MIRA INFORM REPORT

 

 

Report Date :

28th February, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

THE MILLWORK TRADING CO., LTD.

 

 

Registered Office :

1359 Broadway, New York, New York  10018, United States

 

 

Country :

United States

 

 

Date of Incorporation :

20.11.1986

 

 

Line of Business :

Wholesaler of women's and children's clothing ans accessories.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name : THE MILLWORK TRADING CO., LTD.

Trade Name(s)               : Li &  Fung Usa

Address                        : 1359 Broadway

City                              : NEW YORK

State/Province               : NEW YORK                             

Zip Code                       : 10018                       

Country                         : UNITED STATES                

Telephone                     : 646 839-7000                

Facsimile                      : 646 839-7001

Legal Form                    :

Website                        : wwww.lifung.com

@rating Opinion :

Business Activity           : The Millwork Trading Co. LTD., is a wholesaler of women's and children's clothing ans

                                      accessories.

As of                             :

Sales / Revenue :

Net Income                    :

Total Equity                   :

 

 

NOTE TO CLIENT

 

Special Note: The correct name of the Company is The Millwork Trading Co., Ltd.

A management member declined to provide their name and to respond to all general and financial information.  The information in the report was retrieved from outside sources and not confirmed with management.

 

Special Notes: The Company also operates as LI &  Fung USA. The Company changed its address to 1359 Broadway, New York, NY, United States.  It also changed its telephone number to:(646) 839-7000

 

 

LEGAL

 

Legal Form                                            :                                          

Since (D/M/Y)                                        :  20/11/1986

State/Province of Incorporation                :  DE

Previous Legal Form                               : Limited Company

Company is NOT required to publish an annual financial report.

The Company is incorporated in Delaware under the following registration:

 

Entity Name                  : THE MILLWORK TRADING CO., LTD.

File Number                   : 2108143

Incorporation Date          :

/ Formation Date            : 11/20/1986

Entity Kind                    : CORPORATION

Entity Type                    : GENERAL

Residency                     : DOMESTIC

State                            : DE

 

REGISTERED AGENT INFORMATION

Name                : THE CORPORATION TRUST COMPANY

Address            : CORPORATION TRUST CENTER 1209 ORANGE STREET

City                  : WILMINGTON

County              : NEW CASTLE

State                : DE

Postal Code      : 19801

Phone               : (302)658-7581

----------------------------------------------------------------------

The Company is authorized to conduct business in New York under the following registration:

 

Selected Entity Name    : THE MILLWORK TRADING CO., LTD.

Status Information          : Current

Entity Name                  : THE MILLWORK TRADING CO., LTD.

Initial DOS Filing Date    : FEBRUARY 18, 1994

County                          : NEW YORK

Jurisdiction                    : DELAWARE

Entity Type                    : FOREIGN BUSINESS CORPORATION

Current Entity Status      : ACTIVE

Principal Executive Office

THE MILLWORK TRADING CO., LTD.

148 W 37TH ST / 4TH FL

NEW YORK, NEW YORK, 10018

Registered Agent

NONE

 

 

Managers/Key Personnel

 

Mr.  Richard Darling                   Chairman &  Chief Executive Officer

 

 

AFFILIATED ENTITIES

 

There are seveal affiliated companies including:

 

Oxford Womensear Group

King Lun Holdings Limited

Li &  Fung Distribution Limited

Li &  Fung (Gemini) Limited

Li &  Gung (1937) Limited

Convenience Retail Asia Limited

 

 

Parent Companies

 

Parent Company:    Li &  Fung Ltd.

LiFung Tower, 11th Fl., 888 Cheung

Sha Wan Rd.

Kowloon

HONG KONG

Telephone:    +852-2300-2300

 

LI &  Fung LTD. is the parent company of The Millwork Trading Co. LTD.

 

Consolidated Balance Sheets for LI &  Fung LTD.

 

In thousands of HK$:

 

June 30, 2006            December 31, 2005

 

Total Current Assets:         10,382,620                   10,528,014

Total Assets:                  4,984,778                    4,740,001

 

Total Current Liabilities:    10,324,348                    9,862,277

Total Equity:                  5,043,050                    5,405,738

Total Revenues:               25,152,988                   21,238,163

Net Income:                      830,983                      617,920

 

LI &  Fung LTD. is a public company with stock trading on the Hong Kong, Berlin, Munich and other world wide market under the symbol " LFVGF" .  A recent closing price was US$3.45 and the 52 weeks range has been US$3.7 - $1.90. Shares Outstanding N/A

 

 

BANKS

 

NY

Telephone:

Facsimile:

Account Number:

Account Manager:

The name of the primary bank could not be obtained from management and outside sources.

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 AIR TRANS  06-12 06-12 0000000 6200     1300     100 0   0   0   0   CUST  1 YR

 AIR TRANS  06-11 00-00 NET 30  800      0        0   0   0   0   0   CUST  4 YR

 

 OFFC SUPPL 07-01 00-00 CREDIT  15300    10100    100 0   0   0   0   ACCTCLOSED

 TELECOM    07-02 00-00 NET 30  100      100      100 0   0   0   0   DISPUTE

 TRUCK DLR  07-02 00-00 CONTRCT 5100     0        0   0   0   0   0

 COMPUTERS  05-11 05-01 CREDIT  7500     0        0   0   0   0   0   COLLECTION

 COMPUTERS  06-06 06-04 0000000 49900    0        0   0   0   0   0

 FINCL SVCS 06-03 06-03 CONTRCT 24200    800      100 0   0   0   0   CUST  3 YR

 LEASING    07-02 00-00 NET 30  900      900      0   99  1   0   0   CUST  4 YR

 LEASING    07-01 00-00 CONTRCT 27700    27700    50  50  0   0   0

 OFFC SUPPL 04-11 04-09 NET     900      0        0   0   0   0   0   CUST  2 YR

 OFFC EQUIP 06-06 06-06 NET 30  145900   200      85  14  1   0   0   CUST  6 YR

 PACKAGING  06-03 00-00 NET 30  0        0        0   0   0   0   0   CUST  1 YR

 CURRENT QUARTER                27400    11400    100 0   0   0   0

 

 Payment Trends

 

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20070200  0      9         20           14400    81  0   0   0   19

 20070100  0      7         15           19500    86  0   0   0   14

 20061200  0      7         23           22700    78  0   0   0   22

 20061100  0      6         32           14500    65  0   0   17  18

 20061000  0      5         26           18200    61  12  0   13  14

 20060900  0      6         0            10500    100 0   0   0   0

 

 Payment History - Quarterly Averages

 

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 Fourth   2006              23           18100    77  0   0   4   19

 Third    2006              15           10500    77  7   0   8   8

 Second   2006              1            9600     96  4   0   0   0

 First    2006              14           9200     87  0   0   0   13

 Fourth   2005              23           5700     77  1   0   0   22

 

 

FINANCIAL INFORMATION

 

The Millwork Trading Co. LTD., financial information are consolidated into its parent company financials which are summarized above.

 

 

CURRENT OPERATIONS

 

NAICS Code:   42233     Women's, Children's, and Infants' and Accessories

SIC Code:     5137

 

 

Business Activity

 

The Millwork Trading Co. LTD., is a wholesaler of women's and children's clothing ans accessories.

 

The above address is the headquarters for the firm.

 

 

PUBLIC RECORD

 

A Nationwide search of public and bankruptcy courts revealed no Uniform

Commercial Codes, tax liens, legal actions or bankruptcy filings under the Subject's name.

 

 

GENERAL COMMENTS

 

The Millwork Trading Co. LTD., is a women's and children's clothing wholesaler.

The payment history is generally satisfactory.  There are no Uniform Commercial Codes nor bankruptcy courts petition under the Subject's name.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions