MIRA
INFORM REPORT
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Report Date : |
26.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHEUNG FAT TRADING CO. O/B FAFA CO., LTD. |
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Registered Office : |
Rm 607, 6/F, Yu To Sang Bldg., 37 Queen's Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
14-2-2000 |
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Com. Reg. No.: |
704146 |
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Legal Form : |
Private |
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Line of Business : |
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 : |
Usually correct |
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Litigation : |
Clear |
name & address
CHEUNG FAT TRADING CO. O/B FAFA CO., LTD.
RM 607, 6/F, YU TO SANG BLDG.,
37 QUEEN'S ROAD CENTRAL, HONG KONG.
TEL: 852 25231733
FAX: 852 25231182
EXECUTIVE SUMMARY
INCORPORATION DATE :
14-2-2000
REGISTRATION NO. :
704146
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : CHAN FAT KEE FRANKIE (MANAGING DIRECTOR)
STAFF STRENGTH :
3.
AUTHORIZED CAPITAL :
HK$1M = 1M SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$1M
BUSINESS LINE :
TRADING OF DIAMOND
TURNOVER :
N/A (AS OF DEC. 31, 2004)
EQUITIES :
N/A (AS OF DEC. 31, 2004)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
HKD 7.75500 = 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 provided name 'Cheung Fat Trading Co.' is a business name operated
by SC.
SC is a private limited company registered under incorporation file no.
704146 on 14-2-2000.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 14-2-2006) Number
of shares held
Chan Fat Kee Frankie 650,000
Hong Shuk Yee Anita 350,000
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1,000,000
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Directors (as at 14-2-2006)
Chan Fat Kee Frankie / D184319(3)
Hong Shuk Yee Anita / D232641(9)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
SC was formed for taking over the business of the former Cheung Fat
Trading Co. (BR no.: 21268528) which was established by the existing principals
in Sept 1997.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
Total number of employees : 3.
Location : Maintaining
its office at the heading business address which occupies a gross area of 1,000
square feet at a commercial building in a commercial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
The premises is rented.
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) : None filed within
the last 2 years as per our current search.
Chan Fat Kee Frankie, managing director:
- In his late 40's & married
- He has over 10 years experience in present field
- Formerly sole proprietor of Cheung Fat Trading Co. (BR no.: 21268528)
which had ceased operations on 1-4-2000
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as heading business address.
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
Hong Shuk Yee Anita, director:
- In her mid 40's & married
- She has over 10 years experience in present field
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as heading business address.
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 : 57 (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 ruby, emerald, sapphire & marquise.
Principal purchases:
Major
types of sourcing : Diamond
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : Belgium, Israel, India,
Thailand & SE Asia
Buying
terms : L/C
& T/T
Principal market:
Local--type
of customers : Retailers, exporters
& counter parts
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : PR China, Japan & 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.
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
- Bank of China (HK) Ltd.
Upon a current
contact, Ms. Lau, SC's administrator, 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 14-2-2006 was ANS.
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.
-- 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/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