MIRA INFORM REPORT

 

 

Report Date :           

23.06.2011

 

IDENTIFICATION DETAILS

 

Name :

FAYAS  JEWELLERY

 

 

Registered Office :

Room 504, 5/F., Metropole Building, 57 Peking Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.12.2001

 

 

Com. Reg. No.:

32251506-000-12

 

 

Legal Form :

Partnership

 

 

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

 

 Bottom of Form

 

Company name

 

FAYAS  JEWELLERY

 

 

Company ADDRESS

 

Room 504, 5/F., Metropole Building, 57 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2739 9110

FAX:                 2739 9330

 

 

MANAGEMENT

 

Manager:  Mr. Mohamed Arif Sultan

 

 

SUMMARY

 

Establishment:                          11th December, 2001.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Product Trader.

 

Employee:                     1.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office:-

Room 504, 5/F., Metropole Building, 57 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Sister Company:-

Fayas Gems, Hong Kong.  (Same BR No. and same address)

[Established on 1st July, 2008 bearing BR No. 32251506-001-12]

 

 

BUSINESS REGISTRATION NUMBER

 

32251506-000-12

 

 

MANAGEMENT

 

Manager:           Mr. Mohamed Arif Sultan

Secretary:         Ms. Ahila Muthu

 

 

PARTNERS

 

Name:                           Mohamed Arif SULTAN

Residential Address:      Flat 8, 14/F., Block B, Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong

Kong.

 

Name:                           Thariq MOHAMED

Residential Address:      Flat A3, 11/F., Burlington House, 90-94 Nathan Road, Tsimshatsui, Kowloon, Hong

Kong.

 

Name:                           Arif FAYAS BANU

Residential Address:      Flat A3, 11/F., Burlington House, 90-94 Nathan Road, Tsimshatsui, Kowloon, Hong

Kong.

 

 

HISTORY

 

The subject was established on 11th December, 2001 as a partnership concern under the Hong Kong Business Registration Regulations.

Originally the subject was registered under the name of Fayas Gems, name changed to the present style on 13th June, 2005.

The following table shows the changes of the partners:-

Name

Incoming Date

Outgoing Date

Mohamed Arif SULTAN

11-12-2001

-

Abdul Rahman NAZIMUDEEN

11-12-2001

01-04-2008

Bathiudeen NAZIMUDEEN

11-12-2001

01-04-2008

Thariq MOHAMED

01-04-2008

-

Arif FAYAS BANU

01-04-2008

-

 

Initially the subject was located at Flat 1, 16/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 8, 14/F., Block B, Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong in June 2004, and further moved to the present address in November 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.

 

Employee:                     1.

 

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

 

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

 

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 a satisfactory manner.

 

Facilities:                      Making 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

 

Fayas Jewellery is a partnership jointly owned by three Indian.  All are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The subject’s registered address is located at Room 504, 5/F., Metropole Building, 57 Peking Road, Tsimshatsui, Kowloon, Hong Kong.  This office is not in a commercial building but a residential building.  It is likely that all the partners have moved to this new address but does not make any amendments on the subject’s registration materials.  The subject’s registered address is also the three partners’ new residence.

The subject is trading in loose diamonds like marquise, pears, tappers, buggets and rose cut, round brilliant, single cut and fancy cut, etc.  The followings are the subject’s main products: diamond pendant, fancy diamond bracelet, diamond ring, 18K white gold diamond earrings, semi-precious stone bracelet, rubyllite white gold ring, etc.  Most of the products bear the brand name “Fayas”.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.  For instance, it took part in Hong Kong International Jewellery Show which had been held during the period of 4th to 8th March, 2011.

The subject’s business is chiefly handled by Ms. Ahila Muthu who is the secretary.  The history of the subject in Hong Kong is over nine years and six months.

On the whole, consider it good for normal business engagements in moderate credit amounts.

 

COURT CASES:            None per our.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.82

UK Pound

1

Rs.72.84

Euro

1

Rs.64.58

 

 

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.