MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
YORKSHIRE ASIA PACIFIC LTD. |
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Registered Office : |
Flat C, 7/F, Mai Shun Industrial Building, 18-24 Kwai
Cheong Road, Kwai Chung, N.T. |
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Country : |
Hong Kong |
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Date of Incorporation : |
11-10-2004 |
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Com. Reg. No.: |
927190 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading of textile chemicals. |
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 |
name & address
YORKSHIRE ASIA PACIFIC LTD.
FLAT C, 7/F, MAI SHUN INDUSTRIAL BUILDING,
18-24 KWAI CHEONG ROAD, KWAI CHUNG, N.T., HONG K.ONG
TEL : 852 27231787
FAX : 852 27244263
EXECUTIVE SUMMARY
INCORPORATION DATE :
11-10-2004
REGISTRATION NO. :
927190
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : LAU KWOK WAH (DIRECTOR)
STAFF STRENGTH :
35 (GROUP).
AUTHORIZED CAPITAL : HKD $10M = 10M SHARES @ HKD$1
PAID-UP CAPITAL : HKD$10M
BUSINESS LINE :
TRADING OF TEXTILE CHEMICALS
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 :
AVERAGE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80970 = USD1 AS OF 2007-03-22
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
Note: SC’s address should be the heading one instead of the given one-Room 9039/F,Tern Plaza 5 Cameron Road Tsimshatui Kowloon.
SC is a private limited company registered under incorporation file no.
927190 on 11-10-2004.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 11-10-2006) Number
of shares held
Leo Chemicals (Far East) Ltd. 9,900,000
Dragotech Ltd. 100,000
------------
10,000,000
========
Directors (as at
11-10-2006)
Lau Kwok Wah / E902061(A)
Tso Chi Ming / G555865(3)
Kim Min Soo / 1017819
Milner Gordon / 451356528
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 : 35
(sharing with its parent).
Location : Maintaining its office at the heading business address 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 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 : 26-1-2005
Charger(s) :
SC
Chargee(s) :
Bank of China (Hong Kong) Ltd.
Secured amount : ANS
Charge particulars : Debenture
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2005
Year(s) in which mortgage satisfaction record(s) are filed: Nil
SC is a subsidiary of Leo Chemicals (Far East) Ltd. whose partial
information is as follows:
Year established : 1991
Registered/business
address : Same as heading business address
Business line : As a holding co. with
core interests in manufacturing & export of used industrial
dye, textile dyestuff pigment &
materials.
No. of employees : 35
(group)
Civil litigation & winding-up
petition records
: None in our database
Turnover :
NA
Lau Kwok Wah, director:
- In his late 40's & married
- Embarked upon his career to present field as a small businessman in
his late 20's
- He has over 15 years' experience in dye & garment industry
- Also currently director of Leo Chemicals (Far East) Ltd. and Longsheng
Group (Overseas) Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 1/F, Tower 1, (Hillview Court)
of Pictorial Garden, Phase III, 25 On King St., Shatin, N.T., Hong Kong.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Leo Chemicals (Far East) Ltd. (SC's parent)
- Date of purchase & consideration : 28-5-2005 / HKD$3.11M
- Date of mortgage & secured amount : 8-8-2006 / ANS
- Mortgagee : Bank of China (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
Tso Chi Ming, director:
- In his mid 40's & married
- Embarked upon his career to present field as a junior salesman in his
early 20's
- Also currently director of Leo Chemicals (Far East) Ltd. and Longsheng
Group (Overseas) Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat 1, 10/F, Wing Cheung House, Sui Wo
Court, Shatin, N.T., Hong Kong.
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 textile chemicals.
Items available include disperse dye, textile enzyme, textile
detergents; dyeing, tanning & colouring materials
Principal purchases :
Major
types of sourcing : Textile
chemicals
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : USA, Europe & PR China
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : Europe, Japan, South Korea,
PR China, Taiwan & SE Asia
Selling
terms : L/C &
T/T
SC's affiliates:
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- Longsheng Group (Overseas) Ltd.
- Long Sheng Group Int'l Ltd.
- Dragotech Ltd.
- Leo Electronic Ltd.
- Leo Properties Ltd.
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: Bank of China (Hong Kong) 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 11-10-2006 was NA.
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%)