MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TRIBUNAL (FAR EAST) CORPORATION LTD. |
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Registered Office : |
Unit 14, 8/F, Po Lung Centre, 11 Wang Chiu Road,Kowloon
Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12-3-1976 |
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Com. Reg. No.: |
46506 |
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Legal Form : |
Private |
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Line of Business : |
Engaged in trading of garments & general merchandise. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
TRIBUNAL (FAR EAST) CORPORATION LTD.
UNIT 14, 8/F, PO LUNG CENTRE, 11 WANG CHIU ROAD,KOWLOON BAY,
KOWLOON, HONG KONG.
TEL : 852 27551378
FAX : 852 27557699
EXECUTIVE SUMMARY
INCORPORATION DATE :
12-3-1976
REGISTRATION NO. :
46506
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : HAU OI MEI AMY (MANAGING DIRECTOR)
STAFF STRENGTH :
20
AUTHORIZED CAPITAL
: HK$1M = 10,000 SHARES @
HK$100.-
PAID-UP CAPITAL : HK$1M
BUSINESS LINE :
TRADING OF GARMENTS & GENERAL MERCHANDISE
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 7.81175 = USD1 AS OF 2007-3-23
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. 46506 on 12-3-1976.
SC's shareholders & directors are shown to be as
follows:
Shareholders (as at 12-3-2006) Number
of shares held
Hau Oi Mei Amy 6,000
Sakkaf Moustapha 800
Wong Man Yee 700
Siu Tat Yin Eddie 2,398
Fung Yuk Yin 102
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10,000
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Directors (as at 28-2-2007)
Fung Yuk Yin / C481867(7)
Siu Tat Yin Eddie / D699584(6)
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
Hau Oi Mei Amy 28-2-2007
Wong Man Yee 28-2-2007
Sakkaf Moustapha 28-2-2007
Name(s) of newly appointed
director(s) Appointment
date
Siu Tat Yin Eddie 28-2-2007
Interviewed, Siu Tat Yin, SC's director, disclosed that the
captioned retired directors had transferred their shares to the other parties
which should be indicated at the annual return dated 12-2-2007. Siu has taken full control of SC
currently. Our current search indicated
that SC's latest annual return is dated 12-3-2006.
Total number of employees : 20.
Location : Maintaining its office at the heading business
address which occupies a gross area of 3,000 square feet at a commercial &
industrial building in an industrial district.
Condition inside the premises
during our visit : Normal.
Office/factory layout : Standard.
The premises is reportedly owned by SC. Land copy is not available during current
search.
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: 1984,
1989, 1993, 1994, 1997, 1999, 2001 & 2004
Year(s) in which mortgage satisfaction record(s) are filed:
1990, 1993, 1998, 2001
Siu Tat Yin Eddie, director:
- In his early 50's
- He has over 25 years of experience in present field
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: Flat B, 69/F, Tower 3,
Victoria's Tower, 188 Canton Road, Tsimshatsui, Kowloon, HK.
Property ownership: Current land search indicates the said
premises ownership as follows:
- Owner(s) : Wan Chun Wai Andrew
- Date of purchase & consideration : 13-3-2006 / $4.938M
- Date of mortgage & secured amount : 10-5-2006 / ANS
- Mortgagee : Hang Seng Bank 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 : 68 (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 garments & general
merchandise.
Importing items available include home furnishings, carpets,
towels, blankets, bathroom accessories, gift items.
Brands imported by SC are as follows:
Brand(s) & product(s) Producing
countries Distributing
area(s)
- Alkor / table cloth &
accessories Germany HK
- Magma / home furnishings Germany HK
- Santens / towels, bathrobes
& Belgium HK
table linen
- Spirella / bathroom &
accessories Swiss HK
- Scented / candles Europe & USA HK
Products are sold in the following stores:
- Jusco Stores
- Seiyu Dept. Store
- Sincere Dept. Store
- Metropole
- Wing On Dept. Store
- Campbell Shops
- Trends Home Decor
- New Yaohan (Macau)
SC is also engaged in manufacturing of leather garment,
cotton towels, gift & premiums.
- Leather garment is upon OEM basis, major patrons are
included I.T. & Esprit.
Production is assigned to its affiliated factory/joint
venture factory , Tribunal Garment Manufacturing Ltd., located at Jiangmen,
Guangdong Province, PR China.
SC produces their own brand name `Doves' cotton towels.
SC supplies premium gifts to the following clients:
- AXA Insurance
- Bank of East Asia
- Borghese
- Broadway Photo Supply
- Caltex
- First Pacific Bank
- Kose Cosmetics
- Osim
SC is the licensee of the following brands:
- Forever Friends (UK)
- Miffy (Holland)
- Rabbi the Bunny (HK)
Principal purchases :
Major types of sourcing :
Merchandise & raw materials
Local--type of suppliers :
Manufacturers
Buying terms :
COD & credit of 14 to 30 days
Overseas--supplying countries :
PR China, S.Korea, Swiss, Belgium, Germany, Italy & USA
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Dept. stores & corporate sector
Selling terms :
COD, credit of 30 days & special agreed terms
Overseas--buying countries :
USA & Europe
Selling terms :
L/C & T/T
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:
- HSBC
- Shanghai Commercial Bank Ltd.
Upon a
current contact, Ms. Chan, 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 12-3-2006 was ANS.
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
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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%)