MIRA
INFORM REPORT
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Report Date : |
06.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BROADWATER (H.K.) LTD. |
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Registered Office : |
9C, Hollywood Centre, 77-91 Queen's Road West |
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Country : |
Hong Kong |
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Date of Incorporation : |
29-5-1981 |
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Com. Reg. No.: |
98458 |
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Legal Form : |
Private |
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Line of Business : |
Engaged in trading of general merchandise. |
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 : |
Usually correct |
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Litigation : |
Clear |
name & address
BROADWATER (H.K.) LTD.
9C, HOLLYWOOD CENTRE,
77-91 QUEEN'S ROAD WEST, HONG KONG.
TEL: 852 25950168
FAX: 852 25053536
EXECUTIVE SUMMARY
INCORPORATION DATE :
29-5-1981
REGISTRATION NO. :
98458
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : KIRPALANI GOBIND (MANAGING DIRECTOR)
STAFF STRENGTH :
3
AUTHORIZED CAPITAL : HK$2M = 2M SHARES @ HK$1.-
PAID-UP
CAPITAL :
HK$1,300,880
BUSINESS LINE :
TRADING OF GERENAL MECHANDISE
TURNOVER :
HK $68M (YEAR ENDED 31-3-2006)
EQUITIES :
N/A (YEAR ENDED 31-3-2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD7.81339 = USD1 AS OF 2007-3-5
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
The correct name of SC is the heading one instead of `Broadwater (HK)
Ltd.' given by you.
SC is a private limited company registered under incorporation file no.
98458 on 29-5-1981.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 29-5-2006) Number
of shares held
Kirpalani Gobind 1,300,880
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Directors (as at 29-5-2006)
Kirpalani Gobind / XD184734(7)
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.
SC's business activities actually commenced in 1986.
SC 's business name:
- Multi-Time Electronics
Total number of employees : 3.
Location : Maintaining
its office at the heading business address which occupies a gross area of 1,200
square feet at a commercial building in a commercial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
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 Hong Kong, creation of such
mortgages/charges by an unlimited co is not required to be registered in the
public records.
Civil litigation/winding-up petitions : None in our
database.
Mortgage/charge record(s) : (X) see below (
) see per attached
Creation date : 21-2-2005
Charger(s) :
SC
Chargee(s) :
HSBC
Secured amount : ANS
Charge particulars : Security Over Deposit (Deposit: $3M)
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1985, 1989, 1992,
1993 & 2005
Year(s) in which mortgage satisfaction record(s) are filed: 1989, 1990,
1993, 1996 & 2006
Kirpalani Gobind, managing director:
- In his late 50's
- He has over 25 years of experience in present field
Registered residential address: Flat B, 11/F, Belmont Court, 10 Kotewall
Road, HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Kirpalani Kamila G.
- Date of purchase & consideration : 17-2-1997 / $7.7M
- Date of mortgage & secured amount : NA
- Mortgagee : NA
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 : 3 Obtained scores : 60 (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 trading of general merchandise.
Items available include watches & clocks, calculators, electonics
toys, telecommunications equipment, radios & video accessories.
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China & Bangladesh
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : Europe (mainly UK &
Spain), South Africa, South America & Canada
Selling
terms : L/C, D/A
& T/T
SC is not known to host website of its own 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 : 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.
Banking relations are maintained principally with: HSBC.
Upon a current
contact, Kirpalani Gobind, refused releasing detailed financial data but
advised that SC's turnover for year ended 31-3-2006 was $68M.
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 29-5-2006 was nil.
It is difficult to estimate SC's means
which, however, appears to be adequate. With regard to its length of business
and market connection, credit in the range of moderate to fairly large 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 Hong Kong for the last 6 years.
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%)