MIRA INFORM
REPORT
PRELIMINARY
REPORT
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Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SCORPIO ENTERPRISES CO. LTD. |
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Registered Office : |
Flat B, 9/F., |
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Country : |
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Date of Incorporation : |
02.06.1992 |
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Com. Reg. No.: |
15769554 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds
and jewellery products, emerald, precious stones, 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 : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SCORPIO ENTERPRISES CO.
LTD.
Flat B, 9/F., Season Commercial Building, 3 Humphreys Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2311 0081
FAX: 2311 0012
E-MAIL: wongngfamily@yahoo.com.hk
Managing Director: Mr. Ng Chi Kwong
Incorporated on: 2nd June, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Diamond Trader.
Employees: 6.
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat B, 9/F., Season Commercial Building, 3 Humphreys Avenue, Tsimshatsui, Kowloon, Hong Kong.
15769554
0359744
Managing Director: Mr. Ng Chi Kwong
Contact Person: Ms. Wong Yee Ching, Winnie
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 02-06-2010)
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Name |
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No. of shares |
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NG Chi Kwong |
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2,000,000 ======= |
(As per registry dated 02-06-2010)
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Name (Nationality) |
Address |
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NG Chi Kwong |
Penthouse No. 22A of House 22A, Forest Hill, 31 Lo Fai Road, Tai Po, New Territories, Hong Kong. |
(As per registry dated 02-06-2010)
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Name |
Address |
Co.
No. |
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Sam Wang Ltd. |
Room 2009, 20/F., Hang Bong Commercial Centre, 28 Shanghai Street, Kowloon, Hong Kong. |
0525239 |
The subject was incorporated on 2nd June, 1992 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.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 6.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: China, Japan, South Korea, Taiwan, Southeast Asia, other Asian countries, Africa,
Australia, Eastern Europe, Middle East, North America, Central & South America, Scandinavia, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Wing Lung Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 2 million ordinary shares of HK$1.00 each, Scorpio Enterprises Co. Ltd. is wholly-owned by Mr. Ng Chi Kwong who is a Hong Kong merchant. Ng is also the only director of the subject.
Incorporated in June 1992, the subject is a diamond importer, exporter and wholesaler. It is trading in bracelets, brooches, earrings, necklaces, rings, pendants, etc. Rough diamonds, polished and cut diamonds are imported from India, Belgium and other European countries, etc. Some of the rough diamonds are polished or processed in Hong Kong.
It is reported that the subject has had an affiliated factory in Southern China employing about 100 persons. However, details are unknown. Finished products and polished diamonds are marketed in Hong Kong and China or exported to South Korea, Taiwan, Southeast Asia, other Asian countries, Africa, Australasia, Eastern Europe, the Middle East, North America, Central & South America, Scandinavia, Western Europe, etc. Business is rather active. Regular suppliers and foreign customers have been maintained.
The subject’s business is chiefly handled by Ms. Winnie Wong Yee Ching who is the contact person of the subject. Wong is a Hongkonger.
The subject owns a number of premises in Hong Kong which have been mortgaged to Wing Lung Bank Ltd., a Hong Kong-based bank, for securing general banking facilities.
The subject’s history in Hong Kong is over eighteen years and eleven months. Overall business is active and satisfactory.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
1. Property Location: Flat
A on 21/F. of Block 5, Sun Tuen Mun Centre,
55-65 Lung Mun Road, Tuen Mun, New Territories, Hong Kong.
Owner: Scorpio Enterprises Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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18-04-1994 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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12-06-1995 |
- |
- ditto - |
Second mortgage |
2. Property Location: Flat A on 10/F., Luxury Court, 9 Hau Fook Street, Kowloon, Hong Kong.
Owner: Scorpio Enterprises Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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10-01-1996 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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18-04-1994 |
Instrument: Mortgage Property: 13/41,800th parts or shares of and in Tuen Mun Town Lot No. 289 [Flat A on 21/F. of Block 5 (formerly known as Tower 5) of Sun Tuen Mun Centre, 55-65 Lung Mun Road, Tuen Mun, New Territories, Hong Kong.] Mortgagee: Wing Lung Bank Ltd., Hong Kong. |
HK$900,000 |
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12-06-1995 |
Instrument: Second Mortgage Property: 13/41,800th parts or shares of and in Tuen Mun Town Lot No. 289 [Flat A on 21/F. of Block 5 (formerly known as Tower 5) of Sun Tuen Mun Centre, 55-65 Lung Mun Road, Tuen Mun, New Territories, Hong Kong.] Mortgagee: Wing Lung Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
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10-01-1996 |
Instrument: Mortgage Property: 4/458th parts or shares of and in Kowloon Inland Lot No. 7910, 8102 & 8510 [Flat A on 10/F. of Luxury Court, 8‑9A Hau Fook Street (now known as 9 Hau Fook Street), Kowloon, Hong Kong.] Mortgagee: Wing Lung Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are not
in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.66 |
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UK Pound |
1 |
Rs.81.79 |
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Euro |
1 |
Rs.67.18 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.