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MIRA
INFORM REPORT
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Report Date : |
21.11.2011 |
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
KALPATARU (HK)
LTD.
company 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.
company 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.51.35 |
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1 |
Rs.80.97 |
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Euro |
1 |
Rs.69.26 |
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.