MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	RITONE JEWELRY INTERNATIONAL LTD.
Registered Office :	Unit 31-32, 1/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon
Country :	Hong Kong
Date of Incorporation :	06.02.2008
Com. Reg. No.:	39156763
Legal Form :	Private Limited Company
Line of Business :	Trader of All kinds of jewellery products
No. of Employee :	15. (Including associate)

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Hong Kong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
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

Company name & address:

RITONE JEWELRY INTERNATIONAL LTD.

ADDRESS: Unit 31-32, 1/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.

PHONE: 852-2363 3733

FAX: 852-2362 2226

E-MAIL: adminhk@ritone-jewelry.com

MANAGEMENT:

Managing Director: Ms. Lee Tsz Lin, Lin

SUMMARY:

Incorporated on: 6th February, 2008.

Organization: Private Limited Company.

Capital: Nominal: HK$3,000,000.00

Issued: HK$3,000,000.00

Business Category: Jewellery Trader.

Employees: 15. (Including associate)

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company name:

RITONE JEWELRY INTERNATIONAL LTD.

ADDRESS:

Registered Head Office:-

Unit 31-32, 1/F., Block B, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.

Associated Company:-

Ritone Jewelry Ltd., Hong Kong. [Dissolved]

Titonie Jewelry Ltd., Hong Kong.

Titonie Pty. Ltd., Australia.

Titonie UK Ltd., United Kingdom.

Associated China Factory:-

Guangzhou Ritone Jewelry Ltd.

2, 8th Street, Xiaopin Industrial Area, Shiqiao, 511400 Panyu, Guangzhou, Guangdong Province, China.

[Tel: 86-20-8466 3153; Fax: 86-20-8466 0205]

BUSINESS REGISTRATION NUMBER:

39156763

COMPANY FILE NUMBER:

1210144

MANAGEMENT:

Managing Director: Ms. Lee Tsz Lin, Lin

CAPITAL:

Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$3,000,000.00

SHAREHOLDERS:

(As per registry dated 06-02-2014)

Name		No. of shares
HEUNG Pik Keung, Tony		1,000,000
Knapdale Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.		1,000,000
LEE Tsz Lin, Lin		1,000,000
		––––––––
	Total:	3,000,000 =======

DIRECTORS:

(As per registry dated 28-07-2014)

Name (Nationality)	Address
LEE Tsz Lin, Lin	Flat AB, 46/F., Tower 8, Residence Bel-Air, Island South, 28 Bel-Air Avenue, Hong Kong.
HO Chi Kai, Nelson	G/F., 23A Shouson Hill Road West, Shouson Hill, Hong Kong.

SECRETARY:

(As per registry dated 06-02-2014)

Name	Address	Co. No.
Boardroom Corporate Secretaries (HK) Ltd.	31/F., 148 Electric Road, North Point, Hong Kong.	1189239

HISTORY:

The subject was incorporated on 6th February, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Sun Moral International Ltd., name changed to the present style on 3rd April, 2008.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS:

Activities: Jewellery Trader.

Lines: All kinds of jewellery products, etc.

Employees: 15. (Including associate)

Commodities Imported: China, etc.

Markets: Southeast Asia, Europe, US, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: As per contracted.

MEMBERSHIP:

Federation of Hong Kong Industries, Hong Kong.

[Membership No. A9386]

The Hong Kong General Chamber of Commerce, Hong Kong. [Membership No. HKR0193]

Hong Kong Jewelry Manufacturers’ Association, Hong Kong.

FINANCIAL INFORMATION:

Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$3,000,000.00

Indebtedness: HK$2,924,100.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 06-02-2014)

Mortgage or Charge: (See attachment)

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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Normal.

GENERAL:

Having issued 3 million ordinary shares of HK$1.00 each, Ritone Jewelry International Ltd. is equally owned by three parties: Mr. Heung Pik Keung, Tony, Ms. Lee Tsz Lin, Lin and Knapdale Ltd. The former two are Hong Kong merchants while the third is a BVI-registered firm.

The subject has had the following firm located at a different address:-

Titonie Jewelry Ltd. [TJL], Hong Kong

Another firm Ritone Jewelry Ltd. was also located at the same address. However this company has been dissolved. It was incorporated on 9th April, 1997 and was dissolved by deregistration on 6th November, 2009. TJL, incorporated on 6th January, 2010, and the subject are engaged in the same lines of business. The subject has taken over the business of the second firm.

The managing director of TJL is Mr. Heung Pik Keung, Tony. TJL has had associated companies in the United Kingdom and Australia.

The subject is a jewellery trader and manufacturer. It has had an associated factory in Guangzhou known as Guangzhou Ritone Jewelry Ltd. [Guangzhou Ritone]. The followings are its main products:-

· Diamond gold jewellery & diamond ring

· Diamond platinum jewellery

· Gemset gold jewellery - 18 karat

· Gemset platinum jewellery - Pt900

· Gemset platinum jewellery - Pt950

· 18K white gold diamond

· Gemstone & diamond ring

Products are chiefly exported to the United States, Europe, the Middle East, the other Asian countries, etc. Business is normal.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and the other foreign large cities or countries. For instance, it has taken part shows or exhibitions which have been held in the United States, Italy, the United Kingdom, Thailand, etc.

Besides, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2015” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2015.

The subject’s business is profitable. It operates from a rented office.

As the history of the subject is over six years and ten months in Hong Kong, on the whole, consider it good for normal business engagements in moderate credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.74
UK Pound	1	Rs.98.87
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.