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MIRA
INFORM REPORT
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Report No. : |
506437 |
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Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE CONCEPT LIMITED |
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Registered Office : |
Units 401-406, 4/F., New East Ocean Centre,
9 Science Museum Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.08.2003 |
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Com. Reg. No.: |
33946443 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler, All kinds of watches
and clocks, jewellery, leather goods, sunglasses |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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.
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Source
: CIA |
Company name and address
FORTUNE CONCEPT
LIMITED
ADDRESS: Units 401-406, 4/F., New East Ocean
Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2700 7300
FAX: 852-2721 3528
E-MAIL: rajv@fortuneconcept.com
MANAGEMENT:
Managing Director: Mr. Pishu Vashdev Chainani
SUMMARY
Incorporated on: 20th
August, 2003.
Organization:
Private Limited
Company.
Issued Share Capital: HK$1,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
20. (office only)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered
Head Office:-
Units 401-406, 4/F., New East Ocean Centre, 9
Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
ILG of Switzerland Ltd., Switzerland.
Retailing Shops:-
Aigner, Hong Kong.
Police, Hong Kong.
Associated Companies:-
East Base Ltd., Hong Kong.
Fabhor Suisse SA, Switzerland.
FM Swiss Logistics AG, Switzerland.
Hanowa AG, Switzerland.
Inter City Far East Ltd., Hong Kong.
L’Amy Inc., U.S.
Lead Time Asia Pacific Ltd., Hong Kong.
Montres Onsa AG, Switzerland.
pe.timedesign GmbH, Germany.
PT Far East Ltd., Hong Kong.
PT Switzerland GmbH, Switzerland.
Roamer of Switzerland AG, Switzerland.
Semtek Ltd., Hong Kong.
Swiss Fashion Time GmbH, Switzerland.
Swiss Watch Group DWC LLC, U.A.E.
Swiss Watch Group FZE, U.A.E.
Tick Tack AG, Switzerland.
BUSINESS REGISTRATION NUMBER
33946443
COMPANY FILE NUMBER
0858377
MANAGEMENT
Managing Director: Mr. Pishu Vashdev Chainani
Contact Person: Ms. Grace Li
ISSUED SHARE CAPITAL
HK$1,500,000.00
SHAREHOLDER
(As per registry dated 20-08-2017)
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Name |
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No. of shares |
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ILG of Switzerland Ltd. Industriesstrasse 5, CH 4313, Mohlin,
Switzerland. |
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1,500,000 ======= |
DIRECTORS
(As per registry dated 20-08-2017)
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Name (Nationality) |
Address |
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Pishu Vashdev CHAINANI |
Flat A, 18/F., Mandarin Garden, 12 Man Fuk
Road, Kowloon, Hong Kong. |
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Ram Kumar BHATI |
8-5-177 Road, No. 4 Mallikarjuna Colony,
Old Bowen Pally, Secunderabad (AP), India. |
SECRETARY
(As per registry dated 20-08-2017)
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Name |
Address |
Co. No. |
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Marfan & Associates Ltd. |
11/F., Fortis Tower, 77-79 Gloucester Road,
Hong Kong. |
0094488 |
HISTORY
The subject was incorporated on 20th August,
2003 as a private limited liability company under the Hong Kong Companies
Ordinance.
Last time, the subject was located at 2/F.,
Goldsland Building, 22-26 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong, moved
to the present address with effect from 5th November, 2012.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of watches and clocks, jewellery, leather goods, sunglasses
Employees: 20. (office only)
Commodities
Imported: Switzerland,
other European countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, etc.
Terms/Sales:
CAD, L/C, T/T, etc.
Terms/Buying:
L/C, T/T, D/P, etc.
MEMBERSHIP: The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKF0416]
FINANCIAL INFORMATION
Issued Share Capital: HK$1,500,000.00
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
No
Complaints.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Good.
GENERAL
Having issued 1.5 million ordinary shares of
HK$1.00 each, Fortune Concept Limited formerly was a wholly owned subsidiary of
ILG S.A. [ILG] which was a Luxembourg‑based company. Now, it is a wholly-owned subsidiary of ILG
of Switzerland Ltd. [ILG] which is a Switzerland-based company.
The subject is trading in the following commodities:
Handbag - Imitation Leather,
Jewellery - Diamond,
Jewellery - Gemset,
Jewellery - Semi-Precious Stone,
Jewellery - Silver,
Antique Jewellery,
Gemstones & Jade,
Watches, Watch - Digi-Ana, Watch - Digital ,
Electronic, Watch - Jewellery,
Watch - Mechanical, Watch - Pocket Type,
Watch - Quartz Analogue, Watch - Sports,
Watch Movement,
Watch Case - Plastic,
Spectacles,
Titanium Jewellery,
Stainless Steel Jewellery,
Fashion Glasses, etc.
It is operating at least four shops in Hong
Kong while two of them are known as “Aigner”, the other two of them are known
as “Police”.
Besides marketing in Hong Kong, the subject
also exports its products to the Middle East, Southeast Asia, Western Europe,
etc.
In Hong Kong, the subject has set up a
warehouse located at The Venus Industrial Building, Hong Kong.
The subject has introduced new timepiece
collections by Aigner and Swiss Military Hanowa to Hong Kong. China is also a vast market of the
subject. The Aigner watches are described
as classic timepieces which are said to marry both tradition and beauty,
featuring brilliant colours and sleek lines.
The subject also exports these watches to the other Asian countries and
Europe.
The followings are some of the Aigner
models:-
Acerrs (Swiss-made);
Cesena (Northern Italy is the inspiration for
the Swiss-made Cesena watch);
Ragusa (Swiss-made); &
Roma By Aigner (Swiss-made).
Aigner watches are available in duty free
shops at airports in Germany, South Korea, Malaysia, Singapore, China and the
Middle East.
In addition, the brand is available onboard
many Asian airlines including Cathay Pacific, Dragonair, Hong Kong Airlines,
Hong Kong Express, Air Macau, Air China, China Eastern, China Southern, Hainan
Airlines, China Airlines, EVA Air, Singapore Airlines, Silk Air, Air Asia,
Garuda Indonesia, Philippine Airlines, Thai Airways, Korean Air, Myanmar
Airlines, Malaysia Airlines, Asiana, ANA and Jet Airways.
The subject also retails and exports the new
collection of watches from the Swiss Military Hanowa brand that are said to
“blend a hint of masculine strength with feminine softness”. This includes the following models:-
Flagship;
Pegasus Automatic;
Sergeant; &
Trophy.
Police is a
significant Italian brand watch.
Now, the subject has set up service and
maintenance centres in Hong Kong and China.
To our knowledge, Mr. Pishu Vashdev Chainani
is also the Managing Director of pe.timedesign GmbH which is a Germany-based
firm.
The history of the subject in Hong Kong is
over 14 years and eight months.
On the whole, consider the subject good for
normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.77 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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HKD |
1 |
INR 8.51 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.