MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
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, |
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Country : |
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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 : |
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,
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
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.64 = USD1 AS OF 2007-6-4
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
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
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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
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,
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,
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
- 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
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,
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 :
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
- 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 12-31-2006 was nil.
SC is considered a well-maintained business with solid base.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in
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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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%)