|
Report No. : |
334415 |
|
Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEM DE ORIENT |
|
|
|
|
Registered Office : |
Flat A-1, 13/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
26.11.1966 |
|
|
|
|
Com. Reg. No.: |
02171556-000-11 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Importer and Exporter of All kinds of Diamonds and Jewellery Products, Gems, Watches. |
|
|
|
|
No. of Employees : |
4 |
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 : |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. The Hong Kong government is promoting the
Special Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 12.5% of total system deposits in Hong
Kong by the end of 2014. The government is pursuing efforts to introduce
additional use of RMB in Hong Kong financial markets and is seeking to expand
the RMB quota. The mainland has long been Hong Kong's largest trading partner,
accounting for about half of Hong Kong's total trade by value. Hong Kong's
natural resources are limited, and food and raw materials must be imported. As
a result of China's easing of travel restrictions, the number of mainland
tourists to the territory has surged from 4.5 million in 2001 to 47.3 million
in 2014, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% of
the Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than
4.4% in 2014. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
GEM DE ORIENT
ADDRESS: Flat A-1, 13/F.,
Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2868 1956
FAX: 852-2521 1403
E-MAIL: gdo@netvigator.com
MANAGEMENT:
Manager: Mr. Mujeebur Rahman
Habeeb
Establishment: 26th November, 1966.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing Banker: ABN AMRO
Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
GEM DE ORIENT
Head Office:-
Flat A-1, 13/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui,
Kowloon, Hong Kong.
Business Partner:-
Mashreq International LLC, UAE/Hong Kong. (Same address)
02171556-000-11
Manager: Mr. Mujeebur Rahman
Habeeb
Contact Person: Mr. Ali
Name: Mr. Mujeebur Rahman HABEEB
Residential Address: Flat A-1,
13/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Uzair Ahmed
Residential Address: 35A
Veerabadran Street, Chennai 34, India.
The subject was established on 26th November, 1966 as a partnership
jointly owned by Indian under the Hong Kong Business Registration Regulations.
The subject’s partners have changed for many time.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Mohamed Sathakathulla Thaika Sahib |
26-11-1966 |
31-12-2009 |
|
Hameed Jalal |
01-07-1969 |
01-09-1972 |
|
S.A. Seyed Abdul Kader |
01-07-1969 |
01-04-1980 |
|
M.K.A. Seyed Ahmed Kabir |
01-07-1969 |
01-04-1980 |
|
A.M. Mohamed Irufan |
01-09-1971 |
01-06-1977 |
|
Mujeebur Rahman Habeeb |
01-06-1977 |
--- |
|
Ahmed Husain Lafir |
01-04-1982 |
01-04-1986 |
|
Habeeb Syed Abdul Kader |
01-04-1982 |
01-04-1987 |
|
Ahmed Sadiq Habeeb |
12-07-1990 |
30-12-2000 |
|
Mohamed Mukrim Habeeb Syed |
01-10-1990 |
31-03-2008 |
|
Sabeeha |
01-04-2002 |
31-03-2008 |
|
Riyaz Ahmed Kabir |
01-04-2008 |
31-03-2013 |
|
Uzair Ahmed |
01-04-2013 |
--- |
Now, the subject is still a partnership.
Initially the subject was located at Room 803, 8/F., Dragon Seed
Building, 39 Queen’s Road Central, Hong Kong, moved to the present address
in October 1995.
An old partner retired while a new partner joined in April 2013
respectively.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds and jewellery products, gems, watches.
Employees: 4.
Commodities Imported: India,
Thailand, Belgium, other European countries
Markets: Japan,
Southeast Asia, Europe, Middle East, North America.
Terms/Sales: CAD, L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Business is active.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality:
Satisfactory.
Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
Gem De Orient is jointly owned by two Indian, namely, Mr. Mujeebur
Rahman Habeeb and Mr. Uzair Ahmed. The
former is a Hong Kong ID Card holders and have got the right to reside in Hong
Kong permanently. The Manager of the
subject Mr. Mujeebur Rahman Habeeb joined in the subject in June 1977. Uzair Ahmed joined in the subject on 1st
April, 2013 and he is an India passport holder.
The subject formerly had a number of partners while most of them have
retired. Its operating address is
located at Flat 1, 13/F., Block A, Hankow Centre, 47 Peking Road,
Tsimshatsui, Kowloon, Hong Kong where is also the residential address of
Mujeebur Rahman Habeeb.
The subject is a diamond and watch, classic watch trader. It is also a polished and cut diamond
importer and exporter. Size of diamonds
supplied range from 0.01 carat to 5.00 carat.
The subject also trades in gemstones, etc. Other products carried are diamond and gold
jewellery and gemset gold jewellery — 18 karat, and premium watches, etc. Commodities are imported from Belgium, India,
Israel, Russia, etc. Prime markets are
Hong Kong, China, Japan, other Asian countries, the Middle East, etc. Overall business is active.
The subject is also the Hong Kong sales agent for Mashreq International
LLC [Mashreq] which is a Dubai-based firm.
Currently, Mashreq International LLC, Hong Kong Office is also located
at the same address of the subject but bearing different phone numbers. Mashreq Hong Kong Office is a Hong
Kong-registered firm.
The subject is a also a significant premium watch trader. Most of its commodities are high-end.
Established in 1993 in Dubai, Mashreq started business in watches
wholesaling in the year.
Mashreq, the management arm of the Mashreqworld Group is an independent
limited liability company incorporated under the laws of the United Arab
Emirates.
Mashreq is a joint venture between Mr. Mohamed Mukrim Syed Habeeb of The
Mashreqworld Group. A fifth generation
(entrepreneur coming from a business family with interests in Real Estate,
Shipping, Jewellery, Retail Chain Stores, Asset Management, Construction, Land
Development, etc.) and Mr. Majid Saif Ahmed Al Ghurair of The Saif Al Ghurair
Group (A Fortune 500 Group with interests in Banking, Real Estate, Insurance,
Manufacturing, Malls & Shopping Complexes, Land Development, Sugar
Refining, etc.)
Mashreq is trading in “ZENART”
watches which was introduced in 2004.
Now, Mashreq has had associated firms in Saudi Arabia, Shenzhen Special
Economic Zone of China and Chennai of India, Bahrain, Oman and Qatar.
The other brand names carried are the followings:
“TRAZER”, “VERONA”, “LEROSKY”, “ARENDINO”, “SWISCARDIN”, “EPOK”,
“QIDIZ”, “DGO”, “XETEX” and “FUSION”, etc.
The subject also trades in the above-mentioned brands. Over the past years, it has developed a
number of regular customers in Hong Kong and the United Arab Emirates. Annual sales turnover is steady and
significant. Profit margin is usually
good.
The subject is a member of the Gem de Orient Group of companies. Its business is chiefly administered by the
Habeeb family. The subject is also fully
supported by the Habeeb family in India.
The contact person of Mashreq Hong Kong Office is Mr. Ali who is also an
Indian.
On the whole, since the history of the subject in Hong Kong is over
forty eight years, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.