MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION DETAILS
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Name : |
GALLEON INDUSTRIAL LTD. |
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Registered Office : |
Room 60-62, 1/F, South Seas Centre, 75 Mody Road,
Tsimshatsui East, |
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Country : |
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Date of Incorporation : |
26-2-1985 |
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Com. Reg. No.: |
147584 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of toys & household products. |
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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Maximum Credit Limit : |
Up To USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name & address
GALLEON INDUSTRIAL LTD.
ROOM 60-62, 1/F,
75 MODY ROAD, TSIMSHATSUI EAST,
TEL : 852 27234181
FAX : 852 23691007
EXECUTIVE SUMMARY
INCORPORATION DATE :
26-2-1985
REGISTRATION NO. :
147584
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : YOUNG WILLIAM (PERSON-IN-CHARGE)
STAFF STRENGTH :
20
AUTHORIZED CAPITAL :
HK$7M = 7M SHARES @ HK$100.-
PAID-UP
CAPITAL : HK$6M
BUSINESS LINE :
TRADING OF TOYS & HOUSEHOLD PRODUCTS
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80871 = USD1 AS OF 2007-5-31
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
The complete address of SC is the heading one instead of `Room 61, 1/F,
South Seas Centre, Tsimshatsui East,
SC is a private limited company registered under incorporation file no.
147584 on 26-2-1985.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 26-2-2007) Number
of shares held
- Hanwon Incorporated 59,990
- New Jetway Ltd. 10
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60,000
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Directors (as at 26-2-2007)
- Vesto Ltd.
- Vita Carino Ltd.
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Change in capital : Authorised capital was increased from HK$6M to the present amount on 16-4-2007 with the creation of 10,000 shares of HK$100.
Paid-up capital: HK$6M.
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
- Galleon Industrial Ltd. 16-3-2007
- E-Health Group Ltd. 16-4-2007
Name(s) of newly appointed director(s) Appointment
date
- Vesto Ltd. 16-3-2007
- Vita Carino Ltd. 16-4-2007
SC's principal
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- Young William (person-in-charge) & co-founder)
- Young Antonio (co-founder)
SC is a subsidiary of Hanwon Incorporated, whose partial information is
as follows:
- Registered address:
- Business line: As a holding co.
representing the equity interest of the Young's family
- Civil litigation & winding-up petition: None in our database
Vita Carine Ltd., corporate director, whose partial information is as
follows:
- Registered address: Portcullis
TrustNet Chambers,
- Business line: As an offshore
holding co.
- Civil litigation & winding-up petition records: None in our database
Young William, per-in-charge & co-founder:
- In his late 50's
- He has over 35 years of experience in present field
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
Young Antonic:
- In his late 50's & brother of Young William
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 : 64 (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 26-2-2007 was NA.
Banking relations are maintained principally with: HSBC.
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 :
13-10-2004
Defendant(s) : SC
Plaintiff(s) : King's Manufacturing Co. Ltd.
Cause of claim : Injection
Claimed amount : NA
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: 1987, 1989 &
1997
Year(s) in which mortgage satisfaction record(s) are filed: 1992, 1997
& 2001
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 toys & household products.
Items available include plush toys, electronic toys, playsets, dolls,
pre-school toys, plastic guns, bushes, stationery, cooking utensil, tableware
& telephones.
Production is mostly assigned to its sub-contractor(s) based in PR China.
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Manufacturers
Buying
terms : COD,
credit of 30-60 days
Overseas--supplying
countries : PR China
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : Worldwide
Selling
terms : L/C, T/T
& open account
Total number of employees : 20.
Location : Maintaining
its office & showroom at the heading business address which occupies a
gross area of 7,400 square feet at a commercial building in a commercial &
shopping district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
SC is
not known to have any subsidiary at present.
SC is considered a well-maintained business
with solid base to meet moderate amount of credit dealings.
-- 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%)