MIRA
INFORM REPORT
|
Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
WELEX SA HOLDINGS CHINA LTD. |
|
|
|
|
Registered Office : |
Unit 913, 9/F, Tower 2, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road,
Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
03.10.1995 |
|
|
|
|
Com. Reg. No.: |
526917 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trading of Chemical Materials |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME &
ADDRESS
WELEX SA HOLDINGS CHINA LTD.
UNIT 913, 9/F, TOWER 2, CHEUNG SHA WAN PLAZA, 833 CHEUNG SHA WAN ROAD,
KOWLOON,
HONG KONG.
TEL: 852 28695983
FAX: 852 29765882
EXECUTIVE SUMMARY
INCORPORATION DATE :
3-10-1995
REGISTRATION NO. :
526917
REGISTERED LEGAL FORM :
PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE :
MR. LEUNG CHIU MING (MANAGING DIRECTOR)
STAFF STRENGTH :
8
AUTHORIZED CAPITAL
: HK $12M = 12M SHARES @ HK
$1.-
PAID-UP CAPITAL :
HK $12M
BUSINESS LINE :
TRADING OF CHEMICAL MATERIALS
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 :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79760 = USD1
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.
526917 on 3-10-1995.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 3-10-2007) Number
of shares held
- Pang Yet Sun 1,200,000
- Lai Hsien Hsiu 2,400,000
- Leung Chiu Ming 8,399,994
- Leung Chiu Lam Paul
6
------------
12,000,000
========
Director(s) (as at 12-10-2007)
- Leung Chiu Lam Paul / C420380 (A)
- Leung Chiu Bo / E468030 (1)
- Leung Chiu Ming / E188842 (4)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
Ho Mei Li 12-10-2007
Name(s) of newly appointed director(s) Appointment
date
Nil Nil
Shares transfers:
Date No. of shares Transferor(s) Transferee(s)
31-8-2006 1.2M Lai Hsien Hsiu Leung Chiu Ming
Shares allotments on 22-4-2005:
Allottee(s) No. of
share(s)
Lai Hsien Hsiu 3M
Leung Chiu Lam 5
Leung Chiu Ming 5,999,995
Total number of employees: 8.
Location: Maintaining its office at the heading business address which occupies a
gross area of 1,200 square feet at a commercial building in a commercial &
industrial district.
Condition inside the premises during our visit: Normal.
Office/factory layout: Standard.
Leung Chiu Ming, managing director:
- In his mid 50's
- Embarked upon his career to present field in his 20's
- Formerly employed as a regional director of ICI China Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 1/F, Lam Ti Vegetable Station,
Lam Ti, Tuen Mun, N.T., Hong Kong.
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
Leung Chiu Lam Paul, director:
- In his late 40's
- Brother of Leung Chi Ming
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 1/F, Lam Ti Vegetable Station,
Lam Ti, Tuen Mun, N.T., Hong Kong.
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:
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
Civil litigations :
(X) see below ( ) see per attached
Date : 17-2-2004
Defendant(s) : Leung Chiu Lam
Paul
Plaintiff(s) :
Commissioner of Inland Revenue
Cause of claims : Tax
Claimed amount: HK$76,800
We could not verify whether the defendant of the above writ record &
SC's director are one & the same person although their name spellings are
identical. In HK, the identity card no. of defendant(s) (individuals) in civil
litigations is not disclosed for public search.
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.
During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
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 3-10-2007 was nil.
Banking relations are maintained principally with:
- Fubon Bank
- The Bank of East Asia Ltd.
- 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): (X) see below ( ) see per attached
Creation date :
18-4-2007
Charger(s) : SC
Chargee(s) :
Fubon Bank
Secured amount : ANS
Charge particulars : Charge
over assets
Creation date :
31-10-2006
Charger(s) : SC
Chargee(s) : The
Bank of East Asia Ltd.
Secured amount : ANS
Charge particulars : Deed
of charge on cash deposits
Creation date :
29-11-2006
Charger(s) : SC
Chargee(s) :
Fubon Bank
Secured amount : ANS
Charge particulars :
Charge over assets
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1988, 1989, 2002 -
2007
Year(s) in which mortgage satisfaction record(s) are filed: 1999
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 chemical materials.
Items available include lubricants, dyes, paints, TBI, DOP & DBP.
Brand(s) & product(s) Producing
countries Distributing
area(s)
- "Kerr. Mc Gee" / inorganic USA HK
& PR China
chemicals
Principal purchases:
Major types of sourcing :
Chemical products
Local--type of suppliers :
Distributors & manufacturers
Buying terms :
COD & credit of 30 days
Overseas--supplying countries :
USA & Europe
Buying terms :
L/C, T/T & open account of 30 days
Principal market:
Local--type of customers :
Manufacturers & dealers
Selling terms :
COD & credit of 30 days
Overseas--buying countries :
PR China
Selling terms :
L/C & T/T
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.
Credit in the range of moderate amount can 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.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)