MIRA
INFORM REPORT
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Report Date : |
20th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
MYER JEWELRY MFR. LTD. |
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Registered Office : |
Flat C, G/F, Kaiser Estate I, 41 Man Yue
St., Hunghom, Kowloon, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.04.1998 |
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Com. Reg. No.: |
642879 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing & supply of fine
jewellery. |
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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Maximum Credit Limit : |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name & address
MYER JEWELRY MFR. LTD.
FLAT C, G/F, KAISER ESTATE I,
41 MAN YUE ST., HUNGHOM, KOWLOON, HONG KONG.
TEL : 852 27730773
FAX : 852 27731773
EXECUTIVE SUMMARY
INCORPORATION DATE :
24-4-1998
REGISTRATION NO. :
642879
REGISTERED LEGAL FORM : PRIVATE LIMITED CO.
CHIEF EXECUTIVE : SIN NGA YAN BENEDICT (DIRECTOR & GENERAL MANAGER)
STAFF STRENGTH :
100 (SHARING WITH ITS AFFILIATES).
AUTHORIZED
CAPITAL : HKD 10,000 = 10,000
SHARES @ HKD1.-
PAID-UP
CAPITAL : HKD 2.-
BUSINESS LINE :
MANUFACTURE & SUPPLY OF FINE JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE :
MODERATE TO FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.78754 = USD1 AS OF 2006-11-20
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
The correct name of SC is the heading one instead
of the one given by you.
SC is a private limited company registered under
incorporation file no. 642879 on 24-4-1998.
SC's shareholders & directors are shown to be
as follows:
Shareholders (as
at 24-4-2006) Number
of shares held
Myer Nominees Ltd. 1
Premium Gold
International Ltd. 1
---
2
==
Directors (as at 15-6-2006)
Sin Lau Po Lan Violet / A191153(0)
Sin Nga Yan Benedict / D385563(6)
Sin Wai Kin David / A191152(2)
The above registration information is based on SC's
annual return filed at Companies Registry within the last 2 years.
Our current search reveals certain material change
or amendment of SC has been recorded within the last 2 years & noted as
follows:
Partial change in SC's directorship as follows:
Name(s) of
resigned director(s) Resignation
date
Tang Chiu Ming Frank 15-6-2006
Name(s) of newly
appointed director(s) Appointment
date
Nil Nil
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) : None filed
within the last 2 years as per our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are
filed: 1999
Year(s) in which mortgage satisfaction record(s)
are filed: Nil
Sin Nga Yan Benedict, director & general
manager:
- In his late 50's & married
- Embarked upon his career to present field as an
executive trainee in his late 20's
- Also currently director of the following cos.:
~ Modern Apex Arts Ltd.
~ Myer Jewelry Manufacturer Ltd.
~ Luster Lapidary International Ltd.
~ Luster Lapidary Ltd.
~ Donovans Ltd.
~ Gordon Veni Jewelry Mfr. Ltd.
~ 4M Goldmec Jewelry Ltd.
Currently active in SC's day-to-day operations
& is responsible for its management.
Registered residential address: Same as heading
business address.
Current land search indicates that the said
director owns the following property:
- Address:
Unit K, 55/F, Manhattan Heights, 28 Kennedy Town New Praya, Kennedy
Town, Hong Kong.
Property ownership: Current land search indicates
the said premises ownership as follows:
- Owner(s) : Sin Nga Yan Benedict
- Date of purchase & consideration : 7-4-2000 /
HKD5,316,000
- Date of mortgage & secured amount : 7-4-2000
/ ANS
- Mortgagee : Bank of America (HK) Ltd. (discharged
on 3-12-2003)
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of the
following records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Sin Wai Kin David, director:
- In his 60's
- Embarked upon his career to present field as a
salesman in his 20's
- Also currently director of the following cos.:
~ Luster Lapidary International Ltd.
~ Myer Jewelry Manufacturer Ltd.
~ Donovans Ltd.
Registered residential address: Same as heading business
address.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of the
following records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 2 Obtained scores : 68 (see explanatory notes below)
Keys :
1 :
scores 81-100 : Excellent
2 : scores 61-80 : Good
3 : scores 46-60 : Average
4 : scores 21-45 : Fair
5 : scores 01-20 : Poor
The rating indicates the personal financial &
operational strength of SC's major principals.
It is calculated from a composite of scores obtained from the following
5 factors which carry equal weight in our analysis:
Personal financial strength, credit history &
trade reputation, business experience & track record, market connection and
management skill.
Business categories :
SC is engaged in manufacturing & supply of fine
jewellery.
Items available include earrings, bracelets,
brooches, necklaces, gemstones, jade, jewellery watches, precious &
semi-precious stones and diamond, pearl & platinum jewellery.
Production is assigned to its affiliated
factory/joint venture factory , Shenzhen Yi Yang Jewellery Industrial Co. Ltd.,
located at Shenzhen, Guangdong Province, PR China (reportedly employing 1,500
workers there & occupying a gross area of 20,000 sq. meters).
Principal purchases :
Major types of sourcing :
Merchandise, raw materials & accessories
Local--type of suppliers :
Importers & distributors
Buying terms :
COD & credit of 30 to 60 days
Overseas--supplying countries : India,
Israel, Belgium, S. Africa & other SE Asian countries
Buying terms :
L/C, T/T & open account of 30 to 60 days
Principal market :
Local--type of customers :
Wholesalers & retailers
Selling terms :
Credit of 30 to 60 days & local L/C
Overseas--buying countries :
Japan, Australia, SE Asia, USA, Europe, Middle East & South America
Selling terms :
L/C & T/T
Total number of
employees : 100 (sharing with its affiliates).
Location : Maintaining its office & showroom at the
heading business address which occupies a gross area of 3,000 square feet at a
commercial & industrial building in a commercial, residential &
industrial district.
Condition inside
the premises during our visit : Normal.
Office/factory
layout : Standard.
Jointly occupying the premises with the below
mentioned affiliates.
Affiliate(s):
Company name :
Myer Jewelry Manufacturer Ltd. (see "Remarks")
Year established : 1977
Business
nature : Manufacture & wholesale of
jewelry
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records:
None in our database
Affiliate(s):
Company name :
4M Goldmec Jewelry Ltd. (see "Remarks")
Year established : 1987
Business
nature : Supply of fine jewellery
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records:
None in our database
Affiliate(s):
Company name :
Gordon Veni Jewelry Mfr. Ltd. (see "Remarks")
Year established : 1987
Business
nature : Manufacture of fine jewellery
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records:
None in our database
Affiliate(s):
Company name :
Luster Lapidary International Ltd. (see
"Remarks")
Year established : 1974
Business
nature : Manufacture of semi-precious
stone products
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records:
None in our database
Ohter affiliates:
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- Bon & Pro Investment Ltd.
- Myer Watch Ltd.
- Diamond Packaging Ltd.
- Donovans Ltd.
- Luster Lapidary Ltd.
- Modern Apex Arts Ltd.
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 : SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
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.
Banking relations are maintained principally with:
Bank of America (Asia) Ltd.
Upon a
current contact, SC's principal(s) declined forwarding any financial
information on the ground that SC is a private venture whose data is not
required for public inspection.
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 24-4-2006 was nil.
From all indications, SC is believed to have made a
steady and successful trend of development.
Credit in the range of moderate to fairly large amount can be
considered.
-- Asset Tracing --
Upon our current investigation, our database &
sources consulted indicate that SC was not involved in any property transaction
(both purchase & disposal) in Hong Kong for the last 6 years.
Partial registration information regarding Myer
Jewelry Manufacturer Ltd. is as follows:
Date of incorporation: 28-10-1977
Authorized capital: HKD6M divided into * shares @
HKD100.-
Paid-up capital: HKD5,150,200
Shareholders (as
at 28-10-2005) Number
of shares held
Ordinary
Myer Industries
Int'l Ltd. 1,002
Non-voting
50% deferred
Myer Industries
Int'l Ltd. 50,499
Mart International
Co. Ltd. 1
Directors (as at 15-6-2006)
Sin Wai Kin David
Sin Nga Yan Benedict
Sin Lau Po Lan Violet
* 9,500 ordinary shares + 50,500 non-voting 50%
deferred shares
Partial registration information regarding 4M
Goldmec Jewelry Ltd. is as follows:
Date of incorporation: 6-3-1987
Authorized capital: HKD10,000 divided into 10,000
shares @ HKD1.-
Paid-up capital: HKD10,000
Shareholders (as
at 6-3-2006) Number
of shares held
4M Gold Jewelry
Co. Ltd. 9,999
Myer Nominees Ltd. 1
Directors (as at 15-6-2006)
Sin Nga Yan Benedict
Sin Wai Cheuk Johnson
Partial registration information regarding Gordon
Veni Jewelry Mfr. Ltd. is as follows:
Date of incorporation: 11-8-1987
Authorized capital: HKD1M divided into 10,000
shares @ HKD100.-
Paid-up capital: HKD1M
Shareholders (as
at 11-8-2005) Number
of shares held
Myer Global
Holdings Ltd. 9,999
Myer Nominees Ltd. 1
Directors (as at 18-1-2006)
Sin Nga Yan Benedict
Sin Wai Cheuk Johnson
Tang Chiu Ming Frank
Partial registration information regarding Luster
Lapidary International Ltd. is as follows:
Date of incorporation: 23-8-1974
Authorized capital: HKD3M divided into 300,000
shares @ HKD10.-
Paid-up capital: HKD3M
Shareholders (as
at 23-8-2005) Number
of shares held
Myer Global
Holdings Ltd. 299,999
Myer Nominees Ltd. 1
Directors (as at 23-8-2005)
Sin Lau Po Lan Violet
Sin Nga Yan Benedict
Sin Wai Cheuk Johnson
Sin Wai Kin David
Tang Chiu King Frank
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 |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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