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Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
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Name : |
FAI PO GEM & JEWELLER LTD. |
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Registered Office : |
Room 602-606, 6/F., Block A, Focal Industrial Centre, |
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Country : |
Hongkong |
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Date of Incorporation : |
17.11.2009 |
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Com. Reg. No.: |
51435325 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of Gemset jewellery, gold Jewellery. |
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No of Employees : |
35 (Including Associates in |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
Hongkong- ECONOMIC OVERVIEW
|
Source
: CIA |
FAI PO GEM &
JEWELLERY LTD.
ADDRESS: Room 602-606, 6/F., Block A, Focal
Industrial Centre,
PHONE: 852-2774 1199, 2774 4811, 2774
4833
FAX: 852-2330 1553, 2330 1563
E-MAIL: fpg@hkstar.com
Managing
Director: Mr. Chan Wing Fai,
Jacky
Incorporated on: 17th November, 2009.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1.00
Business Category: Manufacturer, Importer, Exporter and Wholesaler.
Employees: 35. (Including associates in
Main Dealing Bank:
Banking Relation: Good.
Registered Head Office:-
Room 602-606,
6/F., Block A, Focal Industrial Centre,
Lufeng Ronghui
Gemstone & Jewelry Manufacturing Factory Co. Ltd.
[or known as
Lufeng Ronghui Gemstone Factory Co. Ltd.]
Block 5-6, Donghai
Economic Development Area,
[Tel: (86-660) 823
6666; Fax: (86-660) 823 0948]
Holding Company:-
Fai Po Group Ltd.,
Associated/Affiliated Companies:-
Fai Po Group of Companies
Amethyst Kingdom Co. Ltd.,
East Ocean Gems & Jewellery Co. Ltd.,
Fai Po (
Fai Po Diamond Ltd.,
Fai Po Gem (
Fai Po Gem (H.K.) Co. Ltd., Hong Kong.
Fai Po Gems Manufacturing Co. Ltd.,
Fai Po Jewellery (
Fai Po Jewellery (H.K) Co. Ltd., Hong Kong.
Fai Po Jewellery Inc.,
Fai Po Properties Ltd.,
Huahui Real Estate Development Co. Ltd.,
Intini Co. Ltd.,
Jeffery Investment Ltd.,
Joyce Field International Ltd.,
Pearl Dynasty Ltd.,
Seng Fai Co. Ltd.,
Yi Danni Diamond Co. Ltd.,
etc.
51435325
1392284
Managing
Director: Mr. Chan Wing Fai, Jacky
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As per registry dated 17-11-2013)
|
Name |
|
No.
of share |
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Fai Po Group Ltd., |
|
1 = |
(As per registry dated 17-11-2013)
|
Name (Nationality) |
Address |
|
CHAN Wing Fai |
Flat B, 23/F., Tower 1, Harbourfront
Landmark, |
(As per registry dated 17-11-2013)
|
Name |
Address |
|
|
Silver
Swing (International) Ltd. |
Room 807, 8/F., Opulent Building, |
0157939 |
The subject was incorporated on 17th November, 2009 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: Manufacturer, Importer, Exporter and Wholesaler.
Lines: Gemset jewellery, gold jewellery, etc.
Employees: 35. (Including associates in
2,000. (
Materials/Commodities Imported:-
Raw materials – Europe,
Finished products –
Markets: US,
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
Mortgage
or Charge:-
Date of Trade
Finance Security Assignment: 17-06-2013
Amount: all money and liabilities
Property: The Borrower as beneficial owner:
(a) Assigns and agrees to assign absolutely
to the Bank all the present and future rights, title, interests and benefits of
Borrower in and to the following assets:
(i) Export Credits;
(ii) Export Collection Bills;
(iii) Sales Contracts;
(iv) Invoice Receivables;
(v) Insurances;
(vi) Trade Documents; &
(vii) All claims, remedies and proceeds in
connection with any of the foregoing.
(b) Charges and agrees to charge
to the Bank by way of first fixed charge all the present and future rights,
title, interests and benefits of the Borrower in and to the following assets:
(i) The Goods together with
their proceeds; &
(ii) The Deposit.
(c) Pledges and agrees to pledge to the Bank the
Pledged Goods and the Trade Documents which are now or may in the future be in
the Bank’s possession
Mortgagee:
Profit or
Loss: Business
is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general
banking facilities.
Payment: Met
trade commitments as contracted.
Commercial
Morality: Satisfactory.
Banker:
Standing: Good.
Having issued just one ordinary share of HK$1.00 each, Fai Po Gem & Jewellery Ltd. is wholly owned by Fai Po Group Ltd. which is a Hong Kong-based company located at the same address.
The subject is a jewellery trader and manufacturer. It is specialised in 14K and 18K gold jewellery set with all kinds of colour gemstones and semi‑precious stones, among which blue chalcedony is the most significant items. The other products include amethyst, citrine, tourmaline, peridot, blue topaz and rose quartz jewellery. The subject is trading in the following commodities:-
·
Finished Jewellery
o
Diamond Jewellery
§ White Diamond
Jewellery
§ Coloured Diamond
Jewellery
o
Gem Set Jewellery
§ Emerald Jewellery
§ Ruby Jewellery
§ Sapphire Jewellery
o
Semi-Precious Gemstone Jewellery
§ Others
o
Gold Jewellery
§ 14-Karat Gold
Jewellery
§ 18-Karat Gold
Jewellery
o
Pearl Jewellery
§ Tahitian
·
Materials
o
Polished Semi precious Gemstone
§
The subject is also specialized in all kind of semi-precious stones set, gold jewellery, such as blue chakedany, acnettrysit, chrine, crystal, tocrmatine, sea blue opal, turqualre, coral peridot, etc.
Raw materials and diamonds are imported from
The subject has had an affiliated factory in
The factories are manufacturing the Group’s product under the brand name ‘Intini’.
Another two factories are in Panyu and Gaoming of Guangdong Province, China.
The subject also has had associated companies in Panyu of
Guangzhou, Kunming of Yunnan Province, New York of the
At present, 90% of the subject’s products are exported to
overseas markets such as the
The subject has got several more associated companies
located at its operating office.
Besides, it has got an associated company Fai Po Jewellery Inc. in the
In order to penetrate the international market further, the
Group has taken part in fairs and exhibitions held in
Over the past years, the subject’s associated company Fai Po Gem participated a number of exhibitions and fairs held in the following countries, cities, and regions:-
·
·
·
·
·
UAE — Sharjah,
·
·
·
The subject’s business, which is rather active, is chiefly handled by Ms. Deland Leung.
The subject is fully supported by the Group.
As the history of the subject is over four years and ten months.
On the whole, consider the subject good for normal business engagements.
DIAMOND INDUSTRY –
-
From time immemorial,
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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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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 –
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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,
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.