MIRA INFORM
REPORT
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Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CRYSTAL
GEMS LTD. |
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Registered Office : |
Room 901, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.12.1992 |
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Com. Reg. No.: |
16531473 |
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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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MIRA’s 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 : |
Usually Correct |
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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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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
CRYSTAL GEMS LTD.
Company ADDRESS
Room 901, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2721 8608, 2722 0049
FAX: 2723 9704
E-MAIL: info@crystalgems.com.hk
prasanna@crystalgems.com.hk
MANAGEMENT
Managing Director: Mr. Prasannkumar Kantilal Shah
SUMMARY
Incorporated on: 31st December, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Diamond Trader.
Employees: 8. (Including associate)
Main Dealing Banker: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong
Branch.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Room 901, 9/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
Associated Companies:-
Aagam Exports, Hong Kong.
Crystal Gems (HK) Ltd.,
Hong Kong.
[Formerly known as Sanghavi Exports Ltd.] (Same address)
Dynamic Design Group Inc., USA.
Sanghavi Diamond Mfg. Pvt. Ltd., India.
Sanghavi Diamonds Inc., USA.
Sanghavi Exports International Pvt. Ltd., India.
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.
BUSINESS REGISTRATION NUMBER
16531473
COMPANY FILE NUMBER
0396911
MANAGEMENT
Managing Director: Mr. Prasannkumar Kantilal Shah
CAPITAL
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
SHAREHOLDERS
(As per registry dated 31-12-2010)
|
Name |
|
No. of shares |
|
Prasannkumar Kantilal SHAH |
|
49,999 |
|
Vaishali Prasanna SHAH |
|
1 |
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Amitkumar Sevantilal SANGHAVI |
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4,950,000 |
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|
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–––––––– |
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Total: |
5,000,000 ======= |
DIRECTORS
(As per registry dated 31-12-2010)
|
Name (Nationality) |
Address |
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Prasannkumar Kantilal SHAH |
Flat A, 18/F., Block 2, Harbourfront Landmark, 11 Wan Hoi Street, Hunghom, Kowloon, Hong Kong. |
|
Vaishali Prasanna SHAH |
Flat A, 18/F., Block 2, Harbourfront Landmark, 11 Wan Hoi Street, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 31-12-2010)
|
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 31st December, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Aagam Exports Ltd., name changed to the present style on 12th August, 1993.
Formerly the subject was located at Room 601-602, 6/F., Trans Hong Kong Commercial Building, 41-43 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2006.
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: 8. (Including associate)
Commodities Imported: India, Belgium, other European and Asian countries, etc.
Markets: Japan, other Asian countries, North America, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Banker: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong
Branch.
Standing: Normal.
GENERAL
Having issued 5 million ordinary shares of HK$1.00 each, Crystal Gems Ltd. is jointly owned by Mr. Amitkumar Sevantilal Sanghavi, holding 99% interests; and Mr. Prasannkumar Kantilal Shah, holding 1%.
The subject has got an associated company Crystal Gems (HK) Ltd. [CGHK] located at its operating address. CGHK is a wholly-owned subsidiary of Sanghavi Exports International Pvt. Ltd. [SEIPL] which is an India-based firm. The subject and CGHK are engaged in the same lines of business.
The subject is a diamond importer, exporter and wholesaler. It is trading in all kinds of loose diamonds. Its products include 0.3 carat loose diamonds, 0.05 carat loose diamonds, 10.14 carat loose diamonds. It also trades in gemstones. Most of the diamonds have got the GIA, IGI and HRD certificates.
SEIPL was set up by the Sanghavi brothers. The Sanghavi brothers have set up a number of firms bearing the initials of Sanghavi. All these firms form the Sanghavi Exports Group of companies which are also diamond traders and manufacturers.
The subject and CGHK are members of the Sanghavi Exports Group.
The Sanghavi Exports Group was founded by the four Sanghavi brothers, Vasant, Kirti, Ramesh and Chandrakant in the late 70s.
Under the flagship company Sanghavi Exports, the Sanghavi Exports Group has developed extensively in the diamond industry. Today, the Group’s core business is exporting polished diamonds and diamond studded jewellery. The Group is also engaged in manufacturing diamonds and jewellery in India. 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.
Besides the subject, the Sanghavi Exports 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, China, Thailand, South Korea, Indonesia, the United Arab Emirates, and other European countries. The Group’s diamond manufacturing factory Sanghavi Diamond Mfg. Pvt. Ltd. is located in Surat, India. This factory is one of the largest diamond and jewellery manufacturers in Asia. Commenced production in 1992, the factory today employs more than 4,730 workers producing quality polished diamonds of all size, cut and purity.
Besides, the Sanghavi Exports Group has three jewellery factories located at Seepz, Mumbai and one factory located at Andheri Midc, Mumbai. All are engaged in manufacturing diamond studded jewellery and related products. Annual sales turnover of the Group is very significant.
Most of the Group’s finished products have sizes ranging from 0.01 points to 3.00 carats. Some of the Asian countries and European countries are its prime markets.
In Hong Kong, the subject’s business is chiefly handled by Mr. Prasannkumar Kantilal Shah, an Indian, who is also the minor shareholder of the subject.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. In 2010, the subject took part in the following Shows and Fairs:-
United
States
· JCK Las Vegas Show (June)
Europe
· Baselworld, Switzerland (March)
Hong
Kong
· HK Int’l Jewellery Show (March)
· HK Jewellery & Gem Fair (September)
It is also going to take part in Hong Kong International Jewellery Show which will be held during the period of 16 to 20 February, 2012.
The subject is fully supported by the Group and the Sanghavi brothers. Its business will improve further in the years ahead.
On the whole, since the history of the subject in Hong Kong is over eighteen years and four months, consider it good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
Property Location: Workshop Unit 1 on 9/F., Hilder Centre, 2 Sung Ping Street, Kowloon, Hong Kong.
Owner: Crystal Gems Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-12-2006 |
- |
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
30-10-2002 |
Instrument: Debenture Property: 1) All freehold and leashold property of the Company both present and future and all buildings and fixtures on any such property and all plant machinery vehicles computers and office and other equipment of the Company 2) All stocks shares bonds and securities of any kind whether marketable or otherwise and all other interests including loan capital of the Company 3) All book and other debts revenues and claims 4) the uncalled capital goodwill and all patents patent applications trade marks trade names registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property 5) The undertaking and all other assets of the Company Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
General credit facilities for the sum of HK$46,800,000 granted by the Lender to the Company and/or Super Diam |
|
15-12-2006 |
Instrument: Mortgage Property: 7/1,148th parts or shares of and in Section B of Kowloon Marine Lot No. 113 (Workshop Unit 1 on 9/F. of Hilder Centre, 2 Sung Ping Street, Kowloon, Hong Kong.) Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch. |
To secure all moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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.