MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JOINPUSH INTERNATIONAL LTD. |
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Registered Office : |
Unit A, 6/F, Wong King Industrial Building, 2 Tai Yau St.,
San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31-10-1991 |
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Com. Reg. No.: |
331394 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Trading & wholesale of leather. |
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
JOINPUSH INTERNATIONAL LTD.
UNIT A, 6/F, WONG KING INDUSTRIAL BUILDING,
2 TAI YAU ST., SAN PO KONG, KOWLOON, HONG KONG.
TEL : 852 23849792 / 23857878
FAX : 852 23327229
EXECUTIVE SUMMARY
INCORPORATION DATE :
31-10-1991
REGISTRATION NO. :
331394
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : KWOK YUK MING (DIRECTOR)
STAFF STRENGTH :
1
AUTHORIZED CAPITAL : HKD 10,000 = 10,000 SHARES @ HKD1.-
PAID-UP CAPITAL : HKD 7,000
BUSINESS LINE :
TRADING & WHOLESALE OF LEATHER
TURNOVER :
HKD 12M (YEAR ENDED 31-3-2006)
EQUITIES :
N/A (YEAR ENDED 31-3-2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81327 = USD1 AS OF 2007-03-29
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 name of SC is the heading one instead of "Join Push
International Ltd." given by you.
SC is a private limited company registered under incorporation file no.
331394 on 31-10-1991.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 31-10-2006) Number
of shares held
- Kwok Kang Sum 3,500
- Kwok Yuk Ming 3,500
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7,000
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Directors (as at 5-12-2006)
- Kwok Yuk Ming / K910324(4)
- Lee Ming Yan / H486336(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
- Kwok Kang Sum 5-12-2006
Name(s) of newly appointed director(s) Appointment
date
- Lee Ming Yan 5-12-2006
Kwok Yuk Ming, director:
- Born in 1968
- 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: 1/F, 74 Portland St., Kowloon, 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
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
Lee Ming Yan, director:
- In her late 30's & wife of Kwok Yuk Ming
- She is not involved in SC's day-to-day operations
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as Kwok Yuk Ming.
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 : 60 (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.
Upon a current contact, Kowk Yuk Ming, SC's director, refused releasing
detailed financial data but advised that SC's turnover for the year ended
31-3-2006 was HKD 12M.
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 31-10-2006 was NA.
Banking relations are maintained principally with:
- Bank of Communications Co., Ltd.
- HSBC
- Industrial & Commercial Bank of China (Asia) Ltd.
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) : None filed since its incorporation date.
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.
Business categories :
SC is engaged in trading & wholesale of leather.
Principal purchases :
Major
types of sourcing : Raw
materials
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : USA, Italy, Brazil &
Pakistan
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Manufacturers &
wholesalers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : USA & Europe
Selling
terms : L/C &
T/T
Total number of employees : 1.
Location : Maintaining
its office at the heading business address which occupies a gross area of 2,500
square feet at an industrial building in an industrial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
SC is
not known to have any subsidiary at present.
SC is considered small-sized in its line
locally. Its principals are considered
men in good standing with acceptable market connection in the trade. Credit up to moderate amount may 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%)