MIRA INFORM REPORT

 

 

Report Date :

27.12.2008

 

IDENTIFICATION DETAILS

 

Name :

KENG  FAI  JEWELLERY

 

 

Registered Office :

Room 503, 5/F., Chao’s Building, 143-145 Bonham Strand East, Sheung Wan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

02.05.1994

 

 

Com. Reg. No.:

14716518-001-06

 

 

Legal Form :

Sole Ownership

 

 

Line of Business :

Importer, Exporter and Wholesaler of Glass, Silver Tableware, Jewellery products, etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name of the company

 

KENG  FAI  JEWELLERY

(Operated by RICHFINE DEVELOPMENT LTD.)

 

 

ADDRESS

 

Room 503, 5/F., Chao’s Building, 143-145 Bonham Strand East, Sheung Wan, Hong Kong.

PHONE:            2549 0382

FAX:                 2517 8550

E-MAIL:            richfine@netvigator.com

 

 

MANAGEMENT

 

Manager:  Mr. Chiang Keng Fai

 

 

SUMMARY

 

Establishment:              2nd May, 1994.

 

Organization:                 Sole Ownership.

 

Capital:                         Provided by Sole Owner.

 

Business Category:        Tableware and Related Product Trader.

 

Annual Turnover:            HK$40-45 million.

 

Employees:                   6.  (Hong Kong)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Head Office:-

Room 503, 5/F., Chao’s Building, 143-145 Bonham Strand East, Sheung Wan, Hong Kong.

 

China Factory:  Bao’an District, Shenzhen Special Economic Zone, China.

 

Affiliated Company:-

Richfine Industries Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

14716518-001-06

 

 

MANAGEMENT

 

Manager:  Mr. Chiang Keng Fai

 

 

SOLE OWNER

 

Richfine Development Ltd., Hong Kong.  (See attachment)

 

 

HISTORY

 

The subject was established on 2nd May, 1994 as a sole ownership firm with Richfine Development Ltd. as the proprietor under the Hong Kong Business Registration Regulations.

Initially the subject was located at Room 801, 8/F., Fu Fai Commercial Centre, 27 Hillier Street, Sheung Wan, Hong Kong, moved to the present address in June 1999.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

 

Activities:          Importer, Exporter and Wholesaler.

 

Lines:               Glass, silver tableware, jewellery products, etc.

 

Brand Name:     RICHFINE.

 

Employees:           6. (Hong Kong)

  300.  (China)

 

            Materials/Commodities:  Imports raw materials from European countries, some Asian countries and finished products from China.

 

            Markets:           Japan, Middle East, North America, Europe, etc.

 

            Annual Turnover:            HK$40-45 million.

 

            Terms/Sales:  L/C, or as per contracted.

 

            Terms/Buying:  L/C, T/T, etc.

 

FINANCIAL INFORMATION:

 

            Capital: Provided by Sole Owner.

 

            Profit & Loss:    Making a small profit.

 

            Condition:  Keeping in an active state.

 

            Facilities:  Making active use of general banking facilities.

 

            Payment:  So far so good.

 

            Commercial Morality:  Satisfactory.

 

            Banker:  The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

            Standing:  Normal.

 

GENERAL:

Keng Fai Jewellery is a wholly-owned subsidiary of Richfine Development Ltd., a Hong Kong-registered firm located at the same address.

Besides ita parent, the subject has got an affiliated company Richfine Industries Ltd. [Richfine] also located at the same address.

The subject is engaged in the same lines of business as Richfine.

Currently, the subject is manufacturing the following commodities and offering clients with the following services:-

Product/Service

Product/Service Remarks

Household Products (Non-Electrical)

 

Tableware – Miscellaneous

 

Mug

Porcelain include OEM

Tableware – Porcelain / Ceramic / Stone

Dinner sets include OEM

Decorations and Crafts

 

Antique Reproduction

 

Antique Reproduction – Porcelain

Include OEM

Giftware and Premiums

 

Hotel / Airline Amenities

Porcelain for restaurant include OEM

Souvenirs and Premiums

 

Advertising Premium

Porcelain include OEM

Giftware

Porcelain include OEM

Stationery and Office Equipment

 

Paper and Paper Products

 

Paper Transfer (include Decal)

Decal paper/heat transfer paper include for ceramics

 

The subject’s factory is situated at Bao’an District, Shenzhen, China, which is a solely owned land property.  The total area covers 200,000 sq.ft., including a 7,000 sq.ft. showroom which is displaying all kinds of its products.  The factory, employing about 300 persons, is also equipped with advanced machinery together with a group of technical personnel.

The factory offers clients with product designing, sampling, and packaging.  The manufacturing of gold decal products has been recognized as its main products.

Recently, the subject has newly developed 2 product lines such as the hand-painted under-glazed art craft and the in-glazed decal dinnerware.

The subject’s are exported to Japan, Middle East, North America, Europe, etc.  Business is rather active.

The annual sales turnover of the subject and its parent ranges from HK$40 to 45 million.  Business is profitable.

On the whole, consider the subject good for normal business engagements.

 

COURT CASES:            None per our.

 

-  END OF REPORT  -

RICHFINE  DEVELOPMENT  LTD.

 

ADDRESS:       Room 503, 5/F., Chao’s Building, 143-145 Bonham Strand East, Sheung Wan, Hong Kong.

 

BUSINESS REGISTRATION NUMBER:  14716518

 

COMPANY FILE NUMBER:  313038

 

DATE OF INCORPORATION:  4th June, 1991.

 

CAPITAL:

 

            Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

            Issued Share Capital: HK$2.00

 

SHAREHOLDERS:        (As per registry dated 04-06-2008)

Name

 

No. of shares

CHIANG Keng Fai

 

1

CHENG Fong Fai

 

1

 

 

––

 

Total:

2

=

 

DIRECTORS:     (As per registry dated 04-06-2008)

Name

(Nationality)

 

Address

CHENG Fong Fai

Front Portion, 5/F., 164 Queen’s Road West, Hong Kong.

 

CHIANG Keng Fai

Front Portion, 5/F., 164 Queen’s Road West, Hong Kong.

 

SECRETARY:   (As per registry dated 04-06-2008)

Name

Address

Co. No.

Earnlink Management Ltd.

Room 2202, 22/F., Sing Pao Buidling, 101 King’s Road, Hong Kong.

242393

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.89

UK Pound

1

Rs.70.84

Euro

1

Rs.67.37

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions