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Report No. : |
321808 |
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Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
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Name : |
MAN KING JEWELLERY CO. LTD. |
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Registered Office : |
Unit 1105, 11/F., Block 1, Harbour Centre, Tower 1, 1 Hok Cheung
Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.03.1987 |
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Com. Reg. No.: |
10963638 |
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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 Products. |
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No. of Employee : |
25. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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.
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Source
: CIA |
MAN KING JEWELLERY CO. LTD.
ADDRESS: Unit 1105, 11/F., Block 1, Harbour
Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2736 8289
FAX: 852-2736 8389
E-MAIL: mankingjew@biznetvigator.com
MANAGEMENT:
Managing
Director: Mr. Man Sik Leung
Incorporated
on: 6th March, 1987.
Organization: Private Limited
Company.
Issued Share
Capital: HK$10,000.00
Business Category: Jewellery Trader.
Employees: 25.
Main Dealing Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Unit 1105, 11/F.,
Block 1, Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong
Kong.
Associated Companies:-
Man King Jewellery
Co., Hong Kong.
Soho Jewellery Co.
Ltd., Hong Kong.
10963638
0184149
Managing
Director: Mr. Man Sik Leung
Contact
Person: Ms. Chung Ka Yan
HK$10,000.00
(As
per registry dated 06-03-2015)
|
Name |
|
No.
of shares |
|
MAN
King Sing |
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6,500 |
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MAN
Sik Leung |
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2,000 |
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CHEUNG Yuk Fong, Winnie |
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1,500 |
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–––––– |
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Total: |
10,000 ===== |
(As
per registry dated 06-03-2015)
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Name (Nationality) |
Address |
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MAN King Sing |
Room A2, 1/F., Block A, Greenwood Villas Phase 2, Chung Shan Terrace,
Mei Foo, Kowloon, Hong Kong. |
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MAN Sik Leung |
Room A2, 1/F., Block A, Greenwood Villas
Phase 2, Chung Shan Terrace, Mei Foo, Kowloon, Hong Kong. |
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CHEUNG Yuk Fong,
Winnie |
Room A2, 1/F., Block A, Greenwood Villas Phase 2, Chung Shan Terrace,
Mei Foo, Kowloon, Hong Kong. |
(As per registry dated 06-03-2015)
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Name |
Address |
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LI Chi Hung |
Flat A, 3/F., Block 2, Noble Place, 10 King Fung Path, Tuen Mun, New Territories, Hong Kong. |
The subject was incorporated on 6th March, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Diamond Wealth Investment Ltd., name changed to the present style on 21st October, 2008.
Formerly the subject was located at ‘Unit C3, 8/F., Kaiser Estate Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong’, moved to the present address in January 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery products.
Employees: 25.
Commodities Imported: India, Belgium, other European countries
Markets: Hong Kong, other Asian countries, North America, Western Europe
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P, O/A
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory condition.
Facilities: Making 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: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Man King Jewellery Co. Ltd. formerly was jointly owned by Mr. Li Chi Hung, holding 35% interests; Mr. Man King Sing, holding 30%; Mr. Man Sik Leung, 20%; and Ms. Winnie Cheung Yuk Fong, 15%. On 21st April, 2010, Li Chi Hung transferred all his shares to Man King Sing who is now holding 65% of the subject’s stake while Mr. Man Sik Leung, still holding 20%; and Ms. Winnie Cheung Yuk Fong, still 15%.
The subject is a diamond importer, exporter, wholesaler and retailer. The subject’s registered address is also a retailing outlet.
The subject is a manufacturer of fine jewellery. The subject has got an affiliated company Man King Jewellery Co. [Man King Jewellery] located at its operating address. Both firms are engaged in the same lines of business and under the same management.
The subject has set up its headquarters in Hong Kong and distribution offices in some of the countries of the world. It has had professional designers, sales team and supporting staff all of whom are able to provide clients with comprehensive services.
The subject and Man King Jewellery provide vertical integration of business from designing, production, assembly and exportation.
Its comprehensive product range includes diamond, precious stone, semi-precious stone, pearl as well as 14K and 18K gold and white gold jewellery. Its main products include bracelets, brooches, earrings, necklaces, 9K to 24K gold jewellery, 9K to 24K white gold jewellery, diamond rings, pendants, semi-mounting rings, silver lock bracelets, floral drop necklaces
Over the year, the subject has established a sizeable customer base over 20 countries and regions which includes jewellery wholesaler distributors, retailers throughout the United States, Europe, Japan, Australia, the Middle East and Southeast Asia
The subject has had an affiliated factory in China.
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 5th to 9th March, 2016. Its booth No. is CEC 1E-D18.
Besides, the subject has had an associated company Soho Jewellery Co. Ltd. [Soho], a Hong Kong-registered company located at the same address. Soho was incorporated on 20th December, 2010.
The subject has another associated company ‘D for Diamond’ which is engaged in e-commerce. It sells its jewellery and diamond products on-line. It is selling diamonds which are GIA certified (or certified by the other organizations such as EGL, AGS, HARD, IGI, etc.).
According to the subject, ‘D for Diamond’ has set up an office in Antwerp, Belgium.
The subject is able to maintain a number of regular customers throughout the world.
As the history of the subject in Hong Kong is over twenty-five years, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.85 |
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|
1 |
Rs.98.47 |
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Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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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.