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MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ASSUDAMAL & SONS (HK) LTD |
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Registered Office : |
6 FL, |
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Country : |
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Date of Incorporation : |
12.02.1971 |
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Com. Reg. No.: |
0022877 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Specializes in trading wide range of electrical equipment
and appliances |
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 : |
USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
ASSUDAMAL & SONS (HK) LTD
6FL
CENTRAL HONG KONG,
TEL: 852-25415173
FAX: 852-25415283
EXECUTIVE SUMMARY
INCORPORATION DATE : FEBRUARY 12, 1971
REGISTRATION NO. : 0022877
LEGAL FORM : PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE : MR. CHANDRU ASSSUDAMAL VASWANI(MANAGING DIRECTOR)
STAFF STRENGTH : 18
CAPITAL : US$ 5,121,639
BUSINESS LINE : TRADER
TURNOVER : US$2,567,394.09 (AS OF DEC. 31, 2005)
EQUITIES : N/A (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : HKD 7.81899 = US$1 AS OF 2007-6-18
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*Company Registration*
===================
License number : 0022877
Date issued : 12 February, 1971
Issuing authority : Companies Registry
Type of license : Corporate
License number : 03218511-000
Issuing authority : Business Registration Office - Inland Revenue Dept
Type of license : Business
*Capital Details*
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Share value : HKD 1,000.00/-each
Authorized capital : HKD 40,000,000.00
Paid-up capital : HKD 30,000,000.00 divided into 30,000 ordinary shares
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
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E-mail: office@assudamal.com
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For the past two years there is no record of litigation.
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*Major Shareholders*
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Total number of shareholders : 5
Total number of ordinary shares : 30,000
Shareholders' Name No. of Ordinary Shares Amount of Shares (HKD) % of Shares
Mr. Chandru Asssudamal Vaswani 144 144,000.00 0.48
Mr. Kishin Assudamal Vaswani 126 126,000.00 0.42
Mr. Haneet Chandru Vaswani 30 30,000.00 0.10
*Directors' Details*
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Mr. Kavine Chandru Vaswani
HKID no : K042291(6)
Address : 6A
Mr. Manisha Kishin Vaswani
HKID no : XD002918(7)
Address : 6A
Mr. Kishin Assudamal Vaswani
HKID no : XA570240
Address : 6A
Shareholder's Details
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Mr. Haneet Chandru Vaswani
Address : 6A
*Company Secretary*
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PRINZA LTD
Address : 2001
Central Place
CR no : 334490
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Management: Mr. Chandru Asssudamal Vaswani, Managing Director
Name Nationality Job Description
Mr. Chandru Asssudamal Vaswani Indian Managing Director
*Key Personnel*
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Mr. Chandru Asssudamal Vaswani
HKID no : XD018321(6)
Address : 6A
Responsibility : Handles the overall management of the company.
*Associations*
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Member of :
- Hong Kong General Chamber of Commerce
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*Main Products & Services*
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Specializes in trading wide range of electrical equipment and appliances.
Products: Blenders
Blowers
Casette players
DVD players
Electric lighting equipment
*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
*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.
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SC is not known to have any subsidiary at present.
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PAYMENT RATING :3 OBTAINED SCORES : 57
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Rating Key |
Implication |
Implications |
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1 |
Scores 85–100 |
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.
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As a limited liability 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
*Financial Summary (Currency:
==============================
Year Sales Assets Net Income
2005 $2,567,394.09 n/a n/a
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SC is considered an old-established business with stable development trend. It is considered a credit line up to USD 50,000 appears to be within SC’s capacities.
Attached: trade references
SIC PRODUCT
CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 3564
Fans and blowers, except
household type; dust collection and air purification
equipment; and parts,
Trading 3634
Electro-mechanical
household type appliances, and electro-thermic appliances,
and
parts & accessories,
Trading 3639
Household appliances, and
parts,
Trading 3651
Radio & TV receiving
sets; phonographs; recorders, microphones; loudspeakers;
audio
amplifiers; & other audio equip
Trading 5064
Electrical Appliances
HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 8414596095
Fans
Trading 8419811000
Microwave ovens for cooking or
heating food, industrial
Trading 8452290000
Sewing machines other than of the
household type
Trading 8452299000
Sewing machines
Trading 8500
Electrical machinery &
equip. & parts; telecommunications equip., sound
recorders,
television recorders
Trading 8509
Electromech domestic
appliances; parts
Trading 8509400015
Food blenders, domestic
Trading 8509800095
Other electromechanical domestic
appliances
Trading 8516500000
Microwave ovens
Trading 8516604060
Electric cooking stoves and
microwave oven combinations
DETAILED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Trading Fans
Trading Home
appliances
Trading Microwave
Trading Radios
Trading
Trading Sewing
machine
Trading Speaker
parts
Trading Stand
fan
Trading Television
system
Trading Televisions
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to
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%)