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Report No. : |
348642 |
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Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
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Name : |
BRI-STAR JEWELLERS LTD. |
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Registered Office : |
Room 205, 2/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
01.09.2003 |
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Com. Reg. No.: |
33936092 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Retailer of All kinds of diamonds and jewellery products, emerald, precious stones. |
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No. of Employees : |
20 |
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 |
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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 12.5% 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 |
BRI-STAR JEWELLERS LTD.
ADDRESS: Room 205, 2/F., Tower 2, Harbour Centre,
8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2180 8881,
6283 3832
FAX: 852-2121 8884
E-MAIL: info@bri-star.com
info@brilliantstarhk.com
sales@bri-star.com
MANAGEMENT:
Managing Director: Mr. Yep Mau
Koung, Ben
Incorporated on: 1st September, 2003.
Organization: Private Limited Company.
Issued Share Capital: HK$50,000.00
Business Category: Manufacturer,
Importer, Exporter and Retailer.
Annual Turnover: HK$300 to 350 million.
Employees: 20. (Hong Kong)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
BRI-STAR JEWELLERS LTD.
Registered Head
Office:-
Room 205, 2/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
The Landmark
Flagship Store:-
Ben Yep
Shop 302 and 303, 3/F., The Landmark, Central, Hong Kong.
[Tel: 852-2522 3663; E-mail:
info@townandcountryhk.com]
China Stores:-
Shenzhen Store
& Showroom
1A010,
Jinli International Jewellery Exchange Centre, 48 Beili Road South, Shenzhen,
China. [Tel: (86-755) 2587 7820]
Kunming Store
1F-15,
Vogue Plaza, 41 Tongren Street, Kunming, Yunnan Province, China. [Tel: (86-871)
3620 396]
China Factory: Foshan, Guangdong,
China.
Holding Company:-
Great Allied Profits Ltd., British Virgin Islands.
Associated
Companies:-
Ben Yep, Hong Kong.
Bri-Star Jewelry International Ltd., Hong Kong. [Dissolved]
Bri-Star Jewelry Manufacturing Ltd., Hong Kong.
Goalmark Ltd., Hong Kong.
[Dissolved]
Smartrend (Hong Kong) Ltd., China.
Unique Design Inc., USA.
33936092
0859662
Managing Director: Mr. Yep Mau
Koung, Ben
(Hong Kong Mobile Phone: 852-6283 3832)
General Manager: Ms. Suda Yep
Contact Person: Ms. Crystal Wong
HK$50,000.00
(As per registry dated 01-09-2015)
|
Name |
|
No. of shares |
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Great Allied Profits Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
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499,999 |
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New Atlantic Assets Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
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1 |
|
|
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––––––– |
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Total: |
500,000 ====== |
(As per registry dated 01-09-2015)
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Name (Nationality) |
Address |
|
YEP Mau Koung |
Unit D, Level 2, Tower 16, Laguna Grande, 8 Laguna Verde Avenue, Phase
4, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
|
Great Allied Profits Ltd. |
P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
(As per registry dated 01-09-2015)
|
Name |
Address |
Co. No. |
|
Royal Honour Consultants Ltd. |
Room 702, 7/F., Tung Yip Commercial Building, 244 Des Voeux Road
Central, Hong Kong. |
0764691 |
The subject was incorporated on 1st September, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Brilliant Star
Jewellers Ltd., name changed to the present style on 7th April, 2005.
Formerly the subject was located at Room 803, 8/F., Guardforce Centre,
3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to the present
address in July 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer, Exporter and Retailer.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones.
Brand Name: Ben Yep, Sierra, Mist.
Employees: 20. (Hong Kong)
1,600. (China)
Materials/Commodities: India,
Belgium, other European countries.
Markets: Japan,
India, other Asian countries, Middle East, Europe, North America.
Annual Turnover: HK$300 to 350 million.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P, O/A.
MEMBERSHIP: Hong Kong
Jewellery & Jade Manufacturers Association, Hong Kong.
Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
Lunjiao Jewelry Chamber of Commerce, China.
Guangdong Golden Jewelry & Jade
Industry’s Association, China.
Guangzhou Jewelry Chamber of Commerce,
China.
Issued Share Capital: HK$50,000.00
Mortgage or Charge:-
Date of Assignment of Life Insurance:
19-03-2008
Amount: Secured
Indebtedness
Property: (i) All the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance; and (ii) all the Assignor’s claims and rights against
the issuer of the Policy in respect of the Policy upon the terms herein set out
as a continuing security for the due and punctual payment of the Secured
Indebtedness and the due and punctual performance and observance by the
Borrower (Bri-Star Jewelry Manufacturing Ltd.) of all other obligations of the
Borrower contained in the Facility Letter
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making
a small profit every year.
Condition: Business
is active.
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: Very Good.
Bri-Star Jewellers Ltd. is a wholly-owned subsidiary of Great Allied
Profits Ltd. which is a BVI-registered firm.
The subject is chiefly controlled by the Yep family. Director is Mr. Ben Yep Mau Koung who is a
Hong Kong merchant. He is also Managing
Director of the subject.
The predecessor of the subject was set up in 1985 in New York City, the
United States.
The subject is a diamond and colour stone jewellery trader. Most of its products are designed by Ben
Yep. The subject is a rather
fast-growing and creative manufacturer and exporter of diamond and colour stone
jewellery, mainly in 10K-18K gold, sterling silver and platinum.
The followings are
the main products of the subject:-
The subject’s main factory is in Foshan City, Guangdong Province,
China. The main products of the factory
are earrings, diamond pendant, diamond ring, necklace.
The subject has about 1,600 employees in its manufacturing facilities
located in China.
Having over 30 years of designing experience, Ben Yep, has launched a
new line of fine jewellery, the “BEN YEP Collection” in
2006. This collection has been aired on
one of the largest TV network in the United Stated.
The subject’s products also bear the brand names of Sierra, and Mist
besides BEN YEP.
Ben’s jewellery design career was first started in Hong Kong and quickly
dot promoted as chief designer in a top jewellery manufacturer. In order to maximize his potential, he went
to America where he became a GIA certified designer and gemmologist. After working for an internationally renowned
luxury jeweller in New York, he started his own business in jewellery designing
and manufacturing.
Now, the subject has a team engaged in manufacturing for branded
products and large scale production. It
also has a joint venture operation in the United States with one of the largest
diamond sight- holders in the world.
The subject’s sister company Unique Design Inc. [UD] is based in New
York, the United States. UD is engaged
in distributing jewellery and diamond products.
Its customer base is the top 20 largest retail chain stores, department
stores and TV shopping networks nationwide.
The subject also has got its own retailing shop in Hong Kong known as
‘Ben Yep’. The former name of this firm
was “Town and Country”. This shop is one
of the earliest luxury jewellery shops in Hong Kong. Having a history of over 50 years, Ben Yep is
located at Shop 302 and 303, 3/F., The Landmark, Central, Hong Kong.
The subject also has set up a showroom and retailing shop in Shenzhen Special
Economic Zone, as well as a store in Kunming City of Yunnan Province of China.
In September 2015, the subject launched its new online shop known as JewelMall. The business of this online shop is still
under development.
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 such as Las Vegas, Basel, Tokyo, Shenzhen Special Economic Zone,
etc. 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.
The subject’s annual sales turnover of the subject ranges from HK$300 to
350 million. History in Hong Kong
is over twelve years and two months.
Overall business is active.
On the whole, consider the subject good for normal business engagements.
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 –
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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.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
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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 |
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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.