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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
FINE
UNITED LTD. |
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Registered Office : |
Room 307, 3/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.04.1998 |
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Com. Reg. No.: |
21922388 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Jewellery, Semi-Precious Stones, Diamonds & Pearls products |
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No. of Employees : |
15. (Including associate in Hong Kong) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Hong Kong |
A2 |
A2 |
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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 |
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
FINE UNITED
LTD.
Room 307, 3/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2303 1900
FAX: 852-2303 1832
E-MAIL: info@fineunited.com.hk
Managing Director: Mr. Lai Chee Wing, Albert
Incorporated on: 29th April, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$85~90 million (Including associate)
Employees: 15. (Including associate in Hong Kong)
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 307, 3/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Fine United Holding Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
Albert Jewellery Co. Ltd., Hong Kong.
Albert Jewellery Co. Ltd., Japan.
21922388
0643293
Managing Director: Mr. Lai Chee Wing, Albert
Contact Person: Ms. Lau Hoi Yan, Jenny
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry
dated 29-04-2013)
|
Name |
|
No. of shares |
|
LAI Chee
Wing, Albert |
|
10 |
|
Fine United Holding Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands. |
|
990 |
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|
|
––––– |
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Total: |
1000 ==== |
(As per registry
dated 29-04-2013)
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Name (Nationality) |
Address |
|
LAI Chee Wing,
Albert |
Flat B, 3/F., Tower 17, One
Beacon Hill, 1 Beacon Hill Road, Kowloon, Hong Kong. |
|
LEE Chun Ming |
Flat 4, 14/F., Kam Shing
House, Kam Tai Court, Ma On Shan, Shatin, New Territories, Hong Kong. |
(As per registry dated
29-04-2013)
|
Name |
Address |
Co.
No. |
|
Treasure Current Ltd. |
Room 1201, 12/F., Ka Wah Bank Centre, 232 Des Voeux
Road Central, Hong Kong. |
0307612 |
The subject was incorporated on 29th April, 1998 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 and Exporter.
Lines: Jewellery, semi-precious stones, diamonds & pearls
Employees: 15. (Including associate in Hong Kong)
450. (China)
Commodities Imported: India, Thailand, other Asian countries, Europe, etc.
Markets: Asian countries, Europe, North America, etc.
Annual Turnover: HK$85~90 million (Including associate)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Productivity Council, Hong Kong.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKF0319]
Hong Kong Jewellery Manufacturers’ Association, Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
Indebtedness: HK$19,478,360.75
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 29-04-2013)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit very year.
Condition: Business is rather active and steady.
Facilities: Making active use of general banking facilities.
Payment: Met obligations on time.
Commercial Morality: Satisfactory.
Banker: The Bank of East Asia Ltd., Hong Kong.
Standing: Good.
Having issued 1,000 ordinary shares of HK$1.00 each, Fine United Ltd. is jointly owned by Fine United Holding Ltd., a BVI-registered firm holding 99%, and Mr. Lai Chee Wing, Albert, holding just 1%. The directors are Mr. Albert Lai and Mr. Lee Chun Ming. Both are Hong Kong businessmen.
The subject is a diamond and jewellery trader. It also trades in gemstone and pearl products. The subject is significant for the following products:
Cubic Zirconia Necklace, Cubic Zirconia Ring, Cubic Zirconia Earrings, 925 Silver Ring with CZ stones, Silver CZ rings.
It has got an associated company Albert Jewellery Co. Ltd. [Albert Jewellery] located at the same building. Albert Jewellery is engaged in the same lines of business as the subject. It is also a member of The Hong Kong General Chamber of Commerce, Hong Kong. It seems that this firm is chiefly owned by Albert Lai as the firm was named after him. The holding company of Albert Jewellery is Albert Jewellery Holding Ltd. which is a BVI-registered company.
From 2001 onwards, Albert Jewellery adds jewellery watches to its product lines, apart from long established gem setting jewellery in 14K & 18K gold and PT900. This firm also focuses its products on the diverse use of gemstones such as turquoise, coral, onyx, agate, quartz and fluorite. Using these gemstones together with quality diamonds in its products has strengthened the position as one of the leading jewellery specialists in Hong Kong.
The subject has got an affiliated factory in Guangdong Province, China. It is likely that the factory is in Panyu, Guangzhou, Guangdong Province, China.
Main products of the factory include fine jewellery findings and setting, pearl, gemstones and jade, gold jewellery, 18K PT 900 include OEM, diamond jewellery, pearl jewellery, silver jewellery, synthetic gemstone jewellery, etc. Main products are bracelets, Cubic Zirconia earrings, pendants, Cubic Zirconia rings, brooches, Cubic Zirconia necklaces, etc. Raw materials such as rough diamonds, polished and cut diamonds are imported from India and Europe. Finished products are exported to Japan, other Asian countries, the Middle East, Europe and the United States. Overall business is rather active.
Albert Jewellery has set up a company in Japan in order to penetrate the Japan market further. Annual sales turnover of the subject and Albert Jewellery ranges from HK$85 to 90 million. Making a small profit every year.
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. For instance, it always takes part in Hong Kong Jewellery & Gem Fair and Hong Kong International Jewellery Show which are held in Hong Kong annually.
The subject’s business is chiefly handled by Mr. Lai Chee Wing, Albert himself.
The history of the subject in Hong Kong is over fifteen years.
On the whole, consider its good for normal business engagements.
REMARKS:
Property
information of the company:-
1. Property Location: Flat B on 3/F. of Tower 17 and Car Parking Space No. 38 on Car Park D2, One Beacon Hill, 1 Beacon Hill Road, Kowloon, Hong Kong.
Owner: Fine United Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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01-04-2010 |
- |
The Bank of East Asia Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
2. Property Location: Unit K, 36/F.,The Masterpiece, K11, 18 Hanoi Road, Kowloon, Hong Kong.
Owner: Fine United Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-12-2012 |
- |
The Bank of East Asia Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
|
30-12-2012 |
- |
-ditto- |
Assignment of Rental |
|
Date |
Particulars |
Amount |
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01-04-2010 |
Instrument: Legal Charge/Mortgage Property: 142/80,444th parts or shares of and in New Kowloon Inland Lot No. 6277 (Flat B on 3/F. of Tower 17 and Car Parking Space No. 38 on Car Park D2 of One Beacon Hill, 1 Beacon Hill Road, Kowloon, Hong Kong.) Mortgagee: The Bank of East Asia Ltd., Hong Kong. |
To secure all moneys in respect of general banking
facilities |
|
30-11-2012 |
Instrument: Legal Charge/Mortgage Property: 76/106,220th parts or shares of and in Kowloon Inland Lot No. 11188 (Unit K, 36/F., The Masterpiece, K11, 18 Hanoi Road, Kowloon, Hong Kong.) Mortgagee: The Bank of East Asia Ltd., Hong Kong. |
To seucre all moneys in respect of general banking
facilities and interest thereon |
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30-11-2012 |
Instrument: Assignment of Rental Property: 76/106,220th parts or shares of and in Kowloon Inland Lot No. 11188 (Unit K, 36/F., The Masterpiece, K11, 18 Hanoi Road, Kowloon, Hong Kong.) Mortgagee: The Bank of East Asia Ltd., Hong Kong. |
To secure all moneys in respect of general banking
facilities and interest thereon |
|
15-05-2013 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s claims under the Insurance: Insurance Policy No: 28006703 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Lai chee Wing, Albert Assignor / Policy Owner: Fine United Ltd. (2) All the Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
All and any monies and liabilities |
DIAMOND INDUSTRY – INDIA
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.58.77 |
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|
1 |
Rs.99.01 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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 |
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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 |
|
<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.