MIRA
INFORM REPORT
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Report Date : |
04.03.2011 |
IDENTIFICATION DETAILS
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Name : |
DIAMART LTD. |
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Registered Office : |
Room 1724, 17/F., Star House, |
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Country : |
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Date of Incorporation : |
09.10.2000 |
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Com. Reg. No.: |
31379959 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Wholesaler of all kinds of diamonds, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
DIAMART LTD.
ADDRESS
Room 1724, 17/F., Star House,
PHONE: 2377 1635, 2877 3191
FAX: 2801 4910, 2801 4925
E-MAIL: nishit@diamart.diminco.com
MANAGEMENT
Managing Director: Mr. Nilesh
Ratilal Sedani
SUMMARY
Incorporated on: 9th
October, 2000.
Organization: Private
Limited Company.
Capital: Nominal: US$4,000,000.00
Issued: US$4,000,000.00
Business Category: Diamond Distributor and Trader.
Employees:
8. (Including affiliates)
Main Dealing Banker: The Royal Bank of
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1724, 17/F., Star House,
Holding Company:-
Digico Holdings Ltd.,
Affiliated Companies:-
4C’S Diamonds Distributors,
Gitanjali Gems Ltd.,
Trans Exim Ltd.,
BUSINESS REGISTRATION NUMBER
31379959
COMPANY FILE NUMBER
0733837
MANAGEMENT
Managing Director: Mr. Nilesh
Ratilal Sedani
Contact Person: Mr. Yard Chirayu
CAPITAL
Nominal Share Capital: US$4,000,000.00 (Divided into 4,000,000 shares of
US$1.00 each)
Issued Share Capital: US$4,000,000.00
SHAREHOLDERS
(As per registry dated 09-10-2010)
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Name |
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No. of shares |
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Digico Holdings Ltd., |
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3,999,999 |
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Nilesh Ratilal SEDANI |
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1 |
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–––––––– |
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Total: |
4,000,000 ======= |
DIRECTORS
(As per registry dated 09-10-2010)
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Name (Nationality) |
Address |
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Deepak Krishnarao KULKARNI |
Flat No. S11, Block B-2, Lok Bharti, Marol Maroshi Road, Ansdheri (E),
Mumbai-S9, M.S., India. |
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Nilesh Ratilal SEDANI |
Room 1724, 17/F., Star House, |
SECRETARY
(As per registry dated 09-10-2010)
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Name |
Address |
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VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, |
0750831 |
HISTORY
The subject was incorporated on 9th October, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of 4C’S Diamonds
Distributors Ltd., name changed to the present style on 14th February, 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Distributor and Wholesaler.
Lines: All
kinds of diamonds, etc.
Employees: 8. (Including affiliates)
Commodities Imported:
Markets: Hong
Kong, other Asian countries,
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P,
etc.
FINANCIAL INFORMATION:
Nominal Share Capital: US$4,000,000.00 (Divided into 4,000,000 shares of
US$1.00 each)
Issued Share Capital: US$4,000,000.00
Alternation of Capital:-
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Initially |
paid up |
US$ 3,000,000.00 |
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25-11-2009 |
paid up |
US$ 1,000,000.00 |
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––––––––––––––– |
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Total: |
paid up |
US$ 4,000,000.00 ============== |
Increase of Nominal Capital:-
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From |
US$3,000,000.00 |
to |
US$4,000,000.00 |
on |
25-11-2009 |
Mortgage or Charge (since 2005):
(See attachment)
Profit or Loss: Making a very
small profit every year.
Condition: Business is
active.
Facilities: Making rather
active use of general banking facilities.
Payment: Regularly met.
Commercial Morality:
Satisfactory.
Bankers:-
The Royal Bank of
Industrial & Commercial Bank of
UCO Bank, Hong Kong Branch.
ICICI Bank Ltd., Hong Kong Branch.
Standing:
GENERAL
Diamart Ltd. had issued 3 million ordinary shares of US$1.00 each but
increased to 4 million ordinary shares of US$1.00 each in November 2009. The minor shareholder of the subject Nilesh
Ratilal Sedani is also a director of the subject.
The subject is a wholly-owned subsidiary of Digico Holdings Ltd.
[Digico Holdings], a Hong Kong-registered firm located at the
operating address of the subject. Digico
Holdings is an associated company of the Digico Group [Digico] which is an
Indian group of companies.
The subject is a diamond trader.
It imports raw materials from
Established in 1966, Digico is one of the earliest established diamond
houses in the world. Digico has
established jewellery manufacturing facilities of its own, built an
distribution and marketing infrastructure, introduced multiple diamond
jewellery brands and created incremental downstream demand for the diamonds
that are manufactured in its own factories worldwide. Digico has been a DTC sightholder since 1967
(one of the first companies to be granted a sight). Digico has a strong presence at every level
of the diamond business, right from sourcing diamonds at competitive prices
from DTC as sightholder to retailing its products through a vast network of
self owned and franchised stores. Digico
is the pioneer of branded jewellery in
Digico has had modernized diamond cutting and polishing facilities in
Digico’s
Digico announced on 16th April, 2008 in
The subject is fully supported by Digico. Its business is chiefly handled by Mr. Nilesh
Ratilal Sedani who is an India-passport holder.
The subject has got a number of affiliated companies located at its
operating address, namely, 4C’S Diamonds Distributors, Trans Exim Ltd.,
etc. The manager and managing director
of these two firms is Mr. Amit Haresh Kumar Patwa.
The history of the subject in
On the whole, consider it good for business engagements.
REMARKS
Court Cases: None per our.
Property information of
the company:-
Property Location: Unit No. 1724 on 17/F., Star House,
Owner: Diamart Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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04-03-2005 |
- |
Belgian Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 2005)
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Date |
Particulars |
Amount |
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04-03-2005 |
Instrument: Debenture Property: The Borrower hereby charges to the Lender by way of first floating
charge all its accounts receivable, book debts, undertakings and all the
property, assets and rights and other choses in action, whatsoever and wheresoever,
both present and future Mortgagee: Belgian Bank, Hong Kong
Branch. [Business was taken over by
Industrial & Commercial Bank of |
To secure all moneys in respect of general banking facilities |
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04-03-2005 |
Instrument: Mortgage Property: 24/19,328th parts or shares of and in Section A of Kowloon Marine Lot
No. 10 (Unit No. 1724 on 17/F. of Star House, Mortgagee: Belgian Bank, Hong Kong
Branch. [Business was taken over by
Industrial & Commercial Bank of |
To secure all moneys in respect of general banking facilities |
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29-04-2005 |
Instrument: Undertaking Relating to Deposits Property: Receipt No. Value
Date Due Date Amount EM 1463 09-05-2005 09-08-2005 US$600,252.50 Mortgagee: UCO Bank, Hong Kong Branch. |
Liabilities means all and any liabilities, sole or joint, actual or
contingent, quantified or not, now or hereafter owing to the Bank by the
Company |
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21-09-2007 |
Instrument: Undertaking Relating to Deposits Property: Receipts No. Value
Date Due Date Amount 2005 EM 44 13-08-2007 13-11-2007 US$666,566.28 2007 EM 91 02-10-2007 02-01-2008 US$400,000.00 Mortgagee: UCO Bank, Hong Kong Branch. |
Liabilities means all and any liabilities, sole or joint, actual or
contingent, quantified or not, now or hereafter owing to the Bank by the
Company |
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25-08-2008 |
Instrument: Debenture Property: The Chargor charges to the Bank by way of floating charge all the undertaking
and all property, assets and rights of the Chargor present and future
wherever situate from time to time as continuing security for the due and
punctual payment to the Bank of all monies Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
All monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.96 |
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1 |
Rs.73.37 |
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Euro |
1 |
Rs.62.33 |
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 |
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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 |
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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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.