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MIRA INFORM REPORT
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Report No. : |
516063 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
SCORPIO ENTERPRISES COMPANY LIMITED |
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Registered Office : |
Flat B, 9/F., Season Commercial Building, 3 Humphreys Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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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. |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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 reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade 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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company
name and address
SCORPIO ENTERPRISES
COMPANY LIMITED
ADDRESS: Flat
B, 9/F., Season Commercial Building, 3 Humphreys Avenue, Tsimshatsui,
Kowloon, Hong
Kong.
PHONE: 852-2311
0081
FAX: 852-2311
0012
E-MAIL: wongngfamily@yahoo.com.hk
MANAGEMENT
Managing Director:
Mr. Ng Chi Kwong
SUMMARY
Incorporated on: 2nd June, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$2,000,000.00
Business Category: Diamond
Trader.
Employees: 6.
Main Dealing Banker: Wing
Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Flat B, 9/F., Season Commercial Building, 3 Humphreys
Avenue, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS
REGISTRATION NUMBER
15769554
COMPANY
FILE NUMBER
0359744
MANAGEMENT
Managing Director:
Mr. Ng Chi Kwong
Contact Person: Ms. Wong Yee Ching, Winnie
ISSUED
SHARE CAPITAL
HK$2,000,000.00
SHAREHOLDER
(As per registry dated 02-06-2018)
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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 ======= |
DIRECTOR
(As per registry dated 02-06-2018)
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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. |
SECRETARY
(As per registry dated 02-06-2018)
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Name |
Address |
Co. No. |
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Canbright Inc Ltd. |
Unit 1002, 10/F., David House, 8-20 Nanking Street,
Jordan, Kowloon, Hong Kong. |
1850658 |
HISTORY
The subject was
incorporated on 2nd June, 1992 as a private limited liability company under the
Hong Kong Companies Ordinance.
The subject changed
its company secretary in June 2016.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones.
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: CAD, L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
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
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met obligations as
contracted.
Commercial Morality:
Good.
Bankers:-
Wing Lung Bank Ltd.,
Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued 2
million ordinary shares of HK$1.00 each, Scorpio Enterprises Company Limited 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 also 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 the other European countries,
etc.
The subject has had
an affiliated jewellery factory in Southern China employing about 110
persons. 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.
The subject’s
business is chiefly handled by Ms. Winnie Wong Yee Ching who is the contact
person of the subject. Wong is one of
the Hong Kong employees 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 business of the
subject is rather active. Regular
suppliers and foreign customers have been maintained.
The subject’s history
in Hong Kong is over twenty-six years.
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:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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18-04-1994 |
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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 |
MORTGAGE
OR CHARGE
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Date |
Description
of Instrument |
Mortgagee |
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18-04-1994 |
Mortgage |
Wing Lung Bank Ltd., Hong Kong. |
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12-06-1995 |
Second Mortgage |
Wing Lung Bank Ltd., Hong Kong. |
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10-01-1996 |
Mortgage |
Wing Lung Bank Ltd., Hong Kong |
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21-09-2012 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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19-01-2018 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.15 |
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1 |
INR 90.27 |
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Euro |
1 |
INR 79.35 |
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HKD |
1 |
INR 8.68 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.