MIRA
INFORM REPORT
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Report Date : |
12.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PO FAI PRECISION LTD. |
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Registered Office : |
Room 19, 9/F, |
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Country : |
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Date of Incorporation : |
16-1-2006 |
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Com. Reg. No.: |
1019570 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & supply of watches. |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
PO FAI PRECISION LTD.
ROOM 19, 9/F, KENNING INDUSTRIAL BUILDING,19 WANG HOI ROAD, KOWLOON BAY, KOWLOON, HONG KONG.
TEL : 852 27541368
FAX : 852 24207813
EXECUTIVE SUMMARY
INCORPORATION DATE :
16-1-2006
REGISTRATION NO. :
1019570
REGISTERED LEGAL FORM :
PRIVATE LIMITED CO.
CHIEF EXECUTIVE : LU ZHIHUI (DIRECTOR)
STAFF STRENGTH :
1 IN HK & 80 IN PR
AUTHORIZED CAPITAL
: HK$10,000 = 10,000 SHARES @HK$1.-
PAID-UP CAPITAL
: HK$1,000
BUSINESS LINE :
MANUFACTURE & SUPPLY OF WATCHES
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
N/A
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
N/A
GENERAL REPUTATION :
FAIR
EXCHANGE RATE :
HKD 7.82064 = USD1 AS OF 2007-05-11
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
SC is a private limited company registered under
incorporation file no. 1019570 on 16-1-2006.
SC's shareholders & directors are shown to be as
follows:
Shareholders (as at 16-1-2007) Number
of shares held
- Lu Zhihui 1,000
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Directors (as at 16-1-2007)
- Lu Zhihui / G10432213
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.
Lu Zhihui, director:
- In his late 30's
- he is a Chinese mainlander
- He has over 10 years of experience in present field
Currently residing in PR China & only visits
Registered residential address: Room 402, 4/F, 8 Mu Main Wan
Yan He Lu 13 Xiang, Bu Ji,
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
Ownership background appraisal:
Appraisal is not given as available information regarding
the principal(s) is insufficient for assessment.
Upon a current contact, Lu Zhihui, SC's director, 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 16-1-2007 was nil.
Banking relations are maintained principally with: 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 records filed by SC for the last 2
years. In
Civil litigation/winding-up
petitions : None in our
database.
Mortgage/charge record(s) : None filed since its incorporation date.
Overall payment appraisal :
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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 manufacturing & supply of watches.
Items available include watches, high-end steel watches, gold
watches with diamonds engraving.
Production is assigned to its affiliated factory/joint
venture factory located at Bao An
District, Shenzhen, Guangdong Province, PR China (Reportedly
workforce: 80).
Principal purchases:
Major types of sourcing :
Parts, components & accessories
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
PR China
Buying terms :
L/C & T/T
Principal market:
Local--type of customers :
Manufacturers
Selling terms :
COD & credit of 30 days
Overseas--buying countries :
Selling terms :
L/C & T/T
Total number of employees: 1 in HK & 80 in PR China.
Location: Maintaining its office at the heading
business address which occupies a gross area of 1,000 square feet at an
industrial building in an industrial district.
Condition inside the premises
during our visit :
Office/factory layout : Standard.
Property ownership : Current land search indicates the
ownership details of the captioned premises as follows:
- Owner(s) : Leung Yuet Sheung & Kong Yiu Wah
- Date of purchase & consideration : 17-9-1985 /
$143,500
- Date of mortgage & secured amount : NA
- Mortgagee : NA
SC is not known to have any subsidiary at
present.
SC is still in early stage of development with a
comparatively limited track record in its performance. Credit dealings with SC are recommended under
secured terms at present.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in
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%)