MIRA INFORM REPORT
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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Name : |
RAJAB
GEM CORPORATION |
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Registered Office : |
Flat B4, 12/F., |
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Country : |
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Date of Incorporation : |
16.08.1973 |
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Com. Reg. No.: |
03937206-000-08 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of Precious stones, gems, etc. |
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No. of Employees : |
02 (Including affiliates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
RAJAB GEM
CORPORATION
Flat B4, 12/F., Tsim Sha Tsui Mansion, 83 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2366 8552, 3119 7291
MOBILE: 9323 0191, 6082 1073
FAX: 2366 5744
E-MAIL: rajab@netvigator.com
Manager: Mr. Seyed Ahamed Seyed Mohamed Salihu
Establishment: 16th August, 1973.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Precious Stone Trader.
Employees: 2. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat B4, 12/F., Tsim Sha Tsui Mansion, 83 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:-
· My Creations, Hong Kong. (Same address)
· Rajab Traders, Hong Kong. (Same address)
· Su-Raj Inter Gold (HK), Hong Kong. (Same address)
· Su-Raj Inter Gold DMCC, UAE.
· Su-Raj Inter Gold Inc., USA.
· Su-Raj Inter Gold Pvt. Ltd., Thailand.
03937206-000-08
Manager: Mr. Seyed Ahamed Seyed Mohamed Salihu
Name: Mr. Seyed Ahamed Seyed Mohamed Salihu
Residential Address: 7/F.,
44 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Seyed Mohamed Salihu Seyed Ahamed
Residential Address: Flat
F, 13/F., Gold Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
Name: Mr. Mohamed Noohu Seyed Mohamed Salihu
Residential Address: Flat
F, 13/F., Gold Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
The subject was established on 16th August, 1973 as a sole proprietorship concern owned by Mr. Seyed Ahamed Seyed Mohamed Salihu under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
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Name |
Incoming Date |
Outgoing Date |
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Seyed Ahamed Seyed Mohamed Salihu |
16-08-1973 |
- |
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S. M. Mohamed Ali |
15-08-1975 |
15-08-1975 |
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Saltari Abdul Cadas Ilyas Nowfer |
01-10-1980 |
30-09-1984 |
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Sahul Hameed Mohamed Yusuf |
01-04-1985 |
30-11-1997 |
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Mohamed Noohu Seyed Mohamed Salihu |
09-08-1995 |
01-06-2006 |
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Mohamed Ali Bakar Sahib |
01-12-1999 |
30-11-2002 |
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Ahamed Segu Jalaldeen |
01-12-2002 |
29-02-2004 |
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Seyed Mohamed Salihu Seyed Ahamed |
01-06-2006 |
- |
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Mohamed Noohu Seyed Mohamed Salihu |
01-06-2006 |
- |
At the very beginning, the subject was located at 9/F., Wang Kee Building, 34-36 Connaught Road Central, Hong Kong, moved to 7/F., Howard Building, 42-44 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in June 1979; to Room 908, 9/F., Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong in October 1996; to Flat D2, 12/F, Block D, Tsim Sha Tsui Mansion, 83-97 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in June 2002; to Flat F, 13/F., Golden Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in August 2005; and further moved to the present address in October 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Precious stones, gems, etc.
Employees: 2. (Including affiliates)
Commodities Imported: India, Thailand, Belgium, Israel, Sri Lanka, etc.
Markets: Japan, Taiwan, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
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: Normal.
Rajab Gem Corporation is a partnership jointly owned by three Indian, namely, Mr. Seyed Ahamed Seyed Mohamed Salihu, Mr. Seyed Mohamed Salihu Seyed Ahamed and Mr. Mohamed Noohu Seyed Mohamed Salihu.
The subject moved to the present address in October 2011.
Business commenced in August 1973, the subject is trading in loose diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, Tanzanite, imitation, 18K gold metal jewellery, etc. Main products are bracelets, brooches, earrings, necklaces, rings, pendants, etc. Products are exported to worldwide countries.
The subject is one of the old precious stone traders in Hong Kong.
Some of the commodities are imported from India. Other supplying countries are Thailand, Belgium, Israel, Sri Lanka, etc.
The followings are the subject’s trading terms:-
· Sample — Samples would be charged first and the fee of the samples will be refunded to customers if they place us an order with a certain quantity of products
· Minimum Order — The minimum quantity per design should be 10 dozens or more and shipment value not below US$3,000.00.
· Delivery Time — All the orders can be delivered within 3 to 4 weeks after the order is confirmed
· Payment Terms — 50% in advance and the balance should pay once the product will ready to ship
· Delivery Term — FOB Hong Kong
Most of the products have been exported to Thailand, the Middle East, India, etc. Business is rather active.
The subject has had affiliated companies Su-Raj Inter Gold (HK), My Creations and Rajab Traders in Hong Kong.
Rajab Traders is a gemstone and imitation jewellery supplier in Hong Kong. It was established in 1975. Major products are gemstones, imitation jewellery, fashion products, 18K gold jewellery, etc.
Su-Raj Inter Gold (HK) is trading in 18K gold jewellery with studded diamond. It is a member of Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
Established on 16th December, 2005, My Creations is a partnership jointly owned by three Indian, namely, Mr. Rakesh Kanakraj Kothari, Mr. Rajeev Bharat Mehta and Mr. Prakesh Madhusudhan Doshi.
My Creations and the subject are engaged in the same lines of business, more or less.
The subject’s business is chiefly handled by the three partners. Overall business is active. Regular suppliers and customers have been maintained.
On the whole, since the history of the subject in Hong Kong is over 38 years and two months, consider it good for normal business engagements.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century when
Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these
businesses but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.15 |
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UK Pound |
1 |
Rs.81.79 |
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Euro |
1 |
Rs.68.34 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.