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Report No. : |
352647 |
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Report Date : |
10.12.2015 |
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, pearls, diamonds |
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No. of Employee : |
14. (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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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 12.5% 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 |
FINE UNITED LTD.
ADDRESS: 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
MANAGEMENT:
Managing Director: Mr. Lai Chee
Wing, Albert
Incorporated on: 29th April, 1998.
Organization: Private Limited
Company.
Issued Share Capital: HK$1,000.00
Business Category: Manufacturer,
Importer and Exporter.
Annual Turnover: HK$80~100
million (Including associate)
Employees: 14. (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
HK$1,000.00
(As per registry dated 29-04-2015)
|
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 |
|
|
|
––––– |
|
|
Total: |
1,000 ==== |
(As per registry dated 29-04-2015)
|
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 29-04-2015)
|
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, pearls, diamonds
Employees: 14. (Including associate in Hong Kong)
430. (China)
Commodities Imported: India, Thailand, other
Asian countries, Europe
Markets: Asian countries,
Europe, North America
Annual Turnover: HK$80~100
million (Including associate)
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P, O/A
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.
Issued Share Capital: HK$1,000.00
Indebtedness: Nil.
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small
profit very year.
Condition: Business is 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% stake,
and Mr. Lai Chee Wing, Albert, holding just 1%.
Formerly, the directors were Mr. Albert C W Lai and Mr. Lee Chun
Ming. Now, the latter has become a
reserve director. The only director of
the subject is just Albert C W Lai.
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,
which has about 430 employees.
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, Scandinavia
and the United States. Overall business
is rather active and steady.
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$80 to 100
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 contact person is Ms. Lau
Hoi Yan, Jenny who is the General Manager.
The subject has had certain premises in Hong Kong.
The history of the subject in Hong Kong is over seventeen years and
seven months.
On the whole, consider its good for normal business engagements.
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 |
|
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 |
|
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 secure all moneys in respect of general banking facilities and
interest thereon |
|
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 –
-
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.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
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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.