MIRA INFORM REPORT

 

 

Report No. :

343638

Report Date :

30.09.2015

 

IDENTIFICATION DETAILS

 

Name :

RAJAB GEM CORPORATION

 

Registered Office :

Flat E, 9/F., Harilela Mansion, 81 Nathan Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.08.1973

 

 

Com. Reg. No.:

03937206-000-08

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importer, Exporter and Wholesaler of Precious stones, gems

 

 

No. of Employee :

3.  (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

 

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 largestTRADING 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

 

Company name and address

 

RAJAB GEM CORPORATION

 

ADDRESS:                   Flat E, 9/F., Harilela Mansion, 81 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:                        852-2366 8552,  3119 7291

 

FAX:                             852-2366 5744

 

E-MAIL:                        rajab@netvigator.com

salihurakin@netvigator.com

 

MANAGEMENT:

 

Manager:  Mr. Seyed Ahamed Seyed Mohamed Salihu

 

 

SUMMARY

 

Establishment:                          16th August, 1973.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:       Precious Stone Trader.

 

Employees:                  3.  (Including associates)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Head Office:-

Flat E, 9/F., Harilela Mansion, 81 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Companies:-

*           My Creations, Hong Kong.

*           Rajab Traders Ltd., Hong Kong.

*           Rajab Traders, Hong Kong.

*           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.

(* Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

03937206-000-08

 

 

MANAGEMENT

 

Manager:  Mr. Seyed Ahamed Seyed Mohamed Salihu

 

 

PARTNERS

 

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.

 

 

HISTORY

 

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

M, 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; moved to Flat B4, 12/F., Tsim Sha Tsui Mansion, 83 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in October 2011; and further moved to the present address in February 2013.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Precious stones, gems

 

Employees:                  3.  (Including associates)

 

Commodities Imported: India, Thailand, Belgium, Israel, Sri Lanka

 

Markets:                        Japan, Taiwan, other Asian countries, Middle East

 

Terms/Sales:                 L/C, T/T

 

Terms/Buying:               L/C, T/T, D/P

 

MEMBERSHIP:             Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.

 

 

FINANCIAL INFORMATION

 

Capital: Not disclosed.

 

Profit or Loss:               Making a small profit every year.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                          The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Good.

 

 

GENERAL

 

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.  All of them are Hong Kong ID holders.

 

The subject moved to the present address in February 2013.

 

It shares the office with the following Hong Kong-registered firms:-

My Creations

Rajab Traders

Rajab Traders Ltd.

Su-Raj Inter Gold (HK)

The subject is a diamond trader.  One of the partners can be reached at his Hong Kong mobile phone number 852‑9323 0191.

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 jewellery, 18K gold metal jewellery, etc.  It also trades in bracelets, brooches, earrings, necklaces, rings, pendants, etc.

The subject is one of the oldest India precious stone traders in Hong Kong.

Some of the commodities are imported from India.  Other supplying countries are Thailand, Belgium, Israel, Sri Lanka

 

The followings are the subject’s trading terms:-

  • Delivery Term — FOB Hong Kong;
  • Delivery Time — All the orders can be delivered within 3 to 4 weeks after the order is confirmed;
  • Minimum Order — The minimum quantity per design should be 10 dozens or more and shipment value not below US$3,000.00.;
  • Payment Terms — 50% in advance and the balance should pay once the product will ready to ship; &
  • Sample — Samples would be charged first and the fee of the samples will be refunded to customers if they place it an order with a certain quantity of products.
  •  

Most of the products have been exported to Thailand, the Middle East, India, Europe. Business is rather active.

 

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

 

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.  Seyed Mohamed Salihu Seyed Ahamed is one of the partners of Su-Raj Inter Gold (HK).

 

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.  It was incorporated in July 2011.

 

The subject has got associated companies in Thailand, the United States, the United Arab Emirates.

 

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 42 years, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.18

UK Pound

1

Rs.100.46

Euro

1

Rs.74.61

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.