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Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOBLE JEWELRY LTD. |
|
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Registered Office : |
Unit M, 12/F., Phase 3, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.1992 |
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Com. Reg. No.: |
15765403 |
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|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Wholesaler of Jewellery including rings, earrings, pendants, bracelets and necklaces in 18 karats yellow and white gold and platinum 900 with diamonds and precious stones. |
|
|
|
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No. of Employees : |
60 |
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 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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
NOBLE JEWELRY
LTD.
ADDRESS: Unit M, 12/F., Phase 3,
Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2722 1132
FAX: 852-2369
1412, 2369 1023
E-MAIL: info@noble.com.hk
com.sec@noble.com.hk
Executive Director & Chairman:
Mr. Chan Yuen Hing, Johnny
Incorporated on: 9th
June, 1992.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Design, manufacture and trading in jewellery.
Group Employees: 60.
Main Dealing Bankers: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank
Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Unit M, 12/F., Phase 3, Kaiser Estate, 11 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
China Factory:-
Guangzhou Noble Jewelry Ltd.
(or known as Guangzhou Yizuan Jewelry Co. Ltd.)
B3-Building, Sha Wan Jewelry Industrial Park, 999 Fulong Road, Shawan,
Panyu District, Guangzhou, Guangdong Province, China.
[Tel: 86-20-3487 8889; Fax:
86-20-3487 8882]
Holding Company:-
Noble Jewelry (BVI) Ltd., British Virgin Islands.
Intermediate Holding Company:-
Noble Jewelry Investment Ltd., Bermuda.
Ultimate Holding Company:-
First Prospect Holdings Ltd., British Virgin Islands.
Associated Companies:-
Noble Jewelry Group of Companies
Chad Allison Corporation, USA.
Farwin Ltd., Hong Kong.
N.A. Marketing Ltd., USA.
NJUK Ltd., UK.
Noble Jewelry Ltd., USA.
Noblediam S.L., Spain.
Pesona Noble (BVI) Limited, British Virgin Islands.
Pesona Noble Jewelry Ltd., Hong Kong.
Shanghai Chenghuang Jewellery Ltd., China.
Shanghai Noble Concepts Jewelry Ltd., China.
Topwin Trading Ltd., Hong Kong.
etc.
15765403
0361214
Executive Director & Chairman:
Mr. Chan Yuen Hing, Johnny
Executive Director & Chief Executive Officer: Mr. Tang Chee Kwong, Stephen
Contact Person: Ms. Elaine Lu
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 09-06-2013)
|
Name |
|
No. of shares |
|
Noble Jewelry (BVI) Ltd. 2/F., Abbott Building, Road Town, Tortola, British Virgin Islands. |
|
10,000 ===== |
(As per registry dated 09-06-2013)
|
Name (Nationality) |
Address |
|
CHAN Yuen Hing |
Flat A, 7/F., Block 1, Hill Paramount, 18 Hin Tai Street, Tai Wan, Shatin,
New Territories, Hong Kong. |
|
CHAN Lai Yung |
Flat 4, 8/F., Kam Pak House, Hong Pak Court, Lam Tin, Kowloon, Hong
Kong. |
|
TANG Chee Kwong |
Flat E, 27/F., Tower 28, South Horizons, Apleichau, Hong Kong. |
|
SIN Lap Poon |
Flat C, 19/F., 12 Lai Wan Road, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
Tai Budi SETIAWAN |
Room B, 10/F., Block 20, Chi Fu Fa Yuen, 20 Chi Fu Road, Pok Fu Lam,
Hong Kong. |
SIN Lap Poon (As per registry
dated 09-06-2013)
The subject was incorporated on 9th June, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Front & Rear Portion, 5/F.,
Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong,
moved to 4/F., Grand Centre, 8 Humphreys Avenue, Tsimshatsui, Kowloon,
Hong Kong in February 2000; to Unit 306-307, 3/F., Lippo Sun Plaza,
28 Canton Road, Tsimshatsui, Kowloon, Hong Kong in January 2003. The subject moved to Unit M, 12/F., Phase 3,
Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong in April 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Exporter and Wholesaler.
Lines: Jewellery
including rings, earrings, pendants, bracelets and necklaces in 18 karats
yellow and white gold and platinum 900 with diamonds and precious stones.
Trade Mark: NOBLE,
Chad, Allison, OriDiam.
Group Employees: 60.
Materials/Commodities: Imported from India, Europe, South Africa, etc.
Markets: US,
Europe, Middle East, Japan, China, Southeast Asia and Far East.
Terms/Sales:
Various terms.
Terms/Buying: L/C,
T/T, etc.
Federation of Hong Kong Industries,
Hong Kong. [Member No. A6376]
Hong Kong Jewellery & Jade Manufacturers
Association, Hong Kong.
Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
Jewelers Board of Trade, USA.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKN0109]
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$12,638,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 09-06-2013)
Mortgage or Charge (since 2007): (See attachment)
Profit or Loss: Business is profitable.
Condition: Keeping
in an active and satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment:
So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
China Construction Bank (Asia) Corporation
Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
Noble Jewelry Ltd. is a wholly-owned subsidiary of Noble Jewelry (BVI)
Ltd. which is a BVI-registered firm. The
ultimate holding company of the subject was Noble Jewelry Holdings Ltd. [Noble]
is a listed firm in Hong Kong. Now,
Noble has been disposed and has changed name to Zhong Fa Zhan Holdings Ltd.
[ZFZ] which has nothing to do with the subject any more.
Since November 2011, ZFZ jointly own by Mr. Hu Yangjun and Mr. Hu Yishi
has become the single largest shareholder of the ZFZ Group. ZFZ is also a jewellery manufacturer and
trader.
The ZFZ Group principally emphasises on its wholesaling business in
China while the subject has retreated from it.
The intermediate holding company of the subject Noble Jewelry Investment
Ltd. is a Bermuda-registered firm. The
ultimate holding company First Prospect Holdings Ltd. is a BVI-registered firm.
The subject is principally engaged in the design, manufacturing and
wholesale of fine jewellery products in foreign countries, except China. With design and manufacturing facilities
based in the city of Panyu, Guangdong, China, the subject’s products comprise a
wide range of fine jewellery products with different styles predominantly
consisting of diamond, gemstone and semi‑precious stone products, mostly
designed by its own product development and design team under the model of
original design manufacturing [ODM], serving jewellery distributors and
retailers in the PRC. The followings are
the main products of the subject:-
Diamond & Pearl Earrings, Diamond Rings, Diamond Pendants, Gemstone
Pendants, Jewellery Necklaces, Jewellery Earrings, Diamond Earrings, Gemstone
Pendants, 18K White Gold Diamond Jewellery Set, 18K White Gold Diamond Rings,
18K White Gold Diamond Earrings, 18K White Gold Diamond Necklaces.
Most of the subject’s products bear the following brand names: Chad, Allison, OriDiam.
Through continuous efforts in diversifying both in terms of markets and
customers, the subject obtained a greater volume of orders from Indonesia and
the Middle East. The wholesale business,
including ODM and original brand manufacturing [OBM], continued to be a major
revenue source of the subject.
The subject’s business development strategy has successfully delivered
sustainable growth.
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 2014” which will be held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 5th to 9th March, 2014. Its
booth No. is 1D-A24.
The subject operates from its own office in Hong Kong.
As the history of the subject is over 21 years in Hong Kong, on the
whole, consider it good for normal business engagements.
Brief personal profile
of the principal directors:-
Mr. CHAN Yuen Hing, Johnny, aged 51, is the Chairman and an Executive
Director. Mr. Johnny Chan is the founder
starting the business in 1983 as a sole proprietorship. He has over 20 years’ experience in the
jewellery industry and is familiar with the jewellery markets in Hong Kong, the
US, Europe, the Middle East and Japan.
Mr. Johnny Chan is responsible for overall strategic planning and
development. He completed an advance
learning program for an executive Master’s degree in Business Administration in
the Zhong Shan University in 2004.
Mr. Johnny Chan was awarded the Young Industrialist Awards of
Hong Kong in 2000.
Mr. TANG Chee Kwong, Stephen, aged 58, is the Chief Executive Officer
and an Executive Director. He joined the
Group in 2002 and is responsible for business policy formulation and execution. Mr. Stephen Tang had previously worked at
Hang Seng Bank for almost 30 years and was a senior relationship manager at the
time of his resignation from the bank in 2002.
Under sponsorship by Hang Seng Bank, Mr. Stephen Tang completed an
executive development program organised by the Kellogg Graduate School of
Management at the Northwestern University in the US in 1997. Mr. Stephen Tang is an associate member of
The Hong Kong Institute of Bankers and The Chartered Institute of Bankers
in the United Kingdom.
Mr. Sin Lap Poon (also known as Mr. Eddie Sin), aged 39, is the
company secretary and assistant director of administration of the Group. He joined the Group in 2004 and is
responsible for the Group’s human resources, administration and company secretarial
matters. Mr. Eddie Sin obtained a
master’s degree in professional accounting and information systems from the
City University of Hong Kong in 2004 and a bachelor’s degree in laws from the
University of London in 2010. Mr. Eddie
Sin is an associate member of the Hong Kong Institute of Chartered Secretaries
and the Institute of Charered Secretaries and Administrators of the
United Kindsom. He has over 10
year’s experience in human resources, administration and company secretarial
duties.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
May 1998 |
H8049 |
Sugem |
Noble Jewelry Ltd. |
Goods Sold and Delivered |
US$277,208 |
Property information of
the company:-
Property
Location: Unit M on 12/F. of
Kaiser Estate, 3rd Phase,
9-11A Hok Yuen Street and 18 Man Lok Street, Kowloon, Hong Kong.
Owner: Noble Jewelry Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
28-12-2010 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
(Since 2007)
|
Date |
Particulars |
Amount |
|
28-12-2010 |
Instrument: Legal Charge/Mortgage Property: 118/5,000th parts or shares of and in Section I of Kowloon Marine Lot
No. 40 and Subsection 1 of Section H of Kowloon Marine Lot No. 40
(Unit M on 12/F. of Kaiser Estate, 3rd Phase, 9‑11A Hok Yuen
Street and 18 Man Lok Street, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
27-10-2011 |
Instrument: Security Over Deposits with the Bank
(Limited Company – Under Seal) Property: A deposit with chargee in the amount of HK$5,170,000.00 under Deposit
A/C No. 026‑241521, whatever currency it may subsequently be
denominated in, any renewal of such deposit and the interest thereon together
with any further monies in any deposit account with the chargee at any of its
offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
07-02-2013 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s
claims under the Insurance: Insurance Policy No: 28006166 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Chan Yuen Hing Assignor / Policy Owner: Noble Jewelry Ltd. (2) All the Assignor’s
claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Monies |
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
|
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.