MIRA
INFORM REPORT
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Report Date : |
12th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
RICO INDUSTRIAL HOLDING CO. LTD. |
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Registered Office : |
Flat A-10, 17/F, Mei On Industrial Bldg.,17-21 Kung Yip
St., Kwai Chung, N.T., Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.03.1997 |
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Com. Reg. No.: |
599743 |
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Legal Form : |
Private |
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Line of Business : |
Engaged in trading of iron & steel. |
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 : |
Regular |
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Litigation : |
Clear |
Company Name & Address
RICO
INDUSTRIAL HOLDING CO. LTD.
FLAT
A-10, 17/F, MEI ON INDUSTRIAL BLDG.,17-21 KUNG YIP ST., KWAI CHUNG, N.T., HONG
KONG.
TEL:
852 29600516
FAX:
852 25909969
EXECUTIVE SUMMARY
INCORPORATION DATE : Mar.19,1997
REGISTRATION NO. :
599743
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : LAM KIN HUNG
(DIRECTOR)
STAFF STRENGTH : 5.
AUTHORIZED CAPITAL :
HK$10,000 = 10,000 SHARES @ HK$1.-
PAID-UP CAPITAL : HK$2
BUSINESS LINE : TRADING OF IRON & STEEL
TURNOVER : N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : SMALL
AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81386 = USD1 AS OF 2007-3-9
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 address of SC is the heading one instead of
`Room A, 8/F, Yu Fung Commercial Building, 289 Hennessy Road, Wanchai, HK.'
given by you.
Your given address is occupied as on office by Excellent
Express Group, an unrelated co. to SC.
SC is a private limited company registered under
incorporation file no. 599743 on 19-3-1997.
SC's shareholders & directors are shown to be as
follows:
Shareholders (as at 19-3-2006) Number
of shares held
Lam Kin Hung 1
Ng Yuen Fan 1
---
2
==
Directors (as at 19-3-2006)
Ng Yuen Fan / D160028(2)
Lam Kin Hung / G704922(5)
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 : 5
(sharing with its affiliates).
Location : Maintaining its office at the heading business
address which occupies a gross area of 500 square feet at an industrial
building in an industrial 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 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) : (X) see below ( ) see per attached
Creation date : 10-8-2005
Charger(s) : SC
Chargee(s) : Rabobank International
Secured amount : ANS
Charge particulars : Trade Finance Security Assignment
Creation date : 12-12-2006
Charger(s) : SC
Chargee(s) : United Overseas Bank Ltd.
Secured amount : ANS
Charge particulars : Charge Over Account & Set-Off
Creation date : 12-12-2006
Charger(s) : SC
Chargee(s) : United Overseas Bank Ltd.
Secured amount : ANS
Charge particulars : Assignment of Letter of Credit
Creation date : 12-12-2006
Charger(s) : SC
Chargee(s) : United Overseas Bank Ltd.
Secured amount : ANS
Charge particulars : General Memorandum of Pledge of
Goods
Lam Kin Hung, director:
- In his early 40's
- Embarked upon his career to present field in his mid 20's
- Also currently shareholder of Super Forward Iron &
Steel Ltd.
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: Same as heading business
address.
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
Ng Yuen Fan, director:
- In her mid 50's
- She has over 20 years experience in present field
- Also currently director of Super Forward Iron & Steel
Ltd.
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: Same as heading business
address.
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 : 55 (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 iron & steel.
Items available include stainless steel, pig iron, hot
rolled plates, galvanized coils & silicon.
Principal purchases :
Major types of sourcing :
Merchandise & raw materials
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
PR China, Japan, USA & Europe
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Nil
Selling terms :
Nil
Overseas--buying countries :
PR China, Japan, S. Korea, SE Asia & USA
Selling terms :
L/C & T/T
Jointly occupying the premises with the below mentioned
affiliate.
Affiliate(s):
Company name : Super Forward Iron & Steel
Ltd.
Year established : 1998
Business
nature : Similar to SC
Address : Same as heading
business address
Turnover : NA
Civil litigation & winding-up petition records: None in
our database
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:
- Rabobank International (Hong Kong Branch)
- United Overseas Bank Ltd.
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 19-3-2006 was NA.
SC is considered small-sized in its line with a development history of 9
years. Credit dealings with SC in small amount appear acceptable.
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%)