MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ROYCE INDUSTRIAL LTD. |
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Registered Office : |
Rm 105, 1/F, Mega Trade Centre, 1-6 Mei Wan St., Tsuen
Wan, N.T. |
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Country : |
Hong Kong |
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Date of Incorporation : |
11-12-1998 |
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Com. Reg. No.: |
662270 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processing & supply of diamond watches. |
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 : |
Exist |
name & address
ROYCE INDUSTRIAL LTD.
RM 105, 1/F, MEGA TRADE CENTRE,
1-6 MEI WAN ST., TSUEN WAN, N.T., HONG KONG.
TEL: 852 24153756
FAX: 852 24934856
EXECUTIVE SUMMARY
INCORPORATION DATE :
11-12-1998
REGISTRATION NO. :
662270
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : LAM YUK TONG (DIRECTOR)
STAFF STRENGTH : 6
AUTHORIZED CAPITAL :
HK$10,000 = 10,000 SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$2.-
BUSINESS LINE :
PROCESSING & SUPPLY OF DIAMOND WATCHES
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 : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81359 = USD1 AS OF 2007-4-13
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.
662270 on 11-12-1998.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 11-12-2006) Number
of shares held
- Li Kwok Chung 1
- Lam Yuk Tong 1
---
2
==
Directors (as at 11-12-2006)
- Li Kwok Chung / C5950064
- Lam Yuk Tong / E1972972
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 : 6.
Location: Maintaining its office
at the heading business address which occupies a gross area of 1,500 square
feet at an industrial building in an industrial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
Lam Yuk Tong, director:
- In his mid 40's & married
- Embarked upon his career to present field in his early 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat D, 18/F, 7 Man Wan Road, Homantin,
Kowloon, HK.
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
Li Kwok Chung, director:
- In his late 30's & married
- Embarked upon his career to present field in his 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 17/F, Blk 3, Greenview Court,
Castle Peak Road, Tsuen Wan, N.T., HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Or Wai Chuen & Cheung Mei Chun
- Date of purchase & consideration : 31-3-2000 / HK$2.12M
- Date of mortgage & secured amount : 31-3-2000 / ANS
- Mortgagee : CITIC Ka Wah 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
Ownership background appraisal:
Rating : 3 Obtained scores : 56 (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 management, 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 11-12-2006 was NA.
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 : ( )
see below (X) see attached sheet
Mortgage/charge record(s) : None filed since its incorporation date.
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 processing & supply of diamond watches.
Items available include analogue quartz diamond watches, bracelet diamond
watches, etc.
Processing work is assigned to its affiliated factory/joint venture
factory located in Dongguan, Guangdong Province, PR China.
A portion is sold under its own brand(s) "GLITE".
Principal purchases :
Major
types of sourcing : Raw materials
& diamond
Local--type
of suppliers : Manufacturers
& importers
Buying
terms : COD
Overseas--supplying
countries : PR China, India, Europe
& USA
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Wholesalers &
dealers
Selling
terms : COD &
credit of 7 to 30 days
Overseas--buying
countries : PR China, Middle East, USA
& Europe
Selling
terms : L/C &
T/T
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.
-- 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.
APPENDIX
SUPPLEMENTARY INFORMATION:
Attached document (total no. of pages : 2)
1. Civil
litigations check of SC
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%)