MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PLASTOFORM INDUSTRIES LTD |
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Registered Office : |
Units 6A-12, 15FL Mita Centre 552-566 Castle Peak Rd, Kwai
Chung New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
February 26, 1982 |
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Com. Reg. No.: |
109211 |
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Legal Form : |
Private |
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Line of Business : |
Import and local purchase of wide range of electronic products. Sales and distribution to local and international markets. Provides engineering, logistic and other related services. |
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 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
name & address
PLASTOFORM INDUSTRIES LTD
UNITS 6A-12, 15FL MITA CENTRE 552-566 CASTLE PEAK RD
KWAI CHUNG NEW TERRITORIES, HONG KONG.
TEL : 852-24227106
FAX : 852-24805476
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 26, 1982
REGISTRATION NO. :
109211
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. FRANCO KONG (REPRESENTATIVE)
STAFF STRENGTH :
50
CAPITAL :
US$ 102,696
BUSINESS LINE :
TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.78198 = US$1
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
*Company Registration*
==================
(1)
License number : 109211
Date issued : 26
February, 1982
Issuing authority : Companies
Registry
Type of license : Corporate
license
(2)
License number : 07718361-000
Issuing authority : Business
Registration Office - Inland Revenue Dept
Type of license : Business
license
*Capital Details*
==============
Authorized capital :
HKD 800,000.00
Issued & paid-up capital : HKD 500,000.00 divided into 5,000
ordinary shares of HKD 100.00/-each
*Registrar*
=========
- WELLWAY CONSULTANTS LTD
*Approved Signatures*
=================
Only Mr. Freddy Wai-yip Fu can sign on behalf of the company with seal
affixed.
www.plastoform.com the design is
professional and the content is well organized. At present it is in English
version.
E-mail: sales@plastoform.com
Litigation ( 1 )
Position : Defendant
Other Parties Involved : Position Country Party's Name
Plaintiff Hong Kong Well Long
Electronic Components Ltd.
Case Issue : A petition to the court claiming overdue payment amounting
to HKD 237,076.00 (filed under case no. A18215/1999)
Court : High Court, Hong Kong
Date Commenced : 25 November, 1999
Status : Not stated
*Major Shareholders*
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Total number of shareholder
: 1
Total number of ordinary shares : 5,000
Shareholder's Name No. of
Ordinary Shares Amount of Shares
(HKD) % of Shares
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PFM INT'L LTD
5,000
500,000.00 100.00
Share Transfer
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Transferor
Transferee No. of
Ordinary Shares Date
Transferred
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-------------- ------------------------------- -----------------------
Mr. Kwong-fai Chiu PFM
INT'L LTD 2,500 23 August, 2006
BEYOUNG LTD PFM
INT'L LTD 2,500 23 August, 2006
*Director's Details*
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Mr. Kin-man Tse
HKID number :
E628800(A)
Address :
Flat H 26-27Fl Dragon Veiw - Block 1, 83 Chung Hau St Homantin Kowloon, Hong
Kong
*Company Secretary*
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Mr. Freddy Wai-yip Fu
HKID number :
G473954(9)
Address :
Ground Fl Full Park - Block D 210 Nai Wai Tsuen Tuen Mun New Territories, Hong
Kong
Management: Mr. Franco Kong,
Representative
Ms. Eva Lau, Senior Manager
Mr. Kwong-fai Chiu, Managing Director
Name Nationality
Job Description Dept. / Division
Mr. Franco Kong Hong
Kong Representative Sales
Ms. Eva Lau Hong
Kong Senior Manager Sales
Mr. Kwong-fai Chiu Hong
Kong Managing Director -
*Key Personnel*
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(1)
Mr. Kwong-fai Chiu
HKID number : C274292(4)
Address : Flat B 3Fl
Belvedere Gardens - Block 6 Castle Peak Rd Phase 3 Tsuen Wan New Territories,
Hong Kong
Responsibility : Handles the overall management of the company.
(2)
Mr. Franco Kong
E-mail :
francokong@plastoform.com
*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Import and local purchase of wide range of electronic products.
2. Sales and distribution to local and international markets.
3. Provides engineering, logistic and other related services.
Products: After-sales support
Assembling
Audio
accessories
Audio products
Audio speakers
*Payment Terms*
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Sales
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Local : Cash or Credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
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Local : Cash or Credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Quality Certification*
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Obtained the following certifications:
- ISO 9001:2000
- ISO14001
- OHSAS 18001
- Dolby Digital/Prologic
- UL
- CE
- CCC
- JET
*Machinery & Equipment*
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Maintains the following machinery:
- OKK graphite machining
- JSW injection machines for molding production
- Lead-free soldering machine for PCB assembling
- Cadmium and lead tester machinery
- AP tester
- ETANI tester for quality assurance
*Local Distribution Network*
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Part of the annual turnover is attributed to local sales.
*Export Markets*
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Part of the annul turnover is attributed to export.
*Subsidiaries, Joint-ventures & Affiliates*
==============================
Maintains factory in Mainland China.
PAYMENT RATING : 3 OBTAINED SCORES : 53
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers
of SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for MODERATE amounts depending on individual judgement experience.
As a private limited company there is no legal requirement according to
local corporate law for public disclosure of detailed financials.
*Bank Details*
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Bank Name : HANG SENG BANK LTD
Branch : Central, Hong Kong
Branch Address : Level 21 Hang Seng Bank Bldg 83 Des Voeux Rd Central
Hong Kong (Head Office)
SWIFT Code : SCBLHKHH
SC is considered medium-sized in its line with a long history; taking
into consideration of SC’s general performance, a credit line up to USD 50,000
would appear to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 8711 Engineering
Svcs
Trading 3089 Plastics products,
Trading 3571 Electronic
computers
Trading 3572 Computer
storage devices
Trading 3577 Computer
peripheral equipment, and parts,
Trading 3600 Electronic
& Electric Equip.
Trading 3651 Radio &
tv receiving sets; phonographs; recorders; microphones; loudspeakers; audio
amplifiers;
& oth audio equip
Trading 3679 Electronic
components,
Trading 5045 Computers
Equip/Software
Trading 5065 Electronic
Parts/Equip, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 9866 Engineering
services
Trading 3900 Plastics
& articles thereof
Trading 8471 Automatic
data process machines; magn reader, etc. computer hardware
Trading 8473 Parts
etc for typewriters & other office machines computer accessories
Trading 8518 Microphones;
loudspeakers; sound amplifier etc, parts
Trading 8524 ,
tapes & other recorded sound media etc computer software
Trading 8524904090 Other
than prepackaged software for automatic data processing machines, of a
kind
sold at retail
Trading 8542 Electronic
integrated circuits & microassembl, parts
Trading 8542500000 Electronic
integrated circuits, and microassemblies
Trading 9916 Prepackaged
software
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Service Assembling
Service Quality
control
Service Logistics
Service After-sales
support
Service Material
control
Trader Surround
sound speakers
Trader Plastic
products
Trader Spacers
Trader Pillar
Trader Loudspeaker
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to Canada
Exporting to Europe
Exporting to Japan
Exporting to Malaysia
Exporting to North America
Exporting to Singapore
Exporting to Taiwan
Exporting to Thailand
Exporting to USA
Importing from Asia
Importing from China
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. |
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%)