MIRA
INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
WING HON PRECISION INDUSTRY LTD. |
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Registered Office : |
Unit A & B, 10/F, Blk No.1, Wah Fung
Ind'l Ctr., 33-39 Kwai Fung Crescent, Kwai Chung, N.T. |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.11.1995 |
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Com. Reg. No.: |
529541 |
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Legal Form : |
Private |
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Line of Business : |
Manufacturing & supply of metal products
& accessories. |
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 |
name
WING HON PRECISION INDUSTRY LTD.
address
UNIT A & B, 10/F, BLK NO.1, WAH FUNG IND'L CTR.,
33-39 KWAI FUNG CRESCENT, KWAI CHUNG, N.T., HONG KONG.
TEL: 852 24272141
FAX: 852 24805547
EXECUTIVE SUMMARY
INCORPORATION DATE :
3-11-1995
REGISTRATION NO. :
529541
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : SO CHIN PING
(DIRECTOR)
STAFF STRENGTH :
20 (SHARING WITH ITS AFFILIATES)
AUTHORIZED
CAPITAL : HKD 1,500,000 =
150,000 SHARES @ HKD 10.-
PAID-UP CAPITAL : HKD 10,000
BUSINESS LINE :
MANUFACTURE & SUPPLY OF METAL PRODUCTS &
ACCESSORIES
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : MODERATED
AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.78717= USD1 AS OF 2006-11-17
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
SC is a private limited company registered under
incorporation file no. 529541 on 3-11-1995.
SC's shareholders & directors are shown to be
as follows:
Shareholders (as
at 3-11-2005) Number
of shares held
So Chin Hung Eddy 300
So Chin Ping 600
Chan Shuk Hing 100
-------
1,000
====
Directors (as at 3-11-2005)
So Chin Ping / C305145(3)
So Chin Hung Eddy / G365402(7)
Chan Shuk Hing / C112726(6)
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.
Total number of
employees : 20 (sharing with its affiliates).
Location: Maintaining its office at the heading
business address which occupies a gross area of 2,500 square feet at an
industrial building in an industrial 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): Asiajoin Development Ltd. (SC's
affiliate)
- Date of purchase & consideration: 7-9-2002 /
HKD 2.8M
- Date of mortgage & secured amount: 9-11-1999
& 21-12-2001 / ANS
- Mortgagee: Dah Sing Bank Ltd.
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) : (X) see below
( ) see per attached
Creation date : 12-5-2005
Charger(s) :
SC
Chargee(s) :
Dah Sing Bank Ltd.
Secured amount : ANS
Charge particulars : Assignment of Receivables
Mortgage Index:
Year(s) in which mortgage registration(s) are
filed: 2001, 2004, 2005
Year(s) in which mortgage satisfaction record(s)
are filed: Nil
So Chin Ping, director:
- In his early 50's & married
- Also currently director of Wing Hon Metal
Manufactory Ltd.
Currently active in SC's day-to-day operations
& is responsible for its management.
Registered residential address: 40A Nassau St.,
5/F, Mei Foo Sun Chuen, Kowloon, Hong Kong.
Property ownership: Current land search indicates
the said premises ownership as follows:
- Owner(s) : Asiajoin Development Ltd. (SC's
affiliate)
- Date of purchase & consideration : 30-10-1998
/ ANS
- Date of mortgage & secured amount : 9-11-1999
& 21-12-2001 / ANS
- Mortgagee : Dah Sing Bank 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
So Chin Hung Eddy, director:
- In his early 40's & married
- Also currently director of Wing Hon Metal
Manufactory Ltd.
Currently active in SC's day-to-day operations
& is responsible for its management.
Registered residential address: Same as So Chin
Ping.
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 : 65 (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 manufacturing & supply of
metal products & accessories.
Items available include watch cases, stainless
steel watch bands & straps, aluminium watch cases.
Production is assigned to the following affiliated
factories in PR China:
1) Name:
Shenzhen Wing Hon Metal Manufactory
- Address:
Wing Hon Ind'l Bldg., A2 & A3 Lequn Ind'l Park, Xixiang, Baoan
District, Shenzhen, Guangdong Province, PR China.
- Tel:
86-755-27918505
- Fax:
86-755-27904522
2) Name:
Dongguan Production Facility
- Address:
Jianqiao Industrial Park, Qingxi Town, Dongguan, Guangdong Province, PR
China.
Achievements:
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- ISO 9001: 2000
- ISO 14001
Principal purchases:
Major types of sourcing :
Raw materials, components, accessories & machinery
Local--type of suppliers :
Importers
Buying terms :
COD & credit of 7 to 30 days
Overseas--supplying countries :
PR China, Japan, SE Asia, USA & Europe
(mainly Italy, Switzerland &
Germany)
Buying terms :
L/C & T/T
Principal market:
Local--type of customers :
Watch manufacturers (mainly) & exporters
Selling terms :
COD & credit of 7 to 30 days
Overseas--buying countries :
Japan, USA, Europe, S.Korea & Taiwan
Selling terms :
L/C & T/T
Jointly occupying the premises with the below
mentioned affiliates.
Affiliate(s):
Company name :
Wing Hon Metal Manufactory Ltd.
Year established : 1979
Business
nature : Similar to SC
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records:
See below
A check of our database indicated that the said co.
was sued in the following civil claim(s):
Date :
25-8-2006
Defendant(s) : SC
Plaintiff(s) : Yik Chung Trading Co. Ltd.
Cause of claim : Motor claims
Claimed amount : ANS
Affiliate(s):
Company name :
Asiajoin Development Ltd.
Year established : 1992
Business
nature : Property holding
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records:
None in our database
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: A trade
enquiry currently conducted with SC's supplier(s) reveal the
following:
First Second
Type of supplies : Materials Accessories
Time known : 5 years 4
years
Selling terms : Net 30 days Net
30 days
Total purchases
(last 6 months) : HKD 1,550,000 HKD 1,250,000
Present balance : HKD 288,000 HKD
217,000
Payment record : 3 3
Payment record
keys :
1 = Prompt :
Payment made before the credit period expires
2 = As agreed
terms: Payment made upon due date
3 = Slightly slow
but acceptable: Payment made 5 to 20 days beyond agreed terms
4 = Slow: Payment
made 16 to 45 days beyond agreed terms
5 = Poor: Payment
made over 45 days beyond agreed terms
6 = Payment slowing down: Payment formerly prompt but slowing down in
recent months
7 = No comment: Account is newly opened & record is not yet
established
Note: In some instances, payment beyond terms can
be the result of disputes over merchandise, lost invoices, disputed accounts
& etc.
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
- Dah Sing Bank Ltd.
Upon a
current contact, Sha Ben, SC's staff member, declined forwarding any financial
information on the ground that it is the company's policy not releasing any
data to a third party without the benefit of knowing the identity of the
inquiring party.
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 3-11-2005 was NA.
SC is considered small-sized in its line with
stable development trend. With regard to its length of business and market
connection, credit in moderate amount can be considered.
-- 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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