MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
WING HANG DIAMOND CO. LTD. |
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Registered Office : |
22/F, Lane Crawford House, 64-70 Queen's Road Central, Central, |
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Country : |
Hong Kong |
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Date of Incorporation : |
24-11-1999 |
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Com. Reg. No.: |
695521 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading & Processing of Jewellery |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
WING HANG DIAMOND CO. LTD.
22/F, LANE CRAWFORD HOUSE, 64-70 QUEEN'S ROAD CENTRAL, CENTRAL, HONG
KONG.
TEL: 852 25266512
FAX: 852 28684988
EXECUTIVE SUMMARY
INCORPORATION DATE :
24-11-1999
REGISTRATION NO. : 695521
REGISTERED LEGAL FORM :
PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE :
MR. PONG WING CHIU (MANAGING DIRECTOR)
STAFF STRENGTH :
45
AUTHORIZED CAPITAL
: HK$10M = 10M SHARES @
HK$1.-
PAID-UP CAPITAL : HK$10M
BUSINESS LINE :
TRADING & PROCESSING OF JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.82894 = USD1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
M - million HKD – Hong Kong
Dollars
SC is a private limited company registered under incorporation file no.
695521 on 24-11-1999.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 24-11-2006) Number
of shares held
- Wing Hang Holdings Ltd. 9,999,999
- Pong Yue Ting Yvonne
1
------------
10,000,000
========
Director(s) (as at 24-11-2006)
- Pong Wing Chiu / B2752465
- Pong Yue Ting Yvonne / D8418730
- Pong Hang King Alfred / P1058481
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
Change of business address: SC moved to the heading business address
from Rm 1605-1609, 16/F, Lane Crawford House, 64-70 Queen's Road Central,
Central, Hong Kong.
SC was formed for taking over the business of the former Wing Hang
Diamond Co. which was established by the existing principals in 1975.
Total number of employees: 45.
Location: Maintaining its office at the heading business address which occupies a
gross area of 4,000 square feet at a commercial building in a commercial
district.
Condition inside the premises during our visit: Normal.
Office/factory layout: Standard.
The premise is rented.
SC is a subsidiary of Wing Hang Holdings Ltd. whose partial information
is as follows:
- Registered/ business address:
P.O. Box 3340, Road Town, Tortola, BVI
- Business line: As an
investment holding co. representing the equity interest of SC's existing
directors
- No. of employees: None
- Civil litigation & winding-up petition: None in our database
Pong Wing Chiu, managing director:
- In his late 50's & married
- Embarked upon his career to present field as a small businessman in
his late 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B, 15/F, Braemar Hill Mansions, 29
Braemar Hill Road, North Point, Hong Kong.
Credit history check : This refers to a check of our database whether
the said person has been involved in any of the following records stored by us
within the last 6 years:
Civil litigation as defendants :
None in our database
Bankruptcy/winding-up petitions :
None in our database
Delinquent payment records :
None in our database
Debt collection records :
No overdue amount owed by the said person was placed to us for collection
Pong Yue Ting Yvonne, director:
In her early 50's & sister of Pong Wing Chiu
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat 14, 42/F, Apartment Tower, The
Western Side Convention Plaze, 1 Harbour Road, Hong Kong.
Credit history check :This refers to a check of our database whether the
said person has been involved in any of the following records stored by us
within the last 6 years:
Civil litigation as defendants :
None in our database
Bankruptcy/winding-up petitions :
None in our database
Delinquent payment records :
None in our database
Debt collection records :
No overdue amount owed by the said person was placed to us for collection
Ownership background appraisal:
Rating : 3 Obtained scores : 60 (see
explanatory notes below)
Keys : 1 : scores 81-100 :
Excellent
2 : scores 61-80 : Good
3 : scores 46-60 : Average
4 : scores 21-45 : Fair
5 : scores 01-20 : Poor
The rating indicates the personal financial & operational strength
of SC's major principals. It is
calculated from a composite of scores obtained from the following 5 factors
which carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation,
business experience & track record, market connection and management skill.
Upon a current contact, SC's principal(s) declined forwarding any
financial information on the ground that SC is a private venture whose data is not
required for public inspection.
As per current co. search, total amount of indebtedness of SC in respect
of all mortgages and charges which are required to be registered with Companies
Registry as at 24-11-2006 was HK$3M.
Banking relations are maintained principally with: DBS Bank (HK) Ltd.
This section will contain the civil litigations & winding-up
petitions filed against SC for the last 6 years (as stored in our database),
and the mortgage/charge records filed by SC for the last 2 years. In Hong Kong, creation of such
mortgages/charges by an unlimited co is not required to be registered in the
public records.
Civil litigation/winding-up petitions: None in our
database.
Mortgage/charge record(s): (X) see below ( ) see per attached
Creation date :
10-1-2007
Charger(s) : SC
Chargee(s) : ABN
AMRO Bank N.V.
Secured amount : ANS
Charge particulars :
Charge on cash deposits
Note : In Hong Kong, the outcome of a civil litigation is not disclosed to the
public.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2002
Year(s) in which mortgage satisfaction record(s) are filed: NA
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3 weighed factors:Trade payment experience
(through current enquiry with SC's suppliers), our delinquent payment records
and our debt collection record concerning SC.
Trade payment experience: A trade enquiry currently conducted with
SC's supplier(s) reveal the following:
First Second
Type of supplies :
Merchandise Accessories
Time known : 7 years 7 years
Selling terms :
Net 60 days Net
30 days
Total purchases (last 6 months) :
HK$1.5M HK$2M
Present balance :
HK$66,000 HK$0.74M
Payment record :
2 2
Payment record keys : 1 = Prompt :
Payment made before the credit period expires
2
= As agreed terms : Payment made upon due date
3
= Slightly slow but acceptable : Payment made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond agreed terms
5 = Poor : Payment
made over 45 days beyond agreed terms
6
= Payment slowing down : Payment formerly prompt but slowing down in recent
months
7
= No comment : Account is newly opened & record is not yet established
Note : In some instances, payment
beyond terms can be the result of disputes over merchandise, lost invoices,
disputed accounts & etc.
Delinquent payment record : None in our database.
Debt collection record : No overdue amount owed by SC was placed to us for
collection within the last 6 years.
Business categories:
SC is engaged in trading & processing of jewellery.
Items available include pearls, emeralds, marquise, radiant & ovals.
Processing work is assigned to its affiliated factory whose partial information
is as follows:
Name : Wing Hang
Diamond Cutting Works
Address : 9 Fu Qian Rd,
Qigan Town Conghua City, Guangzhou, PR China
Tel no. :
86-20-87861228/87861088
Fax no. :
86-20-87861208
No. of workers : 1,100
Principal purchases:
Major types of sourcing :
Merchandise & accessories
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
Japan, Europe (including Belgium), Australia, Israel, India & Tahiti
Buying terms :
T/T, D/P
Principal market:
Local--type of customers :
Manufacturers & wholesalers
Selling terms :
COD & credit of 30-60 days
Overseas--buying countries :
PR China, Taiwan, SE Asia, USA & Europe
Selling terms :
T/T, D/P, D/A
Affiliates in PR China:
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- Company name: Wing Hang
Diamond (Shanghai) Co. Ltd.
- Address: Rm 602, 6/F, Jin Mao Tower, 88 Century Boulevard, Pudong,
Shanghai, PR China.
- Business nature: Diamond
trading
- Tel no.: 86-21-50470197
- Fax no.: 86-21-50471257
- Company name: Guang Xi Fu Chuan Wing Hang Co. Ltd.
- Address: 30 Fong Hang StiFu Yang Town, Fu Chuan Country, Guang Xi
Province, PR China
- Business nature: Diamond trading
- Tel no.: 86-774-7881688
- Fax no.: 86-774-7889113
SC is considered a well-maintained business with solid base to meet
moderate amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted indicate
that SC was not involved in any property transaction (both purchase &
disposal) in Hong Kong for the last 6 years.
SC's website address: www.winghangdiamond.com
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)