MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINE UNITED
LTD. |
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Registered Office : |
Unit 7, 3/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.04.1998 |
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Com. Reg. No.: |
21922388 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of Jewellery, Semi-Precious Stones, Pearls, Diamonds, etc. |
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 of the company
FINE
UNITED LTD.
ADDRESS
Unit 7, 3/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 2303
1900
FAX: 2303
1832
E-MAIL: info@fineunited.com.hk
MANAGEMENT
Managing
Director: Mr. Lai Chee Wing, Albert
SUMMARY
Incorporated on: 29th April, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$55-60 million (Including affiliate)
Employees: 20. (Including affiliate in Hong Kong)
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 7, 3/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Fine United
Holding Ltd., British Virgin Islands.
Affiliated Companies:-
Albert Jewellery
Co. Ltd., Hong Kong. (Same address)
Albert Jewellery
Co. Ltd., Japan.
BUSINESS REGISTRATION NUMBER
21922388
COMPANY FILE NUMBER
643293
MANAGEMENT
Managing
Director: Mr. Lai Chee Wing, Albert
Contact
Person: Ms. Lau Hoi Yan, Jenny
CAPITAL
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,000.00
SHAREHOLDERS
(As per registry dated 29-04-2008)
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Name |
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No. of shares |
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LAI Chee Wing,
Albert |
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10 |
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Fine United Holding Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
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990 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry dated 29-04-2008)
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Name (Nationality) |
Address |
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LAI Chee Wing, Albert |
Flat
B, 36/F., Ellery Terrace, 38 Good Shepherd Street, Homantin, Kowloon, Hong
Kong. |
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LEE Chun Ming |
Flat
4, 14/F., Kam Shing House, Kam Tai Court, Ma On Shan, Shatin,
New Territories, Hong Kong. |
SECRETARY
(As per registry dated 29-04-2008)
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Name |
Address |
Co. No. |
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Treasure
Current Ltd. |
Unit 1201, 12/F., Ka Wah Bank Centre, 232 Des Voeux Road Central, Hong
Kong. |
307612 |
HISTORY
The subject was incorporated
on 29th April, 1998 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, Importer and Exporter.
Lines: Jewellery, semi-precious stones, pearls, diamonds, etc.
Employees: 20. (Including affiliate in Hong Kong)
500. (China)
Commodities Imported: India, Europe, Thailand, etc.
Markets: Asian countries, Europe, North America, etc.
Annual Turnover: HK$55-60 million (Including affiliate)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
MEMBERSHIP
Hong Kong Jewelry
Manufacturers’ Association, Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKF0319]
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
Indebtedness: HK$3,455,213.96 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 29-04-2008)
Mortgage or Charge: (See attachment)
Profit & Loss: Making a small profit.
Condition: Business is active and steady.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Bank of East Asia Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued
1,000 ordinary shares of HK$1.00 each, Fine United Ltd. is jointly owned by Fine
United Holding Ltd., a BVI-registered firm holding 99%, and Mr. Albert Lai Chee
Wing, holding just 1%.
The subject is a
diamond and jewellery trader.
The subject has
got an affiliated company Albert Jewellery Co. Ltd. [Albert Jewellery]
located at its operating address.
Albert Jewellery is engaged in the same lines of business as the
subject. It is also a member of The
Hong Kong General Chamber of Commerce, Hong Kong.
The subject has
got an affiliated factory in Guangdong Province, China. Details are unknown. Main products of the factory include the
following items: fine jewellery findings and setting, pearl, gemstones and
jade, gold jewellery, 18K PT 900 include OEM, diamond jewellery, etc.
Raw materials are
imported from India and Europe. Finished
products are exported to Japan, other Asian countries, the Middle East, Europe
and the United States. Albert Jewellery
has set up a company in Japan in order to penetrate the Japan market further. Annual sales turnover of the subject and
Albert Jewellery ranges from HK$55 to 60 million. Making a small profit every year.
The subject’s
business is chiefly handled by Mr. Albert Lai Chee Wing himself.
On the whole,
consider the subject good for normal business engagements.
REMARKS
Court Cases: None per our.
Property
information of the company:-
Property Location:
Flat B on 36/F., Ellery Terrace, 38 Good Shepherd Street, Kowloon, Hong Kong.
Owner: Fine United 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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18-09-2003 |
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The Bank of East Asia Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
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02-06-2006 |
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- ditto - |
Second legal charge |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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18-09-2003 |
Instrument: Legal
Charge/Mortgage Property: 326/81,719th parts or shares of and in
Kowloon Inland Lot No. 11091 (Flat B on 36/F. of Ellery Terrace, 38 Good
Shepherd Street, Kowloon, Hong Kong.) Mortgagee: The
Bank of East Asia Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
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02-06-2006 |
Instrument: Second
Legal Charge/Mortgage Property: 326/81,719th parts or shares of and in
Kowloon Inland Lot No. 11091 (Flat B on 36/F. of Ellery Terrace, 38 Good
Shepherd Street, Kowloon, Hong Kong.) Mortgagee: The
Bank of East Asia Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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%)