MIRA INFORM REPORT

 

 

Report Date :

04.01.2011

 

IDENTIFICATION DETAILS

 

Name :

MEGA  SOURCES  H.K.

 

 

Registered Office :

C/o Asia-Pacific Business Centre

Room 2207-2209, 22/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.08.2004

 

 

Com. Reg. No.:

34806783-000-08

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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 

 

MEGA  SOURCES  H.K.

 

 

ADDRESS

 

c/o Asia-Pacific Business Centre

Room 2207-2209, 22/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.

 

PHONE:            2530 8888

 

FAX:                 2530 8100

 

 

MANAGEMENT

 

Manager:  Mr. Riyaz Abdul Aziz Halai

 

 

SUMMARY

 

Establishment:                          11th August, 2004.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Trader.

 

Employees:                   Nil.

 

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

 

Banking Relation:           Satisfactory.

ADDRESS

 

Head Office:-

c/o Asia-Pacific Business Centre

Room 2207-2209, 22/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

34806783-000-08

 

 

MANAGEMENT

 

Manager:  Mr. Riyaz Abdul Aziz Halai

 

 

PARTNERS

 

Name:  Mr. Riyaz Abdul Aziz HALAI

Residential Address:      C-401, ABBA Apartment, S.V. Road, Jogeshwari (W), Mumbai 400102, India.

 

Name:  Mr. Abdul Aziz Osman HALAI

Residential Address:      A-33, 3/F., Iris Park, Paktel Estate Road, Off S.V. Road, Jogeshwari (W), Mumbai 400102, India.

 

 

HISTORY

 

The subject was established on 11th August, 2004 as a sole proprietorship concern owned by Mr. Riyaz Abdul Aziz Halai under the Hong Kong Business Registration Regulations.  It became a partnership as Mr. Abdul Aziz Osman Halai joined in as a partner on 29th June, 2010.

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of diamonds and jewellery products, etc.

 

Employees:                   Nil.

 

Commodities Imported:   India, other Asian countries, etc.

 

Markets:                       Hong Kong, Japan, other Asian countries, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Keeping a balance account in Hong Kong.

 

Condition:                      Business is not active in Hong Kong.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                       Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Mega Sources H.K. is a partnership jointly owned by Riyaz Abdul Aziz Halai and Abdul Aziz Osman Halai.  Both of the Halais are Indian who belong to the Halai family in India.  Being India passport holders, currently they are residing in Mumbai, India.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Room 2207-2209, 22/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong known as Asia-Pacific Business Centre which is handling its correspondences and documents.

The subject is a diamond importer, exporter and wholesaler.  It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds.

It is likely that the subject has got an associated company in Mumbai, India which is also operated by the Halais.  The associated company is also a diamond trader, manufacturer and supplier.

It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active although its history in Hong Kong is over six years and four 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.

 

COURT CASES:            None per our.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.67

UK Pound

1

Rs.69.45

Euro

1

Rs.59.37

 

 

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%)

 

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