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Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SCORPIO
ENTERPRISES CO LTD. |
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Registered Office : |
Flat B, 9/F., Season Commercial Building, 3 Humphreys Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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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 : |
05 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
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: 5.
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)
|
Name |
|
No.
of shares |
|
NG Chi Kwong |
|
2,000,000 ======= |
(As per registry
dated 02-06-2012)
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Name (Nationality) |
Address |
|
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)
|
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: 5.
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 condition.
Facilities: Making active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Wing Lung Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. 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. Polished and cut diamonds are imported from India, Belgium and other European countries, etc.
It is reported that the subject has had an affiliated jewellery 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.
In order to penetrate the international market further, the subject has been preparing to take part in fairs and exhibitions held in Hong Kong and other foreign large cities.
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 twenty years. Overall business is active and satisfactory.
On the whole, consider it good for normal business engagements.
REMARKS:
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:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-04-1994 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
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:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
10-01-1996 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
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 |
|
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 |
|
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 |
|
21-09-2012 |
Instrument: Assignment of Life Insurance Property: 1) All the Assignor’s claims under the Insurance:- Insurance Policy No: 28006077 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Ng Chi Kwong Assignor / Policy Owner: Scorpio Enterprises Co. Ltd. (2) All the Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Secure Monies |
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.54.27 |
|
UK Pound |
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
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 |
|
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 |
---- |
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.