MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TSIT WING COFFEE CO., LTD. |
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Registered Office : |
RM F-J, 11/F, Blk 1, Kwai Tak Industrial Centre, 15-33 Kwai Tak St.,
Kwai Chung, N.T |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.1992 |
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Com. Reg. No.: |
393751 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processing and Supply of Coffee Products (roasted coffee bean &
coffee powder). |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TSIT
WING COFFEE CO., LTD.
RM F-J, 11/F, BLK
1, KWAI TAK INDUSTRIAL CENTRE,
15-33 KWAI TAK ST., KWAI CHUNG, N.T., HONG
KONG
TEL: 852
24202181 FAX: 852 24806996
EXECUTIVE SUMMARY
INCORPORATION DATE :
10-12-1992
REGISTRATION NO. :
393751
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : MR. WONG TAT TONG (MANAGING DIRECTOR &
CHAIRMAN)
STAFF STRENGTH :
100 (GROUP)
AUTHORIZED
CAPITAL : HK $10,000 = 10,000
SHARES @ HK $1.-
PAID-UP
CAPITAL : HK $10,000
BUSINESS LINE :
PROCESSING AND SUPPLY OF COFFEE PRODUCTS
TURNOVER :
HK $363M (GROUP, YEAR ENDED 31-12-2007)
EQUITIES :
N/A (GROUP, YEAR ENDED 31-12-2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.78301 = USD 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
SC is a private limited company registered under incorporation file no.
393751 on 10-12-1992.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 10-12-2007) Number
of shares held
- Tsit Wing (Hong Kong) Co Ltd. 9,999
- Wong Tat Tong 1
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10,000
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Director(s) (as at 10-12-2007)
- Wong Tat Tong / D039548(0)
- Chan Sum Yu Samuel / D477457(5)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Total number of employees: 100 (group).
Location: Maintaining its office, warehouse & workshop (processing
factory for local market) at the heading business address which occupies a
gross area of 15,000 sq.ft. at an industrial building in an industrial
district.
Condition inside the premises during our
visit: Normal.
Office/factory layout: Standard.
The premises are owned by Tsit Wing (Hong Kong) Co. Ltd., SC's parent
co. *
Property ownership: Current land search indicates the ownership details
of the heading premises as follows:
- Owner(s) : Tsit Wing (Hong Kong) Co Ltd.
- Date of purchase / consideration: 8-1-1993 / ANS
- Date of mortgage / secured amount: NA
- Mortgagee: NA
SC is a subsidiary of Tsit Wing (Hong Kong) Co Ltd. whose partial
information is as follows:
Year established : 1956
Registered/business
address : Same as heading business
address.
Business line : As a holding co with diverse interests in coffee
processing & supply, coffee powder & machine trade & property
holding. It has set up operations in PR
China & Canada.
No. of employees : 100 (Group)
Civil litigation & winding-up petition: See below
Turnover :
NA
A check of our database indicates that the said co. was sued in the
following civil claim(s):
Date :
16-8-2002
Defendants(s) : The said co.
Plaintiff(s) : Law Man Wai
Cause of claim : Motor Claims
Claimed amount : ANS
SC is, in turn, an ultimate subsidiary of Tsit Wing International
Holdings Ltd., a co. listed on the Singapore Stock Exchange with ticker `T26'
whose partial information is as follows:
Year established : 2000
Registered/business
address : Same as heading business address
Business line : As a holding co. with
diverse interests in processing, wholesale & distribution of food &
beverage products, mainly coffee & tea, in the primary markets of HK, PR
China & Canada.
No. of employees : NA
Civil litigation & winding-up petition records: None in our database
Turnover :
HK$363M (year ended 31-12-2007)
Partial financial data of the said company:
Items Fiscal
yr 31-12-2007 Fiscal yr 31-12-2006
Current assets : HK$207M HK $158M
Current
liabilities : HK
$35M HK $30M
Fixed assets &
non-current assets : HK
$80M HK $107M
Tangible
worth/(net deficit) : HK
$252M HK $235M
Turnover : HK
$363M HK $322M
Net income/(net
loss) : HK
$35M HK $34M
Wong Tat Tong, managing director & chairman:
- In his late 50's & married
- Embarked upon his career to present field as an executive trainee in
his early 20's
- Joined the Tsit Wing group in mid 1970's
- He is also currently Chairman & CEO of Tsit Wing International
Holdings Ltd.
- He holds a diploma in Accounting from the Hong Kong Baptist College
- He is a permanent Honorary President of the Hong Kong Foodstuffs
Association
- He is also Vice Chairman of The Hong Kong and Kowloon Provisions, Wine
& Spirit Dealers' Association
- He is a committee member of The Chinese General Chamber of Commerce
and The Hong Kong Chinese Importers' and Exporters' Association
- He awarded "Business Leader in Quality Award" from the UK
Chartered Institute of Quality in 2007
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: House H3, Belleview Place, 93 Repulse
Bay Road, HK.
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
Chan Sum Yu Samuel, director:
- He joined SC's group in 2003
- He holds a Bachelor degree of Accountancy from Portsmouth Polytechnic,
Bachelo degree of Law from Wolverhampton University & Master of Commerce
(Finance) degree from the University of New South Wales
- He is a certified practicing accountant of CPA Australia & a
fellow member of HK Institute of Certified Public Accountants
- Also currently director of Tsit Wing International Holdings Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat 960, 9/F, Blk B, 56-70 Peacock
Road, Ming Yuen Mansion, Stage II, North Point, Hong Kong.
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 : 76 (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 10-12-2007 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 Hong Kong, creation of such mortgages/charges
by an unlimited co is not required to be registered in the public records.
Civil litigation/winding-up petitions: (X) see below ( ) see attached sheet
Date :
1-4-2003
Defendant(s) : SC
Plaintiff(s) : Lee Wing Kin
Cause of claim : Injury
Claimed amount : ANS
Date :
27-5-2004
Defendant(s) : SC
Plaintiff(s) : Comerife International Ltd.
Cause of claim : Goods Sold and Delivered
Claimed amount : HK$196,095
Mortgage/charge record(s): None filed since its incorporation date.
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: Owing to the nature of its
business, SC is not an active seeker of local commercial credit since
merchandise/materials are imported. Its expenses in the form of accruals and
servicing are reportedly met in prompt manner.
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 processing & supply of coffee products (roasted
coffee bean & coffee powder).
A portion is sold under its own brand(s) `Tsit Wing', `TW' etc.
SC's sideline business deals in import & supply of coffee machines
& tea.
Brands of tea include `Broken Orange Pekoe', `Broken Orange Pekoe
Fannings' & `Dust Series'. Brands of coffee machines include
"Carimali", "Saeco", "Rex-Royal" &
"Bravilor".
Processing is partly assigned to its affiliated factory Zhuhai Tsit Wing
Foods Co. Ltd. located at Zhuhai, Guangdong Province, PR China.
Holding sole agency of the following products:
Brand(s) & product(s) Producing
countries Distributing
area(s)
"Monin" / natural syrup France Hong Kong
Principal purchases:
Major
types of sourcing : Raw coffee
beans, coffee machines & related accessories
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : Brazil, Colombia, Indonesia,
Jamaica, Tanzania, Italy & South America
Buying
terms : L/C,
D/P, D/A & T/T
Principal market:
Local--type
of customers : Retailers,
restaurants, fast food shops, canteens & supermarkets
Selling
terms : COD &
credit of 30 to 45 days
Overseas--buying
countries : PR China, Canada & SE
Asia
Selling
terms : L/C, T/T
& open account basis
Affiliate(s):
Company name :
TW Cafe Ltd.
Year established : 1993
Business nature : Operation of cafe shop
Address : Same as heading business
address
Turnover :
NA
Civil litigation & winding-up petition records: None in our database
The said co. operates its shop at No.3, G/F, Capitol Plaza, 2-10
Lyndhurst Ter., Central, Hong Kong.
Other affiliates:
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- Cadiz Enterprise Ltd. (distribution of grocery products)
- Tsit Wing Enterprises Ltd. (distribution of coffee, tea and related
products)
- Tsit Wing Australia Pty. Ltd. (operation in Australia)
- Zhuhai Tsit Wing Food Co. Ltd. (processing of coffee beans and
distribution of coffee and related products)
- Shanghai Tsit Wing Coffee Ltd. (operation of cafe shop)
SC is considered a well-maintained business with solid base to meet
moderate amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in Hong Kong for the last 6 years.
Tsit Wing Int'l Holdings Ltd.'s share price movements are as follows:
- Closed on 8-4-2008: SGD0.29
- Year high / low: SGD0.33/SGD0.245
- Price earning ratio: NA
SGD = Singapore Dollar
SGD 1 = HK$5.64
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%)