MIRA INFORM REPORT

 

 

Report Date :

05.01.2012

 

IDENTIFICATION DETAILS

 

Name :

RAINBOW  GEMS  (HK)  LTD.

 

 

Registered Office :

Room 806, 8/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong.

 

 

Date of Incorporation :

26.10.2005

 

 

Com. Reg. No.:

36135548

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Diamond gold jewellery, platinum jewellery, etc.

 

 

No. of Employees :

3.  (Including affiliate)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 and address      

 

RAINBOW  GEMS  (HK)  LTD.

 

Address:          

Room 806, 8/F., Chevalier House,

45-51 Chatham Road South,

Tsimshatsui, Kowloon,Hong Kong.

 

 

(Formerly located at:

8/F., Tung Wui Commercial Building,

27 Prat Avenue, Tsimshatsui,

Kowloon, Hong Kong.     )

 

PHONE:            2366 2312,  2367 6499

 

FAX:                 2367 8767

 

E-MAIL:                        rainbowgems@gmail.com

donda@hotmail.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Pravinkumar Narsinhbhai Donda

 

 

SUMMARY

 

Incorporated on:                         26th October, 2005.

 

Organization:                             Private Limited Company.

 

Capital:                                     Nominal:           HK$100,000.00

Issued:              HK$100,000.00

 

Business Category:                    Diamond Trader.

 

Annual Turnover:                        HK$20~25 million.

 

Employees:                               3.  (Including associate)

 

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

 

Banking Relation:                       Satisfactory.

ADDRESS

 

Registered Head Office:-

Room 806, 8/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

 

Parent Company:-

Donda Exports

2/218, Regal Diamond Centre Building, 11/15 Tata Road, 1 Prasad Chambers Comp., Opera House, Mumbai, Maharashtra, India.

 

Associated/Affiliated Companies:-

Fancy Rainbow Co. Ltd., Thailand.

Rainbow Gems, Hong Kong.  (Same address)

S N Creation, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

36135548

 

 

COMPANY FILE NUMBER

 

 1003573

 

 

MANAGEMENT

 

Managing Director:  Mr. Pravinkumar Narsinhbhai Donda

 

 

CAPITAL

 

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$100,000.00

 

 

SHAREHOLDERS

(As per registry dated 26-10-2011)

 

Name

 

No. of shares

Pravinkumar Narsinhbhai DONDA

 

55,000

Rashmikant Pravinbhai DONDA

 

10,000

Jigneshkumar Pravinbhai DONDA

 

35,000

 

 

–––––––

 

Total:

100,000

======

 

 

DIRECTORS

(As per registry dated 26-10-2011)

 

Name

(Nationality)

 

Address

Jigneshkumar Pravinbhai DONDA

8/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

Pravinkumar Narsinhbhai DONDA

8/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 26-10-2011)

 

Name

Address

Co. No.

Buttar.HK Ltd.

1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

0975326

 

 

HISTORY

 

The subject was incorporated on 26th October, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at 8/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in recent months.

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Diamond gold jewellery, platinum jewellery, etc.

 

Employees:                   3.  (Including affiliate)

 

Commodities Imported:   Belgium India, Israel, etc.

 

Markets:                       US, Europe, Thailand, other Asian countries, etc.

 

Annual Turnover:            HK$20~25 million.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$100,000.00

 

Mortgage or Charge:       (See attachment)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in an active state.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:      Satisfactory.

 

Bankers:-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Hang Seng Bank Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 100,000 ordinary shares of HK$1.00 each, Rainbow Gems (HK) Ltd. is wholly-owned by the Donda family.  The directors are also the members of the Donda family.  The Donda family is also the owner of Donda Exports, an Indian firm located in Mumbai, Maharashtra, India and engaged in diamonds trading.

The subject has moved to the present new address in recent months.

The subject is a fancy diamond, rose-cut diamond and jewellery trader.  Its products bear the brand name “Argyle Pink”.

The subject has got an affiliated company Rainbow Gems located at the same operating address.  The subject and Rainbow Gems are engaged in the same lines of business.  Rainbow Gems was set up in 1997 by the Donda family in Hong Kong.  This firm is a subsidiary of Donda Exports, India.

The subject is a diamond broker, importer, exporter and wholesaler.  Its main products are fine jewellery, fancy diamonds, carat size diamonds, loose diamonds, diamond jewellery, etc.  Raw materials are imported from Belgium India, Israel, etc.  However, Donda Exports seems to be a main supplier of the subject.  The subject has had a factory in Surat, India which is employing about 350 workers.  The subject also has offices in Mumbai of India and Bangkok of Thailand.  The firm in Thailand is known as Fancy Rainbow Co. Ltd.

The subject’s products are exported to the United States, Europe, and other Asian countries.  Business has been so far active.  Annual sales turnover of the subject and its affiliate ranges from HK$20 to 25 million, maintaining a small profit every year.

The business of the Group keeps on improving.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.  For instance, it will take part in Hong Kong International Jewellery Show 2012 which will be held during the period of 16th to 20th February, 2012.

As the history of the subject in Hong Kong is over six years and two months, on the whole, consider it good for normal business engagements.

 

 

REMARKS

 

            Property information of the company:-

            Property Location:          Unit 6 on 8/F., Chevalier House, 45-51 Chatham Road South, Kowloon, Hong Kong.

Owner:  Rainbow Gems (HK) Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

26-03-2010

-

Hang Seng Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

05-10-2007

Instrument:        Assignment of Receivables – General with Notice of Assignment

Property:

In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged

Mortgagee:        The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

To secure all monies in respect of banking facilities

26-03-2010

Instrument:        Mortgage

Property:

188/19,060th parts or shares of and in The Remaining Portion of Kowloon Inland Lot No. 7072, Kowloon Inland Lot No. 8670, Kowloon Inland Lot No. 8567 and Kowloon Inland Lot No. 7074 (Unit 6 on 8/F. of Chevalier House, 45‑51 Chatham Road South, Kowloon, Hong Kong.)

Mortgagee:        Hang Seng Bank Ltd., Hong Kong.

To secure all moneys in respect of general credit facilities

14-01-2011

Instrument:        Assignment of Insurance Policy (Two-Party)

Property:

All the rights, title, benefits and interests of the Borrower in and to the Policy and the Proceeds

Mortgagee:        Hang Seng Bank Ltd., Hong Kong.

To secure all sums of money, debts and liabilities

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.14

UK Pound

1

Rs.83.08

Euro

1

Rs.69.25

 

 

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.