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Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
GREATA ENTERPRISES |
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Registered Office : |
Flat E, 9/F., |
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Country : |
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Date of Incorporation : |
12.10.1987 |
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Com. Reg. No.: |
11347813-000-10 |
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Legal Form : |
Partnership. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, precious stones and jewellery. |
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No. of Employees : |
3. (Including affiliates) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
GREATA ENTERPRISES
Address: Flat E, 9/F.,
Harilela Mansion,
81 Nathan
Road, Tsimshatsui,
Kowloon,
Hong Kong.
(Formerly located at:
Flat F,
13/F., Golden Crown Court,
66-70
Nathan Road, Tsimshatsui,
Kowloon,
Hong Kong. )
PHONE: 2366 8552
FAX: 2366 5744
Manager: Mr. Mansoor Kabeer
Establishment: 12th
October, 1987.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employees:
3. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat E, 9/F., Harilela Mansion, 81 Nathan Road, Tsimshatusi, Kowloon,
Hong Kong.
Affiliated Companies:-
Su-Raj Inter Gold (H.K.), Hong Kong.
(Same address)
Su-Raj Inter Gold Inc., USA.
Su-Raj Inter Gold DMCC, UAE.
Su-Raj Inter Gold Pvt. Ltd., Thailand.
11347813-000-10
Manager: Mr. Mansoor Kabeer
Name: Mansoor KABEER
Residential Address: Flat 5,
8/F., Block C, Hankow Centre, 1-1E Middle Road, Tsimshatsui, Kowloon, Hong
Kong.
Name: Shahila SYED HAMEED KHAN
Residential Address: Flat 8,
9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
Name: Umar HIZAM
Residential Address: Flat 8,
9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 12th October, 1987 as a sole
proprietorship concern owned by Mr. Seyed Ahmed Kabeer Habib Ahmed under the
Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Seyed Ahmed Kabeer Habib Ahmed |
12-10-1987 |
15-04-2000 |
|
Mansoor Kabeer |
28-09-1988 |
- |
|
K N Seyed Mohamed |
18-06-1993 |
15-04-2000 |
|
Shahila Syed Hameed Khan |
15-04-2000 |
- |
|
Umar Hizam |
15-04-2000 |
- |
Now, the subject is a partnership concern.
Originally the subject was located at Flat 5, 8/F., Block C, Hankow
Centre, 1‑1E Middle Road / 41-51 Peking Road, Tsimshatsui, Kowloon, Hong
Kong, moved to Flat 5, 5/F., Block A of the same building in November 1988; to
Flat 4, 8/F., Block A of the same building in December 1992; to Flat D, 5/F.,
Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in
December 1997; to Flat 8, 9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui,
Kowloon, Hong Kong in October 1998; Flat G, 12/F of the same building in
September 2000; to Flat D2, 12/F., Block D, Tsim Sha Tsui Mansion, 83-97 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong in July 2002; to Flat F, 13/F., Golden
Crown Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in August 2005;
to Flat F, 16/F. of the same building in about 2007. In October 2011, the subject moved to the
present address.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, precious stones and jewellery.
Employees: 3. (Including affiliates)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan,
India, 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 very small profit in the past years.
Condition:
Business is
normal.
Facilities:
Making fairly
active use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
Greata Enterprises is a partnership concern jointly owned by three
Indian, namely, Mansoor Kabeer, Shahila Syed Hameed Khan and Umar Hizam.
The subject’s operating office was located at Flat F, 16/F., Golden Crown
Court, 66-70 Nathan Road, Tsimshatsui, Kowloon, Hong Kong where is a
residential address. It moved to the
present address located at Flat E, 9/F., Harilela Mansion, 81 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong where is also in a residential building. The subject moved to this new address in
October 2011.
The subject shares the new registered address with another diamond
trading firm known as Su-Raj Inter Gold (H.K.) [Su-Raj], a Hong Kong-registered
firm. The contact person of Su-Raj Mr.
Sehul A. Shah is also an Indian.
Su-Raj is a manufacturer of high-end studded jewellery from Bangkok of
Thailand. Its products include rings,
necklaces, earrings, pendants, bracelets, bangles, etc.
The subject is a diamond importer, exporter and wholesaler. It is likely it is a business partner of
Su-Raj.
Business commenced in October 1987, the subject is trading in loose
diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones,
etc. Raw materials are imported from
India, Belgium and other European countries, etc. Some of the raw diamonds are polished or
processed in Hong Kong. Finished
products such as cut and polished diamonds are marketed in Hong Kong, exported
or re-exported to Japan, India, other Asian countries, the Middle East, etc. Business is normal.
The subject’s business is handled by the three partners. It is just a small diamond trading firm.
As the history of the subject is over
twenty-four years and six months in Hong Kong, on the whole, consider it
good for normal business engagements in small credit amounts.
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.
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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.
-
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.
-
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.