MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
JEWELS O/B CITY TRADITION LTD. |
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Registered Office : |
7/F, Block A, |
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Country : |
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Date of Incorporation : |
08.12.1989 |
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Com. Reg. No.: |
267785 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing of fine jewellery. |
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
JEWELS O/B CITY TRADITION LTD.
7/F,
BLOCK A,
TEL : 852 23664991
FAX : 852 23110017
EXECUTIVE SUMMARY
INCORPORATION DATE :
8-12-1989
REGISTRATION NO. :
267785
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : VASWANI RAJAN (DIRECTOR)
STAFF STRENGTH :
6.
AUTHORIZED CAPITAL :
HK$1M = 1M SHARES @HK$1.-
PAID-UP
CAPITAL : HK$1M
BUSINESS LINE :
MANUFACTURE OF FINE JEWELLERY
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81402 = USD1 AS OF 2007-3-12
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
SC is a private limited company registered under incorporation file no.
267785 on 8-12-1989.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 8-12-2006) Number
of shares held
Vaswani Rajan 450,000
Vaswani Sunita Rajan 350,000
Daswani Karishma Kamlesh 200,000
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1,000,000
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Directors (as at 8-12-2006)
Vaswani Rajan / XG479642(3)
Vaswani Sunita Rajan / K845949(5)
Daswani Karishma Kamlesh / R404553(9)
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 : 6.
Location : Maintaining
its office at the heading business address which occupies a gross area of
square feet at building in district.
Condition inside the premises during our
visit :
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
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.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1994 & 1999
Year(s) in which mortgage satisfaction record(s) are filed: Nil
Vaswani Rajan, director:
- Embarked upon his career to present field as a junior salesman in his
mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 1/F, Block E, Ning Yeung Terrace, 78B
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Vaswani Rajan + Vaswani Sunita Rajan
- Date of purchase & consideration : 30-11-2000 / $7.6M
- Date of mortgage & secured amount : 7-3-2003 / ANS
- Mortgagee : Chong Hing 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
Daswani Karishma Kamlesh, director:
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as Vaswani Rajan.
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 : 65 (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 of fine jewellery.
Items available include white gold jewellery with diamonds & 18K
gold jewellery (eg. ring, earrings, necklace, bracelet, pendants, etc.),
precious and semi-precious jewellery.
Principal purchases :
Major
types of sourcing : Diamonds
Local--type
of suppliers : Importers
Buying
terms : Credit
of 30 days & local L/C
Overseas--supplying
countries :
Buying
terms : l/C
& T/T
Principal market :
Local--type
of customers : Wholesalers &
retailers (20%)
Selling
terms : Credit of
30 days & local L/C
Overseas--buying
countries : USA & Middle East (60%),
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: HSBC.
Upon a current
contact, Ms Lam., SC's secretary-to-director, 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 8-12-2006 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
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%)