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Report Date : |
26.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRILLIANT JEWELLERY |
|
|
|
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Registered Office : |
Shop G4, G/F., Cameron Centre, |
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Country : |
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Date of Incorporation : |
16.01.1996 |
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Legal Form : |
Sole Ownership. |
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Line of Business : |
Importer, Exporter, Wholesaler and Retailer of all Kinds of Jewellery,
etc. |
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No. of Employees : |
5 |
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 |
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|
|
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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 – September 30, 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 |
BRILLIANT JEWELLERY
Shop G4, G/F., Cameron Centre, 57-59 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2366 8602
FAX: 2369 9986
Manager: Mr. Chow King Leung
Establishment: 16th January, 1996.
Organization: Sole Ownership.
Capital Provider: Provided by Sole Owner.
Business Category: Jewellery
Retailer.
Employees: 5.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
BRILLIANT JEWELLERY
Head Office & Shop:-
Shop G4, G/F., Cameron Centre, 57-59 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Parent Company:-
Rich Coast Ltd., Hong Kong. (See
attachment)
Sister Company:-
New King Tai Jewellery Co., Hong Kong.
[BR No. 19564295-001-01] [Business ceased]
19564295-002-01
Manager: Mr. Chow King Leung
Rich Coast Ltd., Hong Kong.
The subject was established on 16th January, 1996 as a sole ownership
firm with Rich Coast Ltd. as the proprietor under the Hong Kong Business
Registration Regulations.
At the very beginning, the subject was located at G/F., 39B Carnarvon
Road, Tsimshatsui, Kowloon, Hong Kong, moved to G/F., 37A Carnarvon Road,
Tsimshatsui, Kowloon, Hong Kong in September 1999, and further to the present
address in October 2002.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter, Wholesaler and Retailer.
Lines: All
kinds of jewellery, etc.
Employees: 5.
Commodities Imported: India,
other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, etc.
Terms/Sales: COD or as per
contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital Provider: Provided
by Sole Owner.
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: Small.
Brilliant Jewellery is the business name of Rich Coast Ltd. [RCL] which
is also located at the same operating address.
The subject is a jewellery wholesaler and retailer. Its registered address is also a retailing
outlet. The subject is retailing in the following
commodities: bracelets, brooches, earrings, necklaces, rings, pendants,
etc. Loose diamonds and other raw
materials are imported from India, other Asian countries, Belgium and other
European countries, etc. After
processing in Hong Kong or China, finished products are retailed in Hong Kong
and exported to Japan and other Asian countries. Business is satisfactory.
It is reported that the subject has had an affiliated factory in
Guangdong Province, China.
The subject’s parent RCL was incorporated on 10th January, 1995. It is almost wholly owned by Mr. Chow King
Leung who is also the manager of the subject.
Chow is also the Managing Director of RCL. The minor shareholder of RCL Mr. Kevin Chow
is a family member of Chow King Leung.
The businesses of the subject and RCL are handled by the two Chows.
As the history of the subject is over sixteen years and two months in
Hong Kong, on the whole, consider it good for normal business engagements.
RICH COAST LTD.
(Business name: BRILLIANT JEWELLERY)
Shop G4, G/F., Cameron Centre, 57-59 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
19564295-000-01
0502541
10th January, 1995.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 10-01-2012)
|
Name |
|
No. of shares |
|
CHOW King Leung |
|
9,999 |
|
Kevin CHOW |
|
1 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 10-01-2012)
|
Name (Nationality) |
Address |
|
CHOW King Leung |
Room E, 14/F., Union Building, 33-35 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. |
|
Kevin CHOW |
Room E, 14/F., Union Building, 33-35 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. |
CHOW King Leung (As per registry
dated 10-01-2012)
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.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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.