MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FLAWLESS (H.K.) COMPANY |
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Registered Office : |
Suite 808, 8/F, Hart Avenue Plaza,5-9 Hart Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
6-6-2005 |
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Com. Reg. No.: |
35695197 |
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Legal Form : |
Partnership |
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Line of Business : |
Engaged in trading of fine jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
FLAWLESS (H.K.) COMPANY
SUITE 808, 8/F, HART AVENUE PLAZA,5-9 HART AVENUE, TSIMSHATSUI,
KOWLOON, HONG KONG.
TEL : 852 27390444
FAX : 852 23684939
EXECUTIVE SUMMARY
INCORPORATION DATE :
6-6-2005
REGISTRATION NO. :
35695197
REGISTERED LEGAL FORM : PARTNERSHIP
CHIEF EXECUTIVE : KOTHARI POONAM CHAND
(PARTNER)
STAFF STRENGTH :
2
AUTHORIZED CAPITAL : [IN HK, 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 FINE JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81275 = USD1 AS OF 2007-3-21
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 address of SC is the heading one instead of
"Suite 806, 8th Floor, Haer Avenue Plaza, 5-9 Hart Avenue, TST Kowloon,
Hong Kong" given by you.
SC was established under Business Registration number
35695197 on 6-6-2005 with present status as partnership.
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
- Kothari Poonam Chand /
Z1321913 CD-8,
City Tower, 1867/59-60,
Tridhos
City, Marina Condo,
Charoennakorn
Road, Klongsan,
Bangkok
10600, Thailand.
/ Kothari Sunil / Z1451858 --
ditto --
Certain material change or amendment regarding SC within the
last 4 years has been traced & noted as follows:
Change of business address : SC moved to the heading
business address from Rear Portion, 7/F, Ocean View Court, 33 Mody Road,
Tsimshatsui, Kowloon, HK on 9-6-2006.
Total number of employees : 2.
Location : Maintaining its office at the heading business
address which occupies a gross area of 600 square feet at a commercial &
residential building in a commercial & shopping district.
Condition inside the premises
during our visit : Normal.
Office/factory layout : Standard.
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 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 HK, unlimited companies are not required
to file its charge particulars for public inspection.
Kothari Poonam Chand, partner:
- He is by Indian nationality
Currently residing in Thailand & only visits Hong Kong
for business occasionally.
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
Kothari Sunil, partner:
- He is by Indian nationality
Currently residing in Thailand & only visits Hong Kong
for business occasionally.
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
Jain Deepak, manager:
- In his mid 30's
- He is by Indian nationality
- Also principal of Purity Company
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 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.
Business categories :
SC is engaged in trading of fine jewellery.
Items available include loose diamonds in full cut, single cut
and fancy shapes, precious & semi-precious stones, gemstones & jade.
Principal purchases :
Major types of sourcing :
Diamond & other jewellery products
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
India, Thailand & Belgium
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Manufacturers & wholesalers
Selling terms :
COD
Overseas--buying countries :
PR China & SE Asia
Selling terms :
L/C & T/T
SC's affiliate:
- Flawless Co. Ltd., Bangkok, Thailand
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 : Owing
to the nature of its operation, SC is not an active seeker of local commercial
credit.
Its expenses in the form of accruals and servicing are reportedly met in a
prompt manner.
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.
Banking relations are maintained principally with: HSBC.
Upon a current contact, Jain Deepak, SC's manager, 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.
Re: In HK, only the
public listed cos., financial institutions & overseas cos. are obligated to
file their financial statements to Companies Registry for public search. Generally, the private limited cos. &
unlimited cos. always keep those data as highly confidential matter.
SC is still in early stage of development with a
comparatively limited track record in its performance. On the other hand, the principals appear to
possess adequate experience and market connection to take off its
business.
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%)