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Report No. : |
337330 |
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Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
WING HANG DIAMOND
CO. LTD. |
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Registered Office : |
15/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.12.1999 |
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Com. Reg. No.: |
30522052 |
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Legal Form : |
Private Limited
Company. |
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Line of Business : |
Subject is importer, exporter and wholesaler of all kinds of diamonds, jewellery, pearls |
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No. of Employee : |
42. (Hong Kong) |
RATING & COMMENTS
|
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 : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
WING
HANG DIAMOND CO.
LTD.
15/F., Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
(Formerly
located at: 14/F. - 15/F., Luk Fook Jewellery Centre, 239 Temple Street,
Jordan, Kowloon, Hong Kong.)
PHONE: 852-2526 6512, 2526 6591
FAX: 852-2868 4988, 2526 6599
E-MAIL: info@winghangdiamond.com
pearl@winghangdiamond.com
Managing
Director: Mr. Pong Wing Chiu, David
Incorporated
on: 24th November, 1999.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual
Turnover: HK$400~450 million.
Employees: 42.
(Hong Kong)
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Good.
Registered Head Office:-
15/F., Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
China Offices & Factories:-
1)
Room A602, 6/F., Shanghai Diamond Exchange, Jin Mao
Tower, 1701 Century Avenue, Pudong, Shanghai, China.
Tel: (86-21) 5015 8045
Fax: (86-21) 5015 8045
[Operated by Wing Hang Diamond (Shanghai) Co. Ltd.]
2)
561 Qigan Chengao Da Dao, Aotou Town, Conghua City,
Guangzhou, Guangdong Province, China.
Tel: (86-20) 8786 4700, 8786 1088
Fax: (86-20) 8786 1208
[Operated by Guangzhou Ziao Wing Diamond Co. Ltd.]
3)
9 Fuqian Road, Qigan Xu, Aotou Town, Conghua City,
Guangzhou, Guangdong Province, China.
Tel: (86-20) 8786 1088
Fax: (86-20) 8786 1208
[Operated by Wing Hang Diamond Cutting Works]
4)
30 Feng Huang Road, Fuyang Town, Fuchuan County,
Guangxi, China.
Tel: (86-0774) 788 1688
Fax: (86-0774) 788 9113
[Operated by Guangxi Fuchuan Yongheng Jewellery Co. Ltd.]
Holding Company:-
Wing Hang Holdings
Ltd., British Virgin Islands.
Associated/Affiliated Companies:-
Guangxi Fuchuan Yongheng
Jewellery Co. Ltd., China.
Guangzhou Ziao Wing Diamond Co. Ltd., China.
[Formerly known as Wing Ziao Diamond Cutting Works]
Shenzhen Linglong
Jewellery Designing Co. Ltd., China.
Wing Hang Diamond (Asia)
Co. Ltd., Hong Kong. (Same address)
Wing Hang Diamond (Shanghai) Co. Ltd., China.
Wing Hang Diamond Cutting Works Ltd., Hong
Kong. (Same address)
Wing Hang Diamond Cutting Works, China.
Wing Hang Jewellery Co. Ltd., Hong Kong. (Same address)
30522052
0695521
Managing
Director: Mr. Pong Wing Chiu, David
Contact
Person: Ms. Vincci Hsu
HK$10,000,000.00
(As
per registry dated 24-11-2014)
|
Name |
|
No.
of shares |
|
Wing Hang Holdings Ltd. P.O.
Box 3340, Road Town, Tortola, British Virgin Islands. |
|
9,999,999 |
|
PONG Yue Ting, Yvonne |
|
1 |
|
|
|
––––––––– |
|
|
Total: |
10,000,000 ======== |
(As
per registry dated 24-11-2014)
|
Name (Nationality) |
Address |
|
PONG Wing Chiu |
Flat A & B, 15/F., Block 8, Braemar
Hill Mansions, 29 Braemar Hill Road, Hong Kong. |
|
PONG Hang King,
Alfred |
Flat B, 15/F., Braemar Hill Mansions, 29
Braemar Hill Road, Hong Kong. |
|
PONG
Yue Ting, Yvonne |
Flat A, 18/F., Block E, Wylie Court, 21
Wylie Path, Yau Ma Tei, Kowloon, Hong Kong. |
(As
per registry dated 24-11-2014)
|
Name |
Address |
Co.
No. |
|
Tricor
Tengis Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0041027 |
The
subject was incorporated on 24th November, 1999 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at 22/F., Crawford House, 70 Queen’s Road Central,
Hong Kong, moved to 14/F. - 15/F., Luk Fook Jewellery Centre,
239 Temple Street, Jordan, Kowloon, Hong Kong with effect from
14th March, 2011, and further moved to the present address in July 2015.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of diamonds,
jewellery, pearls.
Employees: 42.
(Hong Kong)
Over 2,000. (China)
Commodities
Imported: Imported from Africa, Russia,
India, Israel, Belgium, Tahiti, Indonesia, Philippines, Australia, Japan, etc.
Markets: US, Europe, Taiwan, China and
other Southeast Asian countries.
Annual
Turnover: HK$400~450 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
Diamond Federation
of Hong Kong, China Ltd., Hong Kong.
Hong Kong
Jewellery & Jade Manufacturers Association, Hong Kong.
Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
Issued Share
Capital: HK$10,000,000.00
Indebtedness: HK$35.30 million (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 24-11-2014)
Mortgage or
Charge: (See attachment)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and
satisfactory condition.
Facilities: Making very active use of
general banking facilities.
Payment: So far so good.
Commercial
Morality: Very Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank
N.V., Hong Kong Branch.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Very Good.
Wing Hang Diamond Co. Ltd. [Wing Hang] was
incorporated in November 1999 as a wholly-owned subsidiary of Wing Hang
Holdings Ltd. which is a BVI-registered firm.
On 28th April, 2010, Ms. Pong Yue Ting was appointed
director of Wing Hang. Wing Hang in fact
is a family business of the Pongs. It
moved to the present address in July 2015.
Founded in 1975, Wing Hang started as a small
diamond trading company having just eight employees. Now, Wing Hang has established a rather
strong foothold in the global diamond wholesaling industry.
Headquartered in Hong Kong, Wing Hang has set up its
own production facilities and is currently employing about 700 staff members in
cutting and polishing plants in the Mainland China. Its plants are located in Conghua of Guangzhou,
Guangdong Province and Fuchuan of Guangxi, China.
The factories employs over 1,500 workers in China.
The Conghua new factory is known as Guangzhou Ziao
Wing Diamond Co. Ltd. [Ziao Wing].
Covering an area of 68 acres, Ziao Wing has a production workshop,
jewellery exhibition hall, dormitory, etc.
The total construction area is about 19,209 sq.m. All the equipment and machine tools are
claimed to be advanced.
Besides, Wing Hang expanded its business in 1980 in
pearl wholesaling. Today, it has become
a widely recognized industry leader in the sales of South Sea pearls.
In order to increase the production capacity of its
polished diamonds, Wing Hang has imported advanced polishing technologies, such
as laser cutting machines and computerized bruiting machines from abroad. Advanced laser‑scanning machines have
been installed to maximize the yield from rough diamonds while professional
polishing machines for ideal cuts are imported to strengthen its capability in
producing this category of products.
In 2004, Wing Hang set up an associated company Wing
Hang Jewellery Co. Ltd. which is engaged in manufacturing all kinds of
jewellery, diamond and pearl products.
Wing Hang is trading in the following products:-
|
Product/Service |
Product/Service
Remarks |
|
Pearl |
Include
south sea pearl stands from Japan and Tahiti |
|
South Sea Pearl |
Include
black, white, golden south sea pearl strands from Japan, Tahitian and
Australia |
|
South Sea Pearl
Products |
Diamond
Ring, Baroque Strand, Jewellery Set, Necklace, etc. |
|
Stone Polishing
and Cutting |
For
diamond |
|
Diamond |
From
Africa, Russia (Importer) From
India, Israel and Belgium, UK (Exporter) |
|
Loose Diamond |
|
Wing Hang is the supplier, importer and exporter of
versatile range of diamonds in a wide variety like rose cut diamonds, rose cut
heart, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy
cut and fancy colour diamonds, briollets beads, old mine cut diamonds, round
brilliant cut diamonds, marquise, pears ,oval, heart, and emerald.
Wing Hang’s polished products include diamonds
ranging from 0.03 to 1.5 carats, with the majority ranges from 0.03 to 0.75
carats. The greatest demand is for I, J
and higher colours and clarity grade is VS or better, as more and more
customers in the cities of China begin to appreciate the handicraft. In addition to high-end products, Wing Hang
also provides a wide variety of polished diamonds of different size and colour
to meet the needs of different clients, especially those from China.
Wing Hang has been participating in international
trade fairs and exhibitions in order to promote sales. It has taken part in Shows which are held in
Switzerland, Las Vegas of the United States, China besides Hong Kong.
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 2016” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 3rd to 7th March, 2016.
Wing Hang’s products are exported to Europe, the
United States, China, Japan, South Korea, Taiwan and Southeast Asia, the Middle
East, etc. It is also aiming to
penetrate the China market further.
The subject’s trade mark in China is known as Cherubs.
The subject’s factory in China is known as Shenzhen
Linglong Jewellery Designing Co. Ltd. [Linglong].
Besides cutting its own diamond roughs sourced from
the DTC and Europe, Wing Hang also processes rough diamonds for its clients in
Belgium, Israel, Australia, Hong Kong and Japan.
According to Wing Hang, it has exported the largest
volume of polished diamonds (in terms of weight) among all diamond wholesalers
in Hong Kong. Furthermore, Wing Hang
offers a one-stop solution to its business partners, from polishing to
manufacturing; product development to marketing.
The annual sales turnover of Wing Hang ranges from
HK$400 to 450 million. Business is
profitable and keeps on improving.
As the history of Wing Hang in Hong Kong is over 38
years, on the whole, consider it good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
31-10-2008 |
Assignment of
Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
13-06-2014 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.25 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.