MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
LEGRAND JEWELLERY (MFG.) CO. LTD. |
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Registered Office : |
Blk O, 5/F, Kaiser Estate, Phase 3, |
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Country : |
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Date of Incorporation : |
14-1-1983 |
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Com. Reg. No.: |
120681 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & supply of fine jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
LEGRAND JEWELLERY (MFG.) CO. LTD.
BLK O, 5/F, KAISER ESTATE, PHASE 3,
TEL: 852 27657818
FAX: 852 23635045
EXECUTIVE SUMMARY
INCORPORATION DATE :
14-1-1983
REGISTRATION NO. :
120681
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : TO PING KWAN SAMMY (MANAGING DIRECTOR)
STAFF STRENGTH :
80 (INCLUDING WORKERS).
AUTHORIZED CAPITAL
: HKD$1M = 0.1M SHARES @ HKD$10.-
PAID-UP CAPITAL
: HKD$1M
BUSINESS LINE :
MANUFACTURE & SUPPLY OF FINE JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81303 = 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 –
SC is a private limited company registered under incorporation file no.
120681 on 14-1-1983.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 14-1-2007) Number
of shares held
- To Ping Kwan 90,200
- To Lam Sum 9,800
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100,000
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Directors (as at 14-1-2007)
- To Lam Sum / E916423(9)
- To Ping Kwan / E367853(2)
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.
To Ping Kwan Sammy, managing director:
- Born in 1950 & married
- Embarked upon his career to present field as an apprentice in his late
teens
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat H, 3/F,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Bird International Ltd.
- Date of purchase & consideration : 10-5-2005 / HKD$3.59M
- Date of mortgage & secured amount : NA
- Mortgagee : NA
The said premises was formerly purchased by To Ping Kwan & Cheng
Shenn at a consideration of HKD$3.72M on 5-1-1994 & sold to Lau Wun Wun at a consideration of
HKD$2,535,000 on 17-8-2001.
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
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
To Lam Sum, director:
- In his early 50's & married
- Embarked upon his career to present field as a junior salesman in his
mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 1/F, 19 Tung Shing Terrace,
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 : 63 (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, Wong Amina, SC's Accountant, 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 14-1-2007 was nil.
Banking relations are maintained principally with:
- Standard Chartered Bank (HK) Ltd.
- Hang Seng Bank Ltd.
- Citibank N.A.
- Bank of
- Industrial and Commercial Bank of
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
Civil litigation/winding-up petitions : None in our database.
Creation date : 9-5-2005
Charger(s) :
SC
Chargee(s) :
Hang Seng Bank Ltd.
Secured amount : ANS
Charge particulars : (Flat H, 41/F, Tower 7, Residence Oasis,
Creation date : 2-12-2005
Charger(s) :
SC
Chargee(s) :
Bank of
Secured amount : HKD$5M
Charge particulars : Agreement for gold bars lending
Creation date : 19-12-2005
Charger(s) :
SC
Chargee(s) :
Citibank N.A.
Secured amount : ANS
Charge particulars : Deposit deed
Creation date : 30-12-2005
Charger(s) :
SC
Chargee(s) :
Citibank N.A.
Secured amount : ANS
Charge particulars : Legal charge/mortgage (Unit D, 51/F, The Pacific Phase
2,Tower 7,
Creation date : 30-8-2006
Charger(s) :
SC
Chargee(s) :
Standard Chartered Bank (HK) Ltd.
Secured amount : ANS
Charge particulars : Charge over deposits (HKD$1M)
Creation date : 18-10-2006
Charger(s) :
SC
Chargee(s) :
Industrial and Commercial Bank of
Secured amount : ANS
Charge particulars : Charge over deposits (HKD$1M)
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1988 - 1990, 1996,
2000, 2001, 2003 & 2006
Year(s) in which mortgage satisfaction record(s) are filed: 1989, 1996,
1997, 2004 & 2006
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 & supply of fine jewellery.
SC's products feature diamonds, color stones & pearls, set with 14K,
18K gold & platinum.
Items available include necklaces, rings, earrings, pendants, bracelets
& brooches.
Production is assigned to its affiliated factory in PR China (reportedly
employing 300 workers there).
Principal purchases :
Major
types of sourcing : Raw
materials
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries :
Buying
terms : T/T
& L/C
Principal market :
Local--type
of customers : Wholesalers &
dealers
Selling
terms : COD & credit
of 30 days
Overseas--buying
countries : SE Asia, Europe,
Selling
terms : T/T, L/C,
D/A & D/P
Total number of employees : 80
(including workers).
Location: Maintaining its office
& workshop which occupies a gross area of 5,000 sq.ft. at the heading
business address at an industrial building in an industrial district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
SC is not
known to have any subsidiary at present.
SC is considered an old-established business
with acceptable financial base.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Flat H, 41/F, Tower 7, Residence Oasis,
- Owner(s): SC
- Date of purchase & consideration: 9-5-2005 / HKD$3,536,000
- Date of mortgage & secured amount: ANS
- Mortgagee: Hang Seng Bank Ltd.
- Address: Unit D, 51/F, The
- Owner(s): SC
- Date of purchase & consideration:
30-12-2005 / HKD$3,123,000
- Date of mortgage & secured amount:
30-12-2005 / ANS
- Mortgagee: Citibank N.A.
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%)