MIRA INFORM REPORT
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Report
Date : |
8th
November, 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 |
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 |
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 |