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Report No. : |
348908 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
FAI PO GEM & JEWELLERY LTD. |
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Registered Office : |
Room 602-606, 6/F.,
Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.11.2009 |
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Com. Reg. No.: |
51435325 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of Gemset jewellery, gold jewellery |
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No. of Employee : |
35. (Including associates 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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% 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.
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Source
: CIA |
FAI PO GEM & JEWELLERY LTD.
(Your enquiry given
as:
FAI PO GEMS &
JEWELLERY LTD.
of the same
address.)
ADDRESS: Room 602-606,
6/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon,
Hong Kong.
PHONE: 852-2774
1199, 2774 4811, 2774 4833
FAX: 852-2330
1553, 2330 1563
E-MAIL: fpg@hkstar.com
MANAGEMENT
Managing
Director: Mr. Chan Wing Fai, Jacky
Incorporated
on: 17th
November, 2009.
Organization: Private
Limited Company.
Issued Share
Capital: HK$1.00
Business Category: Manufacturer, Importer,
Exporter and Wholesaler.
Employees: 35. (Including associates in Hong Kong)
Main Dealing Bank: China CITIC Bank
International Ltd., Hong Kong.
Banking
Relation: Good.
Registered Head Office:-
Room 602-606, 6/F.,
Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong
Kong.
China Factory:-
Lufeng Ronghui
Gemstone & Jewelry Manufacturing Factory Co. Ltd.
[or known as Lufeng Ronghui Gemstone Factory Co. Ltd.]
Block 5-6, Donghai
Economic Development Area, Donghai Town, Lufeng City, Guangdong Province,
China.
[Tel: (86-660) 823
6666; Fax: (86-660) 823 0948]
Holding Company:-
Fai Po Group Ltd.,
Hong Kong. (Same address)
Associated/Affiliated Companies:-
Fai Po Group of
Companies
Amethyst Kingdom
Co. Ltd., Hong Kong.
East Ocean Gems
& Jewellery Co. Ltd., Hong Kong.
[Dissolved]
Fai Po (Macao
Commercial Offshore) Ltd., Macao.
Fai Po Diamond
Ltd., Hong Kong.
Fai Po Gem (China)
Ltd., Hong Kong.
Fai Po Gem (H.K.)
Co. Ltd., Hong Kong.
Fai Po Gems
Manufacturing Co. Ltd., Hong Kong.
Fai Po Jewellery
(China) Ltd., Hong Kong.
Fai Po Jewellery
(H.K) Co. Ltd., Hong Kong.
Fai Po Jewellery
Inc., USA.
Fai Po Properties
Ltd., Hong Kong.
Huahui Real Estate
Development Co. Ltd., China.
Intini Co. Ltd.,
Hong Kong.
Jeffery Investment
Ltd., Hong Kong.
Joyce Field
International Ltd., British Virgin Islands.
Pearl Dynasty Ltd.,
British Virgin Islands.
Seng Fai Co. Ltd.,
Hong Kong.
Yi Danni Diamond
Co. Ltd., China.
51435325
1392284
Managing
Director: Mr. Chan Wing Fai, Jacky
Contact
Person: Ms. Susanna Chow
HK$1.00
(As per registry
dated 17-11-2014)
|
Name |
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No. of share |
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Fai Po Group
Ltd., Hong Kong. |
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1 = |
(As per registry
dated 17-11-2014)
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Name (Nationality) |
Address |
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CHAN Wing Fai |
Flat B, 23/F., Tower
1, Harbourfront Landmark, Kowloon, Hong Kong. |
(As per registry
dated 17-11-2014)
|
Name |
Address |
Co. No. |
|
Silver Swing
(International) Ltd. |
Room 807, 8/F.,
Opulent Building, |
0157939 |
The subject was
incorporated on 17th November, 2009 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, Exporter and Wholesaler.
Lines: Gemset
jewellery, gold jewellery
Employees:
35. (Including associates in Hong Kong)
2,000.
(China)
Materials/Commodities Imported:-
Raw materials –
Europe, India, Thailand, etc.
Finished products –
China.
Markets: US, Japan, Taiwan, Singapore,
South Korea, UK, Italy
Terms/Sales: L/C
or as per contracted.
Terms/Buying: Various
terms.
Issued Share
Capital: HK$1.00
Mortgage or Charge:-
Date of Trade Finance
Security Assignment: 17-06-2013
Amount: all money and liabilities
Property: The Borrower as beneficial owner:
(a) Assigns and agrees to assign absolutely
to the Bank all the present and future rights, title, interests and benefits of
Borrower in and to the following assets:
(i) Export Credits;
(ii) Export Collection Bills;
(iii) Sales Contracts;
(iv) Invoice Receivables;
(v) Insurances;
(vi) Trade Documents; &
(vii) All claims, remedies and proceeds in
connection with any of the foregoing.
(b) Charges and agrees to charge to the Bank
by way of first fixed charge all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets:
(i) The Goods together with their proceeds;
&
(ii) The Deposit.
(c) Pledges and agrees to pledge to the Bank
the Pledged Goods and the Trade Documents which are now or may in the future be
in the Bank’s possession
Mortgagee: China CITIC Bank International Ltd.,
Hong Kong.
Profit or
Loss: Business
is profitable.
Condition: Keeping in an active
condition.
Facilities: Making active use of
general banking facilities.
Payment: So
far so good.
Commercial
Morality: Satisfactory.
Banker: China CITIC Bank
International Ltd., Hong Kong.
Standing: Good.
Having issued just
one ordinary share of HK$1.0, Fai Po Gem & Jewellery Ltd. is wholly owned
by Fai Po Group Ltd. which is a Hong Kong-based company located at the same
address.
The director of the
subject Mr. Chan Wing Fai, Jacky is a Hong Kong merchant.
The subject has got
an associated company Fai Po Jewellery (HK) Co. Ltd. [Fai Po HK] located at the
same address.
The subject is a
jewellery trader and manufacturer. It is
specialised in 14K and 18K gold jewellery set with all kinds of colour
gemstones and semi‑precious stones, among which blue chalcedony is the
most significant items. The other
products include amethyst, citrine, tourmaline, peridot, blue topaz and rose
quartz jewellery. The subject is trading
in the following commodities:-
Finished Jewellery
Diamond Jewellery
White Diamond
Jewellery
Coloured Diamond
Jewellery
Gem Set Jewellery
Emerald Jewellery
Ruby Jewellery
Sapphire Jewellery
Semi-Precious
Gemstone Jewellery
Others
Gold Jewellery
14-Karat Gold
Jewellery
18-Karat Gold
Jewellery
Pearl Jewellery
Tahitian Pearl
Jewellery
Materials
Polished Semi
precious Gemstone
Crystal
The subject is also
specialized in all kind of semi-precious stones set, gold jewellery, such as
blue chakedany, acnettrysit, chrine, crystal, tocrmatine, sea blue opal,
turqualre, coral peridot
Raw materials and
diamonds are imported from India, Europe, Thailand
The subject has had
an affiliated factory in China with a total monthly production capacity of over
a hundred thousand units of jewellery.
The factory is located in Donghai Economic Development Area, Donghai
Town, Lufeng City, Guangdong Province, China.
The factory is known as Lufeng Ronghui Gemstone & Jewelry
Manufacturing Factory Co. Ltd. (or known as Lufeng Ronghui Gemstone Factory Co.
Ltd.). Currently the factory is
employing about 2,000 workers and covering an area of 500 acres.
Another two
factories are in Panyu and Gaoming of Guangdong Province, China.
These factories are
manufacturing the Group’s product under the brand name ‘Intini’. This brand is rather popular in the United
States and the Middle East.
The subject also
has had associated companies in Panyu of Guangzhou, Kunming of Yunnan Province,
New York of the United States, etc.
The subject also receives OEM orders.
At present, 90% of
the subject’s products are exported to overseas markets such as the United
States, Japan, Taiwan, Singapore, Malaysia, South Korea, the United Kingdom,
Italy, the Middle East, etc. The
remaining 10% is for domestic sales.
The subject has got
several more associated companies located at its operating office. Besides, it has got an associated company Fai
Po Jewellery Inc. in the United States.
This firm in New York is engaged in the distribution of the subject’s
products in the United States.
In order to penetrate
the international market further, Fai Po HK 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 Diamond, Gem & Pearl Show 2016” which will
be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st
to 5th March, 2016.
The subject’s
business, which is rather active, is chiefly handled by Ms. Susanna Chow
who is an employee of the subject.
The subject is fully
supported by the Group.
As the history of
the subject is about six years in Hong Kong, on the whole, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
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|
1 |
Rs.100.55 |
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Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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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.