MIRA
INFORM REPORT
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Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
FOREVER JEWELS LTD. |
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Registered Office : |
Unit H, 13/F., Kaiser Estate, Phase 2, 47-53 Man Yue Street, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.10.2007 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Exporter and Wholesaler of all kinds of diamonds and
jewellery products, emerald, precious stones, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Name and address
FOREVER JEWELS
LTD.
Address: Unit H, 13/F.,
Kaiser Estate, Phase 2,
47-53 Man
Yue Street, Hunghom,
Kowloon,
Hong Kong.
(Formerly located at:
Room 513, 5/F., Beverly Commercial Centre,
87-105 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.)
PHONE: 2316 7636
FAX: 2316 7936
E-MAIL: info@foreverjewels.com
MANAGEMENT
Managing Director: Mr. Chu Chiu
Fai
SUMMARY
Incorporated on: 8th
October, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$15,010,000.00
Issued: HK$15,010,000.00
Business Category: Diamond and Jewellery Trader.
Employees:
4.
Main Dealing Banker: CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit H, 13/F., Kaiser Estate, Phase 2, 47-53 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
Associated Companies:-
Forever Jewels Co., Japan.
Forever Jewels LLC, UAE.
Forever Jewels Pte. Ltd.
120 Lower Delta Road, Cendex Centre #14-01/08, Singapore 169208.
[Tel: 65-6270 3278, 6577 2222;
Fax: 65-6270 3588, 6272 7651]
Forever Jewels, Hong Kong. (Same
address)
BUSINESS REGISTRATION NUMBER
38498102
COMPANY FILE NUMBER
1173379
MANAGEMENT
Managing Director: Mr. Chu Chiu
Fai
Contact Person: Ms. Chu Lai Ping
CAPITAL
Nominal Share Capital: HK$15,010,000.00 (Divided into 15,010,000 shares
of HK$1.00 each)
Issued Share Capital: HK$15,010,000.00
SHAREHOLDERS
(As per registry dated 01-11-2010)
|
Name |
|
No. of shares |
|
CHU Chiu Fai |
|
7,505,000 |
|
LIM Bee Teen |
|
7,505,000 |
|
|
|
––––––––– |
|
|
Total: |
15,010,000 ======== |
DIRECTORS
(As per registry dated 08-10-2010)
|
Name (Nationality) |
Address |
|
CHU Chiu Fai |
Flat C-5, 12/F., Chung Chien Court, 337 To Kwa Wan Road, Kowloon, Hong
Kong. |
|
LIM Bee Teen |
Flat C-5, 12/F., Chung Chien Court, 337 To Kwa Wan Road, Kowloon, Hong
Kong. |
SECRETARY
(As per registry dated 08-10-2010)
|
Name |
Address |
Co. No. |
|
Team Victoria Ltd. |
Flat D, 3/F., Thomson Commercial Building, |
0712532 |
HISTORY
The subject was incorporated on 8th October, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject moved to Room 513, 5/F., Beverly Commercial Centre, 87‑105 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong in October 2007, and further moved
to the present address in February 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Manufacturer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 4.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan,
Singapore, other Asian countries, etc.
Annual Turnover: Too early to obtain figure.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/A, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$15,010,000.00 (Divided into 15,010,000
shares of HK$1.00 each)
Issued Share Capital: HK$15,010,000.00
Alternation of Capital:-
|
08-10-2007 |
paid up |
HK$ 1.00 |
|
09-10-2007 |
paid up |
HK$ 9,999.00 |
|
11-03-2009 |
paid up |
HK$ 8,000,000.00 |
|
01-11-2010 |
paid up |
HK$ 7,000,000.00 |
|
|
|
–––––––––––––––– |
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Total: |
paid up |
HK$ 15,010,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$
10,000.00 |
to |
HK$
8,010,000.00 |
on |
11-03-2009 |
|
From |
HK$8,010,000.00 |
to |
HK$15,010,000.00 |
on |
01-11-2010 |
Mortgage or Charge: (See
attachment)
Profit or Loss: Too early to offer an opinion.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
CITIC Bank International
Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Forever Jewels Ltd. is equally owned by Mr. Chu Chiu Fai and Ms. Lim Bee
Teen, Marjory. The former is a Hong Kong
merchant while the latter is a Singaporean holding a Singapore passport. They are also directors of the subject. Lim is Chu’s wife.
The subject’s issued share capital has been increased to HK$15.01
million from HK$8.01 million.
The subject is a jewellery manufacturer, exporter and wholesaler. It is specialised in stunning gem-set
jewellery. Main products are bracelets,
brooches, earrings, necklaces, pendants, rings, etc.
According to the subject, its predecessor was set up in 1995 by Chu Chiu
Fai and his wife Marjory Lim.
The subject’s associated company Forever Jewels Pte. Ltd. [FJPL] is in
Singapore. It is also a member of
Singapore Jewellers Association, Singapore.
Headquartered in Singapore, FJPL services international clientele from
its office in Hong Kong which is the subject, Japan and Dubai.
The subject imports raw materials from India, Belgium and other European
countries, etc. Raw diamonds are
processed in Hong Kong or China while finished products and polished diamonds
are exported to Japan, the Middle East, the United States, Europe, India,
Singapore and other Asian countries.
The subject’s business in Hong Kong is rather active.
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. For instance, FJPL took part in
2008 JCK Las Vegas Show, the United States, in early June 2008 and the 25th
MidEast Watch & Jewellery Show which was held in Expo Centre Sharjah, the
United Arab Emirates in October 2008.
In the years ahead, the subject keeps on taking part in shows and
exhibitions which are held in Hong Kong and the other large cities in foreign
countries.
FJPL’ business in Singapore is chiefly handled by Lim while the business
of the subject in Hong Kong is handled by Chu.
Including workers, the total employees of the subject and FJPL are over
1,100 persons.
The annual sales turnover of the subject and FJPL is very significant.
The history of the subject in Hong Kong is over three years and seven
months.
On the whole, consider it good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of
the company:-
Property Location: Workshop A2 & F2 (including
respective Roofs) on 12/F.,
Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Kowloon, Hong Kong.
Owner: Forever Jewels Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
21-12-2007 |
- |
CITIC Ka Wah Bank Ltd., Hong Kong. [Now known as CITIC Bank International
Ltd.] |
Legal charge to secure general banking facilities |
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
21-12-2007 |
Instrument: Legal Charge/Mortgage Property: 23/616th parts or shares of and in The Remaining Portion of Kowloon
Marine Lot Nos. 69 & 86, Section M of Kowloon Marine Lot No. 40 and The Remaining
Portion of Section J of Kowloon Marine Lot No. 40 [Workshop A2 & F2
(including respective Roofs) on 12/F. of Hang Fung Industrial Building, Phase
2, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.] Mortgagee: CITIC Ka Wah Bank Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
15-05-2009 |
Instrument: Rental Assignment Property: 23/616th parts or shares of and in The Remaining Portion of Kowloon
Marine Lot Nos. 69 & 86, Section M of Kowloon Marine Lot No. 40 and The
Remaining Portion of Section J of Kowloon Marine Lot No. 40 [Workshop A2
& F2 (including respective Roofs) on 12/F. of Hang Fung Industrial
Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.] Mortgagee: CITIC Ka Wah Bank Ltd.,
Hong Kong. |
All monies |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
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 |
|
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 |
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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.