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MIRA INFORM REPORT
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Report No. : |
507622 |
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Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE JEWELLERY
MFG LIMITED |
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Registered Office : |
Room 1106, 11/F., Peninsula Square, 18 Sung On Street, Hung Hom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.09.2010 |
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Com. Reg. No.: |
52934948 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds and Jewellery. |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 |
Note
(Formerly Located At:
C/o Goldex Group
Ltd.
Room 21A, 21/F., Block 01, Tower 1, China Hong Kong City, 33 Canton
Road, Tsimshatsui,
Kowloon, Hong Kong.)
Company
name & address
ADVANCE JEWELLERY MFG LIMITED
ADDRESS: Room 1106, 11/F., Peninsula Square,
18 Sung On Street, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2722 0212
FAX: 852-2722 0102
E-MAIL: tracy_yip@advancehk.com,
andice@advancehk.com
MANAGEMENT
Managing Director: Mr. Sherman
Chui
SUMMARY
Incorporated on: 10th September, 2010
Organization: Private Limited Company.
Issued Share Capital: US$100,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
ADVANCE JEWELLERY
MFG LIMITED
ADDRESS
Registered
Office:-
Room 1106, 11/F., Peninsula Square, 18 Sung On Street, Hung Hom,
Kowloon, Hong Kong.
Associated
Companies:-
Gabriel Bros. Inc., US.
Quatrina Jewellery Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
52934948
COMPANY
FILE NUMBER
1503871
MANAGEMENT
Managing Director: Mr. Sherman
Chui
Contact Person: Ms. Tracy Yip
ISSUED
SHARE CAPITAL
US$100,000.00
SHAREHOLDERS
(As per registry dated 10-09-2017)
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Name |
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No. of shares |
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Jacques GABRIEL |
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22,500 |
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Abdul Ahad GABRIEL |
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22,500 |
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Sobhi REZEKALLAH |
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27,500 |
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Abit GENCTURK |
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27,500 |
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––––––– |
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Total: |
100,000 ====== |
DIRECTORS
(As per registry dated 10-09-2017)
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Name (Nationality) |
Address |
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DENG Hui Huan |
Room 1203, Stair 1, Building 5, Kangyu Bei Yuan, ShiQiao, Xi Li Bei
Lu, Panyu District, Guangzhou City, Guangdong Province, 511400, China. |
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ZHANG Zheng Huan |
Room 702, Building 3, Street 5, Kangyu Garden, Panyu, Guangzhou,
Guangdong. |
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Sherman CHUI |
Unit 1102, Tower 2, Block 17, Jin’ao Garden, No. 630 Nancheng Road,
Qiaonan Street, Panyu, Guangzhou, Guangdong, China. |
SECRETARY
(As per registry dated 10-09-2017)
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Name |
Address |
Co. No. |
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Conpak Management Consultants Ltd. |
Rooms 05-15, 13A/F., South Tower, World Finance Centre, Harbour City,
17 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0640849 |
HISTORY
The subject was incorporated on 10th September, 2010 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Gabriel &
Co. Asia Ltd., name changed to the present style on 15th November, 2010.
Formerly the subject’s registered address was located at Room 21A,
21/F., Block 01, Tower 1, China Hong Kong City, 33 Canton Road,
Tsimshatsui, Kowloon, Hong Kong where was the operating address of a Hong
Kong-registered company known as Goldex Group Ltd. The subject’s registered office moved to the
present address with effect from 3rd April, 2018.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Diamonds
and jewellery.
Employees: 2.
Commodities Imported: India, other
Asian countries, etc.
Markets: Hong
Kong, China, Japan, other Asian countries, US, etc.
Terms/Sales: CAD, L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
The Chinese Manufacturers’ Association of Hong Kong, Hong Kong.
[Membership No. 012080]
FINANCIAL
INFORMATION
Issued Share Capital: US$100,000.00
Profit or Loss: Made
small profits in past years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 100,000 ordinary shares of US$1.00 each, Advance Jewellery
Mfg Limited is jointly owned by the following four foreigners: Mr. Abdul Ahad
Gabriel, holding 22.5% interests; Mr. Jacques Gabriel, holding 22.5%;
Mr. Sobhi Rezekallah, 27.5%; Mr. Abit Gencturk, also 27.5%. The registered addresses of the former two
are in the United States while the third and fourth are in Canada.
The directors of the subject are Ms. Deng Hui Huan, Ms. Zhang Zheng Huan
and Mr. Sherman Chui. The first two are
China ID holders while the third is a Hong Kong ID holder. Sherman Chui is handling the subject’s
business in Hong Kong and the associated company in Guangzhou, China.
The subject has two employees in Hong Kong. It moved to the present new address in early
April, 2018.
As a sole US enterprise, the subject is a luxury brand product
manufacturer. It is specialized in
researching, designing, manufacturing, and marketing. It offers a great variety of jewellery
products with fashionable styles. Its
brand “Gabriel & Co.” started in Now York of the United States in 1989.
“Gabriel & Co.” has ranked the second in the United States’ luxury
brands.
The subject shares its office with another company Goldex Group Ltd.
[Goldex].
Goldex holds an AA Grade Trade License of member and the recognized Gold
and Silver electronic trader of The Chinese Gold and Silver Exchange
Society. Its member number is 183.
The subject is a diamond and jewellery importer, exporter and
wholesaler. It is trading in loose,
polished and cut diamonds. Most of the
commodities, especially diamonds, are imported from India. Prime markets are Hong Kong, Asian countries,
Europe, Canada, the United States, etc.
The subject has an associated company Quatrina Jewellery Ltd. [Quatrina]
which is a Hong Kong-registered company.
Quatrina has an associated factory in Panyu, Guangzhou, Guangdong
Province, China. The factory is engaged
in manufacturing jewellery products.
Besides, the subject has had associated firms in the United States and
Canada. The US firm is owned by the
Gabriel family while the Canada firm is jointly owned by Abit Gencturk and
Sobhi Rezekallah. Both of the US and
Canada companies are jewellery traders and distributors.
The business of the subject is chiefly handled by Mr. Sherman Chui. The contact person is Ms. Tracy Yip.
Its history in Hong Kong is over seven years and eight months.
On the whole, consider it good for normal business engagements in
moderate credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.38 |
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1 |
INR 91.39 |
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Euro |
1 |
INR 79.89 |
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HKD |
1 |
INR 8.57 |
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 : |
TPT |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.