MIRA INFORM REPORT
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Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
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Name : |
AUROSTYLE
LTD. |
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Formerly Known As : |
Boral Co. Ltd. |
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Registered Office : |
Room 505-506, 5/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.05.1987 |
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Com. Reg. No.: |
11012907 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of jewellery and precious stones |
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No. of Employees
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85. (Hong Kong) |
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 : |
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 – 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 |
AUROSTYLE LTD.
Room 505-506, 5/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2765 6388
FAX: 2765 0334
E-MAIL: factory@aurostyle.com.hk
Managing Director: Mr. Christophe Joseph Pontus
Incorporated on: 12th May, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$3,910,000.00
Issued: HK$3,910,000.00
Business Category: Jewellery and Diamond Trader.
Annual Turnover: HK$360~365 million.
Employees: 85. (Hong Kong)
Main Dealing Banker: Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
Room 505-506, 5/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Sales Office:-
Flat 8, 1/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
[Tel 2330 1832
Fax: 2330 1331
E-mail: sales@aurostyle.com.hk]
China Factory:-
Guangzhou Aurostyle Jewellery Co. Ltd.
Weile Jewellery Industrial Park, 999 Fulong Road, Fucong Village, Shawan, Panyu, Guangzhou, Guangdong Province, China.
[Tel: 86-20-3487 8301; Fax: 86-20-3487 8312]
Business Names:-
· Aurostyle Silver Manufacturing, Hong Kong.
· Fashion House Jewelry, Hong Kong.
Holding Company:-
Christian Bernard SAS, France.
[Formerly known as Christian Bernard Diffusion S.A.]
11012907
0188792
· Group Chief Executive Officer: Mr. Damien Verrier
· Managing Director: Mr. Christophe Joseph Pontus
· Director & Sales Manager: Ms. Chan Suk Kwan, Adeline
· Group Chief Financial Officer (Asia): Mr. Herve Maurice Accart
· Contact Person: Mr. Laurence Melet, Ms. Cindy Ho
Nominal Share Capital: HK$3,910,000.00 (Divided into 3,910,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,910,000.00
(As per registry
dated 12-05-2011)
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Name |
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No.
of shares |
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Christian Bernard SAS 1 Rue Lulli,
75002 Paris, France. |
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3,910,000 ======= |
(As per registry
dated 12-05-2011)
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Name (Nationality) |
Address |
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CHAN Suk Kwan |
1/F., Hoi Wan Building, 25 Hoi Wan Street,
Quarry Bay, Hong Kong. |
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Christophe
Joseph PONTUS |
Flat A, 8/F., Block 8, Parc Palais, 18
Wylie Road, Yaumatei, Kowloon, Hong Kong. |
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Damien VERRIER |
36 Rue de la Pesse, 74940 Annecy-Le-Vieux,
France. |
(As per registry dated
12-05-2011)
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Name |
Address |
Co.
No. |
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McCabe
Secretarial Services Ltd. |
29/F., Wing On Centre, 111 Connaught Road Central, Hong Kong. |
0095390 |
The
subject was incorporated on 12th May, 1987 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Boral Co. Ltd., name changed to
the present style on 7th August, 1987.
Formerly
the subject’s registered head office was located at Room 1005‑1007, 10/F.,
Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong,
moved to Room 505-506, 5/F. of the same building in July 2006. With effect from 5th January, 2007, its sales
office was moved to the present address from Room 705, 7/F., Harbour Centre,
Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: All kinds of jewellery and precious stones.
Employees: 85. (Hong Kong)
Commodities Imported: India, Belgium Israel, etc.
Markets: Europe, US, Japan, Australia, South Africa, etc.
Annual Turnover: HK$360~365 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
· Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
· Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
· The French Chamber of Commerce & Industry in Hong Kong.
·
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKA0446]
Nominal Share Capital: HK$3,910,000.00 (Divided into 3,910,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,910,000.00
Profit or Loss: Business is profitable.
Condition: Keeping in an active condition.
Facilities: Making very active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Good.
Bankers:-
· Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
· The Bank of Nova Scotia, Hong Kong Branch.
· GE Commercial Finance (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having
issued 3,910,000 ordinary shares of HK$1.00 each, Aurostyle Ltd. is a wholly-owned
subsidiary of Christian Bernard SAS (formerly known as Christian Bernard
Diffusion S.A.) which is a France-based firm.
The subject’s business names are “Fashion House Jewelry” and “Aurostyle
Silver Manufacturing”.
Founded
in 1987, the subject is one of the prominent manufacturers and exporters of
fine jewellery based in Hong Kong.
The
subject is a member of the Christian Bernard Group. It operates its R&D, designing,
production and distribution activities worldwide and is specialized in the following
products: diamond jewellery, ruby, emerald and sapphire jewellery,
semi-precious stone jewellery, opal jewellery, platinum jewellery, CZ
jewellery, pearl jewellery, men’s jewellery, etc.
Besides
a wide range of prices and styles for ladies, men and kids, the subject also
offers OEM and personalized services.
Prime markets are Europe, Japan, Taiwan, Australia, South Africa, North
America, the Middle East, etc.
Supported
by a workforce of over 2,000 professionals in China, the subject has got a factory
in Panyu, Guangzhou, Guangdong Province, China known as Guangzhou Aurostyle
Jewellery Co. Ltd. Most of the factory’s
products are distributed to importers, wholesalers, department stores and chain
stores in over 30 countries across 6 continents.
The
subject is able to produce more than 3,000 different styles of products. Each type is sold at a specific price range
and aims at certain target markets. The
elegant and modern collection is shown in 9K, 10K, 14K and 18K gold and silver,
set with diamond, pearls, precious stones, semi-precious stones and cubic
zirconia.
The
subject exports all its products and can be found at major international trade
fairs. In order to penetrate the
international market further, the subject has taken part in fairs and exhibitions
held in Hong Kong and other foreign large cities such as: Vicenza Oro I
Belgium; Hong Kong International Jewellery Show, Hong Kong; Basel World Vicenza
Oro II, Belgium; Hong Kong Jewellery & Watch Fair, Hong Kong;
Vicenzaoro First, Italy; Basel, Switzerland; Vicenzaoro Charm, Italy;
Vicenzaoro Choice, Italy; Junwex Moscow; Istanbul Jewelry Show I, Turkey;
etc. The latest exhibition taken part by
the subject was Hong Kong International Jewellery Show 2010 which had been held
between 5th to 9th March, 2010.
Annual
sales turnover of the subject ranges from HK$360 to 365 million. Business is active and profitable. Regular customers have been maintained.
The
subject is chiefly controlled by Christophe Joseph Pontus, a French who has
been in Hong Kong for a very long time.
The
International Sales Manager is Ms. Adeline Chan Suk Kwan who is a Hong Kong
businesswoman.
Currently,
the subject has 85 employees in Hong Kong and the Group has about 4,000
worldwide.
The
President of the Group is Mr. Bernard Nguyen who started the Group in the late
60’s. The Group is able to produce over
8,000 prototypes per year.
In
March 2009, Mr. Herve Maurice Accart joined in the Board of Director of the
subject. He is also the Chief Financial
Officer of Asia of the Group.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in “HKTDC Hong
Kong International Jewellery Show 2013” which will be held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th
to 9th March, 2013.
The
history of the subject in Hong Kong is over twenty-four years and nine months.
On
the whole, in view of the background of the subject, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.94 |
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UK Pound |
1 |
Rs.77.95 |
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Euro |
1 |
Rs.65.94 |
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.