MIRA INFORM REPORT
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Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
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Name : |
BRI-STAR
JEWELLERS LTD. |
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Registered Office : |
Room 803, 8/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.09.2003 |
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Com. Reg. No.: |
33936092 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer, Exporter and Retailer of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees
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20 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Company name
BRI-STAR JEWELLERS
LTD.
Company ADDRESS
Room 803, 8/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 2180 8881
FAX: 2121 8884
E-MAIL: info@bri-star.com
MANAGEMENT
Managing Director: Mr. Yep Mau Koung, Ben
SUMMARY
Incorporated on: 1st September, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$50,000.00
Business Category: Manufacturer, Importer, Exporter and Retailer.
Employees: 20. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Room 803, 8/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
The Landmark Flagship Store:-
Town and Country
Shop 302 and 303, 3/F., The Landmark, Central, Hong Kong.
[Tel: 2522 3663; E-mail: info@townandcountryhk.com]
China Stores:-
Shenzhen Store &
Showroom
1A010, Jinli International Jewellery Exchange Centre, 48 Beili Road South,
Shenzhen, China.
[Tel: (86-755) 2587 7820]
Guiyang Store
1/F., ZC Plaza, 2 Zhongshan Road East, Guiyang, Guizhou Province, China.
[Tel: (86-851) 5861 438]
Kunming Store
1F-15, Vogue Plaza, 41 Tongren Street, Kunming, Yunnan Province, China.
[Tel: (86-871) 3620 396]
China Factory: Foshan, Guangdong, China.
Holding Company:-
Great Allied Profits Ltd., British Virgin Islands.
Associated Companies:-
· Bri-Star Jewelry International Ltd., Hong Kong. [Dissolved]
· Bri-Star Jewelry Manufacturing Ltd., Hong Kong.
· Smartrend (Hong Kong) Ltd., China.
· Town and Country, Hong Kong.
· Unique Design Inc., USA.
BUSINESS REGISTRATION NUMBER
33936092
COMPANY FILE NUMBER
0859662
MANAGEMENT
Managing Director: Mr. Yep Mau Koung, Ben
General Manager: Mrs. Suda Yep
CAPITAL
Nominal Share Capital: HK$100,000.00 (Divided into 1,000,000 shares of HK$0.10 each)
Issued Share Capital: HK$50,000.00
SHAREHOLDERS
(As per registry
dated 01-09-2011)
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Name |
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No. of shares |
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Great Allied Profits Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
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499,999 |
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New Atlantic Assets Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
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1 |
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––––––– |
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Total: |
500,000 ====== |
DIRECTORS
(As per registry
dated 01-09-2011)
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Name (Nationality) |
Address |
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YEP Mau Koung |
Room 803, 8/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong. |
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Great Allied Profits Ltd. |
P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
SECRETARY
(As per registry
dated 01-09-2011)
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Name |
Address |
Co.
No. |
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Royal Honour Consultants Ltd. |
Room 702, 7/F., Tung Yip Commercial Building, 244 Des Voeux Road Central, Hong Kong. |
0764691 |
HISTORY
The subject was incorporated on 1st September, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Brilliant Star Jewellers Ltd., name changed to the present style on 7th April, 2005.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Importer, Exporter and Retailer.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Brand Name: Ben Yep Collection.
Employees: 20. (Hong Kong)
1,500. (China)
Materials/Commodities: India, Belgium, other European countries, etc.
Markets: Japan, India, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
· Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
· Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,000.00 (Divided into 1,000,000 shares of HK$0.10 each)
Issued Share Capital: HK$50,000.00
Mortgage or Charge:-
Date of Assignment of Life Insurance: 19-03-2008
Amount: Secured Indebtedness
Property: (i) All the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy in respect of the Policy upon the terms herein set out as a continuing security for the due and punctual payment of the Secured Indebtedness and the due and punctual performance and observance by the Borrower (Bri-Star Jewelry Manufacturing Ltd.) of all other obligations of the Borrower contained in the Facility Letter
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Business is rather active.
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: Good.
GENERAL
Bri-Star Jewellers Ltd. is a wholly-owned subsidiary of Great Allied Profits Ltd. which is a BVI-registered firm.
The subject is chiefly controlled by the Yep family. Director is Mr. Ben Yep Mau Koung who is a Hong Kong merchant.
The subject is a diamond and colour stone jewellery trader. Most of its products are designed by Ben Yep. The subject is a rather fast-growing and creative manufacturer and exporter of diamond and colour stone jewellery, mainly in 10K-18K gold, sterling silver and platinum.
The followings are the main products of the subject:-
· Finished Jewellery
o Diamond Jewellery
§ White Diamond Jewellery
§ Colour Diamond Jewellery
o Gem Set Jewellery
§ Emerald Jewellery
§ Ruby Jewellery
§ Sapphire Jewellery
o Semi precious Gemstone Jewellery
§ Others
o Gold Jewellery
§ 14K Gold Jewellery
§ 18K Gold Jewellery
§ 24K Gold Jewellery
§ Fineness not Specified
o Silver Jewellery
§ Fineness not Specified
o Platinum Jewellery
§ Pt 950 Platinum Jewellery
o Pearl Jewellery
§ South Sea Pearl Jewellery
§ Tahitian Pearl Jewellery
o Other Jewellery
§ Others
The subject’s main factory is in Foshan, Guangdong, China, known as Smartrend (Hong Kong) Ltd. employing about 1,500 persons.
With over 30 years of designing experience, Ben Yep, has launched a new line of fine jewellery, the “BEN YEP Collection” 2006. This collection has been aired on one of the largest TV network in the United Stated. Ben’s jewellery design career was first started in Hong Kong and quickly dot promoted as chief designer in a top jewellery manufacturer. In order to maximize his potential, he went to America where he became a GIA certified designer and gemmologist. After working for an internationally renowned luxury jeweller in New York, he started his own business in jewellery designing and manufacturing.
The subject’s sister company Unique Design Inc. [UD] is based in New York, the United States. UD is engaged in distributing jewellery and diamond products. Its customer base is the top 20 largest retail chain stores, department stores and TV shopping networks nationwide.
The subject also has got its own retailing shop in Hong Kong known as Town and Country. This shop is one of the earliest luxury jewellery shops in Hong Kong. Having a history of over 50 years, Town and Country now has moved to Shop 302 and 303, 3/F., The Landmark, Central, Hong Kong.
Besides the Hong Kong shop, the subject also has set up a showroom and retailing shop in Shenzhen Special Economic Zone, as well as a store in Guiyang City of Guizhou Province, and a store in Kunming of Yunnan Province.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities such as Las Vegas, Basel, Tokyo, Shenzhen Special Economic Zone, etc. It is going to take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be held in Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
The subject’s annual sales turnover is rather significant. History in Hong Kong is over eight years and three months.
On the whole, consider the subject good for normal business engagements.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.23 |
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UK Pound |
1 |
Rs.81.55 |
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Euro |
1 |
Rs.69.60 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.