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Report Date : |
05.07.2012 |
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 : |
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Date of Incorporation : |
04.01.1972 |
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Com. Reg. No.: |
03439517 |
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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. |
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No. of Employees : |
15. (Including affiliate) |
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 : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
ASTOR JEWELLERY CO. LTD.
Room 1001-1003, 10/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong.
PHONE: 2524 6712
FAX: 2868 4154
E-MAIL: maxim@netvigator.com
Managing Director: Mr. Wai Wing Lung, Henry
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$25-30 million (Including affiliate)
Employees: 15. (Including affiliate)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1001-1003, 10/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong.
Holding Company:-
Bestrich Holdings Ltd., Hong Kong.
Affiliated
Company:-
Maxim Jewellery Co., Hong Kong. (Same address)
03439517
0026421
Managing Director: Mr. Wai Wing Lung, Henry
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
(As per registry dated
04-01-2012)
|
Name |
|
No. of shares |
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Bestrich Holdings Ltd., Hong Kong. |
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4,000 |
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WAI Chen Te, Janet |
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5,800 |
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WAI YIN Mei Ying |
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10,200 |
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|
–––––– |
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Total: |
20,000 ===== |
(As per registry dated
04-01-2012)
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Name (Nationality) |
Address |
|
Joseph WAI |
Room 1001-1003, 10/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong. |
|
Nelson WAI |
6/F., 15 Fontana Gardens, Ka Ning Path, Causeway Bay, Hong Kong. |
|
WAI Wing Lung |
Room 1001-1003, 10/F., Lane Crawford House, 70 Queen’s Road Central, Hong Kong. |
(As per registry
dated 04-01-2012)
|
Name |
Address |
|
Nelson, WAI |
6/F., 15 Fontana Gardens, Ka Ning Path, Causeway Bay, Hong Kong. |
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.
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$25-30 million (Including affiliate)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
· Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
The
Hong Kong Jade & Stone Manufacturers Association, Hong Kong.
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 condition.
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.
Incorporated on 04th January 1972, Astor Jewellery Co. Ltd. is chiefly owned by the Wai family. Mr. Henry Wai is the Managing Director of the subject.
The subject is jointly owned by Bestrich Holdings Ltd.,
a Hong Kong‑registered firm holding 20% interests; Ms. Wai Chen Te Janet, holding 29%, and Mrs. Wai Yin Mei Ying, 51%.
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 52 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.
The followings are some of its brands:-
Candy Chrono, Candy Club, Candy Flash, Candy Set, Candy Time, Candy Time Mini, Candy Time VIP, Juicy Glamour, etc.
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$25 from 30 million. Overall business is steady and profitable.
The subject’s business is chiefly handled by Mr. Joseph Wai.
On the whole, in view of the subject’s history and reputation, consider it good for normal business engagements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.55 |
|
UK Pound |
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
<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.