MIRA INFORM REPORT
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Report Date : |
4th May 2006 |
IDENTIFICATION DETAILS
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Name : |
CENTURY GLORY DEVELOPMENT LTD |
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Registered Office : |
Flat 1 21fl King Centre 23-29 Dundas
St Mongkok Kowloon, Hong Kong. |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
326917 |
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Legal Form : |
PRIVATE |
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Line of Business : |
Exporters of pesticide. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
CENTURY GLORY DEVELOPMENT LTD
FLAT 1
21FL KING CENTRE 23-29 DUNDAS ST MONGKOK
KOWLOON,
HONG KONG.
TEL: 852 21487880
FAX: 852 27830229
EXECUTIVE SUMMARY
INCORPORATION DATE : 1991
REGISTRATION NO. : 326917
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE :
MR. YUK-LING NG (CHAIRMAN)
STAFF STRENGTH :
6
AUTHORIZED CAPITAL :
HKD 10,000.00 DIVIDED INTO 2 SHARES AT
HKD 1.00/-EACH, FULLY PAID
BUSINESS LINE : EXPORTER
TURNOVER :
N/A (AS OF DEC. 31, 2004)
EQUITIES :
N/A (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
SMALL AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.75500 = USD1 AS OF 2006-04-21
*Company Registration*
===================
(1) License number : 326917
Date issued : N/A
Issuing authority : Companies
Registry
Type of license : Corporate
(2) License number :
15243659
Issuing authority : Business
Registration Office
Type of license :
Business
*Approved Signatures*
====================
Only Mr. Kin-yue Lee can sign on behalf of the company with seal
affixed.
*Capital Details*
=============
Authorized capital : HKD 10,000.00 divided into 2 shares at HKD
1.00/-each, fully paid
Total number of employees : 6.
Location : Maintaining its office at the
heading business address which occupies a gross area of 100 square meters at a
commercial building in a commercial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
The premises is reportedly rented by SC. Land copy is not available during current search.
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:
None filed with the last 2 years as per our current search.
*Major Shareholders*
=================
Total number of shareholders : 2
Total number of shares
: 2
Shareholders' Name No of
Shares Amount
(HKD) % of Shares
--------------------------
-----------------
-------------------- ----------------
Mr. Yuk-ling Ng
1
1.00 50.00
Mr. Yau-tai Cheng
1
1.00 50.00
*Director's Detail*
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(1)Ms. Yau-thai Cheng
HK ID No. : B094985(5)
Address : Flat B, 32Fl, Tower
6, Tseung Kwan O Plaza, 1 Tong Tak St, Tseung Kwan O, Hong Kong
(2)Mr. Kin-yue Lee
HK ID No. : G574918(1)
Address : Flat B, 11Fl, Block
2, Scenecliff, 33-35 Conduit Rd, Hong Kong
*Company Secretary*
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Ms. Fung-king Lee
HK ID No. : E432325(8)
Address : Room 2112, Fung
Chak House, Choi Wan Estate, Kowloon, Hong Kong.
*Key Personnel*
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Ms. Yuk-ling Ng
HK ID No. : D584150(9)
Address : Flat B, 11Fl, Block 2, Scenecliff, 33-35
Conduit Rd, Hong
Kong
Founder :
Co-founder
Work experience : More than 10
years.
Responsibilities : Handles the
daily operation of the firm including all financial and legal matters.
*Main Products & Services*
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Specializes in exporting pesticide.
*Payment Terms*
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Sales
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Export
: Telegraphic Transfer (T/T)
Letter of credit (L/C)
Purchases
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Import : Telegraphic Transfer (T/T)
Letter of credit (L/C)
*Local Distribution Network*
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1% of the annual turnover is attributed to
local sales
*Export Markets*
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99% of the annual
turnover is attributed to export.
SC is not known to have any subsidiaries at present.
Overall payment appraisal :
( ) 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 its suppliers.
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: HSBC.
During our report preparation, the principals
could not be contacted while the staff members hesitated to release financial
information without the principals' consent.
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 is Nil.
SC is considered an old-established business with acceptable financial
base to meet moderate 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.
Attached: references:
SIC PRODUCT CLASSIFICATION
& ACTIVITY
Activity Code Product/Service Description
Exporting 2800 Chemicals and Allied Products
Exporting 2879 Agricultural pesticides and other agricultural chemicals, nspf
Exporting 5169 Chemicals/Allied Prdts, NEC
HARMONIZED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2909303000 Pesticides
Exporting 3808100000 nsecticides
Exporting 3824909050 Chemical products and preparations of the chemical or allied industries
INTERNATIONAL TRADE : ACTIVITY
& MARKETS
Exporting to Asia
Exporting to China
Importing from Asia
Importing from China
RATING EXPLANATIONS
RATING
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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 |