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MIRA INFORM REPORT
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Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
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Name : |
GEM CORPORATION (HONG KONG) |
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Registered Office : |
Blk
E, 8/F, Bo Yip Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong |
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Date of Incorporation : |
1-5-1972 |
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Com. Reg. No.: |
03627265 |
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Legal Form : |
Partnership |
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Line of Business : |
Trading of diamond & precious jewellery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
No Complaints |
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Litigation : |
Clear |
NAME & ADDRESS
GEM CORPORATION (HONG KONG)
BLK E, 8/F, BO YIP
BUILDING,
6 ASHLEY ROAD,
TSIMSHATSUI, KOWLOON, HONG KONG.
TEL: 852
23761798
FAX: 852 23760780
EXECUTIVE SUMMARY
INCORPORATION DATE : 1-5-1972
REGISTRATION NO. : 03627265
REGISTERED LEGAL FORM : PARTNERSHIP
CHIEF EXECUTIVE :
SEYED AHAMED KABEER (PARTNER)
STAFF STRENGTH :
5
AUTHORIZED CAPITAL : [IN HK, UNLIMITED COS. ARE NOT
REQUIRED TO FILE ITS CAPITAL
PARTICULARS TO BR OFFICE (THE INLAND
REVENUE)]
PAID-UP CAPITAL : NOT APPLICABLE
BUSINESS LINE : TRADING OF DIAMOND & PRECIOUS
JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2004)
EQUITIES :
N/A (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.75088 = USD1 AS OF 2006-05-08
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The correct name
& address of SC are the heading ones instead of the name & address
given by you.
SC was established
under Business Registration number 03627265 on 1-5-1972 with present status as
partnership.
Currently obtained
BR copy indicate the particulars of SC's principal(s) are as follows:
Name(s) of
principal(s) & ID/Passport number(s) Registered
address
- Seyed Ahamed
Kabeer / P097833(0) Rm 7A, Boi Yip
Bldg.,
6 Ashley Road, Tsimshatsui,
Kowloon, HK.
- Shah Zarook Syed /
K61103918(8) Rm B7, 6/F, Hankow
Centre,
4A Ashley Road, Kowloon, HK.
Certain material
change or amendment regarding SC within the last 4 years has been traced &
noted as follows:
Change in
principal(s):
Name(s) of admitted
partner(s) Joining date
Nil Nil
Name(s) of retired
partner(s) Leaving date
Imran Ahmed 31-3-2005
Change of business
address: SC moved to the heading business address from Blk A, 7/F of the
captioned building in Feb 2004.
Total number of employees: 5.
Location: Maintaining its office at the heading
business address, which occupies a gross area of 700 square feet at a
commercial & residential building in a commercial & shopping district.
Condition inside the premises during our visit: Normal.
Office/factory layout: Standard.
The premises is
rented.
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This section will
contain the civil litigations & winding-up petitions filed against SC for
the last 6 years (as stored in our database), and the mortgage/charge filed by
SC for the last 2 years. In Hong Kong,
creation of such mortgages/charges by an unlimited co is not required to be
registered in the public records.
Civil litigation/winding-up petitions : None in our database.
Mortgage/charge record(s) : In HK, unlimited companies are not required
to file its charge particulars for public inspection.
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Seyed Ahamed Kabeer,
partner & manager:
- He is by Indian
nationality
Currently active in
SC's day-to-day operations & is responsible for its management.
Credit history check
: This refers to a check of our
database whether the said person has been involved in any of the following
records stored by us within the last 6 years:
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection
records : No overdue amount owed by the
said
person was placed to us for
collection
Civil litigations : (X)
see below ( ) see per attached
Date : 28-5-1999
Defendant(s) : The said person + Shah Zarook Syed +
Imran Ahmed
Plaintiff(s) : City Telecom HK Ltd.
Cause of claims : Service charge
Claimed amount : ANS
Shah Zarook Syed,
partner:
- In his late 50's
- He is by Indian
nationality
- Embarked upon his
career to present field as a junior salesman in his mid 20's
Currently active in
SC's day-to-day operations & is responsible for its management.
Civil litigation
record: Refer to Seyed Ahamed Kabeer.
Ownership background appraisal:
Rating:3 Obtained
scores : 60 (see explanatory notes below)
Keys :1 : scores
81-100 : Excellent
2 : scores
61-80 : Good
3 : scores
46-60 : Average
4 : scores
21-45 : Fair
5 : scores
01-20 : Poor
The rating indicates
the personal financial & operational strength of SC's major
principals. It is calculated from a composite
of scores obtained from the following 5 factors which carry equal weight in our
analysis:
Personal financial
strength, credit history & trade reputation, business experience &
track record, market connection and management skill.
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Business categories :
SC is engaged in
trading of diamond & precious jewellery.
Items available
include loose diamond, precious & semi-precious stones, polished diamond
with different shapes (such as round brilliant, marquised & pear shapes),
pearl, ruby sapphire, diamond rings, bracelets, necklaces & other jewellery
products.
Principal purchases :
Major types of
sourcing : Merchandise
Local--type of
suppliers : Nil
Buying terms : Nil
Overseas--supplying
countries : India & Belgium
Buying terms : T/T & L/C
Principal market :
Local--type of
customers : Nil
Selling terms : Nil
Overseas--buying
countries : Japan, USA, Europe, Middle
East & other Asian countries
Selling terms : T/T & L/C
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SC is not known to have any subsidiary at present.
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Overall payment appraisal :
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined
The appraisal serves
as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current
enquiry with SC's suppliers), our delinquent payment records and our debt
collection record concerning SC.
Trade payment experience : Owing to the nature of its business, SC is
not an active seeker of local commerical credit since merchandise/materials are
imported. Its expenses in the form of accruals and servicing are reportedly met
in prompt manner.
Delinquent payment record :
None in our database.
Debt collection record : No overdue amount owed by SC was placed to us
for collection within the last 6 years.
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Banking relations
are maintained principally with: HSBC.
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Upon a current contact, SC's principal(s)
declined forwarding any financial information on the ground that SC is a
private venture whose data is not required for public inspection.
Re: In HK, only the public listed cos.,
financial institutions & overseas cos. are obligated to file their
financial statements to Companies Registry for public search. Generally, the private limited cos. &
unlimited cos. always keep those data as highly confidential matter.
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It is difficult to
estimate SC's means which, however, appears to be adequate with regard to its
length of business and market connection, credit in the range of moderate to
fairly large amount may be considered.
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |