MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPENCER DIAMONDS CO. LTD |
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Registered Office : |
Unit C & E, 10/F, Kaiser Estate Phase
1, 41 Man Yue St., Hunghom, Kowloon |
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Country : |
Hong
Kong |
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Date of Incorporation : |
11-3-1988 |
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Com. Reg. No.: |
211568 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing & supply of jewelry
products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name & address
SPENCER DIAMONDS CO. LTD.
UNIT C & E, 10/F, KAISER ESTATE PHASE 1,
41 MAN YUE ST., HUNGHOM, KOWLOON, HONG KONG.
TEL: 852 27741348
FAX: 852 27739913
EXECUTIVE SUMMARY
INCORPORATION DATE : 11-3-1988
REGISTRATION NO. : 211568
REGISTERED LEGAL FORM : PRIVATE
LIMITED CO.
CHIEF EXECUTIVE : CHOI CHUNG YUEN
(DIRECTOR)
STAFF STRENGTH :
60 (SHARING WITH ITS
AFFILIATES)
AUTHORIZED
CAPITAL : HKD 1M = 1M SHARES @ HKD1.-
PAID-UP
CAPITAL : HKD 1M
BUSINESS LINE : MANUFACTURING & SUPPLY JEWELRY PRODUCTS
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.78513 = USD1 AS OF 2006-09-19
SC is a private limited company registered under
incorporation file no. 211568 on 11-3-1988.
SC's shareholders & directors are shown to be
as follows:
Shareholders (as
at 11-3-2006) Number
of shares held
Winton Holdings
Ltd. 999,999
F.D. Jewelry Co.
Ltd. 1
------------
1,000,000
=======
Directors (as at 11-3-2006)
Choi Chung Yuen / E374219(2)
Kaufman Eli / 270339
Luk Chi Wai / A302012(9)
Wong Tak Kwong Spencer / E964604(7)
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.
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 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) : None filed within the last 2 years as per our
current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are
filed: 1991, 1995, 1997 - 2001
Year(s) in which mortgage satisfaction record(s)
are filed: 1994, 1997, 2001
SC is a subsidiary of Winton Holdings Ltd. (see "Remarks" for its registration
details) whose partial information is as follows:
Year established : 17-8-1993
Registered/business
address : Same as heading business address
Business
line : As an
investment holding co. representing the equity interest of SC's
directors.
No. of employees : 60
(group)
Civil litigation & winding-up
petition records : None in our database
Turnover :
NA
Choi Chung Yuen, director:
- In his mid 50's & married
- Embarked upon his career to present field as a
junior salesman in his mid 20's
- Also currently director of Winton Holdings Ltd.,
F.D. Jewelry Co. Ltd., Spencer Jewellery Co. Ltd., Ferti Jewelry Ltd. and Deoro
Gold Jewellery Ltd.
Currently active in SC's day-to-day operations
& is responsible for its management.
Registered residential address: Flat B,
27/F, No.1 Ho Man Tin Hill, Kowloon, Hong Kong.
Property ownership: Current land search indicates
the said premises ownership as follows:
- Owner(s) : Well Venture Investments Ltd.
- Date of purchase & consideration : 7-3-2003 /
HKD11,681,700
- Date of mortgage & secured amount : NA
- Mortgagee : NA
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
Wong Tak Kwong Spencer, director:
- In his 50's & married
- Embarked upon his career to present field as a
junior salesman in his mid 20's
- Also currently director of Winton Holdings Ltd.,
Ferti Jewelry Ltd.
Currently active in SC's day-to-day operations
& is responsible for its management.
Registered residential address: Flat A, G/F, Blk 1,
Kent Court, 131-135 Boundary St., Kowloon, 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 : 2 Obtained scores : 65 (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.
Business categories :
SC is engaged in manufacturing & supply of
jewelry products.
Items available include fashion rings, bridal sets,
earrings, pendants, bracelets, bangles & necklaces with diamond, precious
stones & semi-precious stones in 10k, 14k, 18k gold & platinum.
Production is assigned to its affiliated factories
located in PR China and Thailand.
- Workforce:
Over 1,400 workers
Processing of jewelry products is undertaken at the
heading business address.
Principal purchases :
Major types of sourcing :
Diamond, semi-precious stones & other related products
Local--type of suppliers :
E.F.D HK Ltd., SC's business partner
Buying terms :
Intercompany account basis
Overseas--supplying countries :
E.F.D Ltd., SC's business partner in Israel, India, Thailand & Europe
Buying terms :
L/C & intercompany account basis
Principal market :
Local--type of customers :
Wholesalers, retailers & exporters
Selling terms :
Credit of 45 to 60 days & special agreed terms
Overseas--buying countries : PR
China, Japan, SE Asia, USA & Europe
Selling terms :
L/C & T/T
Total number of
employees : 60 (sharing with its affiliates).
Location : Maintaining its office & workshop at the
heading business address which occupies a gross area of 5,000 square feet at an
industrial building in an industrial district.
Condition inside
the premises during our visit : Normal.
Office/factory
layout : Standard.
Property ownership : Current land search indicates
the ownership details of the captioned premises as follows:
- Owner(s) : Trigrand Ltd.
- Date of purchase & consideration : 3-6-1997 /
HKD7,040,000
- Date of mortgage & secured amount : NA
- Mortgagee : NA
Jointly occupying the premises with the below
mentioned affiliates & business partner.
SC's affiliates:
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- Ferti Jewelry Ltd.
- F.D. Jewelry Co. Ltd.
- Spencer Jewellery Co. Ltd.
SC's business partner:
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- EFD HK Ltd.
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 45 days Net
60 days
Total purchases
(last 6 months) : HKD1.2M HKD1.7M
Present balance : HKD0.5M HKD0.65M
Payment record : 2 3
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.
Banking relations are maintained principally with:
- Bank of America (Asia) Ltd.
- DBS Bank (HK) Ltd.
- Belgian Bank
Upon a
current contact, Ms. Wong, SC's administration staff, declined forwarding any
financial information on the ground that it is the company's policy not
releasing any data to a third party without the benefit of knowing the identity
of the inquiring party.
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 11-3-2006 was nil.
SC is considered a well-maintained business with
solid base to meet fairly large 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.
Partial registration information regarding Winton
Holdings Ltd. is as follows:
Date of incorporation: 17-8-1993
Authorized capital: HKD5M divided into 4M* + 1M#
shares @ HKD1.-
Paid-up capital: HKD4.8M
Shareholders (as
at 17-8-2005) Number
of shares held
See below
Directors (as at 17-10-2005)
Choi Chung Yuen, Eli Kaufman,
Luk Chi Wai, Wong Tak Kwong Spencer,
& Yirani Rameshkumar Bhikhabhai
Shareholders / No. of shares
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- Choi Chung Yuen / 2,040,000 *
- Hini Star Ltd. / 720,000 *
- Wong Kai Kwong Spencer / 560,000 *
- Luk Chi Wai / 560,000 *
- Eli Kaufman / 120,000 *
- Well Strategy Ltd. / 480,000 #
- Eli Kaufman / 320,000 #
* = Ordinary Shares
# = Non-voting Shares
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/normal. |
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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