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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
JETWO LTD. |
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Registered Office : |
Room 602, 6/F., Aon China Building, 29 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.09.1985 |
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Com. Reg. No.: |
10033479 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
TRADER
ALL KINDS OF DIAMONDS |
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No. of Employees : |
6 |
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 |
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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 – 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 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 |
JETWO LTD.
Room 602, 6/F.,
Aon China Building, 29 Queen’s Road Central, Hong Kong.
PHONE: 852-2521 1251
FAX: 852-2845 6372
E-MAIL: jetwoltd@netvigator.com
Managing
Director: Mr. Im Hin Ieong, Peter
Incorporated on: 17th September, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Diamond Trader.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
JETWO LTD.
ADDRESS:
Registered
Head Office:-
Room 602, 6/F., Aon
China Building, 29 Queen’s Road Central, Hong Kong.
Associated
Company:-
Antwerp Classic
Diamond (HK) Ltd., Hong Kong. (Same
address)
10033479
0158249
Managing
Director: Mr. Im Hin Ieong, Peter
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As per registry dated 17-09-2012)
|
Name |
|
No.
of shares |
|
IM
Hin Ieong |
|
1,000,000 |
|
Vivien SO |
|
1,000,000 |
|
|
|
–––––––– |
|
|
Total: |
2,000,000 ======= |
(As per registry dated 17-09-2012)
|
Name (Nationality) |
Address |
|
Vivien SO |
Flat B, 38/F., Broadwood Twelve, 12
Broadwood Road, Happy Valley, Hong Kong. |
|
IM
Him Ieong |
Flat B, 38/F., Broadwood Twelve, 12
Broadwood Road, Happy Valley, Hong Kong. |
Vivien SO (As per
registry dated 17-09-2012)
The
subject was incorporated on 17th September, 1985 as a private limited liability
company under the Hong Kong Companies Ordinance.
Last
time, the subject was located at Room 1601-04, Lane Crawford House, 70 Queen’s
Road, Central, Hong Kong, moved to the present address in May 2009.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Diamond
Trader.
Lines: All
kinds of diamonds
Employees: 6.
Commodities Imported: India,
Europe, etc.
Markets: Hong
Kong, Southeast Asia
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge:-
Date of Legal Charge: 08-06-1991
Amount: To secure all moneys in respect of general banking facilities
Property: 175/120,000 th parts or shares of and in the Remining Portion of Inland Lot No. 1946 (Flat H1 on 18/F., of Block H and Carpark Space No. 165 on Car Park Level 3 of Beverly Hill, 6 Broadwood Road, Hong Kong.)
Mortgagee: Generale Bank Overseas (Belgium), Hong Kong Branch. [Now known as Industrial & Commercial Bank of China (Asia) Ltd.]
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.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Normal.
Having
issued 2 million ordinary shares of HK$1.00 each, Jetwo Ltd. is equally owned
by Mr. Im Hin Ieong and Ms. Vivien So.
Being a couple, they are also directors of the subject.
The
subject has had an associated company Antwerp Classic Diamond (HK) Ltd. [ACD]
located at the same address.
Incorporated in 2006, ACD is a diamond trader, so does the subject.
The
subject is a polished diamond trader. It
is specialized in AIA certified diamonds with sizes ranged from 0.30 to 10.00
carats. All the products are in ‘heart
& arrow’ quality.
The
subject’s products are exported to China, South Korea, the Middle East, Taiwan,
the other Asian countries.
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
3G-C33.
According
to the subject, it has developed its own manufacturing partnership with
well-known Belgian diamond manufacturers.
It is also one of the rough importers bears Kimberly Process
Certificate.
The
business of the subject is chiefly handled by the couple. History in Hong Kong is about 28 years.
On
the whole, in view of the background and history of the subject, consider it
good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.