|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PO SHU JEWELLERY CO. LTD. |
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|
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Registered Office : |
Flat 3, 7/F., Tower A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.09.1989 |
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Com. Reg. No.: |
13053460 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of jewellery |
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No. of Employees : |
12 |
RATING & COMMENTS
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A1 |
A1 |
|
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 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 s
|
Source
: CIA |
PO SHU JEWELLERY
CO. LTD.
ADDRESS: Flat 3, 7/F., Tower A, Focal Industrial Centre,
21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2815 1334
FAX: 852-2541 2729
E-MAIL: rickykslo@hotmail.com
gcarry@netvigator.com
Managing Director: Mr. Lo Chi
Keung
Incorporated on: 12th September, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$2,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 12.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
PO SHU
JEWELLERY CO. LTD.
Registered Head
Office:-
Flat 3, 7/F., Tower A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.
Subsidiary
Company:-
Golden Carry (HK) Trading Ltd., Hong Kong.
Affiliated
Company:-
Po Shu Trading Co., Hong Kong.
13053460
0262800
Managing Director: Mr. Lo Chi Keung
Contact Person: Mr. Lo Ka Shu, Ricky
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000 shares of
HK$1,000.00 each)
Issued Share Capital: HK$2,000.00
(As per registry dated 12-09-2013)
|
Name |
|
No. of shares |
|
LO Chi Keung |
|
1 |
|
FUNG Wai Ho |
|
1 |
|
|
|
– |
|
|
Total: |
2 = |
(As per registry dated 12-09-2013)
|
Name (Nationality) |
Address |
|
LO Chi Keung |
Room A, 6/F., Kingsford Height, 17 Babington Path, Hong Kong. |
|
LO Ka Shu, Ricky |
Room A, 6/F., Kingsford Height, 17 Babington Path, Hong Kong. |
|
LO Ka Yeung |
Room A, 6/F., Kingsford Height, 17 Babington Path, Hong Kong. |
|
FUNG Wai Ho |
Room A, 6/F., Kingsford Height, 17 Babington Path, Hong Kong. |
(As per registry dated 12-09-2013)
|
Name |
Address |
Co. No. |
|
Albert Hung & Co. Ltd. |
14/F., Nan Sing Building, 727 Nathan Road, Kowloon, Hong Kong. |
0507524 |
The subject was incorporated on 12th September, 1989 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: Importer,
Exporter and Manufacturer.
Lines: All
kinds of jewellery
Employees: 12.
Commodities Imported: India, other
Asian countries, Europe
Markets: Hong
Kong, Japan, Taiwan, other Asian countries, Europe, North America
Terms/Sales: L/C, T/T.
Terms/Buying: L/C,
T/T, D/P
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
Nominal Share Capital: HK$1,000,000.00
(Divided into 1,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$2.00
Mortgage or Charge (since
2006): (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: Standard Chartered Bank (Hong Kong) Ltd., Hong
Kong.
Standing: Good.
Po Shu Jewellery Co. Ltd. is equally owned by Mr. Lo Chi Keung and
Ms. Fung Wai Ho. The subject has just
issued 2 ordinary shares of HK$1,000.00 each while each of the shareholders
holds a single share. Lo and Fung is a
couple.
The subject is a diamond and jewellery product trader. It is trading in the following commodities:
Enamel Brooch, Enamel Earrings, Diamond Bangle, Chinese Opera Mask
Pendant, Micropave Semi-Mounting Ring, 18K White Gold Semi-Mounting Ring,
Diamond Ring, Semi Mounting Ring, 18K White Gold, etc.
The subject is specialized in making 18K gold and platinum fine
jewellery with diamonds, rubies, sapphires, emeralds and pearls for more than
30 years. Most products are exported to
the United States, Japan, Southeast Asia, and some of the European countries.
The subject’s production plant was set up in China in 1990, with an area
of 20,000 sq.ft. More than 200
well-trained craftsmen have been recruited.
Golden Carry (HK) Trading Ltd. is a subsidiary company of the
subject. It started in 2000 as a
jewellery wholesaler. It supplies
fashionable 18K gold jewellery with diamonds, rubies and sapphires, as well as
18K gold and PT900 mountings.
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.
It has taken part in the following exhibitions and shows:
United States:
·
GJX Gem & Jewellery Show (Feb);
·
JCK Las Vegas Show (May).
Hong Kong:
·
HK Int'l Jewellery Show (Mar);
·
HK Jewellery & Gem Fair (Jun); &
·
HK Jewellery & Gem Fair (Sep).
Mainland China:
·
China Int’l Gold, Jewellery & Gem Fair,
Shanghai (Nov);
·
Jewelry Shanghai (May).
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 CEC 3F-E18.
The subject operates from a self-owned office.
As the history of the subject is over 24 years in Hong Kong, on the
whole, consider it good for normal business engagements.
Property information of
the company:-
1. Property Location: Workshop Unit 3, 7/F., Block A, Focal
Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong.
Owner: Po Shu Jewellery Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
24-03-2006 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Legal Charge/Mortgage to secure general banking facilities |
|
24-03-2006 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Rental Assignment |
2. Property Location: Flat A, 20/F., Tower 12, Phase IIB,
Costa Del Sol, Lagima Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong
Kong.
Owner: Po Shu Jewellery Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-08-2009 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Legal Charge/Mortgage to secure general banking facilities |
3. Property Location: Flat C, 2/F., Tower 12A, Phase IIB, Costa
Del Sol, Lagima Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.
Owner: Po Shu Jewellery Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-11-2012 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2006)
|
Date |
Particulars |
Amount |
|
15-11-2012 |
Instrument: Mortgage Property: 88/534,345 part or share of Kowloon Inland Lot No. 11056 (Flat C,
2/F., Tower 12A, Phase IIB, Costa Del Sol, Lagima Verde, 8 Laguna Verde
Avenue, Hunghom, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
General banking facilities to such extent as may from time to time
determined by the Lender |
|
18-08-2009 |
Instrument: Legal Charge/Mortgage Property: 43/534,325 part or share of Kowloon Inland Lot No. 11056 (Flat A,
20/F., Tower 12, Phase IIB, Costa Del Sol, Lagima Verde, 8 Laguna Verde Avenue,
Hunghom, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
General banking facilities to such extent as may from time to time
determined by the Lender |
|
24-03-2006 |
Instrument: Legal Charge/Mortgage Property: 10/3,371 part or share of and in Section C, Kowloon Marine Lot No. 113
(Workshop Unit 3, 7/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
All monies in respect of general banking facilities |
|
24-03-2006 |
Instrument: Rental Assignment Property: 10/3,371 part or share of and in Section C, Kowloon Marine Lot No. 113
(Workshop Unit 3, 7/F., Block A, Focal Industrial Centre, 21 Man Lok Street,
Hunghom, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
All monies in respect of general banking facilities |
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.
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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.
-
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.
-
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.