MIRA
INFORM REPORT
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Report Date : |
6th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
YANION CO. LTD. |
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Registered Office : |
6/F, Wah Lik Industrial Centre, 459-469 Castle Peak Road, Tsuen Wan,
N.T., Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.12.1976 |
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Com. Reg. No.: |
50871 |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged in manufacturing & export of audio-visual products &
electrical 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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name & Address
YANION CO. LTD.
6/F, WAH LIK
INDUSTRIAL CENTRE, 459-469 CASTLE PEAK ROAD, TSUEN WAN, N.T., HONG KONG.
TEL : 852 24112269
FAX : 852 24110369
EXECUTIVE SUMMARY
INCORPORATION DATE :
29-12-1976
REGISTRATION NO. :
50871
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : LEUNG WAH CHAI (DIRECTOR)
STAFF STRENGTH :
50.
AUTHORIZED CAPITAL :
HK$32M = 79,863 ORDINARY SHARES @HK$10.- + 3,120,137 NON-VOTING
DEFERRED
SHARES @HK$10.-
PAID-UP
CAPITAL :
HK$31,202,370
BUSINESS LINE :
MANUFACTURE & EXPORT OF AUDIO-VISUAL PRODUCTS & ELECTRICAL
APPLIANCES
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81322 = USD1 AS OF 2007-2-16
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
SC is a private limited company registered under incorporation file no.
50871 on 29-12-1976.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 29-12-2006) Number
of shares held
Ordinary
shares
Yanion (BVI) Ltd. 100
===
Non-voting
deferred
shares
Leung Wah Chai
1,200,880
Leung Tai Shing 800,587
Butt Wing Han 294,240
Voger Co. Ltd. 686,430
Kamga Investment Ltd. 138,000
------------
3,120,137
=======
Directors (as at 29-12-2006)
Leung Wah Chai / A425747(5)
Butt Wing Han / E099800(5)
Cheng Kwok Fai / E497882(3)
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 : 50.
Location : Maintaining
its office & showroom at the heading business address which occupies a
gross area of 20,000 square feet at an industrial building in an industrial
district.
Condition inside the premises during our
visit : Normal.
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 records 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) : None filed within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1987, 1988, 1990,
1994 - 2000, 2002, 2003
Year(s) in which mortgage satisfaction record(s) are filed: 1991, 1994 -
2000, 2002 - 2004
SC is a subsidiary of Yanion (BVI) Ltd. whose partial information is as
follows:
Year established : NA
Registered/business
address : Skelton Bldg., Main St., P.O.Box
3136, Road Town, Tortola, BVI.
Business line : As an investment
holding co. *
No. of employees : NA
Civil litigation & winding-up petition records : None in our
database
Turnover :
NA
* Yanion (BVI) Ltd. was formerly wholly owned by Yanion International
Holdings Ltd., (a publicly listed co. on SEHK with stock 82) and was acquired
by SC's directors, Leung Wah Chai & Butt Wing Han on 18-12-2003. Yanion
(BVI) Ltd. was said to have sustained substantial losses for the past 8
consecutive years.
Leung Wah Chai, chairman, director & main founder:
- Born in 1939 & married
- Formerly director of Yanion International Holdings Ltd.
- He has 47 years of practical experience in mechanical engineering,
precision optical instruments & high-end audio/visual industry
- He is a director of China Association of Enterprises Foreign
Investment and an executive director of The Association of Enterprises Foreign
Investors, Guangdong, PR China
- Also a Hong Kong appointed member of The Chinese People's Political
Consultative Conference-the 8th Committee of Guangdong Province and a member of
The Selection Committee for the First Government of the Hong Kong Special
Administrative Region
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 8/F, Block E2, Shatin Heights, 8003 Tai
Po Road, Shatin, N.T., HK.
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
Butt Wing Han, director & general manager:
- Born in 1942 & is the wife of Leung Wah Chai
- She is responsible for the overall corporate policy-making, strategic
planning, general management, & monitoring of the manufacturing &
marketing activities
- She has over 32 years of experience in the electronics industry
- Formerly director of Yanion International Holdings Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as Leung Wah Chai.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Leung Wah Chai + Butt Wing Han
- Date of purchase & consideration : 12-11-1985 / HK$1.69M
- Date of mortgage & secured amount : 31-1-1997 / ANS
- Mortgagee : Public Bank (Hong Kong) 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
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 & export of audio-visual products
& electrical appliances.
Items available include cassette players, compact disc players, amplifiers,
video compact disc players, DVD players, MP3 players, speakers & home,
office appliances, radio clocks & high precision equipment.
Production is assigned to the following affiliated factories:
- Factory name (I): Dongguan
Yanion Electronics Manufacturing Ltd.
- Factory name (II): Dongguan
Yanion Mould & Die Manufacturing Ltd.
- Address: No.6 Ind'l Zone, Guan
Zhang Gong Lao, Dongcheng District, Dongguan, Guangdong Province, PR China.
- Tel: 86-769-2263836
- Fax: 86-769-2263893
- Size: 690,000 sq.ft.
- Workforce: 1,000
Achievements:
- ISO 9002
- ISO 9001
A portion is sold under its own brand(s) `Yamakawa'.
Principal purchases :
Major
types of sourcing : Raw
materials, parts & components
Local--type
of suppliers : Importers, manufacturers
& wholesalers
Buying
terms : COD,
credit of 30 days & local L/C
Overseas--supplying
countries : PR China, S. Korea Taiwan
& Japan & SE Asia
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : SE Asia, USA & Europe
(mainly U.K., France & Germany)
Selling
terms : L/C &
T/T (mainly)
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: 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:
- Hang Seng Bank Ltd.
- HSBC
- Industrial & Commercial Bank of China (Asia) Ltd.
- Bank of China (HK) Ltd.
Upon a current
contact, Fong Stella, SC's administrator, 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 29-12-2006 was nil.
SC is considered a normally advancing concern with steady customers and
good base to meet its trade engagements.
Credit in the range of moderate amount can 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%)