MIRA INFORM REPORT

 

 

Report Date :           

05.07.2011

 

IDENTIFICATION DETAILS

 

Name :

INTER-GEMS  (H.K.)  LTD.

 

 

Registered Office :

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

15.10.1997

 

 

Com. Reg. No.:

21311654

 

 

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

 

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

 

INTER-GEMS  (H.K.)  LTD.

 

 

Company ADDRESS

 

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2368 5589

FAX:                 2368 9116

E-MAIL:            dipan@inter-gemshk.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Dipan Jagdish Patel

 

 

SUMMARY

 

Incorporated on:             15th October, 1997.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$501,000.00

Issued:              HK$501,000.00

 

Business Category:        Jewellery Trader.

 

Group Turnover:             Rs 188,995.87 million  (Year ended 31-03-2010)

 

Employees:                   50.  (Including affiliates)

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 

Company ADDRESS

 

Registered Head Office:-

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.

 

Holding Company:-

Shrenuj (Mauritius) Pvt. Ltd., Mauritius.

 

Ultimate Holding Company:-

Shrenuj & Co. Ltd., India.

 

Affiliated Companies:-

Shrenuj Group of Companies

·         Alija International Pty. Ltd., Australia.

·         Arisia Jewellery Pvt. Ltd., India.

·         Astral Holding Inc., USA.

·         Astral Jewels LLC, USA.

·         Astral USA Inc., USA.

·         Bernie’s International LLC, USA.

·         Copem & Shrenuj, Italy.

·         Daily Jewellery Ltd., Hong Kong.  [Trading as Joeliesse]  (Same address)

·         Ever Gold (HK) Ltd., Hong Kong.  (Same address)

·         Facet (Hong Kong) Ltd., Hong Kong.  (Same address)

·         Global Marine Diamond Corporation, USA.

·         Jomard SAS, France.

·         Kiara Jewellery (H.K.) Ltd., Hong Kong.  (Same address)

·         Kiara Jewellery Pvt. Ltd., India.

·         Lume Germany GmbH, Germany.

·         Lume Group AG, Switzerland.

·         Shrenuj (Shanghai) Diamonds Pvt. Ltd., China.

·         Shrenuj Australia Pty. Ltd., Australia.

·         Shrenuj Botswana Pty. Ltd., Botswana.

·         Shrenuj Diajewels Ltd., India.

·         Shrenuj DMCC, UAE.

·         Shrenuj Gems & Jewellery Ltd., India.

·         Shrenuj GmbH, Germany.

·         Shrenuj Japan Corporation, Japan.

·         Shrenuj Jewelry (Far East) Ltd., Hong Kong.  (Same address)

·         Shrenuj Lifestyle Ltd., India.

·         Shrenuj N.V., Belgium.

·         Shrenuj Overseas Ltd., India.

·         Shrenuj South Africa Pty. Ltd., South Africa.

·         Shrenuj USA LLC, USA.

·         Simon Golub & Sons Inc., USA.

·         SWA Trading Ltd., Israel.

·         Trapz LLC, USA.

etc.

 

BUSINESS REGISTRATION NUMBER 

 

21311654

 

 

COMPANY FILE NUMBER

 

0626569

 

 

MANAGEMENT

 

Managing Director:  Mr. Dipan Jagdish Patel

 

 

CAPITAL

 

Nominal Share Capital: HK$501,000.00 (Divided into 501,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$501,000.00

 

 

SHAREHOLDERS

(As per registry dated 15-10-2010)

 

Name

 

No. of shares

Dipan Jagdish PATEL

 

5,010

Anita PATEL

 

70,140

Shrenuj (Mauritius) Pvt. Ltd.

St. James Court, Suite 308, St. Denis Street, Port Louis, Republic of Mauritius.

 

425,850

 

 

–––––––

 

Total:

501,000

======

 

 

DIRECTORS  

(As per registry dated 15-10-2010)

 

Name

(Nationality)

 

Address

Dipan Jagdish PATEL

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.

 

Vishal Shreyas DOSHI

162, Neelamber, 37, Gopalrao Deshmukh Marg, Mumbai 400026, M.S., India.

 

Anita PATEL

5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

SECRETARY

 

Dipan Jagdish PATEL  (As per registry dated 15-10-2010)

 

 

HISTORY

 

The subject was incorporated on 15th October, 1997 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 707, 7/F., Kowloon Centre, 33 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in March 2004.

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:                   50.  (Including affiliates)

 

Commodities Imported:   India, Belgium, Israel, other European countries, etc.

 

Markets:                       Japan, other Asian countries, etc.

 

Group Turnover: Rs 146,010.03 million  (Year ended 31-03-2009)

Rs 188,995.87 million  (Year ended 31-03-2010)

 

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

 

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

 

 

MEMBERSHIP

 

The Indian Chamber of Commerce Hong Kong, Hong Kong.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:                           HK$501,000.00 (Divided into 501,000 shares of HK$1.00 each)

 

Issued Share Capital:                             HK$501,000.00

 

Mortgage or Charge (since 2008):            (See attachment)

 

Group Profit After Taxation:                     Rs 2,369.38 million  (Year ended 31-03-2009)

Rs 5,115.88 million  (Year ended 31-03-2010)

 

Profit or Loss:                                        Making a small profit every year.

 

Condition:                                              Keeping in an active manner.

 

Facilities:                                              Making active use of general banking facilities.

 

Payment:                                              Met trade commitments as required.

 

Commercial Morality:                             Satisfactory.

 

Bankers:-

·         Hang Seng Bank Ltd., Hong Kong.

·         ICICI Bank Ltd., Hong Kong Branch.

·         Bank of India, Hong Kong Branch.

·         Punjab National Bank, Hong Kong Branch.

 

Standing:  Normal.

GENERAL

 

Having issued 501,000 ordinary shares of HK$1.00 each, Inter-Gems (H.K.) Ltd. is a subsidiary company of Shrenuj (Mauritius) Pvt. Ltd. which is a Mauritius-registered firm.  The ultimate holding company of the subject is Shrenuj & Co. Ltd. [Shrenuj], an India-based firm.

Located at its operating address, the subject has had a number of associated companies while the main one is Shrenuj Jewelry (Far East) Ltd.

The subject is chiefly owned by the Patel family, all of whom are Indian.

The subject is a diamond importer, exporter and wholesaler.  It is a dealer dealing in jewellery ranging from 2 points to 2 carats, and in all colours — from D to L colours and all shades of brown.  Products include single cuts, full cuts and fancy shapes — such as princess, baguettes, marquise, pearl, oval, emerald and heart.  Rough diamonds are imported from India, Belgium, Israel and other European countries, etc.  Polished and cut products are exported to Japan, Southeast Asia, the Middle East, etc.  Business is rather active.

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 significant one participated is the Hong Kong International Jewellery Show which is held in Hong Kong yearly.

The subject also markets its product online.  It sells its product via the website “BusyTrade.com”.  The subject is a DTC Sight Holder.

Shrenuj is a listed firm with shares actively traded on Bombay Stock Exchange [BSE] and National Stock Exchange [NSE].  Shrenuj is one of the largest diamond and jewellery manufacturing companies in India having an international presence in 15 countries with a geographically diversified customer base, favourable economies of scale, ability to source roughs from strategic partners, growing retail presence and market linked production mix.  Its activities are carried out in accordance with good corporate practices.

Shrenuj’s policies and practices are not only consistent with the statutory requirement but also underline its commitment to operate in the best interest of the stakeholders.  It will continue to focus its resources, strengths and strategies to achieve its vision of becoming a global company, while upholding the core values of transparency, integrity, honesty and accountability.

For the year ended 31st March, 2010, the turnover of the Shrenuj Group amounted to Rs 188,995.87 million (2009: Rs 146,010.03 million).  Group profit after taxation for the year was Rs 5,115.88 million (2009: Rs 2,369.38 million).

The subject is fully supported by the Shrenuj Group.

Since the history of the subject in Hong Kong is over thirteen years and six months, on the whole, consider it good for normal business engagements.

 

REMARKS:

 

Court Cases:     None per our.

 

Property information of the company:-

1.         Property Location:          Carparking Space No. B84 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.

Owner:  Inter-Gems (H.K.) Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

30-09-2008

-

Hang Seng Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

2.     Property Location:       Carparking Space No. B85 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.

Owner:     Inter-Gems (H.K.) Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

30-09-2008

-

Hang Seng Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

MORTGAGE OR CHARGE

(Since 2008)

 

Date

Particulars

Amount

07-04-2008

Instrument:      Debenture

Property:

1)   Assign to the Bank the proceeds of each policy of insurance

2)   Charge to the Bank by way of a floating charge all shares, stock, bonds, debentures, certificates of deposit, promissory notes, warrants, futures, options, funds, units, notes and other securities

3)   Charge to the Bank by way of floating charge all book debts and other debts

4)   Charge to the Bank by way of floating charge all negotiable instruments

5)   Charge to the Bank by way of floating charge all funds

6)   Charge to the Bank by way of floating charge all choses in action and claims

Mortgagee:      ICICI Bank Ltd., Hong Kong Branch.

All monies

30-09-2008

Instrument:      Mortgage

Property:

12/428,830th parts or shares of and in Tung Chung Town Lot No. 5 (Carparking Space No. B84 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.)

Mortgagee:      Hang Seng Bank Ltd., Hong Kong.

To secure all moneys in respect of general banking facilities

30-09-2008

Instrument:      Mortgage

Property:

12/428,830th parts or shares of and in Tung Chung Town Lot No. 5 (Carparking Space No. B85 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.)

Mortgagee:      Hang Seng Bank Ltd., Hong Kong.

To secure all moneys in respect of general banking facilities

07-10-2010

Instrument:      Charge on Deposit

Property:

Account No.               Sum              Deposit Dated

6841000054       US$204,000.00         14-03-2010
6841000066       US$250,000.00         22-07-2010
6841000069       US$250,000.00         05-09-2010

Mortgagee:      Punjab National Bank, Hong Kong Branch.

To secure all monies in respect of banking facilities

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.46

UK Pound

1

Rs.71.53

Euro

1

Rs.64.63

 

 

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

 

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.