MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
WONG TAI (H.K.) CO. |
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Registered Office : |
C/O Unit 904, 9/F, Guard Force Centre, 3 Hok Yuen Street
East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14-2-1997 |
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Com. Reg. No.: |
20675465 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trading of jewellery items. |
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 : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
WONG TAI (H.K.) CO.
C/O UNIT 904, 9/F, GUARD FORCE CENTRE,
3 HOK YUEN STREET EAST, HUNGHOM, KOWLOON, HONG KONG.
TEL : 852 23760641
FAX : 852 23760361
EXECUTIVE SUMMARY
INCORPORATION DATE :
14-2-1997
REGISTRATION NO. :
20675465
REGISTERED LEGAL FORM : SOLE
PROPRIETORSHIP
CHIEF EXECUTIVE : VASANI AKSHIT KIRANKUMAR (SOLE PROPRIETOR)
STAFF STRENGTH :
1
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 JEWELLERY ITEMS
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.8169 = USD1 AS OF 2007-04-04
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 `Wong Tai (HK)
Ltd.' given by you.
SC was established under Business Registration number 20675465 on
14-2-1997 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
- Vasani Akshit Kirankumar / ZZ519805(3) 6 Ashley Road, Bo
Yip Building,
Tsimshatsui,
Kowloon,
HONG KONG.
Certain material change or amendment regarding SC within the last 4
years has been traced & noted as follows:
Change in principal(s):
Name(s) of admitted partner(s) Joining
date
- Vasani Akshit Kirankumar 1-8-2003
Name(s) of retired partner(s) Leaving
date
- Sanghavi Jignesh N. 1-10-2003
Change of business address : SC moved to the heading business address
from Rm 1301, 13/F, Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon in Oct 2005.
Vasani Akshit Kirankumar, sole proprietor: He is by Indian nationality.
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
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.
During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
Banking
relations are maintained principally with: 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): In HONG KONG, unlimited companies are not
required to file its charge particulars for public inspection.
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 trading of jewellery items.
Items available include platinum jewellery & diamond jewellery.
Principal purchases :
Major
types of sourcing :
Merchandise & raw materials
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China & India
Buying terms :
L/C & T/T
Principal market :
Local--type
of customers : Retailers
Selling
terms : Credit of 30
days
Overseas--buying
countries : PR China, USA & Europe
Selling
terms : L/C &
T/T
Total number of employees : 1.
Location : Maintaining
its correspondence office at the heading business address which occupies a gross
area of 3,000 square feet at an industrial building in an industrial &
residential district.
Condition inside the premises during our
visit : Active.
Office/factory layout : Good.
Property ownership : Current land search indicates the ownership details
of the captioned premises as follows:
- Owner(s) : Patel Jayesh Babubhai
- Date of purchase & consideration : 23-12-2004 /HKD $3,050,000
- Date of mortgage & secured amount : 23-12-2004 / ANS
- Mortgagee : HSBC
The premises is mainly occupied as an office by Infinity Diamonds
Manufacturing Ltd. *.
* Partial information of the said company:
- Name: Aarestini Jewellery
Manufacturing (HK) Co. o/b Infinity Diamonds Manufacturing Ltd. [formerly named
4C diamonds (HK) Ltd.]
- Year established: 2003
- Business line: Similar to SC
SC is not known to have any subsidiary at present.
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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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%)