MIRA
INFORM REPORT
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Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
IMAGINEX DISTRIBUTION LTD |
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Registered Office : |
Suite 1326-31,
13/F, Ocean Centre, Harbour City, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28-1-2000 |
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Com. Reg. No.: |
702822 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distribution of garments & cosmetics products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
Name & address
IMAGINEX
DISTRIBUTION LTD.
SUITE 1326-31,
13/F, OCEAN CENTRE, HARBOUR CITY,
TSIMSHATSUI, KOWLOON, HONG KONG.
TEL: 852 27301122
/ 21182228
FAX: 852 23171265
EXECUTIVE SUMMARY
INCORPORATION DATE :
28-1-2000
REGISTRATION NO. :
702822
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : MR. CHENG WAI HUNG THOMSON (DIRECTOR)
STAFF STRENGTH :
1,500 (GROUP).
AUTHORIZED
CAPITAL : HK $0.5M = 0.5M
SHARES @ HK $1.-
PAID-UP
CAPITAL : HK $0.5M
BUSINESS LINE :
DISTRIBUTION OF GARMENTS & COSMETICS PRODUCTS
TURNOVER :
US$250M (GROUP, YEAR ENDED 31-12-2007)
EQUITIES :
N/A (GROUP, YEAR ENDED 31-12-2007)
PAYMENT :
GOOD
RECOMM. CREDIT RANGE : FAIRLY
LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
HKD 7.78085= 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
Your given co. name "Imaginex Distribution (NF) M/S Imagine
Group" is not registered in Companies Registry or BR Office.
Through your given address, we believe the heading co. is your search
target.
SC is a private limited company registered under incorporation file no.
702822 on 28-1-2000.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 28-1-2008) Number
of shares held
- ImagineX Holdings Ltd. 499,999
- Handale Ltd. 1
---
500,000
==
Director(s) (as at 28-1-2008)
- Chan Kai Cheuk Stephen / A1505354
- Tsui Yiu Cheung / A5871479
- Brillhart-Wong Hang Mei Balbina / XG3781562
- Cheng Wai Hung / E7285039
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
Shares allotments on 8-1-2008:
Allottee(s) No.
of share(s)
ImagineX Holdings Ltd. 499,998
Total number of employees: 1,500 (group).
Location: Maintaining
its office at the heading business address which occupies a gross area of 6,000
square feet at a commercial building in a commercial district.
Condition inside the premises during our
visit: Active.
Office/factory layout: Good.
The premise is rented.
SC is a subsidiary of ImagineX Holdings Ltd. whose partial information
is as follows:
- Registered address: P.O. Box
71, Craigmuir Chambers, Road Town, Tortola, B.V.I.
- Business line: As an offshore
holding co.
- Civil litigation & winding-up petition: None in our database
Cheng Wai Hung, director:
- In his mid 50's & married
- Embarked upon his career to present field as a merchandiser in his mid
20's
- Also currently director of ImagineX Co. Ltd.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat D, 13/F, Blk 5, Broadview Garden,
Tsing Yi, N.T., 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 Kai Cheuk Stephen, director:
- In his late 50's & married
- He has over 20 years' experience in garment industry
- Also currently director of ImagineX Co. Ltd.
Registered residential address: 13B Prosperous Height, 62 Conduit Road,
HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Wealthy Bond Ltd.
- Date of purchase / consideration : 8-12-1997 / HK$13,412,000
- Date of mortgage / secured amount : 8-12-1997 / ANS
- Mortgagee : ABN AMRO Bank N.V.
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 : 70 (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 28-1-2008 was nil.
Our current search reveals SC's group turnover for year ended 31-12-2007
was US$250M.
Banking relations are maintained principally with:
- HSBC
- Bank of America (Asia) Ltd.
- BNP Paribas
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 :
27-7-2007
Defendant(s) : SC
Plaintiff(s) : Lam Ka Hing
Cause of claim : Refund
Claimed amount : ANS
Mortgage/charge record(s): None filed since its incorporation date.
Overall payment appraisal:
( ) Excellent (X) Good ( ) 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 distribution of garments & cosmetics products.
Items available include hair care products (including shampoo,
conditioner, hair cream, hair oil, etc.), skin care products (including
cosmetics, perfumes, soap, lotion, etc.)& garments (including shirts,
trousers, slacks, blouses, etc.).
SC is a distributor for 23 international brands (BCBGirls, Hugo Boss,
Coach, Diesel, DKNY, Donnakaran, Fresh, Galliano, etc.).
Principal purchases:
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : USA & Europe (mainly
France & Italy)
Buying
terms : L/C
& T/T
Principal market:
Local--type
of customers : Wholesalers & SC's
affiliate
Selling
terms : Cash, credit
card payment, L/C & T/T
Overseas--buying
countries : PR China, Taiwan & Asia
Selling
terms : L/C &
T/T
SC's group also maintains its godown at 9/F, Grandtech Ctr., 8 On Ping
St., Shatin, N.T., Hong Kong.
Affiliates
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- ImagineX Co. Ltd. t/a ImagineX HB Retail
- ImagineX Management Co. Ltd.
- ImagineX Enterprises Co. Ltd.
- ImagineX Marketing Ltd.
- ImagineX Trading Ltd.
SC's group maintains overseas offices at the following locations:
1) Suite 901, Qing Ke Mans., 138 Fen Yung Road, Shanghai, PR China.
2) Rm 708, 7/F, Office Tower, Beijing Capital Times Square, 88 West
Changan Ave., Xicheng District, Beijing, PR China.
3) 5/F, 150 Tun Hwa North Road, Taipei, Taiwan.
SC is considered a well-maintained business being well-known in the
trade. Its present standing for fairly
large amount of credit dealings appears acceptable.
-- 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.
Partial registration information regarding ImagineX Co. Ltd. is as
follows:
Date of incorporation: 9-7-1992
Authorized capital: HK $10,000 divided into 10,000 shares @ HK $1.-
Paid-up capital: HK $10,000
Shareholders (as at 9-7-2004) Number
of shares held
ImagineX Holdings Ltd. 9,999
Handale Ltd. 1
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10,000
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Directors (as at 9-7-2004)
Chan Kai Cheuk Stephen, Tsui Yiu Cheung,
Brillhart-Wong Hang Mei Balbina,
Cheng Wai Hung
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%)