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Report Date : |
27.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAJAB GEM CORPORATION |
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Registered Office : |
Flat B4, 12/F., Tsim Sha Tsui Mansion, 83 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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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 |
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line of business
: |
Importer, Exporter and Wholesaler of Precious stones, gems, etc. |
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No. of Employees : |
4. (Including associates) |
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 |
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Status : |
Satisfactory |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
salihurakin@netvigator.com
Manager: Mr. Seyed Ahamed Seyed
Mohamed Salihu
Establishment: 16th
August, 1973.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Precious Stone Trader.
Employees:
4. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
RAJAB GEM
CORPORATION
Head Office:-
Flat B4, 12/F., Tsim Sha Tsui Mansion, 83 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated Companies:-
My Creations, Hong Kong.
Rajab Traders Ltd., Hong Kong.
(Same address)
Rajab Traders, Hong Kong. (Same
address)
Su-Raj Inter Gold (HK), Hong Kong.
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:-
|
Name |
Incoming Date |
Outgoing Date |
|
Seyed Ahamed Seyed Mohamed Salihu |
16-08-1973 |
- |
|
S. M. Mohamed Ali |
15-08-1975 |
15-08-1975 |
|
Saltari Abdul Cadas Ilyas Nowfer |
01-10-1980 |
30-09-1984 |
|
Sahul Hameed Mohamed Yusuf |
01-04-1985 |
30-11-1997 |
|
Mohamed Noohu Seyed Mohamed Salihu |
09-08-1995 |
01-06-2006 |
|
Mohamed Ali Bakar Sahib |
01-12-1999 |
30-11-2002 |
|
Ahamed Segu Jalaldeen |
01-12-2002 |
29-02-2004 |
|
Seyed Mohamed Salihu Seyed Ahamed |
01-06-2006 |
- |
|
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: 4. (Including associates)
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.
Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
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 India 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.
Besides, the subject has had another associated company known as Rajab
Traders Ltd. [RTL] located at its operating office. Having issued 100,000 ordinary shares of
HK$1.00 each, RTL is wholly owned by Seyed Ahamed Seyed Mohamed Salihu. Incorporated in July 2011, RTL is trading in
the following commodities: mobile phones, battery, memory card of mobile
phones, etc.
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 39
years, consider it good for normal business engagements.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.38 |
|
UK Pound |
1 |
Rs.87.80 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.