MIRA
INFORM REPORT
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Report Date : |
17.05.2007 |
IDENTIFICATION DETAILS
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Name : |
YARDLY LEATHER CO., LTD. |
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Registered Office : |
Unit 3-4, 18/F, Ew |
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Country : |
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Date of Incorporation : |
3-1-1989 |
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Com. Reg. No.: |
237601 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & export of leather shoes. |
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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Maximum Credit Limit : |
Up To USD 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
YARDLY LEATHER CO., LTD.
UNIT 3-4, 18/F, EW
TEL: 852 24086081
FAX: 852 24062631
EXECUTIVE SUMMARY
INCORPORATION DATE :
3-1-1989
REGISTRATION NO. :
237601
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : LING CHI FOON (DIRECTOR)
STAFF STRENGTH :
8
AUTHORIZED CAPITAL :
HK$1M = 1M SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$1M
BUSINESS LINE :
MANUFACTURING & EXPORT OF SHOES
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.82003 = USD1 AS OF 2007-5-17
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.
237601 on 3-1-1989.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 3-1-2007) Number
of shares held
- Ling Chi Foon 990,000
- Chow Chung Shun 10,000
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1,000,000
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Directors (as at 3-1-2007)
- Chow Chung Shun / H401307(9)
- Ling Chi Foon / C371956(A)
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 : 8.
Location : Maintaining
its office at the heading business address which occupies a gross area of 2,000
square feet at an industrial building in an industrial district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
Ling Chi Foon, director:
- In his mid 50's
- 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: Room 1, 12/F, Block A,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Ling Chi Hung & Lau Sau Ying
- Date of purchase & consideration : NA
- Date of mortgage & secured amount : 26-7-2000 / 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
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
Chow Chung Shun, director:
- In his late 50's
- 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: Same as Ling Chi Foon.
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
Date :
9-10-2001
Defendant(s) : Chow Chung Shun
Plaintiff(s) : Core Pacific Yamaichi Secu
& Rities HK Ltd.
Cause of claims : Beach of agreement
Claimed amount : ANS
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, Ms. Siu, 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 3-1-2007 was ANS.
Banking relations are maintained principally with:
- Bank of
- 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 within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1997
Year(s) in which mortgage satisfaction record(s) are filed: Nil
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 manufacturing & export of leather shoes.
Items available include ladies leather boots, ladies leather sandals
& other shoes.
Production is assigned to its affiliated factory/joint venture
factory located at
A portion is sold under its own brand(s) 1Yardly' & `Sishz'.
Principal purchases :
Major
types of sourcing :
Merchandise & accessories
Local--type
of suppliers : Manufacturers
& wholesalers
Buying
terms : COD
& credit of 30 days
Overseas--supplying
countries : PR China & SE Asia
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries :
Selling
terms : L/C &
T/T
SC is
not known to have any subsidiary at present.
OPINION ON AMOUNT: USD 15,000,000
With regard to its length of business and
market connection, credit in the range of moderate to fairly large amount may
be considered. However, USD15,000,000 appears too large and is beyond the capacities of SC.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Flat 1, 13/F, Block B, Tsuen Wan Town Square, 67-95 Tsuen Wan
Market Street, Tsuen Wan, N.T., HK.
- Owner(s): SC
- Date of purchase & consideration: 15-7-1997 / HK$6.3M
- Date of mortgage & secured amount: 15-7-1997 / ANS
- Mortgagee: Bank of
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%)