MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NAPCO LTD. |
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Registered Office : |
4/F, |
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Country : |
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Date of Incorporation : |
13-2-1970 |
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Com. Reg. No.: |
19522 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of textile materials & garments. |
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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Maximum Credit Limit : |
Up To USD30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
name & address
NAPCO LTD.
4/F,
18-20
TEL : 852 2543 3075
FAX : 852 2515 1957
EXECUTIVE SUMMARY
INCORPORATION DATE :
13-2-1970
REGISTRATION NO. :
19522
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE :
UTTAMCHANDANI PISHU WADHUMAL (DIRECTOR)
STAFF STRENGTH :
15
AUTHORIZED CAPITAL : HK$2M = 200,000 SHARES @ HK$10.-
PAID-UP
CAPITAL : HK$1M
BUSINESS LINE :
TRADING OF TEXTILE MATERIALS & GARMENTS
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 : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.82111 = USD1 AS OF 2007-5-28
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.
19522 on 13-2-1970.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 13-3-2007) Number
of shares held
- Uttamchandani Pishu Wadhumal 75,000
- Uttamchandani Devi Pishu 25,000
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100,000
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Directors (as at 13-3-2007)
Uttamchandani Pishu Wadhumal / XA725899(A)
Uttamchandani Mahesh / XD546928(2)
Uttachandani Devi Pishu / XA725900(7)
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.
SC's business name:
------------------
- Micron Traders
- Cosmic Trading
Uttamchandani Pishu Wadhumal, director:
Embarked upon his career to present field in his 20's.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat 3G, 3/F,
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
Uttamchandani Mahesh, director: Embarked
upon his career to present field in his 20's.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat A, 9/F,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Kudart Ltd.
- Date of purchase & consideration : 23-6-2003 / $9M
- Date of mortgage & secured amount : NA
- Mortgagee : NA
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.
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 13-2-2007 was NA.
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
Mortgage/charge record(s) : None filed within the last 2 years as per
our current search.
Civil litigation/winding-up petitions : (x) see below ( )
see attached sheet
Date :
13-7-2006
Defendant(s) : SC
Plaintiff(s) : Anderson Personnel Services Co.
Ltd.
Cause of claim : Agency Services
Claimed amount : ANS
Note:
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- Attempts in contacting SC's directors for outcome of the writ record
have encountered no response.
- The plaintiff could not be located as it is not registered as a current
user of local fixed line telephone companies.
- Information regarding the current status of the writ record is not
available.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1977
Year(s) in which mortgage satisfaction record(s) are filed: 1982
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 : A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
First Second
Type of supplies : Merchandise Merchandise
Time known : 7 years 9
years
Selling terms : Net
30 days Net 30 days
Total purchases (last 6 months) : $0.15M $0.17M
Present balance : $25,000 $29,000
Payment record : 3 3
Payment record keys : 1 = Prompt : Payment made
before the credit period expires
2
= As agreed terms : Payment made upon due
date
3
= Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond
agreed terms
5
= Poor : Payment made over 45 days beyond
agreed terms
6 = Payment slowing down : Payment formerly prompt
but slowing down in recent months
7 = No comment : Account is newly opened &
record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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 of textile materials & garments.
Items available include vegetable fibers, yarns, suits and jackets.
A portion is sold under its own brand(s) "Napco".
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China, SE Asia &
Europe
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Manufacturers &
wholesalers
Selling
terms : COD &
credit of 14 to 30 days
Overseas--buying
countries :
Selling
terms : L/C &
T/T
Total number of employees : 15.
Location : Maintaining its office at the heading business
address which occupies a gross area of 2,500 square feet at a commercial
building in a commercial district.
Condition inside the premises
during our visit :
Office/factory layout : Standard.
SC is
not known to have any subsidiary at present.
SC is considered small-sized in
its line with a long operating history. It is considered a credit line up to
USD 30,000 appears to be within SC’s capacities.
-- 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%)