MIRA INFORM
REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA
DIAMOND CORPORATION LTD. |
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Registered Office : |
Room 407-409, 4/F., Tower B, Hunghom Commercial Centre, |
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Country : |
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Date of Incorporation : |
17.04.2000 |
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Com. Reg. No.: |
30872168-000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Processor of all kinds of raw materials for diamond, precious stones, sapphire, ruby, 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
|
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
CHINA
DIAMOND CORPORATION LTD.
Company ADDRESS
Room 407-409, 4/F., Tower B, Hunghom Commercial Centre,
PHONE: 2521 0029
FAX: 2521 0019
E-MAIL: info@chinadia.com
MANAGEMENT
Managing Director: Mr. Darshan Jivatlal Bhagat
SUMMARY
Incorporated on: 17th April, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$12,880,623.00
Issued: HK$12,880,623.00
Business Category: Diamond Importer and Processor.
Employees: 18.
Main Dealing Banker: Dah Sing Bank Ltd.,
Banking Relation: Satisfactory.
company ADDRESS
Registered Head Office:-
Room 407-409, 4/F., Tower
B, Hunghom Commercial Centre,
Trading Name:-
C D (
Shanghai Office:-
Room A511,
[Tel: (86-21) 6128 0738; Fax: (86-21) 6182 0731]
Zhuhai Factory:-
3/F., 8 The Tenth
Affiliated Companies:-
Jewellery Collection Co.,
[Owned by Mr. Yau Kung Wan (BR No. 16971156-000)]
Jewellery Collection
Group Ltd.,
[Also trading as Jewellery Collection Co. (BR No. 17517709-001)]
BUSINESS REGISTRATION NUMBER
30872168-000
COMPANY FILE NUMBER
0713048
MANAGEMENT
Managing Director: Mr. Darshan Jivatlal Bhagat
CAPITAL
Nominal Share Capital: HK$12,880,623.00 (Divided into 12,880,623 shares of HK$1.00 each)
Issued Share Capital: HK$12,880,623.00
SHAREHOLDERS
(As per registry dated 17-04-2010)
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Name |
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No. of shares |
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YAU Kung Wan |
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4,508,218 |
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Darshan Jivatlal BHAGAT |
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8,372,405 |
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––––––––– |
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Total: |
12,880,623 ======== |
DIRECTORS
(As per registry dated 17-04-2010)
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Name (Nationality) |
Address |
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YAU Kung Wan |
Flat F, 42/F., |
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Darshan Jivatlal BHAGAT |
Flat A, 15/F., Block 3, Parc
Palais, |
SECRETARY
(As per registry dated 17-04-2010)
|
Name |
Address |
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Vision Registration Ltd. |
Unit 6, 20/F., |
1293029 |
HISTORY
The subject was incorporated on 17th April, 2000 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 803, 8/F., Dragon Seed Building, 39 Queen’s Road Central, Hong Kong, moved to Room 502, 5/F., Wing On House, 71 Des Voeux Road Central, Hong Kong in February 2007, and further to the present address in February 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Processor.
Lines All kinds of raw materials for diamond, precious stones, sapphire, ruby, etc.
Employees: 18.
Materials/Commodities: Imported from Europe,
Markets:
Terms/Sales: L/C, T/T, D/A, etc.
Terms/Buying: L/C, D/P, D/A, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$12,880,623.00 (Divided into 12,880,623 shares of HK$1.00 each)
Issued Share Capital: HK$12,880,623.00
Mortgage or Charge (since 2008): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Business is rather active.
Facilities: Making active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
·
Dah Sing Bank Ltd.,
·
CITIC Bank International Ltd.,
·
Standard Chartered Bank (Hong Kong) Ltd.,
·
The Hongkong & Shanghai Banking Corp. Ltd.,
Standing:
GENERAL
China Diamond Corporation Ltd. is a private limited company incorporated in April 2000. Formerly the subject had issued 2 ordinary shares of HK$1.00 each while the shareholders Mr. Darshan Jivatlal Bhagat and Mr. Tso Wing Ching each held one share respectively. On 20th March 2001, the subject created 859,034 ordinary shares more and on the same date, 558,321 shares were allotted to Bhagat while 300,662 shares were allotted to Tso.
Now, the subject has been reshuffled and has increased its issued share capital again. Now, it is jointly owned by Bhagat, holding 65%, and Mr. Yau Kung Wan, holding 35%. Yau and Bhagat are also directors of the subject.
The
subject is a diamond trader. It imports
all kinds of raw materials for diamond, precious stones, sapphire, ruby, etc.
from Europe,
The subject has got the following certifications: GIA, the IGI, and HRD.
In
The
subject has set up a factory in
Besides the subject, Mr. Yau Kung Wan is also operating another firm known as Jewellery Collection Co. which is also a jewellery and diamond trader.
The
principal shareholder of the subject Bhagat is an Indian who has got close
business ties with some of the diamond manufacturers in
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in
On
the whole, having a history of about eleven years in
REMARKS
Court Cases: None per our.
Property
information of the company:-
Property Location: Workshop Unit 11 & 12 on 9/F.,
Heng Ngai Jewelry Centre,
4 Hok
Yuen Street East, Kowloon, Hong Kong.
Owner: China Diamond Corporation 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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28-10-2010 |
- |
Standard Chartered Bank
(Hong Kong) Ltd., |
Legal charge to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 2008)
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Date |
Particulars |
Amount |
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16-05-2008 |
Instrument: Mortgage over Securities and Deposits Property: The Mortgagor, as beneficial owner: (a) mortgages and agrees to mortgage to the Bank by way of first fixed mortgage the Mortgagor’s entire right, title and interest in and to the Securities and the Related Rights; and (b) charges and agrees to charge by way of first fixed charge the Mortgagor’s entire right, title and interest in and to the Deposit Mortgagee: CITIC Ka Wah Bank Ltd., |
As a continuing security for the Secured Liabilities |
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21-01-2010 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account from time to time and the debt represented by it Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., |
To secure the payment and satisfaction of all present and future obligations and liabilities |
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05-07-2010 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$6,000,000.00 or its equivalent in any other foreign currencies plus accrued interest under Deposit A/C No. 502-793862, 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., |
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 |
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28-10-2010 |
Instrument: Legal Charge/Mortgage Property: 56/4,978th parts or shares of and in Section D of Kowloon Marine Lot No. 113 (Workshop Unit 11 & 12 on 9/F. of Heng Ngai Jewelry Centre, 4 Hok Yuen Street East, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., |
To secure the due and punctual payment of the Secured Indebtedness |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.65 |
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1 |
Rs.71.91 |
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Euro |
1 |
Rs.63.28 |
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 |
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.