MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FORMERANK LTD |
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Registered Office : |
Rm 802-3 |
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Country : |
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Date of Incorporation : |
October.18, 1994 |
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Com. Reg. No.: |
0494131 |
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Legal Form : |
Private |
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Line of Business : |
Engaged in trading of chemical products and plastic raw
materials. |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
name &
address
FORMERANK LTD
RM 802-3
TEL: [+852] 23672299
FAX: [+852]
23673899
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCTOBER.18, 1994
REGISTRATION NO. :
0494131
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
Ms. Yue-ting Chen (Representative)
STAFF STRENGTH :
10
CAPITAL :
US$ 12,787,724
BUSINESS LINE :
TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES : N/A (AS OF DEC.
31, 2006)
PAYMENT :
FAIR
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.82080 = USD1 AS OF 2007-07-19
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD
*Company Registration*
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(1)
License number :
0494131
Date issued
: 18 October, 1994
Issuing authority :
Companies Registry
Type of license :
Corporate
Legal form
: Private Limited Company
(2)
License number :
18759198-000
Date issued
: N/A
Issuing authority :
Business Registration Office - Inland Revenue Dept
Type of license :
Business
*Capital Details*
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Initial registered capital
: HKD 100,000,000.00
Paid-up capital : HKD 30,000,000.00
*Office & Facilities*
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Other tel no : 31705005
*Reputation*
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Reference checking for the purpose of establishing the
firm's reputation within the respective industry failed to reveal any negative
information.
*Company Secretary*
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CITY LIGHT ACCOUNTANCY CONSULTANTS LTD
Address : Rm 1315 Leighton Centre 77 Leighton Rd causeway
Bay
Email : iven_wong@yahoo.com.hk
SC is not known to host website of its own at present.
For the 13 years there is no record of litigation.
*Major Shareholders*
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Total number of shareholder
:1
Total number of shares : 30,000,000
Shareholder's Name No. of Shares Amount of Shares (HKD) % of Shares
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WAH YANG INT'L HOLDINGS LTD 30,000,000 30,000,000.00 100.00
Management : Ms. Yue-ting Chen, Representative
Name Nationality Job Description
Ms. Yue-ting Chen
*Key Personnel*
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Yue-ting Chen
Address : Tiyuxi,
Tel : 20-38792773
Fax : 20-38795415
*Main Products & Services*
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Engaged in trading of chemical products and plastic raw
materials.
Products : Chemical products
Plastic raw materials
Synthetic rubber
*Payment Terms*
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Sales
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Local : Cash or
Credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
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Local : Cash or
Credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Local Distribution Network*
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Part of the annual turnover is attributed to local
sales.
*Export Markets*
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Part of the annual turnover is attributed to export.
SC is not known to have any subsidiary at
present.
PAYMENT RATING : 4 OBTAINED SCORES : 46
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Implication |
Implications |
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1 |
Scores 85100 |
Excellent |
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2 |
Scores 75 84 |
Above Average |
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3 |
Scores 50 74 |
Average |
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4 |
Scores 35 49 |
Fair |
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5 |
Scores 15 34 |
Below Average |
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6 |
Scores 01 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers of
SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for SMALL
amounts depending on individual judgement experience.
As a private limited company there is no legal requirement
according to local corporate law for public disclosure of detailed financials.
*BANK DETAILS*
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Bank Name : HONG KONG & SHANGHAI BANKING CORP LTD, THE
Branch : Central,
Branch Address : Basement Level HSBC Main Bldg 1 Queen's Rd
SWIFT Code : HSBCHKHH
SC is considered small-sized in its line with an acceptable base to come
into credit dealings of small amount.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Trading 2800 Chemicals and Allied Products
Trading 2821 Plastics materials and resins
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Trading 3823905050
Chemical products and
preparations of the chemical or allied industries
Trading
3926 Articles of
plastics (inc polymers & resins)
INTERNATIONAL TRADE: ACTIVITY & MARKETS
Exporting to
Exporting to
Importing from
Importing from
Importing from
Importing from
Importing from
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 SCs 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%)