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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ALEX GEMS CO.
LTD. |
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Registered Office : |
Room 804, 8/F., Lyndhurst Tower, 1 Lyndhurst Terrace, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.08.2002 |
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Com. Reg. No.: |
32905729 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
gemstones, related jewellery products |
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No. of Employees |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.
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 |
ALEX
GEMS CO. LTD.
ADDRESS: Room 804, 8/F., Lyndhurst Tower, 1
Lyndhurst Terrace, Central, Hong Kong.
PHONE: 852-2526 6572
FAX: 852-2975 9279
E-MAIL: annafourdan@alexgems.com.hk
Managing
Director: Mr. Fu Kwok Phong
Incorporated on: 14th August, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ALEX
GEMS CO. LTD.
ADDRESS:
Registered
Head Office:-
Room
804, 8/F., Lyndhurst Tower, 1 Lyndhurst Terrace, Central, Hong Kong.
32905729
0810055
Managing
Director: Mr. Fu Kwok Phong
Contact
Person: Ms. Anna Fourdan
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$100.00
(As
per registry dated 14-08-2013)
|
Name |
|
No.
of shares |
|
Anna
FOURDAN |
|
1 |
|
FU Kwok Phong |
|
99 |
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|
––– |
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Total: |
100 === |
(As
per registry dated 14-08-2013)
|
Name (Nationality) |
Address |
|
FU Kwok Phong |
Room F, 4/F., Conway Mansion, 29 Conduit
Road, Midlevels, Hong Kong. |
|
TSUI Ying Lung |
Room F, 4/F., Conway Mansion, 29 Conduit
Road, Midlevels, Hong Kong. |
|
Anna FOURDAN |
Room B, 1/F., Elegant Garden, 11 Conduit
Road, Midlevels, Hong Kong. |
(As
per registry dated 14-08-2013)
|
Name |
Address |
Co.
No. |
|
Wellchi
Consultants Ltd. |
Room 1602, 16/F., Bank of Communications Building, 563 Nathan Road,
Kowloon, Hong Kong. |
0644032 |
The
subject was incorporated on 14th August, 2002 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 Wholesaler.
Lines: All kinds of gemstones, related jewellery products, etc.
Employees: 3.
Commodities Imported: India, Sri-Lanka, Thailand, other Asian countries, etc.
Markets: Hong Kong, Taiwan, South Korea, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Mortgage or Charge:- (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
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.
Having
issued 100 ordinary shares of HK$1.00 each, Alex Gems Co. Ltd. is jointly owned
by Mr. Fu Kwok Phong, holding 99% interests; Ms. Anna Fourdan, just holding 1%.
The
directors of the subject are the two shareholders and Mr. Tsui Ying Lung. Ms. Anna Fourdan is a France passport
holder. However, she has been in Hong
Kong for a very long time.
Incorporated
in August 2002, the subject is a gemstone trader. It is trading in the following products:-
Aquamarine,
Pink Amethyst, Rubylite, Green Amethyst, Blue Topaz, Lemon Topaz, Citrine,
Smokey Topaz, Kunzite, Peridot, Morganite, Pink Tourmalines, Amethyst, Pink
Topaz, Garnet, Rose Quartz, Moon Stone, Iolite, Tanzanite, Alexandrite, etc.
Most
of the commodities are imported from India, Sri-Lanka, Burma, Thailand,
Columbus, Zambia, etc. Prime markets are
Hong Kong, China, Taiwan, South Korea, other Asian countries, Europe, North
America, etc. France is one of its main
markets. Business is normal.
In
recent years, the subject also trades in diamonds and jewellery products.
The
subject is able to make a small profit every year. Regular suppliers and foreign customers have
been maintained. Business is chiefly
handled by the directors.
As
the history of the subject is over eleven years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
27-08-2002 |
Instrument: Charge
Over Account Property: In Consideration
of the Bank agreeing to grant or continuing to grant the banking facilities,
the Chargor, as beneficial owner and by way of fixed charge, assigns, charges
& pledges the Charged Property to Bank as a continuing security for the
payment & satisfaction of the Secured Moneys by the Chargor to the Bank
on demand Deposit Account
No.: 083-428284-838 Wayfoong Gold
Account No.: 083-428284-838 Securities
Account No.: 083-428284-380 Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure All monies in respect of banking facilities owing at any
time plus interest and all expenses |
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.
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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, 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.
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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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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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 |
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
-- |
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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.