MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUN LAP FOOK CO. LTD. |
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Registered Office : |
Rm 306, Fu Hang Ind'l Bldg., No.1 Ho Yuen St. East,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28-2-1991 |
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Com. Reg. No.: |
301003 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & export of fine jewelry upon OEM basis. |
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 : |
Usually correct |
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Litigation : |
Clear |
name & address
SUN LAP FOOK CO. LTD.
RM 306, FU HANG IND'L BLDG.,
NO.1 HO YUEN ST. EAST, HUNGHOM, KOWLOON, HONG KONG
TEL : 852 23647661
FAX : 852 27643064
EXECUTIVE SUMMARY
INCORPORATION DATE :
28-2-1991
REGISTRATION NO. :
301003
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : CHEUNG SHU SUN STEPHEN (MANAGING DIRECTOR)
STAFF STRENGTH :
12.
AUTHORIZED CAPITAL :
HK$50,000 = 50,000 SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$45,000
BUSINESS LINE :
MANUFACTURING & EXPORT OF FINE JEWELRY
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81400 = USD1 AS OF 2007-04-13
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
SC is a private limited company registered under incorporation file no.
301003 on 28-2-1991.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 28-2-2006) Number
of shares held
- Cheung Shu Sun Stephen 5,000
- Law Suk Fun 2,000
- Cheung Chi Kin Richard 1,000
- Cheung Chi Hong Patrick 1,000
- Cheung Chi Tao Matthew 1,000
- Gold Horse Investments Ltd. 35,000
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45,000
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Directors (as at 28-2-2006)
- Cheung Shu Sun Stephen / B5303899
- Law Suk Fun / A0294473
- Cheung Chi Hong Patrick / D6224564
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 : 12.
Location : Maintaining
its office & workshop at the heading business address which occupies a
gross area of 1,500 square feet at an industrial building in an industrial
& residential district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
The premises is rented.
SC is a subsidiary of Gold Horse Investments Ltd. whose partial
information is as follows:
- Registered address: Sea Meadow
House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, BVI.
- Business line: As an offshore
holding co.
- Civil litigation & winding-up petition: None in our database
Cheung Shu Sun Stephen, managing director:
- In his early 60's & married
- Embarked upon his career to present field as an apprentice in his 20's
- He has over 40 years' experience in jewelry manufacturing
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B, 23/F, Blk 5, Provident Centre,
North Point, HK.
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
Cheung Chi Hong Patrick, director:
- In his early 50's & married
- Graduated from the department of industrial engineering in the
University of HK
- Embarked upon his career to present field as an executive trainee in
his mid 20's
- Currently active in SC's day-to-day operations & is responsible
for its sales & marketing management
Registered residential address: Same as Cheung Shu Sun Stephen.
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 : 62 (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.
Upon a current contact, Cheung Chi Hong Patrick, SC's director,,
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 28-2-2006 was nil.
Banking relations are maintained principally with: HSBC, Hang Seng Bank
Ltd. & Shanghai Commercial Bank Ltd.
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 records 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 since its incorporation date.
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.
Business categories:
SC is engaged in manufacturing & export of fine jewelry upon OEM
basis.
Production of 14/18 karat yellow / white gold or platinum jewelry set
with diamond, pearl, precious & semi-precious stone.
Items available include rings, earrings, pendants, necklaces, bracelets,
bangles, brooches & cufflinks.
Production is assigned to its affiliated factory/joint venture factory
located at Foshan, Guangdong Province, PR China (reportedly employing 400 workers there).
Membership:
- Hong Kong Jewelry Manufacturers' Association
Principal purchases :
Major
types of sourcing : Raw
materials & accessories
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : USA, Europe & Africa
Buying
terms : T/T
Principal market :
Local--type
of customers : Jewelry retailers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : Japan, USA & Europe
Selling
terms : T/T
SC is not
known to have any subsidiary at present.
SC is considered small/medium-sized in its line locally with acceptable
base to meet its normal dealings. Credit up to moderate amount may 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.
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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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%)