MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EC (ASIA) LTD. |
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Registered Office : |
Unit B, 19/F, Henry Centre, 131 Wo Yi Hop Road, Kwai
Chung, N.T. |
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Country : |
Hong Kong |
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Date of Incorporation : |
21-2-1995 |
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Com. Reg. No.: |
505442 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture & export of 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 : |
Regular |
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Litigation : |
Clear |
name & address
EC (ASIA) LTD.
UNIT B, 19/F, HENRY CENTRE, 131 WO YI HOP ROAD,
KWAI CHUNG, N.T., HONG KONG.
TEL : 852 24215511
FAX : 852 24218348
EXECUTIVE SUMMARY
INCORPORATION DATE :
21-2-1995
REGISTRATION NO. :
505442
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : LAM CHI WAI PETER (MANAGING DIRECTOR)
STAFF STRENGTH :
36.
AUTHORIZED CAPITAL :
HK$0.5M = 0.5M SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$0.5M
BUSINESS LINE :
MANUFACTURE & EXPORT OF WATCHES
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 7.81317 = USD1 AS OF 2007-04-16
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
Upon our current request for a Business Registration of "EC
Asia", Business Registration Office (HKSAR Government) replied it has no
record. Based on your given address, we
believed your search target is "EC (Asia) Ltd. which is on the Companies
list in Companies Registry in HK.
SC is a private limited company registered under incorporation file no.
505442 on 21-2-1995.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 21-2-2007) Number
of shares held
- Good Destination Co., Ltd. 499,999
- Lam Chi Wai Peter 1
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500,000
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Directors (as at 21-2-2007)
- Liu Tin Chak Arnold / D021665(9)
- Lam Chi Wai Peter / E779285(2)
- Wong Yu Man Elias / G087865(A)
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.
SC is a subsidiary of Good Destination Co., Ltd. whose partial
information is as follows:
- Registered/business address: Tropic Isle Building, P.O.Box 438, Road
Town, Tortola, British Virgin Islands
- Business line: As an investment holding co.
- Civil litigation & winding-up petition: None in our database
Lam Chi Wai Peter, managing director:
- In his mid 40's
- Embarked upon his career to present field as an executive trainee in
his late 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as heading business address.
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
Wong Yu Man Elias, director:
- In her late 30's
- Embarked upon her career to present field as an executive trainee in
her mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as heading business address.
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 : 58 (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, Ms. Fung, SC's accountant, 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 21-2-2007 was HK$441,915.51.
Banking relations are maintained principally with: Industrial and
Commercial Bank of China (Asia) 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 : None in our database.
Mortgage/charge record(s) : (x) see below ( ) see per attached
Creation date : 19-6-2006
Charger(s) :
SC
Chargee(s) :
Industrial and Commercial Bank of China (Asia) Ltd.
Secured amount : ANS
Charge particulars : Security over deposit
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1997 & 2006
Year(s) in which mortgage satisfaction record(s) are filed: 2004
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 manufacture & export of watches.
Items available include sporty watches, fashionable watches, army
watches, bangle watches, jewelry watches, 925 sterling silver watch &
ladies interchangeable watches, compasses.
Brand availale include (for quartz analogue): Angelo di Venezia, Alain
Carnet, Bruno Landi.
SC is a member of Hong Kong Watch Manufacturers Association Ltd.
Production is assigned to its affiliated factory located at Shenzhen, PR
China (reportedly, employing 280)
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China & SE Asia
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : USA, Europe, Japan, S.
Korea, Taiwan, SE Asia & Middle East
Selling
terms : L/C, D/P
& D/A
Total number of employees : 36.
Location : Maintaining
its office at the heading business address which occupies a gross area of 3,000
square feet at an industrial building in an industrial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
SC is
not known to have any subsidiary at present.
SC is considered a normally advancing
concern with steady customers and good base to meet its trade engagements.
-- 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.
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%)