MIRA INFORM REPORT

 

 

Report Date :

02.05.2011

 

IDENTIFICATION DETAILS

 

Name :

GEM  CORPORATION  (HK)

 

 

Registered Office :

Flat A2, 5/F., Block A, Hankow Centre, 4-4B Ashley Road / 5‑15 Hankow Road / 1-1E Middle Road / 41-51 Peking Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong  

 

 

Date of Incorporation :

01.05.1972

 

 

Com. Reg. No.:

3627265-000-05

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds and gems.

 

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

 

GEM  CORPORATION  (HK)

 

 

ADDRESS

 

Flat A2, 5/F., Block A, Hankow Centre, 4-4B Ashley Road / 5-15 Hankow Road / 1-1E Middle Road / 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2376 1798

FAX:                 2376 0780

E-MAIL:            gemcorp@netvigator.com

 

 

MANAGEMENT

 

Manager:  Mr. Zarook Syed Shah

 

 

SUMMARY

 

Establishment:        1st May, 1972.

 

Organization:           Partnership.

 

Capital:                   Not disclosed.

 

Business Category:  Gem Trader.

 

Annual Turnover:      HK$20~25 million.

 

Employees:             2.

 

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

 

Banking Relation:  Satisfactory.

 

 

ADDRESS

 

Head Office:-

Flat A2, 5/F., Block A, Hankow Centre, 4-4B Ashley Road / 5‑15 Hankow Road / 1-1E Middle Road / 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER 

 

3627265-000-05

 

 

MANAGEMENT

 

Manager:  Mr. Zarook Syed Shah

 

 

PARTNERS

 

Name:  Shafiq Mohamed SHAH

Residential Address:      Flat A2, 5/F., Hankow Centre, 4-4B Ashley Road / 5‑15 Hankow Road / 1-1E Middle Road / 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Name:  Zarook Syed SHAH

Residential Address:      Flat B7, 6/F., Hankow Centre, 4-4B Ashley Road / 5‑15 Hankow Road / 1-1E Middle Road / 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Name:  Ahamed Kabeer SEYED

Residential Address:      Flat A, 7/F., Bo Yip Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st May, 1972 as a partnership concern owned by Mohamed Syed Abdulhaq Hameed Jalal and Mohamed Syed Abdulhaque Majeed Saleem under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

 

Name

Incoming Date

Outgoing Date

Mohamed Syed Abdulhaq HAMEED JALAL

01-05-1972

11-07-1977

Mohamed Syed Abdulhaque Majeed SALEEM

01-05-1972

31-12-1983

Mohamed Sadakatulla HAMEED

11-07-1977
01-04-1992

01-10-1991
31-08-2009

Sathak Ahmed SHAW

01-08-1982
01-07-1993

30-03-1990
30-11-1998

Shafiq Mohamed SHAH

01-04-1988
01-09-2009

15-08-1989
-

Zarook Syed SHAH

01-04-1990

-

Meeran Haroon THAIKA

01-03-1991

30-11-1998

Faiza HAMEED

13-12-1991

01-04-1993

Ahamed Kabeer SEYED

30-11-1998

-

Ahmed IMRAN

30-11-1998

31-03-2005

 

At the very beginning, the subject was located at Flat C, 6/F., Bo Yip Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 404A, 4/F., Kayamally Building, 22 Queen’s Road Central, Hong Kong in February 1974; to Room 403, 4/F. of the same building in October 1975; moved back to Flat C, 6/F., Bo Yip Building in March 1984; to Flat A, 7/F. of the same building in June 2002; to Flat E, 8/F. of the same building in February 2004; and further to the present address in August 2006.

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 gems.

 

Employees:       2.

 

Commodities     Imported:           India, Thailand, Europe, etc.

 

Markets:           Hong Kong, China, other Asian countries, Europe, etc.

 

Annual Turnover:  HK$20~25 million.

 

Terms/Sales:     L/C, T/T, or as per contracted.

 

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 trade commitments as required.

 

Commercial Morality:  Satisfactory.

 

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

 

Standing:          Normal.

 

 

GENERAL

 

Gem Corporation (HK) is a partnership jointly owned by three Indian, namely, Shafiq Mohamed Shah, Zarook Syed Shah and Ahamed Kabeer Seyed.

The subject is one of the oldest gem trading companies in Hong Kong.

The subject has changed its registered address several times and moved to the present address in August 2006.

Besides trading gems, the subject also trades in diamonds, pearl brooches and jewellery watches.  It has had an affiliated company bears the same name in Mumbai, India [hereinafter refers to “India Gem Corp.”].  India Gem Corp. is managed by Shafiq Mohamed Shah while the daily operations of the subject is handled by Seyed who is claimed to be “young and energetic”.

Including the partners, the subject has had five persons in the subject’s operating office.

India Gem Corp. supplies the subject with all kinds of gems, polished and cut diamonds.  Most of the commodities are marketed in Hong Kong, China or exported to Japan, the other Asian countries, Europe, the United States, etc.  Overall business is normal.  Regular suppliers and customers have been maintained.  The contact person of the subject is Mr. Ahamed Kabeer Seyed.

The annual sales turnover of the subject ranges from HK$20 to 25 million.  Making a small profit every year.

Since the history of the subject in Hong Kong is over thirty eight years and five months, 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.44.38

UK Pound

1

Rs.73.88

Euro

1

Rs.65.83

 

 

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.