MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
DAILYWIN WATCH PRODUCTS MFG. LTD. |
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Registered Office : |
3/F, Yee Lim Ind'l Bldg., Phase Ii, No.8 Ka Ting Road,
Kwai Chung, N.T. |
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Country : |
Hong Kong |
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Date of Incorporation : |
13-5-1980 |
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Com. Reg. No.: |
81951 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of watches & related accessories upon OEM & ODM
basis. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
DAILYWIN WATCH PRODUCTS MFG. LTD.
3/F, YEE LIM IND'L BLDG.,
PHASE II, NO.8 KA TING ROAD, KWAI CHUNG, N.T., HONG KONG.
TEL: 852 24288131
FAX: 852 24805541
EXECUTIVE SUMMARY
INCORPORATION DATE :
13-5-1980
REGISTRATION NO. :
81951
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : LEUNG WAI HO (CHAIRMAN)
STAFF STRENGTH :
40
AUTHORIZED CAPITAL : HK$2,501,000 = 1,000 ORDINARY SHARES @ HK$1.-
+
25,000 NON-VOTING DEFERRED SHARES @ HK$100.-
PAID-UP
CAPITAL :
HK$2,501,000
BUSINESS LINE :
MANUFACTURE OF WATCHES & RELATED ACCESSORIES
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : FAIRLY
LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81400 = USD1 AS OF 2007-04-13
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.
81951 on 13-5-1980.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 13-5-2006) Number
of shares held
- Elevon Holdings Ltd. 999
- Tsang Pui Sing Aloysius 1
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Ordinary Shares: 1,000
====
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 13-5-2006) Number
of shares held
- Leung Wai Ho 17,265
- Tsang Pui Sing Aloysius 2,125
- Leung Wai Chi 3,125
- Chan Yuen Yee 1,500
- Jor Suet Ming 250
- Chan Tim Tak Wilson 250
- Yiu Chun Ip 200
- Tsang Chee Wai 100
- Lo Tak Hing 100
- Tseng Pui Tak Eric 85
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Non-voting Deferred Shares 25,000
=====
Directors (as at 9-8-2004)
- Leung Wai Ho / E276875(9)
- Chan Yuen Yee / E239406(9)
- Leung Wing Chiu Wendy / K704258(2)
- Leung Ka Wai Wayne / K851151(9)
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 : 40.
Location : Maintaining
its office & godown at the heading business address which occupies a gross
area of 17,000 square feet at an industrial building in an industrial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Good.
SC is a subsidiary of Elevon Holdings Ltd. (former name: Great Prime International Holdings Ltd.)
whose partial information is as follows:
- Registered address: Omar Hodge
Bldg., Wickhams Cay I, PO Box 362, Road Town, Tortola, BVI.
- Business line: As an offshore
holding co.
- Civil litigation & winding-up petition: None in our database
Leung Wai Ho, chairman, director & founder:
- In his early 50's & married
- He is a British of Chinese descent
- Possesses more than 25 years in present field
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 10/F, Tower 5, Regency Park, 3
Wah King Hill Road, Kowloon, HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : SC
- Date of purchase & consideration : NA
- Date of mortgage & secured amount : 7-6-2002/ 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
Chan Yuen Yee, director:
- In her late 40's & married
- Embarked upon her career to present field in her early 20's
Registered residential address: Same as Leung Wai Ho.
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 : 63 (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.
Upon a current contact, SC's principal(s) declined forwarding any
financial information on the ground that SC is a private venture whose data is
not required for public inspection.
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 13-5-2006 was nil.
Banking relations are maintained principally with:
- HSBC
- 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 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: (X) see below ( ) see attached sheet
Date :
27-1-2004 / 29-3-2004 / 25-6-2004
Defendant(s) : SC
Plaintiff(s) : Layer One Ltd.
Cause of claim : Service charge
Claimed amount : ANS
Mortgage/charge record(s) : None filed within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1982 - 1987, 1989,
1990, 1993, 1999, 2002
Year(s) in which mortgage satisfaction record(s) are filed: 1991, 1993,
1995, 1996, 2001, 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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
First Second
Type of supplies : Services Parts
Time known : 5 years 7
years
Selling terms : Net
30 days Net 14 days
Total purchases (last 6 months) : HK$
50, 00 HK$60,000
Present balance : HK$
11,000 HK$21,000
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.
Business categories :
SC is engaged in manufacturing of watches & related accessories upon
OEM & ODM basis.
Items available include quartz analogue watches, LCD watches, watch
cases, watch bands & straps.
Production is assigned to its affiliated factory/joint venture factory, Dongguan
Dailywin Watch Co. Ltd., located at Yien Tien Administrative Zone, Funggang,
Dongguan, Guangdong Province, PR China.
- Tel: 86-769-87771997
- Fax: 86-769-87772114
- Area: 180,000 sq.ft.
- Workforce: 1,000
- Certificate: ISO 9002
Principal purchases :
Major
types of sourcing : Services,
raw materials, parts & components
Local--type
of suppliers : Service
provders, importers & manufacturers
Buying
terms : COD
& credit of 30 days
Overseas--supplying
countries : PR China, Europe & Japan
& Taiwan
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Wholesalers &
retailers
Selling
terms : COD &
deposit of 30%
Overseas--buying
countries : North America, Europe, PR
China, Japan & South Korea
Selling
terms : L/C &
T/T
The OEM brands of SC's patrons include "Saga",
"HRCD", "Timekiller", "Ghorn" & "Time
Zone".
SC is also the authorized licensee of "Mondaine" &
"Timex" in manufacturing of quartz analogue.
SC is known to have the following subsidiaries:
Affiliates
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- Dailywin Time Ltd.
- World Light Technology Ltd.
SC is considered a well-maintained business with solid base to meet
fairly large amount of credit dealings.
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%)