MIRA INFORM REPORT
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Report No. : |
319118 |
|
Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
FAI PO GEM & JEWELLERY LIMITED |
|
|
|
|
Registered Office : |
Room 602-606, 6th Floor, Block A, Focal Industrial Centre 21 Man Lok St., Kowloon |
|
|
|
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Country : |
Hong Kong
|
|
|
|
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Date of Incorporation : |
17.11.2009 |
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|
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Com. Reg. No.: |
1392284 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business : |
Trading of Gems and Jewelry. |
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|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
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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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests
that began in late September probably will have some adverse effects on
economic growth, particularly retail sales.
|
Source
: CIA |
Contact Points
|
Company Name (in Chinese): |
|
|
Company Name (in English): |
FAI PO GEM & JEWELLERY LIMITED |
|
Supplied Name: |
FAI PO GEM AND JEWELLERY LTD |
|
Trading Address: |
Room 602-606, 6th Floor, Block A, Focal Industrial Centre 21 Man Lok
St., Kowloon, HK |
|
Supplied Address: |
Room 602, 6th Floor, Block A, Facal Industrial Centre 21 Man Lok St
Kowloon |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Room 602-606, 6th Floor, Block A, Focal
Industrial Centre 21 Man Lok St., Kowloon, HK |
|
Telephone Number: |
+852-2774-4833 |
|
Fax Number: |
+852-2330-1553 |
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Email: |
|
|
Date of Registration: |
2009-11-17 |
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Registered Number: |
1392284 |
|
Business Registration No.: |
51435325 |
|
Paid-up Capital: |
HKD 1.00 (USD 1.29) = 1.00 Shares@ HKD 1 (As of 2015.04, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
89731--Articles of jewellery and parts
thereof, of precious metals or metals clad with precious metals (g) |
|
Principal Activities: |
Trading of gems and jewelry, etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-11-17 |
Notes: Subject declined to disclose the number
of staff, and from other source we cannot obtain the information, either.
History
Subject was incorporated on 2009-11-17 with
the registered number 1392284 as Private Limited Liability Company in Hong
Kong.
Corporate Structure
Subject did not register any subsidiaries or branches; from other source
we could not obtain the relevant information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Fai Po Group Limited |
1 |
100% |
|
Total |
1 |
100% |
Major Shareholder Information:
|
Name: |
Fai Po Group Limited |
|
Address: |
Room 602-606, 6th Floor, Block A, Focal Industrial Centre 21 Man Lok
St., Kowloon, HK |
|
2003-8-6 |
|
|
Registered Number: |
856126 |
|
Legal Form: |
Private Limited Liability Company |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Chan Wing Fai |
|
Address: |
Flat B, 23F, Tower 1, Harbourfront Landmark,
Kowloon, Hong Kong |
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Position: |
Director |
|
ID Number: |
H 094579(1) |
|
2 |
|
|
Name: |
Silver Swing (International) Limited |
|
Address: |
Rm. 807, 8F, Opulent Building, 402-406
Hennessy Rd., HK |
|
Position: |
Corporate Secretary |
|
Registered Number: |
157939 |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Room 602-606, 6th Floor, Block A, Focal Industrial Centre 21 Man Lok
St., Kowloon, HK |
Premises Information
Office address:
|
Address: |
Workshop Unit No.2 On 6th Floor Of Block A
Focal Industrial Centre No.21 Man Lok Street Kowloon |
|
Owners: |
Fortune Merit Trading Limited |
|
Memorial Number: |
UB7328195 |
|
Date of Instrument: |
1997-10-15 |
|
Date of Registration: |
1997-11-10 |
|
Consideration Value: |
HKD 3,134,320.00 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
13030102330128 |
|
Date of Instrument: |
2013-2-8 |
|
Date of Registration: |
2013-3-1 |
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Nature: |
Legal Charge/Mortgage |
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In Favor of: |
The Bank Of East Asia, Limited |
|
Consideration: |
All moneys |
|
2 |
|
|
Memorial No.: |
UB7281767 |
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Date of Instrument: |
1997-9-26 |
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Date of Registration: |
1997-10-3 |
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Nature: |
Agreement For Sub-Sale And Purchase By Rich
Act Realty Limited |
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In Favor of: |
Fortune Merit Trading Limited |
|
Consideration: |
HKD 3,134,320.00 |
|
3 |
|
|
Memorial No.: |
UB7271928 |
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Date of Instrument: |
1997-8-12 |
|
Date of Registration: |
1997-9-24 |
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Nature: |
Duplicate Of Provisional Agreement For Sale And
Purchase (In Chinese) |
|
In Favor of: |
Fortune Merit Trading Limited |
|
Consideration: |
HKD 3,134,320.00 |
Production Information
Subject is engaged in trading of gems and
jewelry, etc. without any production activities.
It is introduced that subject’s group has a
factory in the Mainland of China for production.
Purchase Information
It is introduced that subject’s products are
mainly purchased from the related factory in the Mainland of China.
Sales Information
Subject is engaged in sale of gems and
jewelry.
The major products of the subject include
precious stones, semi-precious stones, watches, finger rings, necklaces.
Subject’s major sales regions are Hong Kong,
the Mainland of China, Japan, Korea, Southeast Asia, North America, Europe.
It is introduced that subject’s major
customers are manufacturers of jewelry and jewelry shops.
Settlements
Purchase
Domestic Purchase (the Mainland of China)
|
Products |
Gems and jewelry |
|
Payment Terms |
Interior Settlement, T/T, Cash |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Gems and jewelry |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Gems and jewelry |
|
Selling Terms |
L/C, T/T |
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to
the relevant policy in Hong Kong and the only source from which we can obtain
the information is the subject itself.
Subject’s relevant staff rejected to disclose
the financial information; from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
|
Company Name: |
Fai Po Gem & Jewellery Limited (the
“Borrower”) |
|
Instrument of Creating Mortgage: |
Trade Finance Security Assignment (the
“Assignment”) |
|
Date of Creating Mortgage: |
2013-6-17 |
|
Amount Secured: |
As security for the payment of all secured
liabilities. |
|
Name of Mortgagee: |
China CITIC Bank International Limited (the
“Bank”) |
|
Address of Mortgagee: |
61-65 Des Voeux Rd. Central, Hong Kong |
|
Description of Property Mortgaged: |
The Borrower as beneficial owner: Assigns and agrees to assign absolutely to
the Bank all the present and future rights, title, interests and benefits of
the Borrower in and to the following assets: Export credits; Export collection bills; Sales contracts; Invoice receivables; Insurances; Trade documents; and All claims, remedies and proceeds in
connection with any of the foregoing; and Charges and agrees to charge to the Bank by
way of first fixed charge all the present and future rights, title, interests
and benefits of the borrower in and to the following assets; The goods together with their proceeds; and The deposit; and Pledges and agrees to the pledge to the Bank
the pledged goods and the trade documents which are now or may in the future
be in the Bank’s possession. |
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration
Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Name |
Mr. Li |
|
Department: |
Sales Department |
Industry Information
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
21,838 |
246,702 |
3,962,363 |
4,148,848 |
|
2,852 |
895 |
34,083 |
13,753 |
|
|
Australia |
9,712 |
7,184 |
334,232 |
164,960 |
|
Belgium |
4,303 |
25,109 |
49,956 |
61,107 |
|
France |
71,446 |
124,469 |
1,667,663 |
2,809,557 |
|
Canada |
39,173 |
27,371 |
453,948 |
170,678 |
|
Switzerland |
637,297 |
753,445 |
4,386,528 |
13,359,634 |
|
The Mainland of China |
17,339,344 |
3,031,144 |
215,489,594 |
40,326,586 |
|
Exports |
||||
|
United Arab Emirates |
47,741 |
53,599 |
578,786 |
454,913 |
|
229 |
175 |
6,429 |
10,169 |
|
|
Australia |
14,749 |
15,969 |
368,777 |
163,057 |
|
Belgium |
853 |
770 |
35,567 |
21,710 |
|
Brazil |
4,205 |
1,694 |
10,882 |
7,386 |
|
Canada |
10,035 |
2,940 |
85,987 |
35,619 |
|
Switzerland |
5,218 |
22,583 |
288,903 |
861,464 |
|
The Mainland of China |
131,662 |
11,710 |
3,222,761 |
238,194 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
Address: Room 602-606, 6th Floor, Block A, Focal Industrial Centre 21
Man Lok St., Kowloon, HK
Block A, Focal Industrial Centre 21 Man Lok St., Kowloon, HK
6th Floor, Block A, Focal Industrial Centre 21 Man Lok St., Kowloon, HK
Room 602-606, 6th Floor, Block A, Focal Industrial Centre 21 Man Lok
St., Kowloon, HK
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.96.52 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.