MIRA
INFORM REPORT
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Report Date : |
26th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MILLENNIUM TRADING |
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Registered Office : |
Flat B-7, 11/F, Hankow Centre, Ashley Road, Tsimshatsui,
Kowloon, Hong Kong |
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Country : |
Hong Kong. |
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Date of Incorporation : |
27.10.1999 |
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Com. Reg. No.: |
30506686 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in trading of diamond. |
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 |
Company Name
MILLENNIUM TRADING
FLAT B-7, 11/F, HANKOW CENTRE, ASHLEY ROAD, TSIMSHATSUI, KOWLOON,, HONG KONG.
TEL : 852 23683777
FAX : 852 27242912
EXECUTIVE SUMMARY
INCORPORATION DATE :
27-10-1999
REGISTRATION NO. :
30506686
REGISTERED LEGAL FORM : SOLE PROPRIETORSHIP
CHIEF EXECUTIVE : MOHAMED FAROOK AFTHAFUDEEN (SOLE PROPRIETOR)
STAFF STRENGTH :
5 (SHARING WITH ITS ASSOCIATED CO.).
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 DIAMOND
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81333 = USD1 AS OF 2007-2-14
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
Your given name (TO Millennium Trading) is not on the companies list in
Business Registration office in HK.
Based on your given address, we believe that your search target is
Millennium Trading.
The correct tel. no. of SC is the heading one instead of (852-23669260)
given by you.
SC was established under Business Registration number 30506686 on
27-10-1999 with present status as sole proprietorship.
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
- Mohamed Farook Afthafudeen / A4997577 Flat B-7, 11/F, Hankow
Centre,
Ashley
Road, Tsimshatsui,
Kowloon,
HK.
No material change or amendment regarding SC has been traced & noted
since its inception.
Total number of employees : 5 (sharing with its associated co.).
Location : Maintaining
its office at the heading business address which occupies a gross area of 700
square feet at a residential building in a residential district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
Associated co:
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- Co. name: Nabila Traders
- Year established: 1974
- Business nature: Similar to SC
- Civil litigation & winding-up petition: None in our database
Property ownership : Current land search indicates the ownership details
of the captioned premises as follows:
- Owner(s) : Momin Khan
- Date of purchase & consideration : 10-12-1985 / HK$850,000
- Date of mortgage & secured amount : NA
- Mortgagee : NA
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) : In HK, unlimited companies are not required
to file its charge particulars for public inspection.
Mohamed Farook Afthafudeen, sole proprietor:
- In his mid 50's & married
- He is by Indian nationality
- Moved to HK from India in his mid 30's
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 : 55 (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 diamond.
Items available include precious & semi-precious diamond, ruby,
beryl, lolite, garnet, zircon & other color diamond.
Principal purchases:
Major
types of sourcing : Diamond
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : India (mainly), Thailand, SE
Asia, Sri Lanka, South Africa & Brazil
Buying
terms : L/C
& T/T
Principal market:
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : PR China (mainly) & SE
Asia
Selling
terms : L/C &
T/T
SC is not known to have any subsidiary at
present.
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:
- Bank of China (HK) Ltd.
Upon a current
contact, Mohamed Farook Afthafudeen, SC's sole proprietor, 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.
SC is considered small-sized in its line locally with acceptable base to
meet its normal dealings. Credit up to
moderate amount may be considered.
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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions