MIRA
INFORM REPORT
|
Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AUSTINS MARMON LTD. |
|
|
|
|
Registered Office : |
29/F, Nanyang Plaza, No.57 Hung To Road, Kwun Tong,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20-3-1981 |
|
|
|
|
Com. Reg. No.: |
95073 |
|
|
|
|
Legal Form : |
Private |
|
|
|
|
Line of Business : |
Engaged in manufacturing & supply of gloves. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
AUSTINS MARMON LTD.
29/F, NANYANG PLAZA, NO.57 HUNG TO ROAD,
KWUN TONG, KOWLOON,, HONG KONG.
TEL: 852 28580388
FAX: 852 28585450
EXECUTIVE SUMMARY
INCORPORATION DATE :
20-3-1981
REGISTRATION NO. :
95073
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : CHENG WING CHUNG EDWARD (DIRECTOR)
STAFF STRENGTH :
80.
AUTHORIZED CAPITAL : HK$ 16,000,100 = 160,000 ORDINARY SHARES @ HK$100 + 1
PREFERENCE
SHARE @ HK$100
PAID-UP
CAPITAL :
HK$15,500,100
BUSINESS LINE :
MANUFACTURE & SUPPLY OF GLOVES
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : FAIRLY
LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81305 = USD1 AS OF 2007-3-15
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.
95073 on 20-3-1981.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 20-3-2006) Number
of shares held
Wells Lamont Corporation 77,500
Cheng Wing Chung Edward 25,834
Choy Kuen Kwan Raymond 25,833
Lam Chi Kuen Frank 25,833
---------
Ordinary Shares: 155,000
======
.
Wells Lamont Corporation 1
---
Preference Shares: 1
==
Directors (as at 11-10-2006)
Cheng Tam Choi Kem Susan / E271147(1)
Cheng Wing Chung Edward /A729980(2)
Choy Kuen Kwan Raymond / B024293(A)
Lam Chi Kuen Frank / A781018(3)
Winter Richard Regan / 028951717
Glubka Allen James / P939706(3)
Renner Jacqueline Marie / 206785416
Palzer Thomas J / 301641490
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
Hartigan Timothy Richard 15-9-2006
West Henry J 15-9-2006
Kennedy David Walter 11-10-2006
Name(s) of newly appointed director(s) Appointment
date
Winter Richard Regan 15-9-2006
Renner Jacqueline Marie 11-10-2006
Palzer Thomas J 11-10-2006
Total number of employees : 80.
Location : Maintaining
its office & warehouse at the heading business address which occupies a
gross area of 25,000 square feet at a commercial & industrial building in
an industrial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
Property ownership : Current land search indicates the ownership details
of the captioned premises as follows:
- Owner(s) : SC
- Date of purchase & consideration : 28-12-1996 / HK$32M
- Date of mortgage & secured amount : 28-12-1996 / ANS
- Mortgagee : HSBC
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) : None filed within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1997
Year(s) in which mortgage satisfaction record(s) are filed: Nil
SC is a subsidiary of Wells Lamont Corporation whose partial information
is as follows:
Year established : 1907
Registered/business
address : 225 West Washington, Chicago, IL
60606, USA.
Business line : As a holding co. with
diverse interests in manufacturing of a variety of hand
coverings including work gloves, garden gloves,
hunting gloves, mittens & oven
mitts. *
No. of employees : NA
Civil litigation & winding-up petition records : None in our
database
Turnover :
NA
* It is divided into 3 business divisions: (1) Namesake unit (which
makes gloves for the retail market) (2) Midwest Leather Group (which operates
leather and pigskin tanneries) and (3) Wells Lamont Industry Group (which makes
protective hand coverings for industrial use).
The said co. is, in turn, a subsidiary of The Marmon Group, Inc., whose
partial information is as follows:
Year established : 1953
Registered/business
address : 225 West Washington St.,
Chicago, IL 60606, USA.
Business line : It is an investment
holding co. with more than 100 companies that operate
independently within diverse business
sectors. #
No. of employees : 22,000
Civil litigation & winding-up petition records : None in our
database
Turnover :
US$6,400M (group, year ended 31-12-2004)
# Its manufacturing units make medical products mining equipment,
industrial materials, consumer products (including Wells Lamont gloves),
transportation equipment, building products & water-treatment products.
Cheng Wing Chung Edward, director:
- In his early 50's & married
- He has over 20 years of experience in present field
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat E, 6/F, The Waterfront, Tower 3, 1
Austin Road, Tsimshatsui, Kowloon, HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Tam Kok Hung & Cheng Tam Choi Kem Susan (SC's director)
- Date of purchase & consideration : 21-10-2005 / HK$11.28M
- Date of mortgage & secured amount : 21-10-2005 / ANS
- Mortgagee : Industrial & Commercial Bank of China (Asia) 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
Choy Kuen Kwan Raymond, director:
- Born in 1937 & married
- He has over 20 years of experience in present field
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 9-E Middle Lane, Mid Villa, Discovery
Bay, 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
Renner Jacqueline Marie, director:
- He is by American nationality
- Also currently president of the Retail Group of Wells Lamont
Corporation
Currently residing in USA & only visits Hong Kong for business
occasionally.
Registered residential address: 1120, N. Lake Shore Drive, Apt. 11-C,
Chicago, IL 60611, USA.
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 : 88 (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 :
The business names of SC include:
- Cheong Ming Co.
- Chong Lee Co.
- Paul Flagg Leather Asia
SC is engaged in manufacturing & supply of gloves.
Items available include sports gloves, work gloves, dress & casual
gloves, garden gloves & specialist gloves.
Production is assigned to its affiliated / joint venture factories in PR
China, Indonesia, Sri Lanka, Cambodia, Malaysia and Bangladesh.
Achievement: ISO 9002
Principal purchases :
Major
types of sourcing : Raw
materials
Local--type
of suppliers : Manufacturers
& importers
Buying
terms : COD
& credit of net 30 days
Overseas--supplying
countries : PR China, SE Asia, USA,
Brazil, Australia & Japan
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Wholesalers &
dealers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : USA, Europe & Asian
countries
Selling
terms : L/C &
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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
First Second
Type of supplies : Materials Materials
Time known : 9 years 10
years
Selling terms : Net
30 days Net 30 days
Total purchases (last 6 months) : $220,000 $300,000
Present balance : $45,000 $52,000
Payment record : 2 2
Payment record keys : 1 = Prompt : Payment made
before the credit period expires
2
= As agreed terms : Payment made upon due
date
3
= Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond
agreed terms
5
= Poor : Payment made over 45 days beyond
agreed terms
6 = Payment slowing down : Payment formerly prompt
but slowing down in recent months
7 = No comment : Account is newly opened &
record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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
- Standard Chartered Bank (HK) Ltd.
- China Construction Bank (Asia) Corporation Ltd.
Upon a current
contact, Ms. Kong, 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 20-3-2006 was $2,262,911.03.
SC is considered an old-established business with acceptable financial
base to meet fairly large amount of credit dealings.
-- 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
|
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%)