MIRA
INFORM REPORT
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Report Date : |
20th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
MILLENNIUM
TRADING |
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Registered Office : |
Flat
B-7, 11/F, Hankow Centre, Ashley Road, Tsimshatsui, Kowloon, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.10.1999 |
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Com. Reg. No.: |
30506686 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in Trading of diamond. |
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 : |
Usually
Correct |
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Litigation : |
Clear |
Company name & Address
MILLENNIUM
TRADING
FLAT
B-7, 11/F, HANKOW CENTRE,
ASHLEY ROAD, TSIMSHATSUI, KOWLOON, HONG KONG
TEL : 852 23683777/23690229
FAX : 852 27242912
EXECUTIVE SUMMARY
INCORPORATION DATE :
27-10-1999
REGISTRATION NO. :
30506686
REGISTERED LEGAL FORM : SOLE PROPRIETORSHIP
CHIEF EXECUTIVE : MOHAMED FAROOK AFTHAFUDEEN (SOLE PROPRIETOR)
STAFF STRENGTH :
5 (SHARING WITH ITS ASSOCIATED CO.)
AUTHORIZED
CAPITAL : [IN HONG KONG,
UNLIMITED COS. ARE NOT REQUIRED TO FILE ITS CAPITAL PARTICULARS TO BR OFFICE
(THE INLAND REVENUE)]
PAID-UP
CAPITAL : NOT
APPLICABLE
BUSINESS LINE :
TRADING OF DIAMOND
TURNOVER : N/A (AS OF DEC. 31, 2005)
EQUITIES : N/A (AS OF
DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT
RANGE : MODERATE AMOUNT
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : STABLE
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : HKD 7.78669
= USD1 AS OF 2006-11-20
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
Based on your given address, our findings revealed
that the correct name of SC is the heading one instead of the one given by you.
SC was established under Business Registration
number 30506686 on 27-10-1999 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
- Mohamed Farook Afthafudeen / A4997577 Flat B-7, 11/F, Hankow
Centre,
Ashley Road, Tsimshatsui,
Kowloon, Hong Kong.
No material change or amendment regarding SC has
been traced & noted since its inception.
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 Hong Kong,
unlimited companies are not required to file its charge particulars for public
inspection.
Mohamed Farook Afthafudeen, sole proprietor:
- In his 50's & married
- He is by Indian nationality
- Moved to Hong Kong from India in his 30'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 : 55 (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 diamond.
Items available include precious &
semi-precious diamond, ruby, beryl, lolite, garnet, zircon & other color
diamond.
Principal purchases :
Major types of sourcing :
Diamond
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
India (mainly), Thailand, SE Asia, Sri Lanka, South Africa & Brazil
Buying terms :
L/C & T/T
Principal market :
Local--type of customers : Nil
Selling terms :
Nil
Overseas--buying countries : PR
China (mainly) & SE Asia
Selling terms :
L/C & T/T
Total number of
employees : 5 (sharing
with its associated co.).
Location : Maintaining its office at the heading business
address which occupies a gross area of 700 square feet at a residential
building in a residential district.
Condition inside
the premises during our visit : Normal.
Office/factory
layout : Standard.
Associated co:
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Co. name: Nabila Traders
Year established: 1974
Business nature: similar to SC
Civil litigation & winding-up petition records:
None in our database
Property ownership : Current land search indicates
the ownership details of the captioned premises as follows:
- Owner(s) : Momin Khan
- Date of purchase & consideration : 10-12-1985
/ HKD850,000
- Date of mortgage & secured amount : Nil
- Mortgagee : Nil
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 operation, SC is not an active seeker of local commercial credit.
Its expenses in the form of accruals and servicing are reportedly met in a
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:
- Bank of China (HK) Ltd.
Upon a
current contact, Mohamed Farook Afthafudeen, SC's sole proprietor, 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.
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
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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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