MIRA
INFORM REPORT
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Report Date : |
29th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
EXCORD CO. LTD. |
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Registered Office : |
G/F & M/F, 78-84 Portland St., Mongkok, Kowloon, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
18-1-1983 |
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Com. Reg. No.: |
120911 |
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Legal Form : |
Private Limited Co |
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Line of Business : |
Engaged in trading of furnished leather |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME & ADDRESS
EXCORD CO. LTD.
G/F & M/F, 78-84 PORTLAND ST., MONGKOK,
KOWLOON, HONG KONG.
TEL: 852 23325893
FAX: 852 27803588
EXECUTIVE SUMMARY
INCORPORATION DATE : 18-1-1983
REGISTRATION NO. : 120911
REGISTERED LEGAL FORM : PRIVATE
LIMITED CO
CHIEF EXECUTIVE : YEUNG
KIN SHU (MANAGING DIRECTOR)
STAFF STRENGTH :
5
AUTHORIZED CAPITAL : HKD 200,000 = 200,000 SHARES @
HKD 1.-
PAID-UP CAPITAL : HKD 100,000
BUSINESS LINE : TRADING OF FURNISHED LEATHER
TURNOVER :
HKD 18M (YEAR ENDED
31-3-2005)
EQUITIES :
N/A (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.76738 = USD1 AS OF 2006-06-29
SC is a private limited company registered under
incorporation file no. 120911 on 18-1-1983.
SC's shareholders & directors are shown to be
as follows:
Shareholders (as at 18-1-2006) Number of shares held
Yeung Kin Shu 45,500
Ho Sing Keung 18,000
Yeung Pui Yi 6,200
Lee Chiu Shan 5,300
Yeung Kin Cheong 5,200
Chan Kit Hing 5,000
Mak Hoi Tsuen 5,000
Chan Kai Sang 5,000
Yeung Pui Man 3,600
Shum Miu Han 1,000
Yeung Pui Chong 200
---------
100,000
======
Directors (as at 18-1-2006)
Yeung Kin Shu / G050136(A)
Ho Sing Keung / A650314(7)
The above registration information is based on SC's
annual return filed at Companies Registry within the last 2 years.
No material change or amendment regarding SC has
been traced & noted within last 2 years.
SC's registered office address is at M/F, 78-84
Portland St., Mongkok, Kowloon, Hong Kong.
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) : None filed within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are
filed: 1987-1989, 1992, 1993, 1996, 2001
Year(s) in which mortgage satisfaction record(s)
are filed: 1988, 1994, 1996, 2001
Yeung Kin Shu, managing director & co-founder:
- In his early 50's & married
- Embarked upon his career to present field in his
late 20's
Currently active in SC's day-to-day operations &
is responsible for its management.
Registered residential address: Flat 3B, Blk 1,
Oriental Height, Sha Tin 33, 16 Sui Wo Road, Fotan, Shatin, 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
Ho Sing Keung, director & co-founder:
- In his late 40's & married
- Embarked upon his career to present field in his
late 20's
Currently active in SC's day-to-day operations
& is responsible for its management.
Registered residential address: Rm 1828, Ching
Chung House, Cheung Ching Estate, Tsing Yi, N.T., HONG KONG.
Property ownership: Current land search indicates
the said premises ownership as follows:
- Owner(s) : Yeung Kin Shu
- Date of purchase & consideration : 30-4-1996
/ HKD6.4M
- Date of mortgage & secured amount : 30-4-1996
/ ANS
- Mortgagee : Bank of Communications Co., Ltd.
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 :2 Obtained scores : 62 (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 trading of furnished leather.
Items available include sheep skin, cow hide, pig
skin & other animals' skin.
Principal purchases :
Major types of sourcing : Leather & hides
Local--type of suppliers : Nil
Buying terms :
Nil
Overseas--supplying countries : Italy, Spain, Middle East, SE Asia,
Central & South America
Buying terms :
T/T & L/C
Principal market :
Local--type of customers : Shoes manufacturers & dealers
Selling terms :
COD & credit of 30 to 60 days
Overseas--buying countries : PR China
Selling terms :
T/T & D/P
Total number of employees : 5.
Location : Maintaining its office & warehouse
at the heading business address which occupies a gross area of 800 square feet
at a residential building in a residential & shopping 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 :
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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:
Bank of Communications Co., Ltd.
During our report preparation, the principals could
not be contacted while the staff members hesitated to release financial
information without the principals' consent.
Sources indicated that SC's turnover for the year
ended 31-3-2005 was HKD18M.
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 18-1-2006 was NA.
SC is considered an old-established business with
acceptable financial base to meet fairly large amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database &
sources consulted indicate that SC was not involved in any property transaction
(both purchase & disposal) in Hong Kong for the last 6 years.
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 |