MIRA INFORM
REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FINE
UNITED LTD. |
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Registered Office : |
Room 307, 3/F., Guardforce
Centre, |
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Country : |
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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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
FINE UNITED LTD.
Company ADDRESS
Room
307, 3/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
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: 18. (Including affiliate in
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Room 307, 3/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Fine United Holding Ltd.,
Affiliated
Companies:-
Albert Jewellery Co. Ltd.,
Albert Jewellery Co. Ltd.,
BUSINESS
REGISTRATION NUMBER
21922388
COMPANY FILE NUMBER
0643293
MANAGEMENT
Managing Director: Mr. Lai Chee Wing, Albert
Contact Person: Ms. Carol Mak
Mr. Wing Chan
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 29-04-2010)
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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. |
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990 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry dated 15-10-2010)
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Name (Nationality) |
Address |
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LAI Chee Wing,
Albert |
Flat B, 3/F., Tower 17, One Beacon Hill, 1
Beacon Hill Road, 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 29-04-2010)
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Name |
Address |
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Treasure
Current Ltd. |
Room 1201, 12/F., Ka Wah Bank Centre, |
0307612 |
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: 18. (Including affiliate in
450. (
Commodities Imported:
Markets: Asian
countries, Europe,
Annual Turnover: HK$55~60 million (Including affiliate)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
·
Hong Kong Productivity Council,
·
The Hong Kong General Chamber of Commerce,
[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$3,122,382.53 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 29-04-2010)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit very yeear.
Condition: Business is rather active and steady.
Facilities: Making active use of general banking facilities.
Payment: Met obligations on time.
Commercial Morality: Satisfactory.
Banker: The Bank of East Asia Ltd., Hong Kong.
Standing:
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
directors are Mr. Albert Lai and Mr. Lee Chun Ming. Both are
The
subject is a diamond and jewellery trader.
It 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,
The
subject has got an affiliated factory in
Main
products of the factory include fine jewellery findings and setting, pearl,
gemstones and jade, gold jewellery, 18K PT 900 include OEM, diamond jewellery,
pearl jewellery, silver jewellery, synthetic gemstone jewellery, etc. Main products are bracelets, Cubic Zirconia
earrings, pendants, Cubic Zirconia rings, brooches, Cubic Zirconia necklaces,
etc. Raw materials such as rough
diamonds, polished and cut diamonds are imported from
Albert
Jewellery has set up a company in
The
subject’s total amount outstanding registered with the Companies Registry as at
late April 2010 amounted to HK$3.1 million.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in
The
subject’s business is chiefly handled by Mr. Albert Lai Chee Wing himself. Contact persons are Ms. Carol Mak and Mr.
Wing Chan, both of whom are employees of the subject.
The
history of the subject in
On the whole,
consider its good for normal business engagements.
REMARKS
Court Cases: None per our.
Property information of the
company:-
1. Property Location: Flat B on 3/F. of Tower 17 and Car Parking Space No. 38 on
Car Park D2, One Beacon Hill, 1 Beacon Hill Road, Kowloon, Hong Kong.
Owner: Fine United Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
01-04-2010 |
- |
The Bank of East Asia Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
2. Property
Location: Flat B on 36/F., Ellery
Terrace,
Owner: Fine United Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
18-09-2003 |
- |
The Bank of East Asia Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
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02-06-2006 |
- |
- 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, 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, Mortgagee: The Bank of East Asia Ltd.,
Hong Kong. |
To secure all moneys in respect of general
banking facilities |
|
01-04-2010 |
Instrument: Legal Charge/Mortgage Property: 142/80,444th
parts or shares of and in New Kowloon Inland Lot No. 6277 (Flat B on 3/F. of
Tower 17 and Car Parking Space No. 38 on Car Park D2 of One Beacon Hill, 1
Beacon Hill Road, 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.45.15 |
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1 |
Rs.72.59 |
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Euro |
1 |
Rs.62.95 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.