MIRA
INFORM REPORT
|
Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FOOK YUEN COMPANY |
|
|
|
|
Registered Office : |
RM 601A, 6/F,
Winning House, 10-16 Cochrane St., Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
03.03.1977 |
|
|
|
|
Com. Reg. No.: |
5043429 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Trading & Retail of Jewellery. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address of the company
FOOK
YUEN COMPANY
RM 601A, 6/F,
WINNING HOUSE,
10-16 COCHRANE ST., CENTRAL, HONG KONG.
TEL: 852 25441756 FAX: 852 25450743
EXECUTIVE SUMMARY
INCORPORATION DATE :
3-3-1977
REGISTRATION NO. :
5043429
REGISTERED LEGAL FORM : PARTNERSHIP
CHIEF EXECUTIVE : MR. CHENG HONG NIN (PARTNER)
STAFF STRENGTH :
8
AUTHORIZED CAPITAL :
NOT APPLICABLE [IN HK, UNLIMITED COS. ARE NOT REQUIRED TO FILE ITS CAPITAL
PARTICULARS TO BR OFFICE (THE INLAND REVENUE)]
PAID-UP
CAPITAL : NOT APPLICABLE
BUSINESS LINE :
JEWELLERY TRADING
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
FAIR
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80365 = USD1
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 was established under Business Registration number 5043429 on
3-3-1977 with present status as partnership.
Currently obtained BR copy indicates the particulars of SC's principal(s)
are as follows:
Name(s) of principal(s) & ID/Passport
number(s) Registered
address
- Cheng Hong Nin / E308144 3/F,
40 Nassau St., Phase 6,
Mei
Foo Sun Chuen, Kln., HK.
- Yiu Pui Fung / E466356 Flat
A, 8/F, Regent Heights,
80
Victoria Road, Kennedy Town, HK.
- Wa Ah Foon / B691282(9) Flat
1, 32/F, Blk C, King Shan
Court,
King Kui Hse, 32 Fung Shing
St.,
Ngau Chi Wan, Kln., HK.
No material change or amendment regarding SC has been traced & noted
since its inception.
Total number of employees: 8.
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: Normal.
Office/factory layout: Good.
The premise is rented.
Cheng Hong Nin, partner & co-founder:
- In his late 40's
- Embarked upon his career to present field as a small businessman in
his 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: As stated above.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s): Lefi (HK) Ltd.
- Date of purchase / consideration: 26-4-2004 / HK$2.055M
- Date of mortgage / secured amount: 30-4-2004 / ANS
- Mortgagee: Bank of China (HK) Ltd.
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
Yiu Pui Fung, partner & co-founder:
- In his late 40's
- Embarked upon his career to present field as a small businessman in
his 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
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 : 3 Obtained scores : 59 (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.
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: None in our database.
Mortgage/charge record(s): None filed since its incorporation date.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average (X) 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: SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
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 & retail of jewellery.
Items available include pearl, jade, gold, gem set, diamond.
Principal purchases:
Major
types of sourcing :
Accessories
Local--type
of suppliers : Distributors
Buying
terms : COD
Overseas--supplying
countries : Nil
Buying
terms : Nil
Principal market:
Local--type
of customers : Walk-in customers
& end-users
Selling
terms : COD
Overseas--buying
countries : PR China
Selling
terms : L/C
SC is not known to have any subsidiary at present.
SC is considered small-sized in its line locally with a long history. Credit
up to moderate amount may be considered.
-- 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.
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%)