MIRA INFORM REPORT
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Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
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Name : |
GREAT CREATION |
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Registered Office : |
Rm
3a, 3/F, Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong |
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Date of Incorporation : |
1-6-2004 |
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Com. Reg. No.: |
34653207 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers & exporters of diamond &
jewellery |
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 : |
New Concern |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NAME & ADDRESS
GREAT CREATION
RM 3A, 3/F, HON
KWONG MANSION,
25-29 HANKOW
ROAD, TSIMSHATSUI, KOWLOON, HONG KONG.
TEL: 852 27395659 /
95111403
FAX: 852 27395658
EXECUTIVE SUMMARY
INCORPORATION DATE : 1-6-2004
REGISTRATION NO. : 34653207
REGISTERED LEGAL FORM : SOLE
PROPRIETORSHIP
CHIEF EXECUTIVE :
KANANI KAMLESH BHANUBHAI (SOLE
PROPRIETOR)
STAFF STRENGTH :
2.
AUTHORIZED CAPITAL : [IN HK, UNLIMITED COS. ARE NOT
REQUIRED TO FILE ITS CAPITAL
PARTICULARS TO BR OFFICE (THE INLAND
REVENUE)]
PAID-UP CAPITAL : NOT APPLICABLE
BUSINESS LINE : IMPORT & EXPORT OF DIAMOND &
JEWELLERY
TURNOVER :
US$6M
(YEAR ENDED 31-12-2005)
EQUITIES :
N/A (YEAR ENDED 31-12-2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.7551051999
= USD1 AS OF 2006-04-20
SC was established
under Business Registration number 34653207 on 1-6-2004 with present status as
sole proprietorship.
Currently obtained
BR copy indicate the particulars of SC's principal(s) are as follows:
Name(s) of
principal(s) & ID/Passport number(s) Registered
address
- Kanani Kamlesh
Bhanubhai / E9002269 27, Meera
Nagar Soc. Mangadh Chowk, Varachna Road, Surai, Gujarat, India 395006.
No material change
or amendment regarding SC has been traced & noted since its inception.
Total number of employees: 2.
Location: Maintaining its
office at the heading business address, which occupies a gross area of 600
square feet at a residential building in a commercial & shopping district.
Condition inside the premises during our visit: Normal.
Office/factory layout: Standard.
Property ownership :
Current land search indicates the ownership details of the captioned premises
as follows:
- Owner(s) : Dodani
Sham Assandas
- Date of purchase
& consideration : 19-2-2003 / HKD 1.1M
- Date of mortgage
& secured amount : 19-2-2003 / ANS
- Mortgagee : HSBC
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) : In
HK, unlimited companies are not
required to file its charge particulars for
public inspection.
Kanani Kamlesh
Bhanubhai, sole proprietor:
- He is by Indian
nationality
Currently residing
in India & only visits Hong Kong for business occasionally.
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
Patel Dhaval,
officer-in-charge:
- In his mid 30's
& married
- He is by Indian
nationality
- Embarked upon his
career to present field in his 20's
Currently active in
SC's day-to-day operations & is responsible for its management.
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:3 Obtained scores : 56 (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
import & export of diamond & jewellery.
Items available
include low to medium priced diamond & jewellery.
Principal purchases :
Major types of
sourcing : Diamond (80%) & jewellery
(20%)
Local--type of
suppliers : Nil
Buying terms : Nil
Overseas--supplying
countries : India, Thailand &
Belgium
Buying terms : T/T
Principal market :
Local--type of
customers : Wholesalers
Selling terms : COD & local L/C
Overseas--buying
countries : India & Belgium
Selling terms : T/T
SC is not known to
have any subsidiary 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:
Owing to the nature of its business, SC is not an active seeker of local
commerical credit since merchandise/materials are imported. Its expenses in the
form of accruals and servicing are reportedly met in prompt manner.
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.
Upon a current
contact, Patel Dhaval, SC's officer-in-charge, refused releasing detailed
financial data but advised that SC's turnover for the year ended 31-12-2005 was
US$6M.
SC is considered
small-sized in its line locally with acceptable base to meet its normal
dealings. Credit up to moderate amount
may be considered.
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 |