MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
EXCELLENT DIAMONDS LTD. |
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Registered Office : |
Room 1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.08.2003 |
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Com. Reg. No.: |
34101399 |
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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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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
EXCELLENT DIAMONDS
LTD.
ADDRESS: Room 1101-1102, 11/F.,
Cammer Commercial Building, 30-32 Cameron Road, Tsimshatsui, Kowloon, Hong
Kong.
PHONE: 2721 4200
FAX: 2316 7695
E-MAIL: venusjewels@hotmail.com
hameshseth@hotmail.com
MANAGEMENT
Managing Director: Mr. Hamesh Bhagchand
Seth
SUMMARY
Incorporated on: 6th
August, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$17,020,000.00
Issued: HK$17,020,000.00
Business Category: Jewellery Trader.
Annual Turnover: HK$55~60
million.
Employees:
3. (Including associates in Hong Kong)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron Road,
Tsimshatsui, Kowloon, Hong Kong.
China Factory:-
6/F., 46 Yin Jian Road, Daluo Tang Shiqiao 511400, Panyu, Guangzhou,
Guangdong Province, China.
[Tel: (86-20) 3480 6750; Fax:
(86-20) 3480 6760]
Wholly-owned Subsidiary:-
Venus Jewels (HK) Ltd., Hong Kong.
(Same address)
Associated/Affiliated Companies:-
(Same address)
Mercury Impex, Hong Kong.
Princess Jewellery Co., Hong Kong.
BUSINESS REGISTRATION NUMBER
34101399
COMPANY FILE NUMBER
0856107
MANAGEMENT
Managing Director: Mr. Hamesh
Bhagchand Seth
CAPITAL
Nominal Share Capital: HK$17,020,000.00 (Divided into 1,702,000 shares
of HK$10.00 each)
Issued Share Capital: HK$17,020,000.00
SHAREHOLDERS
(As per registry dated 06-08-2010)
|
Name |
|
No. of shares |
|
Gorabh Vinodkumar JAIN |
|
851,000 |
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Hamesh Bhagchand SETH |
|
851,000 |
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|
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Total: |
1,702,000 ======= |
DIRECTORS
(As per registry dated 06-08-2010)
|
Name (Nationality) |
Address |
|
Hamesh Bhagchand SETH |
Flat A1-A5, 16/F., Portion 83, Main Roof, Hankow Centre, Tsimshatsui,
Kowloon, Hong Kong. |
|
Seema SETH |
Flat A1-A5, 16/F., Portion 83, Main Roof, Hankow Centre, Tsimshatsui,
Kowloon, Hong Kong. |
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Gorabh Vinodkumar JAIN |
203 Jogani Apartments, Doongershi Road, Malabar Hill, Mumbai-6, M.S.,
India. |
SECRETARY
(As per registry dated 06-08-2010)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
HISTORY
The subject was incorporated on 6th August, 2003 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Venus Jewels
(HK) Ltd., name changed to the present style on 28th March, 2011.
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: 3. (Including associates in Hong Kong)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, etc.
Annual Turnover: HK$55~60 million.
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$17,020,000.00 (Divided into 1,702,000
shares of HK$10.00 each)
Issued Share Capital: HK$17,020,000.00
Indebtedness: HK$2,319,562.85 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 06-08-2010)
Mortgage or Charge (Since 2010): (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.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Canara Bank, Hong Kong Branch.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Having issued 1,702,000 ordinary shares of HK$1.00 each, Excellent
Diamonds Ltd. is equally owned by Mr. Gorabh Vinodkumar Jain and
Mr. Hamesh Bhagchand Seth. The
directors of the subject are Mr. Hamesh Bhagchand Seth, Mr. Gorahb Vinodkumar
Jain and Mr. Seema Seth. All the
directors are Indian while the first and third are Hong Kong ID Card holders
and have got the right to reside in Hong Kong permanently.
The subject has had a wholly-owned subsidiary known as Venus Jewels (HK)
Ltd. [Venus] which is also located at the same address. The subject and Venus are engaged in the same
lines of business.
The subject is a diamond importer, exporter and wholesaler. Products include single cuts, full cuts and
fancy shapes such as princess, baguettes, marquise, pearl, oval, emerald and
heart. Raw materials are imported from
India, Belgium and other European countries.
Gemstones and diamonds are processed, polished and cut in China. Finished products are marketed in Hong Kong,
exported to Asian countries and Europe, etc.
The subject has got an affiliated factory in Panyu, Guangzhou, Guangdong
Province, China. This factory supplies the
subject and Venus with all kinds of jewellery products.
The subject has got an associated company Princess Jewellery Co. [PJC]
located at the same operating address.
PJC is a jewellery manufacturer which was originally founded in March
2002 by Mr. Vimay Shrimal, holder of India Passport No. Z1530767. Changed to a partnership business as Mr. H.S.
Jain joined in as a partner in August 2004.
Subsequently, Mr. Vimay Shrimal retired and Mr. Pankaj Jain joined in as
a partner on 1st August, 2005.
The annual sales turnover of the subject and PJC ranges from HK$55 to 60
million. Making a small profit every
year.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign countries
such as Vietnam. Overall business is
satisfactory.
As the history of the subject is over seven years and ten months in
Hong Kong, on the whole, consider it good for normal business engagements.
COURT CASES: None
per our.
MORTGAGE OR CHARGE
(Since 2010)
|
Date |
Particulars |
Amount |
|
25-03-2010 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR090911 Mortgagee: Bank of India, Hong Kong Branch. |
US$2,900,000.00 |
|
06-10-2010 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of US$1,300,000.00 or equivalent
in other foreign currencies under Deposit A/C No. 636-379679, whatever
currency it may subsequently be denominated in, any renewal of such deposit
and the interest thereon together with any further monies in any deposit
account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
01-11-2010 |
Instrument: Mortgage Property: 1) 1/240th part or share
of and in Kowloon Inland Lot No. 8262, 8203, 9139, 9079, 8265 & 8073
(Flat B4 on 10/F. or Prat Mansions, 26-36 Prat Avenue, Kowloon, Hong Kong.) 2) 1/301st part or share
of and in The Remaining Portion of Kowloon Inland Lot No. 8247 (Flat B on
3/F. of Windsor Mansion, 29-35 Chatham Road South, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.73.04 |
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Euro |
1 |
Rs.64.29 |
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 |
|
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 |
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26-40 |
B |
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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-- |
NB |
New Business |
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This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.