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Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
WING
HANG DIAMOND CO.
LTD. |
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Registered Office : |
14/F. - 15/F., Luk Fook Jewellery Centre, |
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Country : |
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Date of Incorporation : |
24.11.1999 |
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Com. Reg. No.: |
30522052 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, jewellery, pearls, etc. |
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No. of Employees : |
50. (Hong Kong) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
WING HANG DIAMOND CO. LTD.
14/F. - 15/F., Luk Fook Jewellery Centre, 239 Temple Street, Jordan, Kowloon, Hong Kong.
PHONE: 2526 6512; 2526 6591
FAX: 2868 4988; 2526 6599
E-MAIL: info@winghangdiamond.com
Managing Director: Mr. Pong Wing Chiu, David
Incorporated on: 24th November, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$400~450 million.
Employees: 50. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
14/F. - 15/F., Luk Fook Jewellery Centre, 239 Temple Street, Jordan, Kowloon, Hong Kong.
China Offices
& Factories:-
1)
Room A602, 6/F., Shanghai Diamond Exchange, Jin
Mao Tower, 1701 Century Avenue, Pudong, Shanghai, China.
Tel: (86-21) 5015 8045
Fax: (86-21) 5015 8045
[Operated by Wing Hang Diamond (Shanghai) Co. Ltd.]
2)
9 Fuqian Road, Qigan Xu, Aotou Town, Conghua
City, Guangzhou, Guangdong Province, China.
Tel: (86-20) 8786 1228
Fax: (86-20) 8786 1208
[Operated by Wing Ziao Diamond Cutting Works]
3)
9 Fuqian Road, Qigan Xu, Aotou Town, Conghua
City, Guangzhou, Guangdong Province, China.
Tel: (86-20) 8786 1088
Fax: (86-20) 8786 1208
[Operated by Wing Hang Diamond Cutting Works]
4)
30 Fong Hang Street, Fuyang Town, Fuchuan
County, Guangxi Province, China.
Tel: (86-774) 788 1688
Fax: (86-774) 788 9113
[Operated by Guang Xi Fu Chuan Wing Hang Co. Ltd.]
Holding Company:-
Wing Hang Holdings Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
· Guang Xi Fu Chuan Wing Hang Co. Ltd., China.
Wing
Hang Diamond (Shanghai) Co. Ltd., China.
Wing
Hang Diamond Cutting Works Ltd., Hong Kong.
(Same address)
Wing
Hang Diamond Cutting Works, China.
Wing
Hang Jewellery Co. Ltd., Hong Kong.
(Same address)
Wing
Ziao Diamond Cutting Works, China.
Shenzhen Linglong Jewellery Designing Co. Ltd.,
China.
30522052
0695521
Managing Director: Mr. Pong Wing Chiu, David
Contact Person: Ms. Monica Chan
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry
dated 24-11-2011)
|
Name |
|
No. of shares |
|
Wing Hang Holdings Ltd. P.O. Box 3340, Road Town, Tortola, British Virgin Islands. |
|
9,999,999 |
|
PONG Yue Ting, Yvonne |
|
1 |
|
|
|
––––––––– |
|
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Total: |
10,000,000 ======== |
(As per registry
dated 24-11-2011)
|
Name (Nationality) |
Address |
|
PONG Wing Chiu |
Flat A & B, 15/F., Block 8, Braemar Hill Mansions, 29 Braemar Hill Road, Hong Kong. |
|
PONG Hang King, Alfred |
Flat B, 15/F., Braemar Hill Mansions, 29 Braemar Hill Road, Hong Kong. |
|
PONG Yue Ting, Yvonne |
Flat A, 18/F., Block E, Wylie Court, 21 Wylie Path, Yau Ma Tei, Kowloon, Hong Kong. |
|
PONG Lek Hon, Edmond (Previous names: PONG Hang Yu and PANG Lihan) |
Flat A, 30/F., Tower 2, Bel-Air No. 8, Bel-Air on the Peak, 8 Bel-Air Peak Avenue, Island South, Hong Kong. |
(As per registry
dated 24-11-2011)
|
Name |
Address |
Co.
No. |
|
Tricor Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0041027 |
The subject was incorporated on 24th November, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 22/F., Crawford House, 70 Queen’s Road Central, Hong Kong, moved to the present address with effect from 14th March, 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, jewellery, pearls, etc.
Employees: 50. (Hong Kong)
Over 3,000. (China)
Commodities Imported: Imported from Africa, Russia, India, Israel, Belgium, Tahiti, Indonesia, Philippines,
Australia, Japan, etc.
Markets: USA, Europe, Taiwan, China and other Southeast Asian countries.
Annual Turnover: HK$400~450 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
· Diamond Federation of Hong Kong, China Ltd., Hong Kong.
Hong
Kong Jewellery & Jade Manufacturers Association, Hong Kong.
Hong
Kong Jewelry Manufacturers’ Association, Hong Kong.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Indebtedness: HK$10,000,000.00 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 24-11-2011)
Mortgage or
Charge:-
Date of Assignment of Life Insurance: 31-10-2008
Amount: Secured Indebtedness
Property: Property Charged: (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 of all other obligations of the Borrower contained in the Facility Letter
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping in an active and satisfactory condition.
Facilities: Making very active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
ABN
AMRO Bank N.V., Hong Kong Branch.
DBS
Bank (Hong Kong) Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Very Good.
Wing Hang Diamond Co. Ltd. [Wing Hang] was
incorporated in November 1999 as a wholly-owned subsidiary of Wing Hang
Holdings Ltd. which is a BVI-registered firm.
On 28th April, 2010, Ms. Pong Yue Ting and
Mr. Pong Lek Hon were appointed directors of Wing Hang. Wing Hang in fact is a family business of the
Pongs. Wing Hang moved to its new office
in March 2011.
Founded in 1975, Wing Hang started as a small
diamond trading company having just eight employees. With prudent management, Wing Hang has
established a rather strong foothold in the global diamond wholesaling industry
offering a wide range of products in order to meet the demands of its
customers. Headquartered in Hong Kong,
Wing Hang has set up its own production facilities and is currently employing
about 3,000 staff members in cutting and polishing plants in the Mainland
China. Its plants are located in
Shenzhen, Conghua of Guangzhou, Guangdong Province and Fuchuan of Guangxi,
China. The Conghua plant has been
claimed to be the largest diamond processing factory in China.
Wing Hang also has got some contracted
factories engaged in diamonds polishing and cutting. The sub-contracted factories are able to
manufacture jewellery products for Wing Hang so that it can meet the lead time.
Besides, seizing the opportunities from the
promising pearl trade, Wing Hang expanded its business in 1980 in pearl
wholesaling. Today, it has become a
widely recognized industry leader in the sales of South Sea pearls.
In order to increase the production capacity
of its polished diamonds, Wing Hang has imported advanced polishing
technologies, such as laser cutting machines and computerized bruiting machines
from abroad. Advanced laser‑scanning
machines have been installed to maximize the yield from rough diamonds while
professional polishing machines for ideal cuts are imported to strengthen its
capability in producing this category of products.
In 2004, Wing Hang set up an affiliated
company Wing Hang Jewellery Co. Ltd. which is engaged in manufacturing all
kinds of jewellery, diamond and pearl products.
Wing Hang is trading in the following
products:-
|
Product/Service |
Product/Service
Remarks |
|
Pearl |
Include south sea pearl stands from Japan and Tahiti |
|
South Sea Pearl |
Include black, white, golden south sea pearl strands from Japan, Tahitian and Australia |
|
Stone Polishing and Cutting |
For diamond |
|
Diamond |
From Africa, Russia (Importer) From India, Israel and Belgium, UK (Exporter) |
|
Loose Diamond |
|
Wing Hang has long been an experienced
wholesaler and manufacturer of brilliant-cut rounds. Each round brilliant has 57 or 58 facets, which
is precisely angled to reflect and refract the maximum bundles of light. To meet the growing demand from consumers in
South East Asia and China, Wing Hang has boosted the production of
heart-and-arrow cut diamonds. With finer
polish, symmetry and proportion, such diamonds can reflect a perfectly balanced
set of eight hearts and eight arrows from their tables and bottom facets under
a specially designed loupe. Wing Hang
also excels in the ideal cut, through which a diamond can reveal its greatest
brilliance, dispersion and scintillation.
Most of the ideal-cut diamonds are above 20 points with good colour and
good clarity. Besides rounds, Wing Hang
also produces a full range of fancy-shaped diamonds, particularly princess
cuts. Its professionalism is likewise
demonstrated in single cut for watches.
Wing Hang is the supplier, importer and
exporter of versatile range of diamonds in a wide variety like rose cut
diamonds, rose cut heart, rose cut round, rose cut pears, rose cut oval, rose
cut marquise, fancy cut and fancy colour diamonds, briollets beads, old mine
cut diamonds, round brilliant cut diamonds, marquise, pears ,oval, heart, and
emerald.
Wing Hang’s polished products include
diamonds ranging from 0.03 to 1.5 carats, with the majority ranges from 0.03 to
0.75 carats. The greatest demand is for
I, J and higher colours and clarity grade is VS or better, as more and more
customers in the cities of China begin to appreciate the handicraft. In addition to high-end products, Wing Hang
also provides a wide variety of polished diamonds of different size and colour
to meet the needs of different clients, especially those from China.
As the demand of diamonds in the worldwide
market continues to grow, Wing Hang has been participating in international trade
fairs and exhibitions in order to promote sales.
For instance, 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.
Wing Hang’s products are exported to Europe,
the United States, China, Japan, South Korea, Taiwan and Southeast Asia, the
Middle East, etc. It is also aiming to
penetrate the China market further.
The subject’s trade mark in China is known as
Cherubs.
The subject’s main factory in China is known
as Shenzhen Linglong Jewellery Designing Co. Ltd. [Linglong].
Besides cutting its own diamond roughs
sourced from the DTC and Europe, Wing Hang also processes rough diamonds for
its clients in Belgium, Israel, Australia, Hong Kong and Japan.
According to Wing Hang, it has exported the
largest volume of polished diamonds (in terms of weight) among all diamond
wholesalers in Hong Kong.
The annual sales turnover of Wing Hang ranges
from HK$400 to 450 million. Business is
profitable.
As the history of Wing Hang in Hong Kong is
over 36 years, on the whole, consider it 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.
-
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.54.55 |
|
UK Pound |
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.