MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TSIM’S
CO. LTD. |
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Registered Office : |
3/F, Blk A, Tai Chi
Factory Building, 27 Lok Cheung St., Tai Kok Tsui, Kowloon, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.1985 |
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Com. Reg. No.: |
147649 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing & trading of clothing accessories. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
TSIM'S CO. LTD.
3/F, BLK A, TAI CHI
FACTORY BUILDING, 27 LOK CHEUNG ST., TAI KOK TSUI, KOWLOON, HONG KONG.
TEL: 852
23992000
FAX: 852 27898880
EXECUTIVE SUMMARY
INCORPORATION DATE :
1-3-1985
REGISTRATION NO. :
147649
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE :
TSIM HUNG LEUNG (DIRECTOR)
STAFF STRENGTH :
25.
AUTHORIZED CAPITAL : HK$1M = 1M SHARES @ HK$1.-
PAID-UP CAPITAL : HK$1M
BUSINESS LINE :
MANUFACTURE & TRADING OF CLOTHING ACCESSORIES
TURNOVER :
N/A (AS OF DEC. 31, 2004)
EQUITIES :
N/A (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.75500 = USD1 AS OF 2006-11-
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 complete name of SC is the heading one instead of "Tsims
Co. Ltd." given by you.
SC is a private limited company registered under incorporation
file no. 147649 on 1-3-1985.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at
1-3-2006) Number
of shares held
Tsim Wing Leung 300,000
Tsim Yiu Leung 300,000
Tsim Hung Leung 300,000
Chan Kwai Lin 50,000
Tsim Ka Lee Kelly 30,000
Tsim Ka Man 20,000
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1,000,000
=======
Directors (as at 1-3-2006)
Tsim Wing Leung / B636709(2)
Tsim Yiu Leung / B636711(4)
Tsim Hung Leung / E658785(6)
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: 25.
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 & 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) : (X) see below ( ) see per attached
Creation date :
3-10-2005
Charger(s) :
SC
Chargee(s) :
HSBC
Secured amount :
ANS
Charge particulars :
Assignment of DC Proceeds
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1989-1991,
1997, 1998, 2001, 2004, 2005
Year(s) in which mortgage satisfaction record(s) are filed: 1998,
2001, 2006
Tsim Wing Leung, director:
- In his mid 60's & married
- He has over 20 years of experience in present field
Registered residential address: Flat A, 29/F & 30/F, 14
Wonderland Villas, Kwai Chung, N.T., Hong Kong.
Property ownership: Current land search indicates the said
premises ownership as follows:
(for Flat A, 29/F.)
- Owner(s) : Tsim Wing Leung & Yeung Yuk Ying
- Date of purchase & consideration : 29-5-1998 / HK$8.85M
- Date of mortgage & secured amount : 29-5-1998 / ANS
- Mortgagee : Dah Sing Bank Ltd.
Property ownership: Current land search indicates the said
premises ownership as follow:
(for Flat A, 30/F.)
- Owner(s) : Tsim Wing Leung & Yeung Yuk Ying
- Date of purchase & consideration : 29-5-1998 / HK$9.85M
- Date of mortgage & secured amount : 29-5-1998 / ANS
- Mortgagee : Dah Sing 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
Tsim Hung Leung, director:
- In his mid 50's & married
- He has over 20 years of experience in present field
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: House E, Wing Wah Garden, 17 1/2
Miles Castle Peak Road, Tuen Mun, N.T., HK.
Property ownership: Current land search indicates the said
premises ownership as follows:
- Owner(s) : Tsim Wing Leung & Yeung Yuk Ying
- Date of purchase & consideration : 29-5-1998 / HK$8.85M
- Date of mortgage & secured amount : 29-5-1998 / ANS
- Mortgagee : Dah Sing 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 : 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.
Business categories :
SC is engaged in manufacturing & trading of clothing
accessories.
Items available include fashionable gloves, leather gloves,
driving gloves, knitted gloves, sports gloves, ski gloves, knitted & woven
scarves, hats & caps, nylon dress gloves, cotton dress gloves &
slippers.
Production is assigned to the following factories:
1) Botex Manufacturing Ltd.
- located in Dongguan, Guangdong Province, PR China.
2) Jingmei Gloves Factory Linhai Zhejiang
- located in Taizhou, Zhejiang Province, PR China.
3) Tsim's Company Bangladesh Ltd. (CEPZ)
- located in Bangladesh
Total workforce: 2,000
Principal purchases :
Major
types of sourcing : Raw
materials & accessories
Local--type
of suppliers : Importers &
distributors
Buying
terms : COD
& credit of 30 to 45 days
Overseas--supplying
countries : PR China & SE Asia
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Wholesalers &
retailers
Selling
terms : COD &
credit of 45 days
Overseas--buying
countries : USA, Europe & Australia
Selling
terms : L/C &
T/T
Jointly occupying the premises with the below mentioned affiliate.
Affiliate(s):
Company name : Ciny
Fashion Co. Ltd.
Year established :
1991
Business nature : Similar to SC
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records: None in our
database
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
First Second
Type of supplies : Materials Accessories
Time known : 3 years 2
years
Selling terms : Net 30 to 45 days Net 30 to 45 days
Total purchases (last 6 months) : $650,000 $420,000
Present balance : $150,000 $100,000
Payment record : 3 2
Payment record keys : 1 = Prompt
: Payment made before the credit period expires
2
= As agreed terms : Payment made upon due
date
3
= Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond
agreed terms
5
= Poor : Payment made over 45 days beyond
agreed terms
6 = Payment slowing down : Payment formerly prompt
but slowing down in recent months
7 = No comment : Account is newly opened &
record is not yet established
Note : In some instances,
payment beyond terms can be the result of disputes over merchandise, lost
invoices, disputed accounts & etc.
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
- Dah Sing Bank Ltd.
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 1-3-2006 was ANS.
SC is considered an old-established business with acceptable
financial base to meet fairly large amount of credit dealings.
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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