MIRA INFORM REPORT

 

 

Report Date :           

09.06.2011

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE  TRADES

 

 

Registered Office :

Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

09.02.1981

 

 

Com. Reg. No.:

07053042-000-02

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

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

Small Company 

 

 

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

 

Company name

 

RELIANCE  TRADES

 

 

Company ADDRESS

 

Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2366 3063

FAX:                 2311 0919

E-MAIL:                        reliance@hkstar.com

 

 

MANAGEMENT

 

Manager:           Mr. Seyed Abdul Gani Seyed Abdul Kader

 

 

SUMMARY

 

Establishment:                          9th February, 1981.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Trader.

 

Annual Turnover:            HK$15~20 million.

 

Employees:                   2.  (Including associates)

 

Main Dealing Banker:     Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office:-

Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

P.O. Box 97948, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.

 

Associated Companies:-  (Same address)

Bridiam, Hong Kong.

Wai Hing Co., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

 07053042-000-02

 

 

MANAGEMENT

 

Manager:                       Mr. Seyed Abdul Gani Seyed Abdul Kader

Contact Person:             Mr. Asik Ali Mohamed Sadakthamby

 

 

PARTNERS

 

Name:                           Mr. Seyed Abdul Gani SEYED ABDUL KADER

Residential Address:      2/F., 11 Lock Road, Kowloon, Hong Kong.

 

Name:                           Mr. Asik Ali MOHAMED SADAKTHAMBY

Residential Address:      Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Name:                           Mr. Samul Haque MOHAMED SADAK

Residential Address:      Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Name:                           Mr. Seyed Abdul Kader Mafaz MOHAMED

Residential Address:      Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 9th February, 1981 as a sole proprietorship concern owned by Seyed Abdul Gani Seyed Abdul Kader under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name

Incoming Date

Outgoing Date

Seyed Abdul Gani SEYED ABDUL KADER

09-02-1981

-

Asik Ali MOHAMED SADAKTHAMBY

24-07-1985

-

Samul Haque MOHAMED SADAK

12-01-1993

-

Ameer Hamsha AHAMED SHAKIR

01-04-1997

31-12-1998

Mohamed Afrah HABEEB MOHAMED

01-01-1999

01-04-1999

Seyed Abdul Kader Mafaz MOHAMED

24-06-2010

-

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, emerald, precious stones, etc.

 

Employees:                   2.  (Including associates)

 

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

 

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

 

Annual Turnover:            HK$15~20 million.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in an active and satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met obligations as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Reliance Trades is a partnership jointly owned by Seyed Abdul Gani Seyed Abdul Kader, Asik Ali Mohamed Sadakthamby, Samul Haque Mohamed Sadak, and Seyed Abdul Kader Mafaz Mohamed.  All the partners are Indians who are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.  The last one S.A. K. Mafaz Mohamed joined in the subject on 24th June, 2010.

Over the past years, the subject has got partners joined in and retired.  Now, the subject is managed by the above-mentioned four partners.

The subject’s operating address is in a private and commercial building known as Hankow Centre which is in Tsimshatsui, Kowloon, Hong Kong.  The subject is in the private part of the building.  It is likely that the partners of the subject also reside at the subject’s office.

Business commenced in February 1981, the subject is a polished and cut diamond importer, exporter and wholesaler.  It also trades in Alexandrite, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, Tanzanite, etc.  Commodities are chiefly imported from India and Europe.  Prime markets are Hong Kong, Japan, Southeast Asia, Europe, the Middle East, North America, etc.  Overall business is satisfactory.

The subject has got an associated company Wai Hing Co. [Wai Hing] which is located at the same operating office of the subject.  Wai Hing is a is a sole proprietorship set up and owned by Mr. Asik Ali Mohamed Sadakthamby who is one of the partners of the subject.  Business commenced in November 2008, Wai Hing is also a diamond importer, exporter and wholesaler.

Besides Wai Hing, the subject had another associated company Bridiam located at the same address.  Bridiam is a sole proprietorship set up and owned by Mr. Ahamed Kabir M. K. A. B. Syed who is an Indian.  He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.  Also trading in diamonds, Bridiam was established on 21st February, 2001.

The subject’s business is chiefly handled by the four partners.  The annual sales turnover of the subject ranges from HK$15 to 20 million.  Making a small profit every year.  Regular suppliers in India and overseas customers have been maintained.

The subject is one of the oldest Indian diamond traders in Hong Kong.

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

 

COURT CASES:            None per our.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.61

UK Pound

1

Rs.73.28

Euro

1

Rs.65.47

 

 

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

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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%)

 

 

 

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.