MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PORTEGE INDUSTRIES LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
12-4-2007 |
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Com. Reg. No.: |
1122773 |
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Legal Form : |
Private Ltd |
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Line of Business : |
Engaged in trading of furniture and fitting and building materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
PORTEGE INDUSTRIES LTD.
ROAD, TSIM SHA TSUI, KLN., HONG KONG.
TEL : 852 24461740
FAX : 852 24461742
EXECUTIVE SUMMARY
INCORPORATION DATE :
REGISTRATION NO. :
1122773
REGISTERED LEGAL FORM :
PRIVATE LTD.
CHIEF EXECUTIVE : SHAH HEMANG BHAGWANDAS
(DIRECTOR)
STAFF STRENGTH :
5 (SHARING WITH AFFILIATES).
AUTHORIZED CAPITAL : HKD $10,000 = 10,000 SHARES @ HKD$1.-
PAID-UP CAPITAL
: HKD $100
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT : NOT YET DETERMINED
RECOMM.
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : N/A
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.75234 = USD1
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.
1122773 on
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at
- Shah Reena Hemang 51
- Shah Hemang Bhagwandas 49
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100
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Director(s) (as at
- Shah Hemang Bhagwandas / P889079(3)
- Shah Reena Hemang / P909753(1)
No material change or amendment regarding SC has been traced & noted
within last 2 years.
The given address (
Shah Hemang Bhagwandas, director:
- Also currently the director of Lite Source Manufacturing Co. Ltd. and
sole proprietor of Lite Source Manufacturing CO.
- He has over 10 years of experience in the present field.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Block A, 2/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
Shah Reena Hemang, director:
- Also currently the director of Lite Source Manufacturing Co. Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Same as Shah Hemang Bhagwandas.
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 : 61 (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, Shah Hemang Bhagwandas, 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.
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 has currently commenced operation, its payment record has remained un-established.
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 furniture and fitting and building
materials.
Items available include table, chairs, sofa, sanitary wares, bathroom
fittings & building materials
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : Europe,
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Wholesalers
Selling
terms : Credit of 30
days & COD
Overseas--buying
countries :
Selling
terms : L/C &
T/T
Total number of employees : 5 (sharing with affiliates).
Location : Maintaining
its office at the heading business address which occupies a gross area of 1,500
square feet at a commercial building in a commercial district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
Jointly occupying the premises with the below mentioned affiliates.
Affiliate(s):
Company name :
Lite Source Manufacturing Co. Ltd.
Year established : 2002
Business nature : Similar to SC
Address : Same as heading business
address
Turnover :
N/A
Civil litigation & winding-up petition records: None in our database
Affiliate(s):
Company name :
Lite Source Manufacturing Co.
Year established : 1998
Business nature : Similar to SC
Address : Same as heading business
address
Turnover :
N/A
Civil litigation & winding-up petition records: None in our database
SC is considered a new concern just starting, with a comparatively
limited track record in its performance. On the other hand, its principal's
experience and market connection are considered adequate. Credit dealings with
SC in should be confined into small amount 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
Partial registration information regarding Lite Source Mnaufacturing Co.
Ltd. is as follows:
Date of incorporation:
Authorized capital: HKD$10,000 divided into 10,000 shares @ HKD$1
Paid-up capital: HKD$100
Shareholders (as at
* Shah Hemang Bhagmandas 90
* Shah Reena Hemang 10
Directors (as at
* Also directors
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%)