|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRI-STAR JEWELLERS LTD. |
|
|
|
|
Registered Office : |
Room 205, 2/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom,
Kowloon |
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|
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Country : |
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|
|
Date of Incorporation : |
01.09.2003 |
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|
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Com. Reg. No.: |
33936092 |
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|
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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. |
|
|
|
|
No. of Employees : |
20. ( |
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 : |
Good |
|
|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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'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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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.
|
Source : CIA |
BRI-STAR JEWELLERS
LTD.
Room 205, 2/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 2180 8881, 6283 3832
FAX: 2121 8884
E-MAIL: info@bri-star.com
info@brilliantstarhk.com
sales@bri-star.com
Managing Director: Mr. Yep Mau
Koung, Ben
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.
BRI-STAR JEWELLERS
LTD.
Registered Head
Office:-
Room 205, 2/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
The Landmark
Flagship Store:-
Ben Yep
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]
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:-
Ben Yep, Hong Kong.
Bri-Star Jewelry International Ltd., Hong Kong. [Dissolved]
Bri-Star Jewelry Manufacturing Ltd., Hong Kong.
Goalmark Ltd., Hong Kong.
[Dissolved]
Smartrend (Hong Kong) Ltd., China.
Unique Design Inc., USA.
33936092
0859662
Managing Director: Mr. Yep Mau
Koung, Ben (Mobile Phone: 6283 3832)
General Manager: Ms. Suda Yep
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
(As per registry dated 01-09-2012)
|
Name |
|
No. of shares |
|
Great Allied Profits Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
499,999 |
|
New Atlantic Assets Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
1 |
|
|
|
––––––– |
|
|
Total: |
500,000 ====== |
(As per registry dated 01-09-2012)
|
Name (Nationality) |
Address |
|
YEP Mau Koung |
Room 803, 8/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong. |
|
Great Allied Profits Ltd. |
P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
(As per registry dated 01-09-2012)
|
Name |
Address |
Co. No. |
|
Royal Honour Consultants Ltd. |
Room 702, 7/F., Tung Yip Commercial Building, 244 Des Voeux Road
Central, Hong Kong. |
0764691 |
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.
Formerly the subject was located at Room 803, 8/F., Guardforce Centre,
3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to the present
address in July 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer, Exporter and Retailer.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones, etc.
Brand Name: Ben Yep, Sierra, Mist.
Employees: 20. (Hong Kong)
1,500. (China)
Materials/Commodities: India,
Belgium, other European countries, etc.
Markets: Japan,
India, other Asian countries, Middle East, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Jewellery & Jade Manufacturers Association,
Hong Kong.
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
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 contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
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:-
The subject’s main factory is in Foshan City, Guangdong Province, China,
employing about 1,500 persons.
Having over 30 years of designing experience, Ben Yep, has launched a
new line of fine jewellery, the “BEN YEP Collection” in
2006. This collection has been aired on
one of the largest TV network in the United Stated.
The subject’s products also bear the brand names of Sierra, and Mist.
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
Ben Yep. The former name of this firm
was “Town and Country”. This shop is one
of the earliest luxury jewellery shops in Hong Kong. Having a history of over 50 years, Ben Yep is
located at Shop 302 and 303, 3/F., The Landmark, Central, Hong Kong.
The subject also has set up a showroom and retailing shop in Shenzhen
Special Economic Zone, as well as a store in Kunming City 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 2013” which will be held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th
to 9th March, 2013.
The subject’s annual sales turnover is rather significant. History in Hong Kong is over nine years.
On the whole, consider the subject 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.54.85 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.