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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
HEADRAGON LTD. |
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Registered Office : |
Room 503, 5/F., Central Building, 1-3 Pedder Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.11.1991 |
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Com. Reg. No.: |
15532452 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of diamond and jewellery products, etc |
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No. of Employees : |
4 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
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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 |
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.
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Source : CIA |
HEADRAGON
LTD.
ADDRESS: Room 503, 5/F., Central Building,
1-3 Pedder Street, Central, Hong Kong.
PHONE: 2869 9822, 9091 4248
FAX: 2877 8399
E-MAIL: headragon@headragon.com
pinky797@netvigator.com
Managing
Director: Ms. Seung Yuet Fan, Pinky
Incorporated on :
12th November, 1991.
Organization : Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category :
Jewellery Trader.
Annual Turnover :
HK$60-65 million
Employees : 4.
Main Dealing
Banker : Wing Hang Bank Ltd.,
Hong Kong.
Banking Relation
: Satisfactory.
Registered Head Office:-
Room 503, 5/F.,
Central Building, 1-3 Pedder Street, Central, Hong Kong.
15532452
0333258
Managing
Director: Ms. Seung Yuet Fan, Pinky
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
(As per registry dated 12-11-2012)
|
Name |
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No.
of shares |
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SEUNG Yuet Fan, Pinky |
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2 = |
(As per registry dated 12-11-2012)
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Name (Nationality) |
Address |
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SEUNG Yuet Fan,
Pinky |
Flat D, 5/F., Glen Circuit, 41 Cloud View
Road, Hong Kong. |
(As
per registry dated 12-11-2012)
|
Name |
Address |
|
SEUNG
Kin Ching, Thomas |
Flat B, 4/F., Silver Mansion, 81 Shek Pai Wan Road, Hong Kong. |
The
subject was incorporated on 12th November, 1991 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.
Activities: Jewellery
Trader.
Lines: All
kinds of diamond and jewellery products, etc.
Brand Name: Paso
Doble.
Employees: 4.
Commodities
Imported: India, Germany,
Italy, other European countries, etc.
Markets: Hong Kong, China, Western
Europe, North America, etc.
Annual Turnover: HK$60-65 million
Terms/Sales: CAD or as per
contracted.
Terms/Buying: L/C, T/T, etc.
Diamond Federation
of Hong Kong, Hong Kong.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
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: Wing Hang Bank Ltd., Hong Kong.
Standing: Normal.
Having
issued just two ordinary shares of HK$1.00 each, Headragon Ltd. is wholly owned
by Ms. Seung Yuet Fan, Pinky who is a Hong Kong businesswoman. She is also the only director of the subject.
Your
given mobile phone number 9091 4248 belongs to Pinky Seung. She can be reached at this number.
The
subject was established in 1992. It is a
jewellery product manufacturer and trader.
According
to the subject, its tailor-made jewellery is high quality that meets the
current trends and expectations of its customers. It provides customers with one-stop solutions
from designing to delivery. Most of its
products bear the brand, Paso Doble.
Seung
Yuet Fan was graduated from Hong Kong Institute of Vocational Education (IVE)
of Lee Wai Lee in the eighties. Now, she
has developed her own business in Hong Kong.
The
subject’s product lines are the followings:-
·
Diamond gold jewellery -- 18 karat;
·
Diamond platinum jewellery -- Pt900;
·
Gem set gold jewellery -- 18 karat;
·
Jadeite jewellery; &
·
Pearl jewellery, etc.
The
subject’s raw materials or products are imported from India, Germany, Italy,
other European countries, etc. Prime
markets are Hong Kong, China, Japan, Malaysia, North America, Europe, etc.
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 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
annual sales turnover of the subject ranges from HK$60 to 65 million. Making a small profit every year.
The
subject operates from a rented office.
As
the history of the subject is over 21 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.
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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.
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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.
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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.54.41 |
|
UK Pound |
1 |
Rs.88.28 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.