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Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
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Name : |
AL SABA GENERAL TRADING FZE |
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Registered Office : |
c/o Vantic Accounting & Consultant Ltd. Flat B, 4/F., Crawford Tower, 99-101 Jervois Street, Sheung Wan |
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Country : |
Hong Kong. |
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Date of Incorporation : |
26.07.2011 |
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Com. Reg. No.: |
54073956-000-07 |
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Legal Form : |
Sole Proprietorship. |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS
AND JEWELLERY PRODUCTS, ETC. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRAs Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
AL SABA
GENERAL TRADING FZE
Address:
c/o Vantic Accounting & Consultant Ltd.
Flat B, 4/F., Crawford Tower,
99-101 Jervois Street, Sheung Wan,
Hong Kong.
Note: Your given address 101F,
Silver Fortune Plaza, 1 Wellington Street, Central, Hong Kong is the operating
address of a secretarial firm.
PHONE: 2503 1288
FAX: 2503 3311
Manager: Mr. Sawan Bohra
Establishment: 26th
July, 2011.
Organization: Sole Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
c/o Vantic Accounting & Consultant Ltd.
Flat B, 4/F., Crawford Tower, 99-101 Jervois Street, Sheung Wan, Hong
Kong.
Main Office:-
Al Saba General Trading FZE
P. O. Box 43294, Rakia, United Arab Emirates, Dubai.
[Tel: 04-2352604; Fax:
04-2352605]
Associated Companies:-
Al Marhaba General Trading FZE, Hong Kong. (Same Owner)
Al Marhaba General Trading FZE, UAE.
54073956-000-07
Manager: Mr. Sawan Bohra
Name: Mr. Sawan BOHRA
Residential Address: 15/8,
Aylor Muthia Street, 2/F., Konditope, Chennai-600079, Tamilnadu, India.
The subject was established on 26th July, 2011 as a sole proprietorship
concern owned by Mr. Sawan Bohra under the Hong Kong Business Registration
Regulations.
Initially the subject was located at Flat B8, 6/F., Hankow Centre, 4A Ashley
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in
September 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, the Middle East, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: Prepayment,
L/C, etc.
Capital: Not
disclosed.
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade commitments
as required.
Commercial Morality: Too
early to comment.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
Al Saba General Trading FZE was established on 26th July, 2011 as a sole
proprietorship owned by Mr. Sawan Bohra.
Bohra is an Indian who is an India passport holder and does not have the
right to reside in Hong Kong permanently.
Bohra is the manager of the subject.
The subject does not have its own operating office. Its registered office is in an accountant
firm located at Flat B, 4/F., Crawford Tower, 99-101 Jervois Street, Sheung
Wan, Hong Kong known as Vantic Accounting & Consultant Ltd. which is
handling its correspondences and documents.
The subject has no employees in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. It also trades in jewellery
products. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Japan, the other Asian countries, the Middle East, etc. Business is still under development.
Besides operating the subject, Bohra is also the sole proprietor of Al
Marhaba General Trading FZE [Al Marhaba] which was registered in Hong
Kong. Al Marhaba was established on 25th
July, 2011. The subject and Al Marhaba
are engaged in the same lines of business, more or less.
The subject has had an associated company in Dubai, the United Arab
Emirates also bearing the name of Al Marhaba General Trading FZE. The UAE firm is engaged in the same lines of
business as the subject.
It is likely that the subject has had an associated company in India
which is also operated by Bohra.
The history of the subject in Hong Kong is just over seven months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.57 |
|
|
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.49 |
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 |
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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 |
|
<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 SCs 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.