MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PETER LAM JEWELLERY
LTD. |
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Registered Office : |
Room 308, Fu |
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Country : |
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Date of Incorporation : |
09.08.1985 |
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Com. Reg. No.: |
9827558 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer and Exporter of all kinds of 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
PETER
LAM JEWELLERY LTD.
ADDRESS
Room 308, Fu
PHONE: 2363 2122, 2356 9833
FAX: 2764 1328, 2356 9874
E-MAIL: jewellery@peterlam.com.hk
MANAGEMENT
Managing Director: Mr. Lam Chung Shun, Peter
SUMMARY
Incorporated on: 9th August, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Jewellery Manufacturer and Trader.
Annual Turnover: US$8.0-8.2 million.
Employees: 25.
Main
Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room
308, Fu
Associated with:-
Vastdragon
Investments Ltd.,
BUSINESS REGISTRATION NUMBER
9827558
COMPANY FILE NUMBER
155600
MANAGEMENT
Managing Director: Mr. Lam Chung Shun, Peter
Director & Contact Person: Ms. Li Yin Fong, Maggie
CAPITAL
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
SHAREHOLDERS
(As per registry dated 09-08-2008)
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Name |
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No. of shares |
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LAM Chung Shun, Peter |
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1,500,000 |
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LI Yin Fong |
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1,500,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
DIRECTORS
(As per registry dated 09-08-2008)
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Name (Nationality) |
Address |
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LAM Chung Shun, Peter |
Flat A, 35/F., Tower 6, The
Leighton Hill, 2B |
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LI Yin Fong |
Flat 13G, Block 1, Fu Lai
Yuen, Chi Fu Fa Yuen, |
SECRETARY
(As per registry dated 09-08-2008)
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Name |
Address |
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Hui & Wong Secretaries Ltd. |
Unit 1617, 16/F., The Metropolis tower, |
105081 |
HISTORY
The subject was incorporated on 9th August, 1985 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer and Exporter.
Lines: All kinds of jewellery.
Employees: 25.
Materials/Commodities:
Imported from Europe,
Markets: US (50%),
Annual Turnover: US$8.0-8.2 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T and D/A.
MEMBERSHIP
Hong
Kong Jewellery & Jade Manufacturers Association,
Hong
Kong Jewelry Manufacturers’ Association,
The Hong Kong General Chamber of Commerce,
[Membership No. HKP0050]
The
Hong Kong Jade & Stone Manufacturers Association,
FINANCIAL INFORMATION
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Traded at a small profitable angle.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers
Standard
Chartered Bank (Hong Kong) Ltd.,
The
Hongkong & Shanghai Banking Corp. Ltd.,
DBS
Bank (Hong Kong) Ltd.,
Standing:
GENERAL
Having
issued 3,000,000 ordinary shares of HK$1.00 each, Peter Lam Jewellery Ltd. is a
private limited company equally owned by Mr. Peter Lam Chung Shun and Ms.
Maggie Li Yin Fong, both of whom are
The
subject started producing hand made larger pieces for sets to suit the
In
1988, the subject set up its own factory in
Established
in 1985, the subject is specialised in manufacturing jewellery from classic to
innovative designs. Its commitment is to
produce and mount high quality diamond and precious stones in 9K, 14K and
18-karat gold and platinum. It exports
most of its products to overseas. Major
markets include
To keep pace with the market trend, the subject has had over 10,000 designs in its sample collections. The ex-factory prices range from US$10.00 to US$11,000.00. 90% of the products are assembled from cast components and 10% are handcrafted. Rings account for 60% of the total in its product range, while earrings, bracelets, necklaces and pendants each account for 10%.
The subject now has set up a team engaged in designing jewellery in order to suite different markets.
Besides,
the subject is actively seeking market expansion, concentrating on
Over the past years, the subject has participated the following shows:-
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March
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JCK
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JA International Jewelry
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International Jewellery
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International Jewellery
Including
its workers in
The subject had got an associate Vastdragon Investments Ltd. [Vastdragon] located at the same address. Vastdragon was incorporated on 20th September, 1985 and had issued 1,000,000 ordinary shares of HK$1.00 each, Vastdragon was equally owned by Mr. Peter Lam Chung Shun and his wife, Ms. Lee Wai Fong. This firm was engaged in the same lines of business as the subject. However, since 6th September, 2002, Vastdragon has been struck off.
The annual sales turnover of the subject ranges from US$8.0 to 8.2 million. Overall business is satisfactory.
On the whole, the subject is considered good for normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
1. Property Location: Unit 8A on 3/F., Fu
Owner: Peter Lam Jewellery Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-04-2008 |
- |
Bank of |
Mortgage to secure general banking facilities |
2. Property Location: Unit 8B on 3/F., Fu
Owner: Peter Lam Jewellery Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-04-2008 |
- |
Bank of |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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22-06-1987 |
Instrument: Legal Charge made between Vastdragon Investments Ltd. [Mortgagor], Peter Lam Jewellery Ltd. [Borrower] and Standard Chartered Bank [Lender] Property: By way of application, any credit balance to which the Borrower is at any time beneficially entitled on any account at any office of the Lender and by way of set-off any liabilities of the Lender to the Borrower in or towards the satisfaction of all or any of the Obligations Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered
Bank ( |
All principal, general banking facilities, interest, and all other amounts |
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19-04-2002 |
Instrument: Charge on Cash Deposit Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Kwong On Bank Ltd., |
All sums of money and liabilities |
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30-04-2004 |
Instrument: Memorandum of Charge – Borrower Charging Property: All stocks, shares, debentures, bonds, mutual funds, certificates of deposit, certificates and securities of any other kind whatsoever owned by the Company Mortgagee: HSBC Bank |
Banking facilities |
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08-07-2004 |
Instrument: Charge Over Deposits – CD 1 (04) Property: 1) By fixed Charge: all the Company’s rights in respect of (i) the sum deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group Company Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., |
To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by the Company to the Bank |
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07-09-2004 |
Instrument: A Charge Over Securities – Section 1 (04) Property: 1) All the Company’s rights, title and interest in and to: (a) all, stocks, shares, bonds, debentures, certificates of deposit, promissory notes, units in any trust, units or other interests in any collective investment scheme and other securities; and (b) all securities 2) All rights in relation to any Securities 3) All dividends, interest or other distributions paid or to be paid on any of the Securities and the Rights and all allotments, accretions, offers, rights, benefits and advantages Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., |
All moneys, obligations and liabilities, whether actual or contingent, at the date of the Charge or at any time thereafter due, owing or incurred by the Company to the Bank |
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29-01-2007 |
Instrument: Security Over Deposits Property: The deposit with chargee in the amount of US$1,660,000 under Deposit A/C No. 007-232366 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., |
Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing this Charge |
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30-04-2008 |
Instrument: Mortgage Property: 21/3,442nd parts or shares of and in Section A of Kowloon Marine Lot No. 113 (Unit 8A on 3/F. of Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: Bank of |
All sums of money |
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30-04-2008 |
Instrument: Mortgage Property: 20/3,442nd parts or shares of and in Section A of Kowloon Marine Lot No. 113 (Unit 8B on 3/F. of Fu Hang Industrial Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: Bank of |
All sums of money |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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. |
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%)