MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
WING WAH FAR EAST LTD. |
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Registered Office : |
Rm 615, 6/F, |
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Country : |
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Date of Incorporation : |
3-11-1997 |
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Com. Reg. No.: |
628865 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Plastic Raw Materials |
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 &
ADDRESS
WING WAH FAR EAST LTD.
RM 615, 6/F,
TSIMSHATSUI,
TEL: 852 23140088
FAX: 852 23144800
EXECUTIVE SUMMARY
INCORPORATION DATE :
3-11-1997
REGISTRATION NO. : 628865
REGISTERED LEGAL FORM :
PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE : LAI MIU SHAN (DIRECTOR)
STAFF STRENGTH :
N/A
AUTHORIZED CAPITAL : HK$10,000 = 10,000 SHARES @ HK$1.-
PAID-UP CAPITAL : HK$10,000
BUSINESS LINE : TRADING OF PLASTIC RAW MATERIALS
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES : N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81755 = USD1 AS OF 2007-7-11
SC is a private limited company registered under incorporation file no. 628865 on 3-11-1997.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 3-11-2006) Number of shares held
- Lai Miu Shan 6,000
- Lei Keong 2,000
- Liu Jinli 2,000
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10,000
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Directors (as at 3-11-2006)
- Lai Miu Shan / K361646(0)
- Liu Jinli / G14431862
- Lei Keong / 7/267190/2
The above registration information is based on SC's annual return filed at Companies Registry within the last 2 years.
Lai Miu Shan, director:
- In her late 30's & married
- Embarked upon her career to present field as a junior saleswoman in her mid 20's
- Also currently director of Leading Smart Ltd., SC's affiliate
Currently active in SC's day-to-day operations & is responsible for its management.
Registered residential address: Flat A1, 1/F, Apt. A,
Property ownership: Current land search indicates the said premises ownership as follows:
- Owner(s) : Leading Smart Ltd. (SC's affiliate)
- Date of purchase & consideration : 19-6-2000 / HK$11.5M
- Date of mortgage & secured amount : 11-12-2002 / ANS
- Mortgagee : Bank of
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
Liu Jinli, director:
- In his 40's & married
- Also currently director of Leading Smart Ltd.
Currently residing in PR China & only visits
Registered residential address: Rm 401, Blk 3, Nam Yuen New
Estate, Nam Shan Kui,
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.
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 3-11-2006 was nil.
Banking relations are maintained principally with:
- Bank of
- Hang Seng Bank Ltd.
- Standard Chartered Bank (HK) Ltd.
- CITIC Ka Wah 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
Civil litigation/winding-up petitions : (X) see below ( ) see attached sheet
Date 29-6-2006
Defendant(s) : SC
Plaintiff(s) : Yam Chung Fun
Cause of claim : Landlord and tenants (possession)
Claimed amount : ANS
Note: Attempts in contacting SC's director for outcome of the writ record have encountered no response. The plaintiff also could not be located as it is not registered as a current user of local fixed line telephone cos. Information regarding the current status of the writ record is not available.
Mortgage/charge record(s) : (X) see below ( ) see per attached
Creation date : 30-3-2007
Charger(s) : SC
Chargee(s) : CITIC Ka Wah Bank Ltd.
Secured amount : ANS
Charge particulars :
Mortgage (No.4.,
Creation date : 17-6-2005
Charger(s) : SC
Chargee(s) : Standard Chartered Bank (HK) Ltd.
Secured amount : ANS
Charge particulars : Charge Over Deposits (Deposit: HK$3M)
Creation date : 17-6-2005
Charger(s) : SC
Chargee(s) : Standard Chartered Bank (HK) Ltd.
Secured amount : ANS
Charge particulars : Charge Over Securities
Creation date : 28-6-2005
Charger(s) : SC
Chargee(s) :
Bank of
Secured amount : ANS
Charge particulars : Mortgage (Flat B, 5/F, Tower 8 and Car Parking Space No.38, One Beacon Hill, 1
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2001, 2002, 2004, 2005, 2007
Year(s) in which mortgage satisfaction record(s) are filed: 2003
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 plastic raw materials.
Items available include plastic scrap, LDPE film, PET bottle flake, agricultural LDPE & LLDPE file.
Principal purchases :
Major types of sourcing : Raw materials
Local--type of suppliers : Importers & distributors
Buying terms : COD & credit of 30 days
Overseas--supplying countries : Europe & SE Asia
Buying terms : L/C & T/T
Principal market :
Local--type of customers : Its affiliate & manufacturers
Selling terms : Intercompany account basis, COD & credit of 7 to 14 days
Overseas--buying countries : PR China & SE Asia
Selling terms : L/C & T/T
Location : Maintaining its office at the heading business address which occupies a gross
area of 3,500 square feet at a commercial building in a commercial district.
Condition inside the
premises during our visit :
Office/factory layout : Standard.
Property ownership : Current land search indicates the ownership details of the captioned premises as follows:
(For Rm 615 & 616, 6/F of the heading building)
- Owner(s) : Leading Smart Ltd. (SC's affiliate)
- Date of purchase & consideration : 8-8-2000 / HK$12M
- Date of mortgage & secured amount : 8-8-2000 / ANS
- Mortgagee : Bank of
Jointly occupying the premises with the below mentioned affiliate.
Affiliate(s):
Company name : Leading Smart Ltd.
Year established : 1998
Business nature : Trading of plastic materials
Address : Same as heading business address
Turnover : NA
Civil litigation & winding-up petition records: None in our database
SC also maintains its warehouse at Rm 616, 6/F of the heading building.
From all indications, SC is believed to have made a steady and successful trend of development. Credit in the range of moderate amount can be considered.
NOTES:
Current land search indicates that SC owns the following premises:
- Address :
No.4,
- Owner(s) : SC
- Date of purchase & consideration : 30-3-2007 / HK$4.8M
- Date of mortgage & secured amount : 30-3-2007 / ANS
- Mortgagee : CITIC Ka Wah Bank Ltd.
- Address: Flat B, 5/F,
Tower 8 & Car Parking Space No.38, One Beacon Hill,
- Owner(s) : SC
- Date of purchase & consideration : 28-6-2005 / HK$14,080,000
- Date of mortgage & secured amount : 28-6-2005 / ANS
- Mortgagee : Bank of
Current land search indicates that SC was involved in the following property transaction:
- Address :
Unit 2, 19/F, Blk A,
- Assignor : SC
- Assignee : Chiu Man Chun Joey & Wong Wing San
- Date of disposal & amount : 2-6-2003 / HK$2.7M
* The said premises was formerly purchased by SC on 26-7-2001 at a consideration of $3.1M.
- Address: Unit 13, 6/F,
- Assignor: SC
- Assignee: Concord International Oil Ltd.
- Date of disposal & amount: 8-3-2007 / HK$7.6M
# The said premises was formerly purchased by SC on 26-7-2001 at a consideration of $3M.
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%)