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Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
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Name : |
RNP JEWELRY DESIGN LTD. |
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Registered Office : |
Flat 1203, 12/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.11.2009 |
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Com. Reg. No.: |
51461087 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Wholesaler of all kinds of
diamond and jewellery products |
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No. of Employees |
07 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
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 |
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
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Source
: CIA |
RNP JEWELRY
DESIGN LTD.
ADDRESS: Flat 1203, 12/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3950 5950
FAX: 852-3590 5810
E-MAIL: admin@rnpjewelry.com
ronnie@rnpjewelry.com
rnp@rnpjewelry.com
Managing Director: Ms. Chan Mei Wah
Incorporated on: 25th November, 2009.
Organization: Private Limited Company.
Capital: Nominal:HK$100,000,000.00
Issued: HK$31,200,000.00
Business Category: Jewellery Trader.
Employees: 7.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat 1203, 12/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
Holding Companies: (Same address)
Legend International Capital Ltd., Hong Kong.
51461087
1394829
Managing Director: Ms. Chan Mei Wah
Contact Person: Mr. Anson Yung
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$31,200,000.00
SHAREHOLDER: (As per registry dated 25-11-2013)
|
Name |
Occupation |
No. of shares |
|
Legend International Capital Ltd., Hong Kong. |
Corporation |
31,200,000 ======== |
DIRECTOR: (As per registry dated 25-11-2013)
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Name (Nationality) |
Address |
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CHAN Mei Wah |
Flat 1203, 12/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 25-11-2013)
|
Name |
Address |
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LEE Kai Fai, Anthony |
Flat C, 15/F., Block 27, Shatin City One, 1 Lok Shing Street, , Shatin, New Territories, Hong Kong. |
The subject was incorporated on 25th November, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit F, 9/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong, moved to the present address in April 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Exporter and Wholesaler.
Lines: All kinds of diamond and jewellery products.
Employees: 7.
Raw Materials: Imported from India, Thailand, Europe, US,
Markets: Hong Kong, other Asian countries, Europe, North America,
Terms/Sales: L/C, T/T,
Terms/Buying: L/C, T/T, D/P,
MEMBERSHIP: Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$31,200,000.00
Profit or Loss: Made small profits in past two years.
Condition: Business is normal.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 1,000 ordinary shares of HK$1.00 each, RNP Jewelry Design Ltd. increased its ordinary shares to 2,000 of the same unit value on 19th May, 2011 and further increased to 31,200,000 shares on 23rd September, 2011. The subject was jointly owned by two Hong Kong‑registered firms: P. J. Design Ltd., holding 70% interests; and Legend International Capital Ltd. [Legend], holding 30%. On 20th March, 2012, P. J. Design Ltd. transferred all its shares to Legend. Since then, the subject has been wholly-owned by Legend.
The director of the subject is Ms. Chan Mei Wah who is a Hong Kong businesswoman.
P. J. Design Ltd. was incorporated in Hong Kong on 11th December, 2007 while Legend, incorporated on 12th June, 2009. The latter firm was set up by its shareholders in order to set up the subject.
Currently, the subject is a diamond jewellery manufacturer and wholesaler. It is engaged in manufacturing and exporting the following products: bracelets, brooches, silver earrings, diamond earrings, necklaces, rings, pendants, bridal rings, ruby jewellery rings, man’s rings, diamond rings, etc.
Most of the loose diamonds, loose, cut and polished diamonds are imported from India, Europe and the United States. Finished products such as fine jewellery are exported to the United States, Europe, Russia, Australia and other Asian countries.
According to the subject, it has had an affiliated factory in Panyu, Guangzhou City, Guangdong Province, China manufacturing all kinds of jewellery products. Currently, the China factory has about 230 employees.
Now, the subject has set up an office in New York, the United States.
According to the subject, since establishment, its sales turnover has amounted to US$100 million. Business keeps on improving.
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 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 4th to 8th March, 2015. Its booth No. is CEC 3E-F02.
The subject’s business is chiefly administered by Ms. Chan Mei Wah. The contact person is Mr. Anson Yung who is the sales manager of the subject.
The annual sales turnover of the subject ranges from US$25 to 30 million. Overall business is satisfactory.
The history of the subject is over four years and nine months.
On the whole, consider it good for normal business engagements in moderate credit amounts.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
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Euro |
1 |
Rs.77.67 |
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 |
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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 |
-- |
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.