MIRA INFORM REPORT

 

 

Report Date :

10.06.2011

 

IDENTIFICATION DETAILS

 

Name :

KAY  INTERNATIONAL

 

 

Registered Office :

Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

09.07.2008

 

 

Com. Reg. No.:

39524655-000-07

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer, Exporter and Wholesaler of all Kinds of Loose Diamonds.

 

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 :

Moderate

Payment Behaviour :

Regular

Litigation :     

-----

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

KAY  INTERNATIONAL

 

 

Company ADDRESS

 

Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong MKong.

PHONE:            3741 1157

 

 

MANAGEMENT

 

Manager:  Mr. Sanjay Kumar Pravinghandra Chavada

 

 

SUMMARY

 

Establishment:                          9th July, 2008.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Trader.

 

Employees:                   Nil.

 

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

 

Banking Relation:           Satisfactory.

 

Company address

 

Head Office:-

Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.

 

Affiliated Companies:-

Karat Exim, Hong Kong.  (Same address)

Kreators & Concepts, Hong Kong.  (Same owner)

Kristal Designs, Hong Kong.  [Ceased business]

 

Business Partners:-

Anee Gems, Hong Kong.

Krunal Enterprise, India.

 

 

BUSINESS REGISTRATION NUMBER 

 

9524655-000-07

 

 

MANAGEMENT

 

Manager:  Mr. Sanjay Kumar Pravinghandra Chavada

 

 

SOLE PROPRIETOR

 

Name:                           Mr. Sanjay Kumar Pravinghandra CHAVADA

Residential Address:      Nearnay Nagar Sel 7-B, Block L-5, Ahemdabad, India.

 

 

HISTORY

 

The subject was established on 9th July, 2008 as a sole proprietorship concern owned by Mr. Sanjay Kumar Pravinghandra Chavada under the Hong Kong Business Registration Regulations.

Initially the subject was located at Room 1606, 16/F., Winfield Commercial Building, 6-8 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 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 loose diamonds.

 

Employees:                   Nil.

 

Commodities Imported:   India, other Asian countries, etc.

 

Markets:                       Hong Kong, other Asian countries, Europe, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Kept a balance account in 2010.

 

Condition:                      Business is improving.

 

Facilities:                      Making fairly 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

 

Kay International is a sole proprietorship set up and owned by Mr. Sanjay Kumar Pravinghandra Chavada who is an Indian.  Chhavada is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office.  Its registered address is in the operating office of Karat Exim which is also a diamond trader.

There was another firm Kristal Designs located at the operating address of Karat Exim, however, Kristal Designs ceased business formally on 31st December, 2009.

The subject is considered having business ties with Krunal Enterprise [Krunal] which is an India-based firm.  Krunal is a manufacturer, supplier, importer and exporter of versatile range of diamonds like full cut marquise diamonds, full cut pears diamonds, full cut tapper diamonds, buggetts, rose cuts diamonds, round brilliant cut diamonds and many more.  It is specialized in manufacturing diamond rings, diamond pendants, diamond earrings or jewellery in customized designs.

Krunal has had a Hong Kong affiliate known as Anee Gems which may be a business partner of the subject.  Besides Anee Gems in Hong Kong, Krunal has got another overseas office in the United Arab Emirates known as “Luster Jewellers”.

According to the subject, it is an importer, exporter of diamonds and jewellery.  It is also a commission agent.  The subject also trades in Krunal’s products as Krunal is one of its principal suppliers.

Besides the subject, Chavada is also operating another firm known as Kreators & Concepts in Hong Kong.  Kreators & Concepts is a sole proprietorship set up on 9th July, 2008, same date of the subject, and also owned by Chavada under the Hong Kong Business Registration Regulations.  Kreators & Concepts is located at a different address.  This firm is trading in the same kind of products as the subject.  We consider the operating address of the subject is the same as Kreators & Concepts which is also a diamond trader.

Commodities are imported from India and some of the European countries such as Israel, Belgium.  Some of the rough diamonds are polished or processed in Hong Kong.  Finished products and polished diamonds are marketed in Hong Kong, exported or re-exported to Japan and other Asian countries.

The business of the subject and Kreators & Concepts is chiefly handled by Chavada himself.

Being a one-man company, the subject has no other employees in Hong Kong.  It seems that Chavada has got close business ties with Krunal which is in Mumbai, Maharashtra, India.  Krunal is also a major supplier of Kreators & Concepts.

The history of the subject is over two years and seven months.  Business is improving.

Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on secured basis.

 

COURT CASES:            None per our.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.73.47

Euro

1

Rs.65.38

 

 

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.