MIRA
INFORM REPORT
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Report Date : |
14th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FINE UNITED LTD. |
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Registered Office : |
Rm 307, 3/F, Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.04.1998 |
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Com. Reg. No.: |
643293 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing & export 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 : |
Usually Correct |
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Litigation : |
Clear |
Company Name & Address
FINE UNITED LTD.
RM 307, 3/F,
GUARDFORCE CENTRE, 3 HOK YUEN STREET EAST, HUNGHOM, KOWLOON, HONG KONG.
TEL : 852 23301663
FAX : 852 23301679
EXECUTIVE SUMMARY
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INCORPORATION
DATE |
29-4-1998 |
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REGISTRATION NO. |
643293 |
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REGISTERED LEGAL
FORM |
PRIVATE LIMITED CO. |
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CHIEF EXECUTIVE |
LAI CHEE WING ALBERT (DIRECTOR) |
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STAFF STRENGTH |
10 |
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AUTHORIZED
CAPITAL |
HKD 10,000 = 10,000 SHARES @ HKD1.- |
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PAID-UP CAPITAL |
HKD 10.- |
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BUSINESS LINE |
MANUFACTURE & EXPORT OF FINE JEWELLERY |
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TURNOVER |
N/A (AS OF DEC. 31, 2005) |
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EQUITIES |
N/A (AS OF DEC. 31, 2005) |
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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 7.81294 = USD1 AS OF 2007-02-14 |
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.
643293 on 29-4-1998.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 29-4-2006) Number
of shares held
Lai Chee Wing Albert 10
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Directors (as at 29-4-2006)
Lai Chee Wing Albert / C341666(4)
Lee Chun Ming / K238117(6)
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:
Shares transfers :
Date No. of shares Transferor(s) Transferee(s)
29-12-2005 2 Chou
Po Tai Lai
Chee Wing Albert
Change of business address : SC moved to the heading business address
from Unit 3, 5/F of the captioned building on 1-7-2006.
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 : 2-6-2006
Charger(s) :
SC
Chargee(s) :
The Bank of East Asia Ltd.
Secured amount : ANS
Charge particulars : Second Legal Charge / Mortgage (Flat B, 36/F, Ellery Terrace, 38 Good Shepherd St., Homantin,
Kowloon, Hong Kong.)
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2003, 2006
Year(s) in which mortgage satisfaction record(s) are filed: Nil
Lee Chun Ming, director:
- In his mid 30's
- Embarked upon his career to present field as a small businessman in
his mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat 4, 14/F, Kam Shing House, Kam Tai
Court, Ma On Shan, N.T., Hong Kong.
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
Lai Chee Wing Albert, director:
- In his mid 50's
- Embarked upon his career to present field as a small businessman in
his mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B, 36/F, Ellery Terrace, 38 Good
Shepherd St., Homantin, Kowloon, Hong Kong.
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 : 3 Obtained scores : 58 (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 & export of fine jewellery.
Items available include precious & semi-precious stones, diamond
rings, bracelets & other semi-precious jewellery.
Production is assigned to its affiliated factory/joint venture
factory located at Guangdong Province,
PR China.
Principal purchases :
Major
types of sourcing : Raw
materials & components
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China, Australia, SE Asia
& South Africa
Buying
terms : L/C, T/T
& special agreed terms
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : PR China, Japan, S. Korea,
SE Asia, USA & Europe
Selling
terms : L/C, T/T
& special agreed terms
Total number of employees :
10.
Location :
Maintaining its office at the heading
business address which occupies a gross area of 1,500 square feet at a
commercial building in an industrial & residential district.
Condition inside the premises during our visit :
Normal.
Office/factory layout :
Standard.
SC is not known to have any subsidiary at present.
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:
- HSBC
- The Bank of East Asia Ltd.
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 29-4-2006 was HKD2,590,367.49.
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.
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%)