MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GEM CRAFTS COMPANY |
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Registered Office : |
Flat D, 5/F, |
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Country : |
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Date of Incorporation : |
3-10-2003 |
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Com. Reg. No.: |
34000634 |
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Legal Form : |
Partnership |
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Line of Business : |
Trading of fine jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
GEM CRAFTS COMPANY
FLAT D, 5/F,
TSIMSHATSUI,
TEL: 852 23671585
FAX: NOT REGISTERED
EXECUTIVE SUMMARY
INCORPORATION DATE :
3-10-2003
REGISTRATION NO. :
34000634
REGISTERED LEGAL FORM :
PARTNERSHIP
CHIEF EXECUTIVE : HABEEBU RAHMAN (PARTNER)
STAFF STRENGTH :
2
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 FINE JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7. 82054= USD1 AS OF 2007-7-19
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
The correct name of SC is the heading one instead of "Gem Craft
Company" given by you. The correct building name is also the heading one.
SC was established under Business Registration number 34000634 on
3-10-2003 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
- Habeebu Rahman / XE293066(6) Same as
heading business address
- Abdol Kareem Jaueed Hussain / Z1363635 Same as heading
business address
No material change or amendment regarding SC has been traced & noted
since its inception.
Habeebu Rahman, partner:
- In his mid 30's
- 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 stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
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
Abdol Kareem Jaueed Hussain, partner:
- In his late 30's
- 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:
Civil litigation
as defendants : None in our database
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
Ownership background appraisal:
Rating : 3 Obtained scores : 53 (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.
Upon a current contact,
Banking relations are maintained principally with: Bank of India
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 records filed by SC for the last 2 years. In
Civil litigation/winding-up petitions : None in our
database.
Mortgage/charge record(s) : In Hong Kong,
unlimited companies are not required to file its charge particulars for public
inspection.
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 commercial 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.
Business categories :
SC is engaged in trading of fine jewellery.
Items available include gem stones, diamond, bracelets, necklaces & diamond
rings.
Income is received in the form of commission.
Principal purchases :
Major
types of sourcing : Diamonds
& fine jewellery
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries :
Buying
terms : L/C, T/T
& credit of 60 days
Principal market :
Local--type
of customers : Wholesalers, retailers
& dealers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : PR China & SE Asia
Selling
terms : L/C, T/T
& credit of 60 days
Total number of employees : 2.
Location : Maintaining
its office at the heading business address which occupies a gross area of 700
square feet at a residential building in a commercial & shopping district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
Property ownership : Current land search indicates the ownership details
of the heading premises as follows:
- Owner(s) : Mak Keung
- Date of purchase & consideration : 10-10-1962 / HKD$0.45M
- Date of mortgage & secured amount : NA
- Mortgagee : NA
SC is
not known to have any subsidiary at present.
SC is considered small-sized in its line locally.
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 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)