MIRA INFORM REPORT

 

 

Report Date :

14.01.2011

 

IDENTIFICATION DETAILS

 

Name :

GEMPRO  HK  LTD.

 

 

Registered Office :

Flat A6, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong  

 

 

Date of Incorporation :

05.06.1990

 

 

Com. Reg. No.:

13896782

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

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

 

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

 

 

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

 

GEMPRO  HK  LTD.

 

 

company address

 

Flat A6, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:                  2721 5880

FAX:                       2366 8335

 

 

MANAGEMENT

 

Managing Director:  Mr. Fazlal Hassan Ahmed

 

 

SUMMARY

 

Incorporated on:             5th June, 1990.

 

Organization:                 Private Limited Company.

 

Capital:                             Nominal:          HK$1,000,000.00

Issued:                             HK$1,000,000.00

 

 Business Category:         Gem Trader.

 

Annual Turnover:            HK$50~55 million.

 

Employees:                   2.

 

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

 

Banking Relation:  Satisfactory.

 

 

company address

 

Registered Head Office:-

Flat A6, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

BUSINESS REGISTRATION NUMBER

 

13896782

 

 

COMPANY FILE NUMBER

 

0279583

 

 

MANAGEMENT

 

Managing Director:  Mr. Fazlal Hassan Ahmed

Director & Contact Person:  Mr. Abirin Zulaiah Ahmed Fazlal Hassan

 

 

CAPITAL

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)

 

Issued Share Capital: HK$1,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 05-06-2010)

 

Name

 

No. of shares

Fazlal Hassan AHMED

 

50,000

Abirin Zulaiah AHMED FAZLAL HASSAN

 

20,000

Ali SADAQ

 

30,000

 

 

–––––––

 

Total:

100,000

======

 

 

DIRECTORS

(As per registry dated 05-06-2010)

 

Name

(Nationality)

 

Address

Abirin Zulaiah AHMED FAZLAL HASSAN

Flat A6, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Ali SADAQ

Flat A6, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Fazlal Hassan AHMED

Flat A6, 14/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 05-06-2010)

 

Name

Address

Co. No.

Taxbase Consultants Ltd.

Room 615, 6/F., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong.

0411324

 

 

HISTORY

 

The subject was incorporated on 5th June, 1990 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Diamantina Ltd., name changed to the present style on 31st October, 2001.

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, emerald, precious stones, etc.

 

Employees:             2.

 

Commodities Imported: India, Belgium, other European countries, etc.

 

Markets:                 Japan, Southeast Asia, Europe, Middle East, etc.

 

Annual Turnover:      HK$50~55 million.

 

Terms/Sales:           L/C, T/T, etc.

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)

 

Issued Share Capital: HK$1,000,000.00

 

Mortgage or Charge:-

Date of   Two-Party Mortgage Deed:  17-09-2007

Amount:    All moneys

Property:     1/720th part or share of and in Kowloon Inland Lot No. 8219 (Flat A6 on 14/F. and Portion No. 47 of Main Roof of Hankow Centre, 47 Peking Road, 4A Ashley Road and 1C Middle Road, Kowloon, Hong Kong.)

Mortgagee:          Public Bank (Hong Kong) Ltd., Hong Kong.

 

Profit or Loss:          Making a small profit every year.

 

Condition:                Keeping in a rather active manner.

 

Facilities:                Making active use of general banking facilities.

 

Payment:                Met obligations as required.

 

Commercial Morality:  Satisfactory.

 

Bankers:-

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

Public Bank (Hong Kong) Ltd., Hong Kong.

 

Standing:                Normal.

 

 

GENERAL

 

Having issued 100,000 ordinary shares of HK$10.00 each, Gempro HK Ltd. is jointly owned by Mr. Fazlal Hassan Ahmed, holding 50% stake; Mr. Abirin Zulaiah Ahmed Fazul Hassan, holding 20%; and Mr. Ali Sadaq, 30%.  They are also directors of the subject.  The first two have been in Hong Kong for a very long time and become Hong Kong ID Card holders.  They have got the right to reside in Hong Kong permanently.  The third shareholder Ali Sadaq is an India passport holder.  It is likely that the shareholders of the subject are also residing in the subject’s operating address.

Business commenced in June 1990, the subject is a diamond importer, exporter and wholesaler.  The subject is dealing in fine loose diamonds and rare, coloured gemstones.  Products include fancy coloured diamonds, unusual rose cut and briolette cut diamonds, etc.  It also trades in single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire, ruby, etc.  Products are chiefly imported from India, Thailand, Sri-Lanka, Belgium and Israel.  However, India is its main supplying country.  Loose diamonds are chiefly exported to India, Japan, Southeast Asia, Europe, the Middle East, etc.  Business is rather steady.  Regular clients and suppliers have been maintained.

The subject’s business is chiefly handled by Mr. Fazlal Hassan Ahmed and Mr. Abirin Zulaiah Ahmed Fazul Hassan.

The subject owns its operating office located at the present registered address in Tsimshatsui, Kowloon, Hong Kong which had been mortgaged to Public Bank (Hong Kong) Ltd., Hong Kong, for securing general banking facilities.

On 3rd July, 2009, The Hongkong & Shanghai Banking Corp. Ltd. released the subject’s property (here refers to Receivables) from Charge.

The annual sales turnover of the subject ranges from HK$50 to 55 million.  Making a small profit every year.

On the whole, as the history of the subject in Hong Kong is over twenty years and three months, consider it good for normal business engagements.

 

REMARKS:

 

     Court Cases:      None per our.

 

Property information of the company:-

       Property Location:       Flat A6 on 14/F. and Portion No. 47 of Main Roof, Hankow Centre, 47 Peking Road, 4A Ashley Road and 1C Middle Road, Kowloon, Hong Kong.

Owner:     Gempro HK Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

17-09-2007

-

Public Bank (Hong Kong) Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.13

UK Pound

1

Rs.71.05

Euro

1

Rs.59.10

 

 

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

 

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.