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Report No. : |
352637 |
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Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
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Name : |
KTL JEWELLERY TRADING LTD. |
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Registered Office : |
Unit 1207, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
31.12.2008 |
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Com. Reg. No.: |
50160783 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Jewellery and Gems. |
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No. of Employees : |
955 (Group) (As of 31-03-2015) |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
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 |
HONGKONG - 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 |
KTL
JEWELLERY TRADING LTD.
ADDRESS: Unit 1207, 12/F., Fu Hang
Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2363
0022, 3925 5900
FAX: 852-2363
8787
E-MAIL: group@ktl.com.hk
Managing Director:
Mr. Li Man Chun
Incorporated on: 31st December, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Jewellery
Trader.
Group Revenue: HK$1,036.8 million (Year ended
31-03-2015)
Group Employees: 955.
(As of 31-03-2015)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1207, 12/F., Fu Hang Industrial Building, 1 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong.
China Factory:-
1 Yinping Road, Shiqiao, Panyu, Guangdong Province,
China.
[Tel: 86-20-8466 9466,
Fax: 86-20-8480 3079]
Holding Company:-
Landclick Properties Ltd., British Virgin Islands.
Associated Companies:-
KTL Group of Companies
Guangzhou KTL Jewellery Ltd., China.
K & A Gems Ltd., Hong Kong. [Dissolved]
K.T.L. Development Co. Ltd., Hong Kong.
K.T.L. Jewellery Manufacturer (China) Ltd., Hong
Kong. [Dissolved]
K.T.L. Jewellery Manufacturer Ltd., Hong Kong.
K’s Product Inc., USA.
KTL Brilliant Ltd., Hong Kong.
KTL Jewellery Trading Ltd., Hong Kong.
KTL Management Ltd., Hong Kong.
KTL Marketing Ltd., Hong Kong.
Lucigala Jewellery (Hong Kong) Ltd., Hong Kong.
Pippo, Italy.
etc.
50160783
1297593
Managing Director:
Mr. Li Man Chun
Contact Person: Mr. Victor Kei York Pang
HK$10,000.00
(As per registry dated 31-12-2014)
|
Name |
|
No. of shares |
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Landclick Properties Ltd. P.O. Box 957, Offshore Incorporations Centre, Road
Town, Tortola, British Virgin Islands. |
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10,000 ===== |
(As per registry dated 31-12-2014)
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Name (Nationality) |
Address |
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KEI York Pang, Victor |
House 23, TPTL 165 Area 38, JC Castle, 18 Shan Tong
Road, Tai Po, New Territories, Hong Kong. |
|
LI Man Chun |
Flat 9, 8/F., Dynasty Villa 9, Beacon Hill, 2 Yin Ping
Road, Kowloon, Hong Kong. |
(As per registry dated 31-12-2014)
|
Name |
Address |
Co. No. |
|
SPB Corporate Services Ltd. |
29/F., Edinburgh Tower, The Landmark, 15 Queen’s
Road Central, Hong Kong. |
1025514 |
The subject was
incorporated on 31st December, 2008 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 jewellery and gems
Employees: 955. (As of 31-03-2015)
Materials/Commodities: Imports
raw materials from Europe, India, and finished products from China.
Markets: Hong
Kong, Japan, other Asian countries, Europe, US, etc.
Group Revenue: HK$1,114.7
million (Year ended 31-03-2012)
HK$1,434.4
million (Year ended 31-03-2013)
HK$1,345.8
million (Year ended 31-03-2014)
HK$1,036.8
million (Year ended 31-03-2015)
Terms/Sales: As per contracted.
Terms/Buying: L/C,
T/T, etc.
Issued Share Capital: HK$10,000.00
Indebtedness: HK$136,212,441.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 31-12-2014)
Mortgage or Charge: (See
attachment)
Group Profit Attributable to Shareholders:
HK$68.8 million (Year ended 31-03-2012)
HK$33.8 million (Year ended 31-03-2013)
HK$37.6 million (Year ended 31-03-2014)
HK$20.3 million (Year ended 31-03-2015)
Profit or Loss: Operation
is profitable.
Condition: Maintaining
in an active condition.
Facilities: Making
rather active use of general banking facilities.
Payment: So far so good.
Commercial Morality:
Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd.,
Hong Kong.
China Construction Bank
(Asia) Corporation Ltd., Hong Kong.
Standing: Good.
Having issued 10,000
ordinary shares of HK$1.00 each, KTL Jewellery Trading Ltd. is a wholly-owned
subsidiary of Landclick Properties Ltd. which is a BVI-registered company.
The subject has had
an associated company K.T.L. Jewellery Manufacturer Ltd. [KTLJM] located at its
operating address.
The subject is a
member of the KTL Group of companies.
One of the
significant member of the Group is K & A Gems Ltd. which is a
Hong Kong-registered firm.
The subject is
indirectly wholly-owned by KTL International Holding Group Ltd. [KTL] which is
a listed company in Hong Kong bearing stock code 442. KTL and its subsidiaries are referred as ‘the
Group’.
KTL has been serving
all jewellery traders in the world for about 20 years.
KTL’s main factory,
owned by the Group, is in Panyu, Guangzhou, Guangdong Province, China. The production capacity of this factory is
over 8,500,000 pieces of jewellery every year.
In order to maintain its production capacity and competitiveness, the
factory has employed experienced technicians in different departments to manage
each process. The factory manufactures
variety of products which include diamond, precious and semi-precious stone in
9K to 18K gold.
Every year, KTL
invests about 10% of its total sales turnover in research and development
[R&D] for developing new products and new manufacturing technology.
The factory has been
equipped with the following Designing Software: Jewel CAD, J-CAD3, Alias, etc.,
and has got the following Prototypes Machines: EnvisionTEC, Meiko modelling
system, Computerized Numerical Control, etc.
The main products of
the factory are all carat of gold set with diamond, precious and semi-precious
stones. Products are marketed in Hong
Kong, exported to Japan, other Asian countries, Italy, other European
countries, the United States, etc.
KTL has got ISO:9001
certification.
Currently, KTL has
set up offices in Italy and the United States, overall business is rather
active.
For the year ended
31st March, 2015, the revenue of the Group was approximately HK$1,036.8
million, representing a decrease of approximately 23.0% as compared with the
same for the year ended 31st March, 2014 which was HK$1,345.8 million.
Gross profit was
approximately HK$180.3 million for the year ended 31st March, 2015,
representing a decrease of approximately 26.1% as compared with the same for
the year ended 31st March, 2014 which was HK$244.1 million.
Gross profit margin
declined to 17.4% from 18.1% in the last financial year.
Profit attributable
to the owners of the parent was approximately HK$20.3 million for the year
ended 31st March, 2015, representing a decrease of approximately 45.9% as
compared with the same for the year ended 31st March, 2014 which was
HK$37.6 million.
Recently, the subject
has set up a branch company in Guangzhou known as Guangzhou KTL Jewellery Ltd.
which is responsible for the China market.
This firm is retailing those jewellery products bearing the brand name
of Luci de Gala.
As at 31st March,
2015, the Group had 955 employees (2014: 1,254).
The history of the
subject is about seven years in Hong Kong.
On the whole,
consider it good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
24-06-2012 |
Charge Over Deposits (3-Parties) |
Hang Seng Bank Ltd., Hong Kong. |
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02-07-2013 |
Charge Over Deposits (3-Parties) |
Hang Seng Bank Ltd., Hong Kong. |
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22-08-2014 |
Charge Over Accout |
China Construction Bank (Asia) Corporation Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
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HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.