MIRA INFORM REPORT

 

 

 

Report Date :

06.10.2008

 

IDENTIFICATION DETAILS

 

Name :

RAJAB GEM CORPORATION

 

 

Registered Office :

Flat F, 13/F, Golden Crown Court, 66-70 Nathan Road, Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

1973

 

 

Legal Form :

Partnership

 

 

Line of Business :

Exporter Imitation Jewelry and Beads Products

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

name of the company

 

 

 

 

RAJAB GEM CORPORATION

 

Business Address

 

Flat F, 13/F, Golden Crown Court
66-70 Nathan Road
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-23668552, +852-98346949
Fax: +852-23665744

 

 

 

 

 

SUMMARY

 

 

Founded:

1973

Legal form:

Partnership

Registration date:

16.08.1973

ACTIVITY:

Exporter

Main Products:

Imitation Jewelry and Beads Products

Staff:

1 (1 in Hong Kong)

Financial situation:

Modest but ordered

Payments:

Payments are made according to terms

Litigation:

clear

 

 

 

Registration status: 1973 - Registered company
Activity status: 1973 - Active company

 

 

 

 

IDENTIFICATION

 

 

 

Name:

Rajab Gem Corporation

 

Telephone:

+852-23668552

 

Fax:

+852-23665744

 

Business Address:

Flat F, 13/F, Golden Crown Court
66-70 Nathan Road
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-23668552, +852-98346949
Fax: +852-23665744

 

 

Registered Address:

Flat F, 13/F, Golden Crown Court
66-70 Nathan Road
Tsim Sha Tsui
Kowloon
Hong Kong

 

 

 

 

HISTORY AND REGISTRATION

 

 

Founded:

1973

 

Legal form:

Partnership

 

Registration date:

16.08.1973

 

BR Number:

03937206

 

SHAREHOLDERS

 

SALIHU Seyed Ahamed, Seyed Mohamed
Room F, 13/F, Golden Crown Court
66-70 Nathan Road
Tsim Sha Tsui
Hong Kong

Partner
01.06.2006 - Present

SEYED Mohamed Salihu, Mohamed Noohu
Flat F, 13/F, Garden Crown Court
66-70 Nathan Road
Tsim Sha Tsui
Hong Kong

Partner
01.06.2006 - Present

 

 

MANAGEMENT   

 

Mr. SEYED Mohamed Salihu, Mohamed Noohu
He is subject's Director who is actively engaged in subject's overall management and operation.


Management Assessment
Subject is a relatively small entity. There is no clear division of management functions and responsibilities. One or two key figures are responsible for overall management.

 

 

 

 

ACTIVITY

 

NATUE OF BUSINESS:

Exporter

 

NACE:

4648 Wholesale of watches and jewellery

 

Main products:

Imitation Jewelry and Beads Products

 

 

 

Activity comment:

Subject's only staff declined to disclose any information regarding of subject's activities. Other sources revealed that subject is engaged in the sourcing, and exporting of quality assurance and distribution of stylish imitation Jewelry and Beads products. Products are mainly imported from Hong Kong and Mainland China, where goods are then exported to India.

Minimal traffic of phone calls, deliveries of documents indicate that subject is performing inadequate level of daily business activities with some functional divisions and business structures.

 

 

 

MARKETS:


India
Payment terms:
O/A (open account)
T/T
L/C (letter of credit)

 

 

 

PURCHASES:


China, Hong Kong
Payment terms:
T/T
L/C (letter of credit)
O/A (open account)

 

 

 

 

PREMISES

 

Address:

Flat F, 13/F, Golden Crown Court
66-70 Nathan Road
Tsim Sha Tsui
Hong Kong

Type of premises:

office premises

Type of ownership:

Premises at business address are rented

Area:

Residential

Condition:

reasonable

Equipment:

Poor


Captioned premise is a residential apartment, subject’s director lives in the captioned address. Besides, there are inadequate office and other supportive facilities in the apartment.

 

STAFF

 

Total staff: 1
Staff in Hong Kong: 1

 

 

 

IMPORTANCE:

Small but long established company

 

 

 

FINANCE:

 

Financial situation:

Modest but ordered

 

Status of company:

Properly run

 

Business trends:

Stagnant

 

 

 

Direct interview:

Mr. SEYED Mohamed Salihu, Mohamed Noohu , proprietor

 

 

 

Financial data source:

Declined to disclose any financial data

 

 

Mr. SEYED Mohamed Salihu Mohamed Noohu , subject's proprietor, declined to disclose any financial data due to company policy and of unknown inquiring party. However, he explained that subject's has a long establishment history; subject's level of business is very stable.

Despite the fact that subject has over 30 years experience in the industry, the premise, working conditions, and number of staffs indicate that subject is a small business which deemed to carry out with limited resources for regular financial commitments. Capability to overcome financial difficulties is not demonstrated with concrete evidence.


With respect to subject’s operation scale, size and compared with similar size companies in industry, estimated annual turnover is less than HKD 10M.

 

Ratios:

Ratios not available

 

Bankers

 

Declined to disclose

 

 

 

Payments:

Payments are made according to terms

 

 

 

Litigation records:

clear
on subject: clear
on SALIHU Seyed Ahamed, Seyed Mohamed : clear
on SEYED Mohamed Salihu, Mohamed Noohu : clear

 

 

 

Insolvency Information:

According to available information sources the company is not in a insolvency/Preliminary/debt regulation proceeding.

 

 

 

Negative file check:

clear

 

 

 

Company comment:

Secure terms are recommended. Small business is deemed carried out with limited resources for regular financial commitments. Capability to overcome financial difficulties is not demonstrated with concrete evidence. Business should be done on a secured basis with close monitoring.

 

 

 

 

 

 

Macro Economic Indicator - Hong Kong

(USD billions)

2003

2004

2005

2006

2007 (f)

2008 (f)

Economic growth (%)

3.2

8.6

7.5

6.9

5.6

5.3

Inflation (%)

-1.9

0.3

1.4

2.3

3.0

3.1

Public sector balance (%GDP)

-3.3

1.7

1.0

2.7

2.7

3.0

Exports

224.7

260.3

289.5

317.6

343.3

381.9

Imports

230.4

269.6

297.2

331.7

362.6

400.2

Trade balance

-5.8

-9.3

-7.6

-1.4

-2.0

-1.8

Current account balance

16.5

15.7

20.2

20.2

20.1

24.6

Current account balance (%GDP)

10.4%

9.5%

11.4%

10.6%

9.9%

11.1%

Foreign debt

37.8%

41.0%

40.7%

38.0%

36.3%

35.4%

Debt service (%Exports)

1.8%

2.1%

2.2%

2.3%

2.1%

2.0%

Currency reserves (import months)

4.8

4.2

3.7

3.4

3.2

3.0

(e)estimate (f)forecast

 

 

 



COUNTRY RATING (Hong Kong)

Rating : A1

The steady political and economic environment has positive effects on an
already good payment record of companies.Very weak default probability.

For further information of country rating and payment experience such as
Assets – weaknesses – risk outlook; Industries overview; Insolvency trend;
Means of payment and collection methods; and Non payment index,
please visit our group’s official homepage at www.cofacerating.com or go
directly to your interest at www.cofacerating.com/anglais/home/Country.html

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.46

UK Pound

1

Rs.83.37

Euro

1

Rs.64.46

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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