MIRA INFORM REPORT

 

 

Report Date :           

22.09.2011

 

IDENTIFICATION DETAILS

 

Name :

WONG  TAI  (H.K.)  CO.

 

 

Registered Office :

Room 904, 9/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.02.1997

 

 

Com. Reg. No.:

20675465-000-02

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

Importer and Exporter of all kinds of diamonds and jewellery

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Small Company 

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

WONG  TAI  (H.K.)  CO.

 

 

Company ADDRESS

 

Room 904, 9/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

PHONE:            2376 0641

FAX:                 2376 0361

E-MAIL:                        infini@biznetvigator.com

 

 

MANAGEMENT

 

Manager:  Mr. Hemang Jasvantbhai Kantrodia

 

 

SUMMARY

 

Establishment:                          14th February, 1997.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Jewellery Trader.

 

Employees:                   4. (Including affiliates)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office:-

Room 904, 9/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

 

Affiliated Companies:-  (Same address)

·         4C Diamonds Manufacturing Co., Hong Kong.

·         Gilberto Jewelry Ltd., Hong Kong.

·         Infinity Diamonds Manufacturing Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

20675465-000-02

 

 

MANAGEMENT

 

Manager:                       Mr. Hemang Jasvantbhai Kantrodia

Contact Person:             Mr. Deen

 

 

PARTNERS

 

Name:                           Hemang Jasvantbhai KANTRODIA

Residential Address:      B/2 Panchkutir Apt. Panchvati, 2nd Lane, 17-Giriraj Collony, Ambavadi Ahmedabd Guj,

India.

 

Name:                           Hardik Pankaj VIRANI

Residential Address:      Suite 301, 30 Hoveniersstraat, 2018 Antwerpen, Belgium.

 

 

HISTORY

 

The subject was established on 14th February, 1997 as a sole proprietorship concern owned by Mr. Jignesh Navinchandra Sanghavi under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name

Incoming Date

Outgoing Date

Jignesh Navinchandra SANGHAVI

14-02-1997

01-10-2003

Akshit Kirankumar VASANI

01-08-2003

15-12-2008

Hemang Jasvantbhai KANTRODIA

01-09-2008

-

Hardik Pankaj VIRANI

13-07-2011

-

 

Initially the subject was located at 13/F., Tung Shun Hing Commercial Centre, 20-22A Granville Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1301, 13/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong in September 1998; and further moved to the present address in October 2005.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           All kinds of diamonds and jewellery.

 

Employees:                   4.  (Including affiliates)

 

Commodities Imported:   India, other Asian countries, Europe, etc.

 

Markets:                       Asian countries, Thailand, Middle East, US, etc.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C, D/P, T/T, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Making a small profit every year.

           

Condition:                      Keeping in an active manner.

 

Facilities:                      Making rather 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:                      Normal.

GENERAL

 

Wong Tai (H.K.) Co. was a sole proprietorship operated and owned by Mr. Hemang Jasvantbhai Kantrodia who is an Indian.  It became a partnership as a new partner Hardik Pankaj Virani joined in on 13th July, 2011.  Virani is a Belgium passport holder and currently residing in Antwerpen, Belgium.

Business commenced in February 1997, the subject is a diamond trader and a commission agent.  It has got three affiliated companies located at its operating office, namely, 4C Diamonds Manufacturing Co., Infinity Diamonds Manufacturing Ltd. [Infinity Diamonds] and Gilberto Jewelry Ltd.  All these firms are diamond and jewellery traders which all were set up in Hong Kong.  They are also business partners of the subject.

The subject is trading in loose diamonds, polished diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc.  Rough diamonds are imported from India, Belgium and other European countries.  However, India is its main supplying country.  Some of the rough diamonds are polished or processed in Hong Kong or China.  Finished products and polished diamonds are marketed in Hong Kong or exported to India, the other Asian countries, Europe, the Middle East, the United States, etc.  The subject is also a commission agent.

All the affiliated companies are operated by Mr. Jayesh B. Patel and his family members all of whom are also Indian.  Infinity Diamonds was incorporated on 27th March, 2003 while Giberto Jewelry Ltd. was incorporated on 23rd August, 2002.  The former firm is a member of Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.

The contact person of the subject is a Mr. Deen who is also an Indian.  He is also an accountant.

Infinity Diamonds trades in diamond jewellery, gold jewellery (14K, 18K, 21K and 22K), platinum jewellery (Pt 750, Pt 850, Pt 900, Pt 950 and Pt 990), etc.  The subject also trades in the same kinds of products, more or less.

The subject’s business is chiefly handled by Kantrodia himself who is in India most of the time.

The history of the subject in Hong Kong is over fourteen years and seven months.  Overall business is rather active, making a small profit every year.  Regular suppliers and customers have been maintained, especially those in Belgium.

It is likely that the subject has had an associated company in Belgium which is operated by Virani who is the new partner.

On the whole, consider the subject good for normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.89

UK Pound

1

Rs.75.31

Euro

1

Rs.65.64

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.