness:                HK$4,232,169.70  (Total amount outstanding on all mortgages and charges as per last

Annual Return dated 20-12-2010)

 

Mortgage or Charge:  (See attachment)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:  Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Far & Best Ltd. is equally owned by Mr. Guvrumurthy Venkataraman Iyer and Mr. Indira Thiagarajan.  Being India-passport holders, they are also directors of the subject.  The former currently is residing in India while the latter is residing in Israel.

The subject has issued 100,000 ordinary shares of HK$10.00 each while each of the shareholders holds 50,000 shares.

The subject is a diamond wholesaler.  Most of its commodities are imported from India and Israel.  It is specialized in polished white diamonds and polished colour diamonds.  Products are exported to Central & South America, North America, Eastern & Western Europe, China, Taiwan, Japan,·South Korea, the Middle East, Africa, Australasia, Scandinavia, Southeast Asia, other Asian countries, etc.  Business is active.

The General Manager of the subject Mr. Satish Iyer is a family member of Guvrumurthy Venkataraman Iyer.

The annual sales turnover of the subject ranges from HK$90 to 100 million.  Making a small profit every year.

As the history of the subject is over eight years and seven months in Hong Kong, on the whole, consider it good for normal business engagements.

 

REMARKS:

 

Property information of the company:-

1.     Property Location:       Filing & Storeroom A on 7/F., Lee Wai Commercial Building,
1-3 Hart Avenue, Kowloon, Hong Kong.

Owner:     Far & Best Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

30-05-2006

-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

2.     Property Location:       Flat E on 51/F. of Tower 2, The Victoria Towers, 188 Canton Road, Kowloon, Hong Kong.

Owner:     Far & Best Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

16-04-2008

-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

30-05-2006

Instrument:      Mortgage

Property:

23/6,340th parts or shares of and in The Remaining Portion of Kowloon Inland Lot No. 10190, The Remaining Portion of Kowloon Inland Lot No. 9868 and The Remaining Portion of Kowloon Inland Lot No. 10052 (Filing & Storeroom A on 7/F. of Lee Wai Commercial Building, 1-3 Hart Avenue, Kowloon, Hong Kong.)

Mortgagee:      The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

To secure all sums

16-04-2008

Instrument:      Mortgage

Property:

62/118,261st parts or shares of and in The Remaining Portion of Kowloon Inland Lot No. 11086 (Flat E on 51/F. of Tower 2 of The Victoria Towers, 188 Canton Road, Kowloon, Hong Kong.)

Mortgagee:      The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

To secure general banking facilities

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.