MIRA INFORM REPORT

 

 

Report Date :

07.08.2012

 

IDENTIFICATION DETAILS

 

Name :

JEWEL  ARTS  LTD.

 

 

Registered Office :

Unit 12, 5/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

27.11.2002

 

 

Com. Reg. No.:

33168932

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Jewellery Trader of all kinds of jewellery products, etc.

 

 

No. of Employees :

10

 

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 :

Usually Correct 

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

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

JEWEL  ARTS  LTD.

 

 

company ADDRESS

 

Unit 12, 5/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.

PHONE:            2317 0896

FAX:     2317 0930

E-MAIL:            sales@jewelarts.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Cheung Ngai Sing

 

 

SUMMARY

 

Incorporated on:             27th November, 2002.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$100.00

 

Business Category:        Jewellery Trader.

 

Employees:                   10.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Unit 12, 5/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

33168932

 

 

COMPANY FILE NUMBER

 

0823120

 

 

MANAGEMENT

 

Managing Director:  Mr. Cheung Ngai Sing

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital:     HK$100.00

 

 

SHAREHOLDERS

(As per registry dated 27-11-2011)

 

Name

 

No. of shares

LAM Chuk Pun

 

34

CHEUNG Siu Yin

 

33

CHEUNG Ngai Sing

 

33

 

 

–––

 

Total:

100

===

 

DIRECTORS

(As per registry dated 27-11-2011)

 

Name

(Nationality)

 

Address

LAM Chuk Pun

Room 23A, Kwun Tien Mansion, Taikooshing, Hong Kong.

 

CHEUNG Ngai Sing

Flat 6, 1/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 27-11-2011)

 

Name

Address

Co. No.

Treasure Art Ltd.

12/F., Nathan Commercial Building, 430-436 Nathan Road, Kowloon, Hong Kong.

1378055

 

 

HISTORY

 

The subject was incorporated on 27th November, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.

 

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

 

 

OPERATIONS

 

Activities:                      Jewellery Trader.

 

Lines                            All kinds of jewellery products, etc.

 

Employees:                   10.

 

Commodities Imported:   India, other Asian countries, Europe, etc.

 

Markets:                       Central & South America, Middle East, North America, Western Europe, etc.

 

Terms/Sales:                 As per contracted.

 

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

 

MEMBERSHIP

 

·         Hong Kong Jewelry Manufacturers’ Association, Hong Kong.

Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.

The Hong Kong General Chamber of Commerce, Hong Kong.

[Membership No. HKJ0192]

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$100.00

 

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 required.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Normal.

 

 

GENERAL

 

Jewel Arts Ltd. is equally owned by three Hong Kong merchants, namely, Mr. Lam Chuk Pun, Mr. Cheung Siu Yin and Mr. Cheung Ngai Sing.

The subject is engaged in manufacturing all kinds of fine jewellery.

Being a Jewellery manufacturer and exporter of fine Jewellery in Hong Kong, the subject emphasizes on providing customers with the quality and fine workmanship products.  It carries a wide range of Jewellery including rings, earrings, pendants, bracelets, bangles and necklaces with diamond and gemstone mounted in 18K gold and platinum.

Polished and cut diamonds are imported from India, Belgium, other Asian countries, etc.

Every year, the subject participates in many worldwide well-known Jewellery exhibitions in order to explore new markets.  Its products are mainly exported to wholesalers and retailers in Europe, Southeast Asia, Australia, the United States and the Middle East at competitive price.

The subject associated plant is in Panyu, Guangdong Province, China.  The factory is able to produce 4 to 5 thousand units of jewellery every month.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign countries.  For instance, it has taken part in those exhibitions held in the United States, Italy, the United Kingdom, Thailand, Australia, etc. besides Hong Kong.

Next year, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.

As the history of the subject is over nine years in Hong Kong, on the whole, consider it good for normal business engagements.

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.

-          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.

-          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.

-          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.

-          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.55.47

UK Pound

1

Rs.86.60

Euro

1

Rs.68.66

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.