MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
FLAWLESS (H.K.) COMPANY |
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Registered Office : |
Suite 808, 8/F, Hart Avenue Plaza,5-9 Hart Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
6-6-2005 |
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Com. Reg. No.: |
35695197 |
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Legal Form : |
Partnership |
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Line of Business : |
Engaged in trading of fine jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
FLAWLESS (H.K.) COMPANY
SUITE 808, 8/F, HART AVENUE PLAZA,5-9 HART AVENUE, TSIMSHATSUI,
KOWLOON, HONG KONG.
TEL : 852 27390444
FAX : 852 23684939
EXECUTIVE SUMMARY
INCORPORATION DATE :
6-6-2005
REGISTRATION NO. :
35695197
REGISTERED LEGAL FORM : PARTNERSHIP
CHIEF EXECUTIVE : KOTHARI POONAM CHAND
(PARTNER)
STAFF STRENGTH :
2
AUTHORIZED CAPITAL : [IN HK, UNLIMITED COS. ARE NOT REQUIRED TO FILE ITS
CAPITAL
PARTICULARS TO BR OFFICE (THE INLAND
REVENUE)]
PAID-UP CAPITAL : NOT APPLICABLE
BUSINESS LINE :
TRADING OF FINE JEWELLERY
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 :
ORDINARY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81275 = USD1 AS OF 2007-3-21
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
"Suite 806, 8th Floor, Haer Avenue Plaza, 5-9 Hart Avenue, TST Kowloon,
Hong Kong" given by you.
SC was established under Business Registration number
35695197 on 6-6-2005 with present status as partnership.
Currently obtained BR copy indicate the particulars of SC's
principal(s) are as follows:
Name(s) of principal(s) &
ID/Passport number(s) Registered
address
- Kothari Poonam Chand /
Z1321913 CD-8,
City Tower, 1867/59-60,
Tridhos
City, Marina Condo,
Charoennakorn
Road, Klongsan,
Bangkok
10600, Thailand.
/ Kothari Sunil / Z1451858 --
ditto --
Certain material change or amendment regarding SC within the
last 4 years has been traced & noted as follows:
Change of business address : SC moved to the heading
business address from Rear Portion, 7/F, Ocean View Court, 33 Mody Road,
Tsimshatsui, Kowloon, HK on 9-6-2006.
Total number of employees : 2.
Location : Maintaining its office at the heading business
address which occupies a gross area of 600 square feet at a commercial &
residential building in a commercial & shopping 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) : In HK, unlimited companies are not required
to file its charge particulars for public inspection.
Kothari Poonam Chand, partner:
- He is by Indian nationality
Currently residing in Thailand & only visits Hong Kong
for business occasionally.
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
Kothari Sunil, partner:
- He is by Indian nationality
Currently residing in Thailand & only visits Hong Kong
for business occasionally.
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
Jain Deepak, manager:
- In his mid 30's
- He is by Indian nationality
- Also principal of Purity Company
Currently active in SC's day-to-day operations & is
responsible for its management.
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 : 58 (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 fine jewellery.
Items available include loose diamonds in full cut, single cut
and fancy shapes, precious & semi-precious stones, gemstones & jade.
Principal purchases :
Major types of sourcing :
Diamond & other jewellery products
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
India, Thailand & Belgium
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Manufacturers & wholesalers
Selling terms :
COD
Overseas--buying countries :
PR China & SE Asia
Selling terms :
L/C & T/T
SC's affiliate:
- Flawless Co. Ltd., Bangkok, Thailand
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 : Owing
to the nature of its operation, SC is not an active seeker of local commercial
credit.
Its expenses in the form of accruals and servicing are reportedly met in a
prompt manner.
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, Jain Deepak, SC's manager, 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.
Re: In HK, only the
public listed cos., financial institutions & overseas cos. are obligated to
file their financial statements to Companies Registry for public search. Generally, the private limited cos. &
unlimited cos. always keep those data as highly confidential matter.
SC is still in early stage of development with a
comparatively limited track record in its performance. On the other hand, the principals appear to
possess adequate experience and market connection to take off its
business. Credit in the range of small
amount may be considered.
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%)