MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAINT JOHN BOSCO TRUST COMPANY |
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Formerly Known as : |
SAINT JOHN BOSCOS |
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Registered Office : |
Unit A, 5/F., Sunview Industrial Building, 3 On Yip
Street, Chai Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.05.1962. |
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Com. Reg. No.: |
1304051-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trading in Furnishing Materials and Textile Products. It also acts as a General Contractor Contracting Furnishing and Decoration Projects. |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
SAINT JOHN BOSCO TRUST COMPANY
ADDRESS
Unit A, 5/F., Sunview Industrial Building, 3 On Yip Street, Chai Wan, Hong Kong.
PHONE: 2543 7133, 2545 5060
FAX: 2541 4053, 2815 3368
MANAGEMENT
Manager: Mr. Edward P. Peter
SUMMARY
Establishment: 15th May, 1962.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Textile Importer and Exporter.
Employees: 7.
Main Dealing Banker: CITIC Ka Wah Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Unit A, 5/F., Sunview Industrial Building, 3 On Yip Street, Chai Wan, Hong Kong.
Associated with:-
Saint John Bosco Co. Ltd., Hong Kong. (Same address)
Saint John Bosco International Co. Ltd., Hong Kong. [Dissolved]
BUSINESS REGISTRATION NUMBER
1304051-000-05
MANAGEMENT
Manager: Mr. Edward P. Peter
SOLE PROPRIETOR
Name: Mr. Edward P. Peter (full name: Edward Peter POOMANGALATHU)
Residential Address: Flat A, 6/F., Sung Lan Building, 37 Leighton Road, Causeway Bay, Hong Kong.
HISTORY
The subject was established on 15th May, 1962 as a sole proprietorship concern of Mr. Edward P. Poomangalathu under the Hong Kong Business Registration Regulations.
It was originally registered under the name of Saint John Boscos, name changed to Saint John Boscos Trust Co. on 2nd April, 1982, and further to the present style on 9th February, 1990.
The office was moved to the present location from Room 1303, 13/F., Loon Kee Building, 267-275 Des Voeux Road Central, Hong Kong in January 1999.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter; Manufacturer’s Representative and Contractor.
Lines: All kinds of office system furniture fabrics, upholstery fabrics, curtain fabrics and wallcoverings.
Employees: 7. (Office staff)
Commodities Imported: Imported from UK, Belgium, Sweden, Germany, Italy, US, Japan, etc.
Markets: Hong Kong (main) and Singapore.
Terms/Sales:-
For abroad: L/C.
For local: 30 days credit or on commission basis.
Terms/Buying: L/C, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in a normal condition.
Facilities: Making active use of general banking facilities.
Payment: So far regular.
Commercial Morality: Satisfactory.
Bankers:-
CITIC Ka Wah Bank Ltd., Hong Kong.
Bank of America N.A., Hong Kong Branch.
Banking:-
One source reports account opened in 1966 has been to date properly conducted. They have handled some of its bills business with agreement results.
Another source informs a properly conducted current account has been maintained with them since October 1962 with balance averaging in four to five figures. No other dealings.
Standing: Normal.
GENERAL
Saint John Bosco Trust Company is a sole proprietorship firm set up and owned by Mr. Edward Peter Poomangalathu who is an Indian bearing British nationality. He has been in Hong Kong for a very long time.
The subject is trading in furnishing materials and textile products. It also acts as a general contractor contracting furnishing and decoration projects.
Its commodities are sourced from China and other Asian countries and marketed in Hong Kong or re-exported to the other countries.
The subject was established in 1962 and has been engaged in this line of business for more than 46 years. An old establishment in Hong Kong doing business in a steady manner. Regular clients and suppliers have been maintained.
In recent years, the subject has been trying to diversify its business.
On the whole, in view of the subject’s history and background, consider it good for normal business engagements.
REMARKS:
Court case in the past:-
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Date |
Plaintiff |
Defendant |
Cause |
Amount |
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Oct. 1985 |
Jas Forwarding (HK) Ltd. |
St. John Bosco Trust Co. |
Service Rendered |
HK$10,956 |
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Dec. 1989 |
John Cockcroft & Sons Ltd. |
St. John Bosco Trust Co. |
Damages |
HK$161,033 |
Property information of proprietor:-
1. Property Location: Flat B2 on 12/F. of Block B, Beverly Hill, 6 Broadwood Road, Hong Kong.
Owner: Peter Edward Poomangalathu (alias Edward P. Peter)
Date of Purchase: 18-03-1989
Purchased Price: HK$2,827,200
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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18-03-1989 |
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Hang Seng Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
2. Property Location: Flat A on 6/F., Sung Lan Mansion, 37 Leighton Road, Hong Kong.
Owner: Edward P. Peter
Date of Purchase: 15-07-1969
Purchased Price: HK$57,000
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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08-07-1997 |
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The Ka Wah Bank Ltd., Hong Kong. [Now known as CITIC Ka Wah Bank Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: Unit No. A on 5/F., Sunview Industrial Building, 3 On Yip Street, Hong Kong.
Owner: Lo Chi Wai
(Jointly with Edward P. Peter to set up Saint John Bosco International Co.
Ltd.)
Date of Purchase: 06-08-1997
Purchased Price: HK$2,030,000
Incumbrances: No mortgage record registered against the property.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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%)