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Report Date : |
27.04.2012 |
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. |
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No. of Employees : |
6 |
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 30, 2011
|
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 |
SCORPIO ENTERPRISES CO. LTD.
ADDRESS: 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 02-06-2012)
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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 02-06-2012)
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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 02-06-2012)
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Name |
Address |
Co.
No. |
|
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, Australasia, 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 obligations 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 jewellery set, diamond bracelets, brooches, earrings, necklaces, rings, diamond pendants, diamond and pearl ornaments, 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 or China.
It is reported that the subject has had an affiliated factory in Southern China employing about 110 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 Hongkongnese and an employee of the subject.
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 nineteen years and ten months. Overall business is active and satisfactory.
On the whole, consider the subject good for normal business engagements.
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 repmote 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 20000.000 Millions 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.52.57 |
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1 |
Rs.85.03 |
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Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.