MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
WELL GAIN CABLE
SYSTEMS LTD. |
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Registered Office : |
C/O Aeon Business Services Ltd., Unit 1201, 12/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon |
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Country : |
Pakistan |
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Date of Incorporation : |
05.07.2004 |
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Com. Reg. No.: |
34735085 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of electric cable machinery and equipment |
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
WELL
GAIN CABLE SYSTEMS
LTD.
ADDRESS
c/o Aeon Business Services Ltd.
Unit 1201, 12/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.
PHONE: 2259 3395
FAX: 2259 3385
E-MAIL: info@wellgaincable.com
MANAGEMENT
Managing Director: Mr. Sum Wai Ming, Holly
SUMMARY
Incorporated on: 5th July, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$4.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Public Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
c/o Aeon Business Services Ltd.
Unit 1201, 12/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.
China Office:-
Unit 805, No. 3 Building, Wangzucheng, 251 Cao Xi Road, Shanghai 200235, China.
[Tel: (86-021) 6470 0847; Fax: (86-021) 3414 0438]
BUSINESS REGISTRATION NUMBER
34735085
COMPANY FILE NUMBER
909959
MANAGEMENT
Managing Director: Mr. Sum Wai Ming, Holly
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$4.00
SHAREHOLDERS
(As per registry dated 05-07-2008)
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Name |
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No. of shares |
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SUM Wai Ming, Holly |
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2 |
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YEUNG Ngai Ming |
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2 |
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–– |
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Total: |
4 = |
DIRECTORS
(As per registry dated 05-07-2008)
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Name (Nationality) |
Address |
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SUM Wai Ming, Holly |
Flat A, 10/F., Crestline Mansion, Sienna One, Discovery Bay, Lantau Island, Hong Kong. |
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YEUNG Ngai Ming |
Flat B4, Kingsland Villa, 19 Man Fuk Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 04-11-2008)
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Name |
Address |
Co.
No. |
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Aeon Business Services Ltd. |
Unit 1201, 12/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong. |
802468 |
HISTORY
The subject was incorporated on 5th July, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 1502, 15/F., Chuang’s Tower, 30‑32 Connaught Road Central, Hong Kong where was the old address of Aeon Business Services Ltd., moved to the present address with effect from 4th November, 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of electric cable machinery and equipment.
Employees: Nil.
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.
Markets: Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$4.00
Mortgage or Charge:-
Date of Charge on Cash Deposit: 30-01-2008
Amount: To secure the due performance of all obligations in respect of banking facilities
Property: All moneys now or at any time hereafter standing to the credit of any account
Mortgagee: Public Bank (Hong Kong) Ltd., Hong Kong.
Profit & Loss: Keeping a balance account.
Condition: Business is not very active in Hong Kong.
Facilities: General banking facilities are not actively used.
Payment: Met as required.
Commercial Morality: Fair.
Banker: Public Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
GENERAL
Having
issued 4 ordinary shares of HK$1.00 each, Well Gain Cable Systems Ltd. is
equally held by Mr. Holly Sum Wai Ming and Mr. Yeung Ngai Ming. Being Hong Kong merchants, they are also
directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 1201, 12/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong known as Aeon Business Services Ltd. [ABS] which is handling its correspondences and documents. ABS is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It is likely that it has got an office in China.
To our knowledge, the subject is specialized in the supply of Chinese manufactured wire and cable machinery to all over the world. The founders of the subject have more than 20 years experience in the wire and cable industry, including the fields of power cables, house wires, telecommunication cables and fibre optic cables.
The subject supplies machinery for various wire and cable production including the following machines: Rod Breakdown Machines, Intermediate and Fine Wire Drawing Machines, Bunching Machines, Stranding Machines, Extrusion Lines, Continuous Catenary Vulcanization [CCV] Lines, Rubber CV Lines, Laying Up Machines, Drum Twisters, Jacketing Lines, Testing Systems for HT Cables, Compounding Lines, etc.
Over the past few years, the subject has supplied a lot of machines to customers in India, Pakistan, South Africa, Sri Lanka, Russia, Uzbekistan, Israel, Turkey, Ukraine, Thailand, Chile, etc.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)