MIRA INFORM REPORT
|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAREN JEWEL & CO. LIMITED |
|
|
|
|
Registered Office : |
17A, Dotcom House, 128 Wellington Street,
Central |
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|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
29.12.2004 |
|
|
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Com. Reg. No.: |
942723 |
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|
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Legal Form : |
Private Limited Liability Company |
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|
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Line of Business : |
Trading of Jewellery. |
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|
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No of Employees : |
Not Available |
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 |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
Contact Points
|
Company Name: |
KAREN JEWEL & CO. LIMITED |
|
Supplied Name: |
KAREN JEWELS & CO LTD |
|
Trading Address: |
17A, Dotcom House, 128 Wellington Street, Central, Hong Kong |
|
Supplied Address: |
Unit A, 17/F, 128 Wellington Central |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
17A, Dotcom
House, 128 Wellington Street, Central, Hong Kong |
|
Telephone Number: |
+852-2151-9622 |
|
Fax Number: |
+852-2151-9623 |
|
Date of Registration: |
2004-12-29 |
|
Registered Number: |
942723 |
|
Business Registration No.: |
35230719 |
|
Registered Capital: |
HKD 10,000 (USD 1,290) (As of 2014.11, 1 HKD = 0.129 USD) |
|
Paid-up Capital: |
HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD
1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
89731--Articles of jewellery and parts thereof, of precious metals or metals
clad with precious metals (g) |
|
Principal Activities: |
Trading of jewellery, etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-12-29 |
Notes: Subject declined to disclose the number of
staff and from other source we cannot obtain the information, either.
History
Subject was incorporated on 2004-12-29 with
the registered number 942723 as Private Limited Liability Company in Hong Kong.
Corporate Structure
Subject did not register
any subsidiaries or branches, from other source we can not obtain the relevant
information, either.
Shareholders
|
Subscription Amount |
Proportion of Investment (%) |
|
|
Lee Sze Wing, Karen |
5,000 |
50% |
|
Sheu Chun Fat, Fred |
5,000 |
50% |
|
Total |
10,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Lee Sze Wing, Karen |
|
Address: |
Flat 14E, Block 2, Illumination Terrence,
5-7 Tai Hang Rd., Hong Kong |
|
2 |
|
|
Name: |
Sheu Chun Fat, Fred |
|
Address: |
Flat 14E, Block 2, Illumination Terrence,
5-7 Tai Hang Rd., Hong Kong |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Lee Sze Wing, Karen |
|
Address: |
Flat 14E, Block 2, Illumination Terrence,
5-7 Tai Hang Rd., Hong Kong |
|
Position: |
Director & Secretary |
|
ID Number: |
K073660(0) |
|
2 |
|
|
Name: |
Sheu Chun Fat, Fred |
|
Address: |
Flat 14E, Block 2, Illumination Terrence,
5-7 Tai Hang Rd., Hong Kong |
|
Position: |
Director |
|
ID Number: |
D230751(1) |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
17A, Dotcom House, 128 Wellington Street,
Central, Hong Kong |
Premises Information
The subject is located at 17A, Dotcom House, 128
Wellington Street, Central, Hong Kong. However, we cannot get any related
registration information for this address in the official authorities.
Production Information
Subject is engaged in trading of jewelry
without any production activities.
Purchase Information
It is introduced that subject’s products are
both purchased at home and abroad.
Sales Information
Subject is engaged in sale of jewelry.
The major products of the subject are
brooches, necklace, earrings.
It is traduced that subject’s sales regions
are South East Asian Countries.
Subject also provides design services for
customers.
Subject has its own trademark.
Trademark
|
Trade Mark No.: |
300970551 |
|
Status: |
Registered |
|
Mark: |
FK |
|
Mark Type: |
Ordinary |
|
Owner's Name, Address: |
KAREN JEWEL & CO. LIMITED 17A, 128 WELLINGTON STREET, CENTRAL, HONG
KONG |
|
Owner's Address for Service: |
KAREN JEWEL & CO. LIMITED 17A, 128 WELLINGTON STREET, CENTRAL, HONG
KONG |
|
Class No.: |
14 |
|
Specification: |
Class 14 Jewellery |
|
Date of Filing: |
11-10-2007 |
|
Date of Publication of Application of
Acceptance for Registration: |
21-12-2007 |
|
Date of Registration: |
11-10-2007 |
|
Actual Date of Registration: |
01-04-2008 |
|
Expiry Date: |
10-10-2017 |
|
Date of Entry: |
01-04-2008 |
|
Matters |
Registration |
Settlements
Purchase
Domestic Purchase
|
Products |
Jewellery |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Jewellery |
|
Payment Terms |
L/C, T/T |
Domestic Markets
|
Product |
Jewellery |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Jewellery |
|
Selling Terms |
L/C, T/T |
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to the
relevant policy in Hong Kong and the only source from which we can obtain the
information is the subject itself.
Subject’s relevant staff rejected to disclose
the financial information, from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
|
Company Name: |
Karen Jewel & Co., Ltd. |
|
Instrument of Creating Mortgage: |
Legal Charge |
|
Date of Creating Mortgage: |
2008-3-3 |
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Amount Secured: |
To secure a loan amount for HKD 3,171,000 |
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Name of Mortgagee: |
Hang Seng Bank Limited |
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Address of Mortgagee: |
83 Des Voeux Rd. Central, Hong Kong |
|
Description of Property Mortgaged: |
All that 21 equal undivided 17,700th
parts or shares of Inland Lot No. 8731 (Flat No. H 12th Floor,
Block 2, Illumination Terrace, No. 7 Tai Hang Rd., Hong Kong) |
|
Date of Discharge: |
2011-7-8 |
Lawsuits
Up to now, no present or latent litigation of the
subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Department: |
Sales Department |
Industry Information
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
360,811 |
286,593 |
1,910,636 |
2,509,526 |
|
3,452 |
187 |
14,139 |
4,212 |
|
|
Australia |
28,455 |
20,576 |
193,679 |
76,769 |
|
Belgium |
5,306 |
2,991 |
18,285 |
12,571 |
|
The Mainland of China |
15,416,663 |
2,786,822 |
80,725,040 |
14,919,295 |
|
Exports |
||||
|
United Arab Emirates |
34,144 |
20,993 |
266,704 |
182,114 |
|
895 |
1,895 |
2,797 |
5,247 |
|
|
Australia |
15,794 |
11,843 |
141,972 |
57,892 |
|
Belgium |
1,028 |
1,273 |
19,070 |
8,044 |
|
The Mainland of China |
286,047 |
25,826 |
1,126,839 |
117,609 |
External Trade
Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
We visited the following address and confirmed the subject is located at
it, but there is no subject’s company name on the wall. The photos for your
reference:
Address: 17A, Dotcom House, 128 Wellington Street, Central, Hong Kong
128 Wellington Street, Central, Hong Kong
17A, Dotcom House, 128 Wellington Street, Central, Hong Kong
17A, Dotcom House, 128 Wellington Street, Central, Hong Kong
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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.