MIRA
INFORM REPORT
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Report Date : |
21.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHEILA'S EXPORTS LTD. |
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Registered Office : |
Rm 1401, 14/F, China Merchants Bldg., 152-155 Connaught
Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18-3-1977 |
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Com. Reg. No.: |
52126 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in export of garment accessories & pharmaceutical
chemicals. |
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 : |
No Complaints |
name & address
SHEILA'S EXPORTS LTD.
T/A AVACORP
RM 1401, 14/F, CHINA MERCHANTS BLDG.,
152-155 CONNAUGHT ROAD CENTRAL, HONG KONG.
TEL : 852 25253035 / 25234367
FAX : 852 28014389
EXECUTIVE SUMMARY
INCORPORATION DATE : 18-3-1977
REGISTRATION NO. :
52126
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : MR. VASWANI ASHOK ARJAN (MANAGING DIRECTOR)
STAFF STRENGTH :
10
AUTHORIZED CAPITAL :
HK $2M = 20,000 SHARES @ HK $100.-
PAID-UP
CAPITAL : HK $2M
BUSINESS LINE :
EXPORT OF GARMENT ACCESSORIES & PHARMACEUTICAL CHEMICALS
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 7.80100 = 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
Our current search reveals 2 cos. are registered with your given co.
name "Avacorp" in Business Registration Office; BR no. 16653203-000
and BR no. 0571769-011. The said cos.
share the same business address & have a common principal (Vaswani AShok
Arjan).
Our further search reveals co. name "Avacorp" with BR no.
0571769-011 is operated by SC & we believe it is your search target.
SC is a private limited company registered under incorporation file no.
52126 on 18-3-1977.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 18-3-2007) Number
of shares held
- Vaswani Ashok Arjan 19,999
- Vaswani Risha Ashok 1
--------
20,000
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Director(s) (as at 18-3-2007)
- Vaswani Ashok Arjan / K472101(2)
- Vaswani Risha Ashok / K488626(7)
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: 10.
Location: Maintaining
its office at the heading business address which occupies a gross area of 2,000
square feet at a commercial building in a commercial district.
Condition inside the premises during our
visit: Normal.
Office/factory layout: Standard.
Vaswani Ashok Arjan, managing director:
- In his mid 40's & married
- He is by Indian nationality
- Embarked upon his career to present field in his late 20's
- Also currently sole proprietor of Trident Creations & Avacorp
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Rm C, 10/F, Conway Mansion, 29 Conduit
Road, 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
Vaswani Risha Ashok, director:
- Born in 1952 & married
- He is by Indian nationality
- Embarked upon his career to present field in his mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as Vaswani Ashok Arjan.
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 : 70 (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, Mr. Vaswani, SC's director, 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 18-3-2007 was nil.
Banking relations are maintained principally with: Indian 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 :
12-10-2006
Defendant(s) : SC
Plaintiff(s) : Sung Lee Kuan Janet
Cause of claim : Injury
Claimed amount : ANS
Creation date : 7-6-2006
Charger(s) :
SC
Chargee(s) :
Indian Overseas Bank
Secured amount : ANS
Charge particulars : Undertaking relating to deposit
Mortgage Index:
Year(s) in which mortgage registration(s)
are filed: 1979-1981, 1988, 1993, 1995, 1997-2000, 2003, 2004, 2006
Year(s) in which mortgage satisfaction record(s) are filed: 1979, 1996
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 export of garment accessories & pharmaceutical
chemicals.
Items available include buttons, zippers, bow ties, laces, yarns,
vegetable fiber, dyeing & coloring materials.
Principal purchases:
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : SE Asia (mainly PR China
& Singapore) & Europe (mainly Germany)
Buying
terms : L/C, T/T
& open account of 30 days
Principal market:
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : PR China, SE Asia (mainly
Indian) & Europe
Selling
terms : L/C &
open account of 30 to 60 days
Jointly occupying the premises with the below mentioned affiliates.
Affiliate(s):
Company name :
Trident Creations (BR no. 20662676)
Year established : 5-2-1997
Business nature : Trading of garment accessories
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records: None in our database
Affiliate(s):
Company name :
Avacorp (BR no. 16653203)
Year established : 3-11-1993
Business nature : Similar to SC
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records: None in our database
SC is considered an old-established business with acceptable base to
meet moderate amount of credit dealings.
-- 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. |
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%)