MIRA INFORM REPORT

 

 

Report Date :           

01.06.2011

 

IDENTIFICATION DETAILS

 

Name :

CRYSTAL  GEMS  (HK)  LTD.

 

 

Registered Office :

16A, Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

18.04.1988

 

 

Com. Reg. No.:

38177625

 

 

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 :

Usually Correct 

 

 

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  

 

CRYSTAL  GEMS  (HK)  LTD.

 

 

Company ADDRESS

 

16A, Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            Not available

FAX:                 Not available

E-MAIL:            hongkong@sanghaviexports.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Prasannkumar Kantilal Shah

 

 

SUMMARY

 

Establishment:                          18th April, 1988.  (Partnership)

 

Incorporated on:             13th July, 2007.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$100,000.00

Issued:              HK$10,000.00

 

Business Category:        Diamond Trader.

 

Employees:                   5. (Including associate)

 

Main Dealing Banker:     Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.

 

Banking Relation:           Satisfactory.

 

company ADDRESS

 

Head Office:-

16A, Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

 

Holding Company:-

Sanghavi Exports International Private Ltd., India.

 

AssociatedAffiliated Companies:-

Sanghavi Group of Companies

·         Aagam Exports, Hong Kong.

·         Crystal Gems Ltd., Hong Kong.  (Same address)

·         Dynamic Design Group Inc., USA.

·         Sanghavi Diamond Mfg. Pvt. Ltd., India.

·         Sanghavi Diamonds Inc., USA.

·         Sanghavi Exports, Hong Kong.

·         Sanghavi Exports, India.

·         Sanghavi Far East Pte. Ltd., Singapore.

·         Sanghavi Jewel Pvt. Ltd., India.

·         Sanghavi Jewellery Tokyo Co. Ltd., Japan.

·         Super Diam, Hong Kong.

etc.

 

 

BUSINESS REGISTRATION NUMBEr

 

38177625

 

 

COMPANY FILE NUMBER

 

1149269

 

 

MANAGEMENT

 

Managing Director:  Mr. Prasannkumar Kantilal Shah

 

 

CAPITAL

 

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

SHAREHOLDER

(As per registry dated 13-07-2010)

 

Name

 

No. of shares

Sanghavi Exports International Private Ltd.

502 Prasad Chambers, Opera House, Mumbai-400004, India.

 

10,000

=====

 

DIRECTORS

(As per registry dated 13-07-2010)

 

Name

(Nationality)

 

Address

Prasannkumar Kantilal SHAH

Flat A, 18/F., Tower 2, Harbourfront Landmark, 11 Wan Hoi Street, Hunghom, Kowloon, Hong Kong.

 

Vaishali Prasanna SHAH

Flat A, 18/F., Tower 2, Harbourfront Landmark, 11 Wan Hoi Street, Hunghom, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 13-07-2010)

 

Name

Address

Co. No.

Harris Secretaries Ltd.

7/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong Kong.

0031138

 

 

HISTORY

 

The subject was incorporated on 13th July, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.  It was set up to take over the business of Sanghavi Exports which was a partnership company established on 18th April, 1988 bearing business registration number 11749114.

Originally the subject was registered under the name of Sanghavi Exports Ltd., name changed to the present style on 28th July, 2010.

Initially the subject was located at Block 3D, 12/F., Victoria Centre, 15 Watson Road, Hong Kong, moved to Room 2208, 22/F., Melbourne Plaza, 33 Queen’s Road Central, Hong Kong in May 1988; to Room 602, 6/F., Trans Hong Kong Commercial Building, 41-43 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in August 1989; to Flat B, 11/F., Hang Lung Bank Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong in August 2006; to Room 901, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong in late 2008, and further moved to the present address in October 2009.

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.  (Including associate)

 

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

 

Markets:                       Japan, Southeast Asia, Europe, Middle East, Scandinavia, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a normal manner.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

·         Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.

·         Bank of India, Hong Kong Branch.

 

Standing:  Normal.

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Crystal Gems (HK) Ltd. is a wholly-owned subsidiary of by Sanghavi Exports International Private Ltd. [Sanghavi] which is an India-based firm.

The former name of the subject was Sanghavi Exports Ltd., name changed to the present style in July 2010.

The subject is the successor to Sanghavi Exports which has ceased business since 30th November, 2007.

The directors of the subject are Prasannkumar Kantilal Shah and Vaishali Prasanna Shah.  They are Hong Kong ID Card holders and has got the right to reside in Hong Kong permanently.

The subject is an associated company of Crystal Gems Ltd. [Crystal Gems] which is also located at its operating address.

Having issued 5 million ordinary shares of HK$1.00 each, Crystal Gems is jointly owned by Mr. Amitkumar Sevantilal Sanghavi, holding 99% interests, and Mr. Prasannkumar Kantilal Shah, holding just 1%.

The subject and Crystal Gems are engaged in the same lines of business and under the same management.

The subject is a diamond importer, exporter and wholesaler.

Sanghavi was set up by the Sanghavi brothers.  Sanghavi and its affiliates and subsidiaries have formed a group of companies known as Sanghavi Group which is also a diamond trader.

The subject is an affiliated company of the Sanghavi Group.

The Sanghavi Group was founded by four Sanghavi brothers, Vasant, Kirti, Ramesh and Chandrakant in the late 70s.

Under the flagship company Sanghavi Exports, the Group has developed extensively in the diamond industry.  Today, the Group’s core business is exporting polished diamonds and diamond studded jewellery and engaged in manufacturing diamonds and jewellery.  Sanghavi Exports is ISO 9001:2000 certified and also a Government Recognized Star Trading House, Top Export Award Winner for seven consecutive years and a Diamond Trading Company Sightholder.  Today more than 6,250 skilled employees are working under the Sanghavi Exports banner.

The Group has set up a large network of marketing offices all over the world, main ones are in the United States, Belgium, Japan, Australia, Canada, Singapore, and other European countries.

The Group’s diamond manufacturing factory, Sanghavi Diamond Mfg. Pvt. Ltd. is located in Surat.  This factory is one of the largest manufacturers in Asia.  Commenced production in 1992, the factory today employs more than 4,725 workers producing quality polished goods of all size, cut and purity.  The Group has three jewellery factories located at Seepz, Mumbai and one factory at Andheri Midc, Mumbai, all are engaged in manufacturing of diamond studded jewellery.

The Group’s finished products with sizes ranging from 0.01 points to 3.00 carats.

The Group is the main supplier of the subject.

The subject is supported by the Group and the Sanghavi brothers.  In Hong Kong, the subject’s business is chiefly handled by Mr. Prasannkumar Kantilal Shah.  Annual sales turnover is quite significant.

Since the subject is an affiliated company of the Sanghavi Group, on the whole, consider it good for normal business engagements.

 

COURT CASES:            None per our.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.74.43

Euro

1

Rs.64.75

 

 

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.