|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KREATORS & CONCEPTS |
|
|
|
|
Registered Office : |
C/o SBC Corporate Services Ltd. Room 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
09.07.2008 |
|
|
|
|
Com. Reg. No.: |
39524639-000-07 |
|
|
|
|
Legal Form : |
Sole Proprietorship. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Loose diamonds, emerald, precious stones, gem sets, |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in |
|
Payment Behaviour : |
Unknown |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KREATORS &
CONCEPTS
ADDRESS: c/o SBC Corporate Services
Ltd.
Room 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 3519 6338
FAX: 3519 6339
Manager: Mr. Sanjay Kumar
Pravinghandra Chavada
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.
Head Office:-
c/o SBC Corporate Services Ltd.
Room 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
Kay International (Same owner)
Flat E1, 3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen
Street, Hunghom, Kowloon, Hong Kong.
Business Partners:-
Anee Gems, Hong Kong.
Krunal Enterprise, India.
39524639-000-07
Manager: Mr. Sanjay Kumar
Pravinghandra Chavada
Name: Mr. Sanjay Kumar
Pravinghandra CHAVADA
Residential Address: Nearnay
Nagar Sel 7-B, Block L-5, Ahemdabad, India.
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 2605, 26/F., Metropolis Tower
1, 8 Metropolis Drive, Hunghom, Kowloon, Hong Kong, moved to Flat E1,
3/F., Block 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom,
Kowloon, Hong Kong in June 2009; and further moved to the present address in
June 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Loose diamonds, emerald,
precious stones, gem sets,
Employees: Nil.
Commodities Imported: India, Europe, other Asian countries, etc.
Markets: Japan, India, other Asian countries.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Kept a balance
account in 2010 & 2011.
Condition: Business is fairly active.
Facilities: Making fairly active use of general
banking facilities.
Payment:
Met trade
obligations as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Kreators & Concepts is a sole proprietorship set up and owned by Mr.
Sanjay Kumar Pravinghandra Chavada who is an Indian. Chavada is an India passport holder and does
not have the right to reside in Hong Kong permanently. He is also the manager of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 503, 5/F., Silvercord Tower 2, 30 Canton
Road, Tsimshatsui, Kowloon, Hong Kong known as SBC Corporate Services Ltd.
which is handling its correspondences and documents.
Formerly the subject shared the same operating office with its associate
Kay International which is located at Flat E1, 3/F., Block 2, Hang Fung
Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong. Kay International is a Hong Kong-registered
firm also operated by Sanjay Kumar Pravinghandra Chavada. Kay International is also a diamond trader. This firm was also established on 9th July,
2008.
The subject moved to the present address in early June 2010.
The subject is trading in loose diamonds, emerald, precious stones, gem
sets, semi-precious stones, blue or coloured sapphire, etc. Commodities are imported from India and some
of the Asian and European countries.
Loose diamonds, polished and cut diamonds are marketed in Hong Kong,
exported or re-exported to Japan and other Asian countries. Business is normal.
The subject’s business is chiefly handled by Chavada himself. Chavada has got business ties with a number
of the jewellery suppliers and manufacturers in India while most of them are in
Mumbai.
One of its India suppliers is Krunal Enterprise [Krunal] which is a
rather significant firm in the country.
Krunal is a manufacturer, supplier, importer and exporter of a 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.
The subject is chiefly trading in Krunal’s products. Chavada always goes back to his native
country of commodities sourcing.
The history of the subject in Hong Kong is just over three years and
nine months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.00 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.40 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.