MIRA
INFORM REPORT
|
Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LEE WAI LEATHERWARE MANUFACTORY LTD. |
|
|
|
|
Registered Office : |
Flat C, 7/F, Yeung Yiu Cheng (#8) Ind'l Building, 20 Wang
Hoi Road, Kowloon Bay, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
25-10-1994 |
|
|
|
|
Com. Reg. No.: |
494891 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing & export of leather wares. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name & address
LEE WAI LEATHERWARE MANUFACTORY LTD.
FLAT C, 7/F, YEUNG YIU CHENG (#8) IND'L BUILDING,
20 WANG HOI ROAD, KOWLOON BAY, KOWLOON, HONG KONG.
TEL : 852 27908569
FAX : 852 27908571
EXECUTIVE SUMMARY
INCORPORATION DATE :
25-10-1994
REGISTRATION NO. :
494891
REGISTERED LEGAL FORM : PRIVATE
LIMITED CO.
CHIEF EXECUTIVE : CHUNG YUK LUNG (DIRECTOR)
STAFF STRENGTH :
15.
AUTHORIZED CAPITAL :
HK$1M = 1M SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$40,000
BUSINESS LINE :
MANUFACTURE & EXPORT OF LEATHERWARES
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81488 = USD1 AS OF 2007-03-30
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
The correct name of SC is the heading one instead of "Leewai
Leatherware Manufactory Ltd" given by you.
SC is a private limited company registered under incorporation file no.
494891 on 25-10-1994.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 25-10-2006) Number
of shares held
Chung Yuk Lung 16,000
Cheung Wai Tong 14,000
Cheung Wai Ling Betty 6,000
Cheung Wai Chuen 2,000
Ho Kai Hong 2,000
---------
40,000
=====
Directors (as at 22-11-2006)
Cheung Wai Ling Betty / G056794(4)
Cheung Wai Tong / G664365(4)
Chung Yuk Lung / D345787(8)
Ho Kai Hong / G616914(6)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
Cheung Wai Chuen 22-11-2006
Name(s) of newly appointed director(s) Appointment
date
Ni Nil
Chung Yuk Lung, director:
- In his mid 50's
- Embarked upon his career to present field as a small businessman in
his mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B, 8/F, Po Garden, 9 Brewin Path,
Hong Kong.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : SC
- Date of purchase & consideration : 18-5-2001 / HK$13M
- Date of mortgage & secured amount : 16-6-2001 / NA
- Mortgagee : DBS Bank (HK) Ltd.
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
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
Cheung Wai Tong, director:
- In his mid 30's
- Embarked upon his career to present field as a small businessman in
his mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 25/F, South Tower, Residence
Bel-Air, Island South, HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : SC
- Date of purchase & consideration : 11-9-2003 / HK$12,650,000
- Date of mortgage & secured amount : 13-4-2005 / ANS
- Mortgagee : Bank of China (HK) 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
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.
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 as at 25-10-2006 was ANS.
Banking relations are maintained principally with:
- Bank of China (HK) Ltd.
- DBS Bank (HK) Ltd.
- 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 records 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 : 13-4-2005
Charger(s) :
SC
Chargee(s) :
Bank of China (HK) Ltd.
Secured amount : ANS
Charge particulars : Mortgage (Flat A, 25/F, South Tower 1, Residence
Bel-Air,Island South, HK.)
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1996, 1999, 2001,
2003, 2004 & 2005
Year(s) in which mortgage satisfaction record(s) are filed: 2002
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
trade/service suppliers and we have no other
sources to conduct
the enquiry at present.
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.
Business categories :
SC is engaged in manufacturing & export of leather wares.
Items available include wallets, handbags, travel goods, purses &
others.
Production is assigned to its affiliated factory/joint venture
factory located at Dongguan, Guangdong
Province, PR China (workforce: 2,000 ; gross area: 50,000 sq. ft.).
Principal purchases :
Major
types of sourcing : Raw
materials & accessories
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China
Buying
terms : L/C, T/T
& special agreed terms
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : USA, Canada, Europe, Japan,
S.Korea, Taiwan & other SE Asian countries
Selling
terms : L/C, T/T
& special agreed terms
Total number of employees : 15.
Location : Maintaining
its office & factory at the heading business address which occupies a gross
area of 2,500 square feet at an industrial building in an industrial &
residential district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
SC is not known to have any subsidiary at
present.
With regard to its length of business and
market connection, credit in the range of moderate amount may be considered.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)