MIRA INFORM REPORT

 

 

Report No. :

505269

Report Date :

28.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MING HING GEM COMPANY LIMITED

 

 

Registered Office :

Block Q, 9/F., Kaiser Estate, Stage 3, 11 Hok Yuen Street, Hung Hom, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

16.12.1983

 

 

Com. Reg. No.:

08791526

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of Precious Stones.

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hongkong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.

Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.

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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.

The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.

Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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. 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 (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.

 

Source : CIA

 

 

Company name and address

 

MING HING GEM COMPANY LIMITED

 

ADDRESS:                   Block Q, 9/F., Kaiser Estate, Stage 3, 11 Hok Yuen Street, Hung Hom, Kowloon,

                                    Hong Kong.

 

PHONE:                        852-2364 9228

 

FAX:                             852-2765 0798

 

 

MANAGEMENT

 

Managing Director:        Mr. Auyeung Sing Leung

 

 

SUMMARY

 

Incorporated on:            16th December, 1983.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$800,000.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Employees:                  10.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Block Q, 9/F., Kaiser Estate, Stage 3, 11 Hok Yuen Street, Hung Hom, Kowloon, Hong Kong.

 

Associated Company:-

Designlink Jewellery (Mfg) Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

08791526

 

 

COMPANY FILE NUMBER

 

0131432

 

 

MANAGEMENT

 

Managing Director:  Mr. Auyeung Sing Leung

 

 

ISSUED SHARE CAPITAL

 

HK$800,000.00 (8,000 fully paid ordinary shares)

 

 

SHAREHOLDERS

(As per registry dated 16-12-2017)

 

Name

 

No. of shares

AUYEUNG Sing Leung

 

6,000

AUYEUNG Yuet Yuen

 

2,000

 

 

–––––

 

Total:

8,000

====

 

 

DIRECTORS

(As per registry dated 16-12-2017)

 

Name

(Nationality)

 

Address

AUYEUNG Yuet Yuen
(Previous Name: WONG Yuet Yuen)

 

Flat A. 6/F., Cheerbond Court, 156-158 Boundary Street, Kowloon, Hong Kong.

AUYEUNG Sing Leung

Flat A, 6/F., Cheerbond Court, 156-158 Boundary Street, Kowloon, Hong Kong.

 

 

SECRETARY

 

AUYEUNG Sing Leung (As per registry dated 16-12-2017)

 

 

HISTORY

 

The subject was incorporated on 16th December, 1983 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.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of precious stones.

 

Employees:                  10.

 

Commodities Imported: India, Sri-Lanka, other Asian countries, etc.

 

Markets:                       Hong Kong, other Asian countries, Europe, North America, etc.

 

Terms/Sales:                 CAD, L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:     HK$800,000.00 (8,000 fully paid ordinary shares)

 

Profit or Loss:               Made small profits in past years.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 8,000 ordinary shares of HK$1.00 each, Ming Hing Gem Company Limited is jointly owned by Auyeung Sing Leung, holding 75% interests, and Mr. Auyeung Yuet Yuen, holding 25%.

The subject is a gemstone manufacturer that is specialized in cutting Australian Opal and Arizona Sleeping Beauty Turquoise.

It has had an associated company, Designlink Jewellery (Mfg) Ltd. [Designlink], which is specialized in all kind of Australian Opal (especially with Opal Inlay) and Arizona Sleeping Beauty Turquoise jewellery.  It also offers jewellery with diamond, precious/semi-precious stones in Yellow/White/Pink Gold, Silver and Platinum.  Its factory is able to work with all kind of settings, such as Invisible, Pave and Channel.

Designlink was incorporated on 2 October, 1990.  It was demerged from the subject.  It is also specialized in manufacturing exquisite jewellery sets.  It also offers jewellery with diamond, precious/semiprecious stone in 14K/18K gold and platinum.

Designlink owns a state-of-the-art factory in Shenzhen Special Economic Zone, China equipped with the latest technology, such as CAD/CAM, laser injection model marking system, special jewellery finishing and casting machine.

The annual production capacity of the factory is over 10,000 pieces of jewellery, while 20% of the products are high-end jewellery products.

The subject also has had a gemstone factory in Guangzhou City, Guangdong Province, China.

The brand names of the subject are Ming Hing Gem and Designlink Jewellery.

Apart from the China factories, the subject also has set up a buying office in Coobey Pedy, South Australia.

The products of the subject are marketed in Hong Kong, China and exported to the other Asian countries, the Middle East, Europe, Australia, Africa, etc.

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 took part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2018” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February to 3rd March, 2018.  Its booth No. was AWE 9-F33.

The business of the subject is chiefly handled by the two shareholders.  History in Hong Kong is over 34 years and four months.

On the whole, consider it good for normal credit requirements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

HKD

1

INR 8.49

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.