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MIRA INFORM REPORT
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Report
Date : |
20th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
FAI PO JEWELLERY (H.K.) COMPANY LIMITED |
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Registered
Office : |
Flat
602-606, 6/F, Blk A, Focal Ind'l Ctr., 21 Man Lok St., Hunghom, Kowloon, Hong
Kong |
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Date
of Incorporation : |
03-01-1997 |
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Com.
Reg. No.: |
5849908 |
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Legal
Form : |
Private Limited Company |
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Line
of Business : |
Manufacturing & trading of
fine jewellery & gemstones. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
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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 |
NAME
FAI PO
JEWELLERY (H.K.) CO. LTD.
ADDRESS
FLAT
602-606, 6/F, BLK A, FOCAL IND'L CTR.,
21 MAN LOK
ST., HUNGHOM, KOWLOON, HONG KONG
TEL : 852
27744833
FAX : 852
23301553
EXECUTIVE SUMMARY
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INCORPORATION
DATE |
3-1-1997 |
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REGISTRATION
NO. |
5849908 |
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REGISTERED
LEGAL FORM |
PRIVATE LIMITED CO. |
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STAFF
STRENGTH |
35 |
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AUTHORIZED CAPITAL |
HK$10,000 = 10,000 SHARES @ HK$1.- |
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PAID-UP CAPITAL |
HK$2.- |
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BUSINESS
LINE |
MANUFACTURE & TRADING OF FINE JEWELLERY &
GEMSTONES |
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TURNOVER |
N/A (AS
OF DEC. 31, 2004) |
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EQUITIES |
N/A (AS
OF DEC. 31, 2004) |
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PAYMENT |
AVERAGE |
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RECOMM.
CREDIT RANGE |
MODERATE
AMOUNT |
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MARKET
CONDITION |
COMPETITIVE |
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FINANCIAL
CONDITION |
STABLE |
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OPERATIONAL
TREND |
FAIRLY STEADY |
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GENERAL
REPUTATION |
AVERAGE |
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EXCHANGE
RATE |
HKD 7.7542 = USD1 AS OF 2006-11-23 |
Adopted
abbreviations
ANS -
amount not stated
NS - not
stated
SC -
subject company (the company inquired by you)
NA - not
available
M - million
HKD – Hong
Kong Dollars
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The correct name of SC should be
the heading one instead of name given by you.
SC is a private limited company
registered under incorporation file no. 5849908 on 3-1-1997.
SC's shareholders & directors
are shown to be as follows:
Shareholders
(as at 3-1-2005) Number
of shares held
*Pearl
Dynasty Ltd. 1
*Joyce
Field International Ltd. 1
---
2
==
Directors (as at 3-1-2005)
*Also directors
The above registration information
is based on SC's annual return filed at Companies Registry within the last 2
years.
No material change or amendment
regarding SC has been traced & noted within last 2 years.
Total
number of employees : 35.
Location : Maintaining its office & godown at the
heading business address which occupies a gross area of 2,500 square feet at an
industrial building in an industrial district.
Condition
inside the premises during our visit : Normal.
Office/factory
layout : Standard.
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This section will contain the
civil litigations & winding-up petitions filed against SC for the last 6
years (as stored in our database), and the mortgage/charge filed by SC for the
last 2 years. In Hong Kong, creation of
such mortgages/charges by an unlimited co is not required to be registered in
the public records.
Civil
litigation/winding-up petitions : None
in our database.
Mortgage/charge
record(s) : (X) see below (
) see per attached
Creation
date :
22-9-2004
Charger(s) : SC
Chargee(s) : Bank of China
(HK) Ltd.
Secured
amount : ANS
Charge
particulars : Mortgage (Flat B, 23/F, Tower 1, Harbourfront
Landmark, 11 Wan Hoi St., Kln., HK.)
Note : In Hong
Kong, documents of mortgages satisfaction (discharge) are not compulsorily
submitted to Companies Registry. Thus,
some of the mentioned mortgages may have been satisfied.
Mortgage Index
Year(s) in which mortgage
registration(s) are filed: 2002, 2004
Year(s) in which mortgage
satisfaction record(s) are filed: 2004
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Pearl Dynasty Ltd. & Joyce
Field International Ltd., SC's shareholders & corporate directors, whose
partial information is as follows:
- Registered address: The Creque Bldg., P.O. Box 116, Road Town,
Tortola,
B.V.I. *
- Business line: As an offshore investment co. with diverse
interests in
manufacturing & trading of fine jewellery & gem stones.
- Civil litigation &
winding-up petition records of the said cos.:
None in our
database
* Feature of BVI-incorporated
cos.: It is by law there that the
information of shareholders & directors of such cos. are not disclosed to
the public. Thus the ownership
background of SC cannot be clearly identified.
Chan Jacky, general manager: In his late 40's & married. Currently active in SC's day-to-day
operations & is responsible for its management.
Chow Susanna, senior executive
officer: In her mid 40's. Currently active in SC's day-to-day
operations & is responsible for its management.
Ownership background appraisal
Appraisal is not given as
available information regarding the principal(s) is insufficient for
assessment.
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Business categories
SC is engaged in manufacturing
& trading of fine jewellery & gemstones.
Items available include 14K, 18K
gold jewellery, blue chalcedony, amethyst, citrine, tourmaline, peridot, blue
topaz & rose quartz jewellery, etc.
Production is assigned to its
affiliated factory/joint venture factory " Guang Dong Henghui Precious
Stone", located at Guangdong Province, PR China (reportedly employing over
100 workers there).
Principal purchases
Major types of sourcing : Precious stones & jewellery
Local--type of suppliers : Nil
Buying terms :
Nil
Overseas--supplying countries : India, Thailand, South Africa & Brazil
Buying terms :
L/C & special agreed terms
Principal market
Local--type of customers : Wholesalers & retailers (10%)
Selling terms :
Special agreed terms
Overseas--buying countries : PR China, Taiwan, Singapore, S. Korea, USA,
Italy & UK (90%)
Selling terms :
L/C & special agreed terms
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Jointly occupying the premises
with the below mentioned affiliates.
Affiliate(s)
Company
name : Fai Po Gem
(HK) Co. Ltd.
Year
established : 1997
Business nature :
Similar to SC
Address :
Same as heading business address
Turnover :
NA
Civil litigation & winding-up
petition records : None in our database
Affiliate(s)
Company
name : Fai Po
Manufacturing Co. Ltd.
Year
established : 1991
Business nature :
Similar to SC
Address :
Same as heading business address
Turnover :
NA
Civil litigation & winding-up
petition records : None in our database
SC also maintains its workshop at
Unit 8, 5/F, Blk A, Focal Ind'l Ctr., 21 Man Lok St., Hunghom, Kln., HK &
ownership is as follows:
- Owner: Fai Po Gem (HK) Co. Ltd.
- Date of purchase &
consideration: 8-1-2003 / $1.38M
- Date of mortgage & secured
amount: 13-1-2003 / ANS
- Mortgagee: Industrial & Commercial Bank of China
(Asia) Ltd.
Overseas affiliate:
------------------------
- Name: Fai Po Gems & Jewellery Co. Inc.
- Address: Suite 1703, 10 West 46 St., New York, N.Y.
10036, USA.
- Tel: 212-5753802
- Fax: 212-5752825
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Overall payment appraisal
(
) Excellent ( ) Good
(X) Average ( ) Fair
( ) Poor ( )
Not yet determined
The appraisal serves as a
reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current
enquiry with SC's suppliers), our delinquent payment records and our debt
collection record concerning SC.
Trade payment experience
Owing to
the nature of its operation, SC is not an active seeker of local commercial
credit. Its expenses in the form of accruals and servicing are reportedly met
in a prompt manner.
Delinquent payment record
None in our database.
Debt collection record
No overdue
amount owed by SC was placed to us for collection within the last 6 years.
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Banking relations are maintained
principally with:
- Bank of China (HK) Ltd.
- HSBC
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During our
report preparation, the principals could not be contacted while the staff
members hesitated to release financial information without the principals'
consent.
As per current co. search, total
amount of indebtedness of SC in respect of all mortgages and charges which are
required to be registered with Companies Registry as at 3-1-2005 was ANS.
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SC is considered a normally
advancing concern with steady customers and good base to meet its trade
engagements. Credit in the range of
moderate amount can be considered.
NOTES
Current land search indicates that
SC owns the following premises:
- Address: Unit B, 23/F,
Harbourfront Landmark Tower 1, 11 Wai Hoi St.,
Hunghom, Kln., HK.
- Owner(s): SC
- Date of purchase &
consideration: 18-4-2002 / $16.63M
- Date of mortgage & secured
amount: 22-9-2004 / ANS
- Mortgagee: Bank of China (HK)
Ltd.
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 |
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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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |