MIRA
INFORM REPORT
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Report Date : |
1st March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AUROSTYLE LTD. |
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Registered Office : |
Unit 505-506, 5/F, Harbour Centre,Tower 1, 1 Hok Cheung St., Hunghom, Kowloon,
Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.05.1987 |
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Com. Reg. No.: |
188792 |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged in manufacturing & supply of jewellery 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 |
Company Name & Address
AUROSTYLE LTD.
UNIT 505-506, 5/F,
HARBOUR CENTRE,TOWER 1, 1 HOK CHEUNG ST., HUNGHOM, KOWLOON, HONG KONG.
TEL : 852 23301832 / 27656388
FAX : 852 23301331
EXECUTIVE SUMMARY
INCORPORATION DATE : 12-5-1987
REGISTRATION NO. :
188792
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : PONTUS CHRISTOPHE
JOSEPH (MANAGING DIRECTOR)
STAFF STRENGTH :
100
AUTHORIZED CAPITAL : HK$3,910,000 = 3,910,000 SHARES
@HK $1.-
PAID-UP CAPITAL : HK$3,910,000
BUSINESS LINE : MANUFACTURE &
SUPPLY OF JEWELLERY PRODUCTS
TURNOVER : EUR180M (GROUP, YEAR ENDED
31-12-2005)
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 7.81036 = USD1 AS OF 2007-02-28
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. 188792 on 12-5-1987.
SC's shareholders & directors are shown to be as
follows:
Shareholders (as at 12-5-2006) Number
of shares held
Christian Bernard Diffusion S.A. 3,909,999
Pontus Christophe Joseph 1
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3,910,000
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Directors (as at 29-8-2006)
Nguyen Bernard / 04FE01896
Pontus Christophe Joseph / P065907(3)
The above registration information is based on SC's annual
return filed at Companies Registry within the last 2 years.
SC's business name:
- 3A Jewels Clearance
Total number of employees : 100.
Location : Maintaining its office at the heading business
address which occupies a gross area of 4,500 square feet at an industrial
building in an industrial district.
Condition inside the premises
during our visit : Normal.
Office/factory layout : Standard.
The premises is rented.
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: 1996,
2000
Year(s) in which mortgage satisfaction record(s) are filed:
1998
SC is a subsidiary of Christian Bernard Diffusion S.A. whose
partial information is as follows:
Year established : 1973
Registered/business
address : 1 Rue Lulli, 75002 Paris,
France.
Business
line : As a holding
co. with core interests in manufacturing & marketing of luxury jewellery & watches. All products are sold under its own brand
"Christian Bernard" & other authorized famous brands including
"Ferraud", "Guy Laroche", "Cacharel", etc.
No. of employees : 4,000 (group)
Civil litigation & winding-up petition records : None in
our database
Turnover : EUR180M (group, year ended 31-12-2005)
Pontus Christophe Joseph, managing director:
- In his mid 50's & married
- He is by French nationality
- Embarked upon his career to present field as an executive
trainee in his mid 20's
Currently active in SC's day-to-day operations & is responsible
for its management.
Registered residential address: Flat A, 8/F, Tower 8, Parc
Palais, 18 Wylie Road, Ho Man Tin, Kowloon, HK.
Property ownership: Current land search indicates the said
premises ownership as follows:
- Owner(s) : Pontus Christophe Joseph & Angeles Shirley
M.
- Date of purchase & consideration : 15-8-2005 / $12M
- Date of mortgage & secured amount : 30-9-2005 / ANS
- Mortgagee : HSBC.
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
Nguyen Bernard, president & main founder:
- In his mid 50's & married
- He is by French nationality
- Embarked upon his career to present field as an executive trainee
in his mid 20's
Currently residing in France & only visits Hong Kong for
business occasionally.
Registered residential address: 53 Route de Forestal, 1285
Athenaz-Avusy, Geneve, Switzerland.
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 : 72 (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 jewellery
products.
Items available include watches, earrings, rings, pendants,
bracelets & other luxury jewellery products.
Production is assigned to its affiliated factory/joint
venture factory located at Ho Chi Minh
City, Vietnam (reportedly employing
1,000 workers there).
Principal purchases :
Major types of sourcing :
Diamond, materials & accessories
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
Vietnam & PR China
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Retailers & the corporate sector
Selling terms :
Credit of 30 to 60 days
Overseas--buying countries :
Thailand, Japan, SE Asia, Australia & Europe
Selling terms :
L/C & T/T
SC also maintains a workshop at Unit 1005-1007, 10/F,
Harbour Centre, Tower 1, 1 Hok Cheung St., Hunghom, Kowloon, HK and a sales
office at Flat 8, 1/F, Hilder Centre, 2 Sung Ping St., Hunghom, Kowloon, HK.
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 : Owing
to the nature of its business, SC is not an active seeker of local commerical
credit since merchandise/materials are imported. Its expenses in the form of
accruals and servicing are reportedly met in prompt manner.
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: HSBC.
Upon a current contact, Wong Sarah, SC's administrator,
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 12-5-2006 was nil.
SC is considered a well-maintained business being well-known
in the trade. Its present standing for
fairly large amount of credit dealings appear acceptable.
-- 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.
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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions