MIRA
INFORM REPORT
|
Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHEILA'S EXPORTS LTD |
|
|
|
|
Registered Office : |
Rm 1401-04, 14FL China Merchants Bldg
152-155 Connaught Rd Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
18.03.1977 |
|
|
|
|
Com. Reg. No.: |
0052126 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Import and Local Purchase of yarns, twists, fabrics, textile goods,
fabric colouring material, textile machine & spare parts and other
related products. Sales and Distribution of purchased products to local and overseas
markets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
SHEILA'S
EXPORTS LTD
RM 1401-04, 14FL CHINA MERCHANTS BLDG
152-155 CONNAUGHT RD CENTRAL, HONG KONG.
TEL: 852-25253035 FAX: 852-25260458
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 18, 1977
REGISTRATION NO. :
0052126
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. ASHOK ARJAN VASWANI (CHAIRMAN)
STAFF STRENGTH :
22
CAPITAL :
US$ 257,069
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 200,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79037 = 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 : 0052126
Date issued : 18 March, 1977
Issuing authority : Companies Registry
Type of license : Corporate
Legal form : Limited Liability Company
(2)
License number : 05071769-000
Date issued : N/A
Issuing authority : Business Registration Office -
Inland Revenue Dept
Type of license : Business
*Capital Details*
=============
Authorized capital: HKD 2,000,000.00 divided into 20,000 ordinary shares
at HKD 100.00/-each, fully paid
*Office & Facilities*
===============
Other tel no. : 25253036
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Approved Signatures*
=================
Only Mr. Ashok Arjan Vaswani can sign on behalf of the company with seal
affixed.
SC is not known to host website of its own at present.
For the past two years there is no record of litigation.
*Major Shareholders*
================
Total number of shareholders: 2
Total number of shares: 20,000
Shareholders Country Number Amount (HKD) %
---------------------------- -------- ---------- ------------------- -----
Mr. Ashok Arjan Vaswani India 19,999.00 1,999,900.00 99.99
M/s. Risha Ashok Vaswani India 1.00 100.00 0.01
*Company Secretary*
================
SINCERE SECRETARIES LTD
CR number : 109535
Address : 13Fl Chun Wo
Commercial Centre 23-29 Wing Wo St Central Hong Kong
Management: Mr. Ashok Arjan Vaswani, Managing Director
Name Nationality
Job Description
Mr. Ashok Arjan Vaswani Indian
Managing Director
*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Import and local purchase of yarns, twists, fabrics, textile goods,
fabric colouring material, textile machine & spare parts and other related
products.
2. Sales and distribution of purchased products to local and overseas
markets.
Products: Dyeing textiles chemicals
Fabrics
Haberdashery
Textile
chemicals
Textile dyeing
*Payment Terms*
=============
Sales
-------
Local : Cash or Credit
Export : Letter of Credit (L/C)
Telegraphic Transfer
(T/T)
Purchases
--------------
Local : Cash or Credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Local Distribution Network*
=======================
1% of the annual turnover is attributed to local sales.
*Export Markets*
==============
99% of the annual turnover is attributed to export.
SC is not known to have any subsidiary at
present.
PAYMENT RATING : 3 OBTAINED SCORES :
58
|
Implication |
Implications |
|
|
1 |
Scores 85–100 |
Excellent |
|
2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
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*
===========
Bank Name : UCO
BANK
Branch :
Tsimshatsui, Kowloon
Branch Address : 2Fl
Astoria Bldg 24-38 Ashley Rd
SWIFT Code : This
bank does not have a SWIFT Code
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
2006 $7,612,323.49 n/a n/a
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2006 n/a $7,536,200.26
$7,536,200.26
SC is considered small-sized in its line with a long history. A credit line at the above amount appears beyond SC’s
capacities, while a credit line up to USD 200,000 is recommended.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 2200 Textile
Mill Products
Trading 2269 Finishers
of Textiles, NEC
Trading 2281 Yarn, spun,
of cotton, man-made fibers, and silk
Trading 2282 Yarn Mills
Trading 2284 Thread and
handwork yarns
Trading 2299 Textile
goods,
Trading 2399 Fabricated
textile products,
Trading 2899 Chemical
preparations,
Trading 3552 Textile
machines, and parts and attachments,
Trading 5169 Chemicals/Allied
Prdts, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 3809 Finishing
agents etc for textiles, paper etc
Trading 5308 Yarn of
vegetable textile fibers; paper yarn
Trading 5311 Woven fab
of veg textile fibers; wov fab of ppr yarn
Trading 5510 Yarn (no
sew thread), art staple fib, not retail
Trading 5515 Woven
fabrics of synthetic staple fibers
Trading 5911 Textile
products etc. for specific tech uses
Trading 6114 Garments,
knitted or crocheted
Trading 6217 Made-up
clothing access, garment etc parts
Trading 8448 Auxiliary
machinery for use with textile machines
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trader Vegetable
fibre
Trader Yarn vegetable
fibre
Trader Dyeing
textiles chemicals
Trader Haberdashery
Trader Textile
machine spare parts
Trader Textile
machinery
Trader Woven labels
Trader Textile
chemicals
Trader Textile
dyeing
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to Bangladesh
Exporting to India
Exporting to Indonesia
Exporting to Taiwan
Importing from Europe
Importing from Italy
Importing from Middle East
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)