MIRA INFORM REPORT

 

 

Report Date :

14.07.2011

 

IDENTIFICATION DETAILS

 

Name :

GLADSTONE  LTD.

 

 

Registered Office :

Room 1204A, 12/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.10.1992

 

 

Com. Reg. No.:

17252886

 

 

Legal Form :

Private Limited Company

 

 

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 :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

GLADSTONE  LTD.

 

 

Address:          

Room 1204A, 12/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.

 

(Formerly located at:

Room 704, 7/F., Chevalier House,

45 Chatham Road, Tsimshatsui,

Kowloon, Hong Kong.     )

 

PHONE:            2722 1666,  2722 1000

 

FAX:                 2722 1291

 

E-MAIL:            gladhk@netvigator.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Mohamed Ashraff Mohamed Yahya

 

 

SUMMARY

 

Incorporated on:             1st October, 1992.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Diamond Trader.

 

Group Total Sales:         Rs. 42,686,583,013  (Year ended 31-03-2011)

 

Employees:                   10.  (Including affiliates)

 

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

 

Banking Relation:           Satisfactory.

ADDRESS

 

Registered Head Office:-

Room 1204A, 12/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.

 

Associated Company:-

Joint Ford Ltd., Hong Kong.  (Same owner)

 

Affiliated Companies:-

Su-Raj Group of Companies

Alma Diamonds California Inc., USA.

Alma Diamonds Inc., India.

Bombay Diamonds Co. Private Ltd., India.

Collection Diamond Exports Private Ltd., India.

Diadem Investment & Finance Private Ltd., India.

Euro Auto Private Ltd., India.

Firstrate Diamonds Private Ltd., India.

Forever Diamonds Private Ltd., India.

Forever Precious Jewellery & Diamonds Ltd., India.

Hira Exports Private Ltd., India.

J.R. Diamonds Private Ltd., India.

Kings Jewel Exports Private Ltd., India.

Kohinoor Diamonds Private Ltd., India.

Koradiam N.V., Belgium.

Noble Jewellery LLC, UAE.

Oriental Expressions DMCC, UAE.

Petch Su-Raj, Thailand.

Precious Jewels Exports Private Ltd., India.

Revah Corporation Ltd., India.

Shanghai Diamond (HK) Ltd., Hong Kong.  (Same address)

SJR Commodities & Consultancies Private Ltd., India.

SJR Jewelry Co. Ltd., Thailand.

Su-Raj Diamond (H.K.) Ltd., Hong Kong.  (Same address)

Su-Raj Diamond Dealers Ltd., India.

Su-Raj Diamond Industries Ltd., India.

Su-Raj Diamond Traders Private Ltd., India.

Su-Raj Diamonds & Jewellery DMCC, UAE.

Su-Raj Diamonds & Jewellery Ltd., India.

Su-Raj Diamonds & Jewelry USA Inc., USA.

Su-Raj Diamonds Inc., USA.

Su-Raj Diamonds N.V., Belgium.

etc.

 

 

BUSINESS REGISTRATION NUMBER 

 

17252886

 

COMPANY FILE NUMBER

 

0382466

 

 

MANAGEMENT

 

Managing Director:  Mr. Mohamed Ashraff Mohamed Yahya

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$10,000.00

 

 

SHAREHOLDER  

(As per registry dated 01-10-2010)

 

Name

 

No. of shares

Mohamed Ashraff MOHAMED YAHYA

 

10,000

=====

 

 

DIRECTOR    

(As per registry dated 01-10-2010)

 

Name

(Nationality)

 

Address

Mohamed Ashraff MOHAMED YAHYA

Room 1108, Luk Yat House, Yat Tung Estate, Tung Chung, Lantau Island, Hong Kong.

 

 

SECRETARY

(As per registry dated 01-10-2010)

 

Name

Address

Co. No.

Sincere Secretaries Ltd.

13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong Kong.

0109535

 

HISTORY

 

The subject was incorporated on 1st October, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at 11/F., Goldsland Building, 22-26 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to Room 704, 7/F., Chevalier House, 45 Chatham Road, Tsimshatsui, Kowloon, Hong Kong in April 2009; and further to the present address with effect from 12th April, 2011.

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:                   10.  (Including affiliates)

 

Commodities Imported:   India, Europe, etc.

 

Markets:                       Hong Kong and other Asian countries.

 

Group Total Sales:         Rs. 15,722,560,577  (Year ended 31-03-2007)

Rs. 21,422,022,691  (Year ended 31-03-2008)

Rs. 24,223,399,501  (Year ended 31-03-2009)

Rs. 30,454,482,116  (Year ended 31-03-2010)

Rs. 42,686,583,013  (Year ended 31-03-2011)

 

Terms/Sales:                 As per contracted.

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

Group Profit After Tax:    Rs.    479,216,730  (Year ended 31-03-2007)

Rs.    625,882,397  (Year ended 31-03-2008)

Rs.    334,445,543  (Year ended 31-03-2009)

Rs.    656,633,724  (Year ended 31-03-2010)

Rs. 1,116,646,118  (Year ended 31-03-2011)

 

Profit or Loss:                The Group made profits in the past five years.

 

Condition:                      Business is rather active.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                       So far so good.

 

Commercial Morality:     Good.

 

Bankers:-

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

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Gladstone Ltd. is wholly-owned by Mr. Mohamed Ashraff Mohamed Yahya who is an Indian.  Besides the subject, Mohamed Yahya has had another firm known as Joint Ford Ltd. which is located at a different address.

The subject is a diamond trader.  It is sharing the office with its affiliated company Shanghai Diamond (HK) Ltd. which is a Hong Kong-based firm.  Shanghai Diamond (HK) Ltd. is an indirect subsidiary company of Su-Raj Diamonds & Jewellery Ltd. [Su-Raj] which is a listed firm in India.  It is likely that the subject is an affiliated company of Su-Raj.

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 range from 0.05 cts to 0.60 cts.  Commodities are chiefly imported from India.  Products are marketed in Hong Kong, exported to Japan, the other Asian countries, Europe, the Middle East, North America, etc.  The subject’s business is chiefly handled by Mohamed Yahya himself.

For the year ended 31st March, 2011, the total income of the Group amounted to Rs. 42,686,583,013, grew by 40.2% as compared with Rs. 30,454,482,116 in FY 2010; profit after taxation was Rs. 1,116,646,118, grew by 70.1% as compared with Rs. 656,633,724 in FY 2010.  The Group profit after tax for the FY 2011 was the best in the past five years.  The improvement in Group’s performance was driven by sustained demand from international markets.

As the history of the subject is over eighteen years and nine months in Hong Kong, on the whole, consider it good for normal business engagements.

 

COURT CASES:            None per our.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.07

Euro

1

Rs.62.40

 

 

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%)

 

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.