MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASTOR JEWELLERY
CO. LTD. |
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Registered Office : |
Room 1001-1003, 10/F., Lane Crawford House, 70 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.01.1972. |
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Com. Reg. No.: |
3439517 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of Diamond, Jewellery, Ruby Emerald, Sapphire, Semi-Precious Stone, Platinum Jewellery and Pearl Jewellery, etc. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
ASTOR
JEWELLERY CO. LTD.
ADDRESS
Room 1001-1003,
10/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong.
PHONE: 2524 6712
FAX: 2868 4154
MANAGEMENT
Managing
Director: Mr. Wai Wing Lung, Henry
SUMMARY
Incorporated on: 4th January, 1972.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: US$20-22 million (Including affiliate)
Employees: 15. (Including affiliate)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1001-1003,
10/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong.
Affiliated Company:-
Maxim Jewellery
Co., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
3439517
COMPANY FILE NUMBER
26421
MANAGEMENT
Managing
Director: Mr. Wai Wing Lung, Henry
CAPITAL
Nominal Share
Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)
Issued Share
Capital: HK$2,000,000.00
SHAREHOLDERS
(As per registry dated 04-01-2008)
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Name |
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No. of shares |
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Nelson WAI |
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5,800 |
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Bestrich
Holdings Ltd., Hong Kong. |
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4,000 |
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Winfort Ltd. P.O. Box 3152,
Road Town, Tortola, British Virgin Islands. |
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9,200 |
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WAI YIN Mei Ying |
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1,000 |
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–––––– |
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Total: |
20,000 ===== |
DIRECTORS
(As per registry dated 04-01-2008)
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Name (Nationality) |
Address |
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Joseph WAI |
Room 1001-1003, 10/F., Lane Crawford
House, 70 Queen’s Road Central, Hong Kong. |
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Nelson WAI |
6/F., 15 Fontana Gardens, Ka Ning Path, Causeway
Bay, Hong Kong. |
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WAI Wing Lung |
Room 1001-1003, 10/F., Lane Crawford
House, 70 Queen’s Road Central, Hong Kong. |
SECRETARY
Nelson WAI (As per registry dated 04-01-2008)
HISTORY
The subject was incorporated
on 4th January, 1972 as a private limited liability company under the Hong Kong
Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Importer and Exporter.
Lines: Diamond, jewellery, ruby emerald, sapphire, semi-precious stone, platinum jewellery and pearl jewellery, etc.
Employees: 15. (Including affiliate)
Commodities Imported: Belgium, Israel, India, other European countries, etc.
Markets: Hong Kong, other Asian countries, Europe, US, etc.
Annual Turnover: US$20-22 million (Including affiliate)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong
Jewellery & Jade Manufacturers Association, Hong Kong.
The Hong Kong Jade
& Stone Manufacturers Association, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
Profit & Loss: Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Good.
GENERAL
Incorporated in
January 1972, Astor Jewellery Co. Ltd. is owned by the Wai family. Mr. Henry Wai is the Managing Director of
the subject.
The subject has
got an affiliate or a predecessor that was set up in 1960. The Wai family has been engaged in the line
of business for about 48 years. The
subject is a polished diamond importer and wholesaler. It is also a jewellery product
manufacturer. Raw materials are
imported from India, Belgium, Israel, etc.
The subject has
got an affiliated company Maxim Jewellery Co. [Maxim]
which is also located at its operating office.
Maxim is engaged in the same line of business as the subject.
Maxim
manufactures fine jewellery made in 18K white or yellow gold as well as
platinum in south sea pearl with diamond.
A full range of diamonds jewellery is also available.
Products are
exported to Taiwan, South Korea, Japan, Southeast Asian countries and North
America.
Mr. Henry Wai is
the Honorary Life Chairman of The Hong Kong Jade & Stone Manufacturers
Association, Hong Kong. His father
Mr. Wai Yiu Keng set up Po Cheong Jewellery Co. Ltd. [Po Cheong Jewellery] in
Shanghai in the 1930’s. Po Cheong
Jewellery was a very significant jewellery firm in Shanghai in the era. Now, this firm has changed hands.
The subject has
developed long-term business ties with a number of foreign suppliers and
customers.
It is reported
that the annual sales turnover of the subject and Maxim ranges from US$20 from
22 million. Overall business is steady
and profitable.
On the whole, in
view of the subject’s history and reputation, consider it good for normal
business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
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%)