MIRA INFORM REPORT
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Report Date : |
04.09.2011 |
IDENTIFICATION DETAILS
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Name : |
KAY
INTERNATIONAL |
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Registered Office : |
Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.07.2008 |
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Com. Reg. No.: |
39524655-000-07 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of loose diamonds and gemstones. |
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 : |
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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
Bottom of Form
KAY INTERNATIONAL
Company ADDRESS
Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 3741 1157
MANAGEMENT
Manager: Mr. Sanjay Kumar Pravinghandra Chavada
SUMMARY
Establishment: 9th July, 2008.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Affiliated
Companies:-
Karat Exim, Hong Kong. (Same address)
Kreators & Concepts, Hong Kong. (Same owner)
Kristal Designs, Hong Kong. [Business ceased]
Business Partners:-
Anee Gems, Hong Kong.
Krunal Enterprise, India.
BUSINESS REGISTRATION NUMBER
39524655-000-07
MANAGEMENT
Manager: Mr. Sanjay Kumar Pravinghandra Chavada
SOLE PROPRIETOR
Name: Mr. Sanjay Kumar Pravinghandra CHAVADA
Residential Address: Nearnay Nagar Sel 7-B, Block L-5, Ahemdabad, India.
HISTORY
The subject was established on 9th July, 2008 as a sole proprietorship concern owned by Mr. Sanjay Kumar Pravinghandra Chavada under the Hong Kong Business Registration Regulations.
Initially the subject was located at Room 1606, 16/F., Winfield Commercial Building, 6-8 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of loose diamonds and gemstones.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Kept a balance account in 2010.
Condition: Business keeps on improving.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Kay International is a sole proprietorship set up and owned by Mr. Sanjay Kumar Pravinghandra Chavada who is an Indian. Chhavada is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered address is in the operating office of Karat Exim which is also a diamond trader.
There was another firm Kristal Designs located at the operating address of Karat Exim, however, Kristal Designs ceased business formally on 31st December, 2009.
The subject is considered having business ties with Krunal Enterprise [Krunal] which is an India-based firm. Krunal is a manufacturer, supplier, importer and exporter of versatile range of diamonds like full cut marquise diamonds, full cut pears diamonds, full cut tapper diamonds, buggetts, rose cuts diamonds, round brilliant cut diamonds and many more. It is specialized in manufacturing diamond rings, diamond pendants, diamond earrings or jewellery in customized designs.
Krunal has had a Hong Kong affiliate known as Anee Gems which may be a business partner of the subject. Besides Anee Gems in Hong Kong, Krunal has got another overseas office in the United Arab Emirates known as “Luster Jewellers”.
According to the subject, it is an importer, exporter of diamonds and jewellery. It is also a commission agent. The subject also trades in Krunal’s products as Krunal is one of its principal suppliers.
Besides the subject, Chavada is also operating another firm known as Kreators & Concepts in Hong Kong. Kreators & Concepts is a sole proprietorship set up on 9th July, 2008, same date of the subject, and also owned by Chavada under the Hong Kong Business Registration Regulations. Kreators & Concepts is located at a different address. This firm is trading in the same kind of products as the subject. However, we consider the operating address of the subject is the same as Kreators & Concepts which is also a diamond trader.
Commodities are imported from India and some of the European countries such as Israel, Belgium. Products carried include polished and cut diamonds. Finished products and polished diamonds are marketed in Hong Kong, exported or re-exported to Japan and other Asian countries.
The business of the subject and Kreators & Concepts is chiefly handled by Chavada himself.
Being a one-man company, the subject has no other employees in Hong Kong. It seems that Chavada has got close business ties with Krunal which is in Mumbai, Maharashtra, India. Krunal is also a major supplier of Kreators & Concepts.
The history of the subject is over three years and a month. Business keeps on improving.
Since the subject just uses the operating address of the other firms as its registered address and has no employees in Hong Kong, on the whole, consider it good for business engagements on Secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.90 |
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UK Pound |
1 |
Rs.74.31 |
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Euro |
1 |
Rs.65.41 |
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.