MIRA INFORM REPORT
|
Report Date : |
27.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ITE
JEWELLERY LTD. |
|
|
|
|
Registered Office : |
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.08.2009 |
|
|
|
|
Com. Reg. No.: |
51063293 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery products, etc. |
|
|
|
|
No. of Employees
: |
13. (Including
associate) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
ITE JEWELLERY
LTD.
Company ADDRESS
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2333 2904
FAX: 3175 4632
E-MAIL: sales@itejewellery.com
MANAGEMENT
Managing Director: Mr. Chan Chi, Nestor
SUMMARY
Incorporated on: 21st August, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Jewellery Trader.
Employees: 13. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Associated
Company:-
I. T. E. Jewellery Co., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
51063293
COMPANY FILE NUMBER
1365541
MANAGEMENT
Managing Director: Mr. Chan Chi, Nestor
Contact Person: Ms. Jessie Lau
CAPITAL
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
SHAREHOLDER
(As per registry
dated 21-08-2011)
|
Name |
|
No. of shares |
|
CHAN Chi, Nestor |
|
5,000,000 ======= |
DIRECTOR
(As per registry
dated 21-08-2011)
|
Name (Nationality) |
Address |
|
CHAN Chi, Nestor |
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 21-08-2011)
|
Name |
Address |
|
LAI Chi Kit |
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 21st August, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Last time the subject was located at Unit 31, 2/F., Block B, Focal Industrial Building, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong, moved to the present address in September 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery products, etc.
Employees: 13. (Including associate)
Commodities Imported: India, Europe, US, etc.
Markets: Australia, Hong Kong, Middle East, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, etc.
MEMBERSHIP
· Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
· Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
·
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKI0278]
FINANCIAL INFORMATION
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Profit or Loss: Keeping a balance account.
Condition: Business is not very active.
Facilities: Making fairly 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
Having issued 5 million ordinary shares of HK$1.00 each, ITE Jewellery Ltd. is wholly owned by Mr. Chan Chi, Nestor who is a Hong Kong merchant.
The subject commenced business in August 2009. It is a jewellery trader.
The subject has had an associated company I. T. E. Jewellery Co. located at its operating address. This firm commenced business in 2005.
The subject is a manufacturer of fine jewellery. It offers customers with a wide range of finished products of innovative, trendy and elegant designs. The major markets are the Middle East, Europe and Australia. The subject’s loose diamonds are chiefly imported from India, Europe, the United States, etc.
In the past years, I. T. E. Jewellery Co. has enjoyed solid reputation in product finishing, especially on rhodium jewellery, 18-K jewellery and jewellery setting. According to this firm, it provides good quality products, competitive prices, on-time delivery and good after-sales services.
The contact person Ms. Jessie Lau is an employee of the subject.
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, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
The history of the subject in Hong Kong is just over two years and five months.
On the whole, since the history of the subject is short, consider it good for normal business engagements on secured basis.
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.49.97 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
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.