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MIRA
INFORM REPORT
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Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
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Name : |
KALPATARU (HK) LTD. |
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Registered Office : |
Room 1608, 16/F., Workingport Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.05.2007 |
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Com. Reg. No.: |
37993151 |
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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 : |
Moderate (Unfavorable Market) |
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Payment Behaviour : |
Partially Correct |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong
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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 and address
KALPATARU (HK)
LTD.
ADDRESS:
Room 1608, 16/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
E-MAIL: kalpataru.hk@gmail.com
MANAGEMENT
Managing Director: Mr. Mithil
Mukeshkumar Mehta
SUMMARY
Incorporated on: 22nd
May, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Jewellery Trader.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1608, 16/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated Companies:-
Araska Diamond, India.
D.S.M. Diamonds Pte. Ltd., Singapore.
Dia-Veer B.V.B.A., Belgium.
DSM (Pacific) Pty. Ltd., Australia.
DSM Jewellers LLC, UAE.
Kalpataru B.V.B.A., Belgium.
BUSINESS REGISTRATION NUMBER
37993151
COMPANY FILE NUMBER
1134829
MANAGEMENT
Managing Director: Mr. Mithil
Mukeshkumar Mehta
CAPITAL
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
SHAREHOLDER
(As per registry dated 13-07-2011)
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Name |
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No. of shares |
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Mithil Mukeshkumar MEHTA |
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3,000,000 ======= |
DIRECTORS
(As per registry dated 22-05-2011)
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Name (Nationality) |
Address |
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Mithil Mukeshkumar MEHTA |
Flat F, 12/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
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Bahri AGAOGLU |
Yesikent Mah. Ardicli Gol Evleri Mor Salkim Sok, No. 75 Avcilar,
Istanbul, Turkey. |
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Praful Rasiklal PAREKH |
A-801, Shaligram Apartment near Gandav Gali, Opp. Bunglow Athwalines,
Surat 395007, Gujarat, India. |
SECRETARY
(As per registry dated 22-05-2011)
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Name |
Address |
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Bayani Divino Bautista PONCE |
13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 22nd May, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat C, 5/F., Wing Lock House, 1‑3A Lock
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat F, 12/F., Kimberley
Mansion, 15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong in August 2009; to
Room 10, Unit D2, 12/F., Hang Fung Industrial Building, Phase 2, 2G Hok
Yuen Street, Hunghom, Kowloon, Hong Kong in December 2009; and further moved to
the present address in late 2010.
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.
Employee: 1.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, Southeast Asia, Europe,
Middle East, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 10,000.00 |
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13-07-2011 |
paid up |
HK$ 2,990,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 3,000,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$10,000.00 |
to |
HK$3,000,000.00 |
on |
13-07-2011 |
Profit or Loss: Keeping a
balance account in 2008 and 2009.
Condition: Business is normal.
Facilities: Making fairly active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 3 million ordinary shares of HK$1.00 each, Kalpataru (HK)
Ltd. is wholly owned by Mr. Mithil Mukeshkumar Mehta who is an Indian. He is a Hong Kong ID Card holder and has
got the right to reside in Hong Kong permanently. The old shareholder Mr. Rajesh Mittalal Jain
transferred all his shares to Mehta on 14th February, 2009 and he has retired
since then.
The subject has increased its registered capital from HK$10,000.00 to
HK$3 million in July 2011. Its financial
position seems good.
Previously the subject did not have its own operating office. Its registered address was in the residence
of the shareholder. It moved to Room 10,
Unit D2, 12/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street,
Hunghom, Kowloon, Hong Kong in December 2009 where is the operating address of
a business centre. It further moved to
the present address in late 2010.
The subject’s affiliates Kalpataru B.V.B.A. and Dia-Veer B.V.B.A. are
Belgium-based firms.
The subject is a diamond and jewellery trader. It is selling DSM’s products. It trades in polished, cut and loose
diamonds. Most of its products are
imported from India and Belgium.
Commodities are re-exported to Japan, Southeast Asia, Europe, the Middle
East, etc. Business keeps on improving.
DSM is a company with its genesis in India. It is specialized in supplying and dealing in
polished and cut diamonds. It is known
for its large sized diamonds. Its stock
varies in sizes ranging from 10 pts to 3 carats or above. The quality, colour and shapes of the
products have been claimed to be good.
DSM can provide international certification as per customer demand from
reputed laboratories like GIA (Gemmological Institute of America). It evolves to become a global player in
diamond distribution and serves the market that demands the highest degree at
quality.
Besides the subject, DSM has got agents or affiliated companies in
India, Belgium, Singapore, the United Arab Emirates and Australia.
The corporate office of DSM is in Mumbai, India.
The subject’s business is chiefly handled by Mr. Mithil Mukeshkumar
Mehta himself. He has just an employee
in its office.
History of the subject in Hong Kong is over four years and five months.
On the whole, consider it good for normal business engagements in small
credit amounts.
DIAMOND INDUSTRY –
INDIA
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From time
immemorial, India is well known in the world as the birthplace for
diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The
achievement of the Indian diamond industry was possible only due to combination
of the manufacturing skills of the Indian workforce and the untiring and
unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
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The area
of study of family owned diamond businesses derives its importance from the
huge conglomerate of family run organizations which operate in the diamond
industry since many generations.
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Some of
the basic traits of family run business enterprises include spirit of
entrepreneurship, mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
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Family
owned diamond businesses need to improve on many fronts including higher
standard of corporate governance, long-term performance – focused strategies,
modern management and technology.
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The
diamond jewellery industry in India today may be more than Rs 60000 mil and is
rated amongst the fastest growing in the world. Indi ranks third in the
world in domestic diamond consumption.
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Utmost
caution is to be exercised while dealing with some medium and large diamond
traders which are usually engaged in fictitious import – export, inter-company
transactions, financially assisted by banks. In the process, several public
sector banks lost several hundred million rupees. They mostly diverted borrowed
money for diamond business into real estate and capital markets.
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Excerpts
from Times of India dated 30th October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK
WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.
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Most of
the money borrowed from the banks in the name of their diamond business has
been diverted in real estate and the share market. The banks are not in a
position to seize their properties because in many cases, these were purchased
in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.78 |
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1 |
Rs.80.10 |
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Euro |
1 |
Rs.68.82 |
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.