MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MODERN APEX ARTS LTD. |
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Registered Office : |
Flat H1, 12/F, Phase Ii, Kaiser Estate, 51 Man Yue St,
Hunghom, Kln |
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Country : |
Hong Kong |
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Date of Incorporation : |
18-11-1998 |
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Com. Reg. No.: |
660006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & distribution 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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
MODERN APEX ARTS LTD.
FLAT H1, 12/F, PHASE II, KAISER ESTATE,
51 MAN YUE ST, HUNGHOM, KLN, HONG KONG.
TEL : 852 27662365
FAX : 852 27662096
EXECUTIVE SUMMARY
INCORPORATION DATE :
18-11-1998
REGISTRATION NO. :
660006
REGISTERED LEGAL FORM : PRIVATE
LIMITED CO.
CHIEF EXECUTIVE : CHAN LAP YUEN LIMA (DIRECTOR)
STAFF STRENGTH :
30
AUTHORIZED CAPITAL :
HKD$10,000 = 10,000 SHARES @HKD$1.-
PAID-UP
CAPITAL : HKD
$10,000
BUSINESS LINE :
MANUFACTURE & DISTRIBUTION OF FINE JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81317 = USD1 AS OF 2007-04-16
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.
660006 on 18-11-1998.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 18-11-2006) Number
of shares held
- Gold Classic Holdings Co. Ltd. 9,999
- Myer Nominees Ltd. 1
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10,000
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Directors (as at 18-11-2006)
- Chan Lap Yuen Lima / D065631(4)
- Cyber Choice Technology Ltd.
- Linkfield Ltd.
- Sunford Technology Ltd.
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed 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
Sin Nga Yan Benedict 19-11-2005
Name(s) of newly appointed director(s) Appointment
date
Cyber Choice Technology Ltd. (Corporate director) 19-11-2005
Sunford Technology Ltd. 19-11-2005
SC is a subsidiary of Gold Classic Holdings Co. Ltd. whose partial
information is as follows:
Year established : 1993
Registered/business
address : Same as heading business address
Business line : As an investment
holding company representing the equity interest of SC's existing director
No. of employees : NA
Civil litigation & winding-up petition : None in our database
Turnover :
NA
Chan Lap Yuen Lima, director:
- In his late 40's
- Embarked upon his career to present field as an administration
assistant in his late 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat H1, 12/F, Kaiser Estate II, 51 Man
Yuen Street, Hunghom, Kowloon, HONG KONG.
Cyber Choice Technology Ltd, corporate director:
Registered/business address: Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands
Business line: As an investment holding co.
Civil litigation & winding-up petition records: None in our database
Linkfield Ltd., corporate director:
Registered/business address: Creque Building, P.O.Box 116, Road Town,
Tortola, British Virgin Islands
Business line: As an investment holding co.
Civil litigation & winding-up petition records: None in our database
Ownership background appraisal:
Rating : 2 Obtained scores : 60 (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, Chan Lap Yuen Lima, SC's director, declined
forwarding any financial information on the ground that it is the company's
policy not releasing any data to a third party without the benefit of knowing
the identity of the inquiring party.
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 18-11-2006 was nil.
Banking relations are maintained principally with:
- HSBC
- Hang Seng 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: (x) see below ( ) see attached sheet
Date :
23-01-2006 + 25-01-2006
Defendant(s) : SC
Plaintiff(s) : Rajiv Jain Dhandia
Cause of claim : Goods sold and delivered
Claimed amount : ANS
Date :
15-8-2006
Defendant(s) : SC
Plaintiff(s) : Sugem HONG KONG Ltd.
Cause of claim : Goods sold and delivered
Claimed amount : HKD $718,819
A call was made to 852-27236407, we managed
to contact Mr. Nisar, Accounting Manager of Sugem (HONG KONG) Ltd. (the
plaintiff), but he refused disclosing any regarding information.
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 & distribution of fine jewellery.
Items available include semi-precious jewellery, pearl, gemset,
earrings, bracelets, brooches and necklaces.
Production is assigned to its affiliated factory/joint venture factory
Myer (Guilin) Jewelry Manufaturing Co. Ltd. located at Guilin, Guangxi
Province, PR China (Reportedly, employing 400 workers & occupying a gross
area of 30,000 sq.ft.)
Principal purchases :
Major
types of sourcing :
Merchandise & raw materials
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
Principal market :
Local--type
of customers : Wholesalers &
retailers
Selling
terms : COD &
credit of 30 to 60 days
Overseas--buying
countries : USA, Europe, Australia &
Asia
Selling
terms : L/C &
T/T
Total number of employees : 30.
Location : Maintaining
its office & showroom at the heading business address which occupies a
gross area of 3,000 square feet at an industrial building in an industrial
district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
The premises is rented.
SC is not known to have any subsidiary at present.
SC appears to have experienced normal growth in recent years and its
standing for moderate amount of credit dealings appears acceptable.
-- 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%)