MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MADSON JAPAN ELECTRONICS LTD. |
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Registered Office : |
Flat E, 12/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.10.1995. |
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Com. Reg. No.: |
19222300 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of Home Appliances,
PVC, Flooring, etc |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the compant
MADSON JAPAN ELECTRONICS LTD.
ADDRESS
Flat E, 12/F.,
Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2367 0310
FAX: 2367 4615
E-MAIL: madsonja@netvigator.com
Credit Request: Good for credit of US$500,000 terms D/A.
MANAGEMENT
Managing
Director: Mr. Ishwar Jethmal Baharani
SUMMARY
Incorporated on: 10th October, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$3,900,000.00
Issued: HK$3,900,000.00
Business Category: Manufacturer, Importer, Exporter and Wholesaler.
Annual Turnover: US$7.0-7.5 million.
Employees: 5. (Hong Kong)
Main Dealing Banker: HBZ Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Flat E, 12/F.,
Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 97527,
Tsimshatsui, Kowloon, Hong Kong.
Affiliated Company:-
Ishudevi Trading
Company, Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
19222300
COMPANY FILE NUMBER
527555
MANAGEMENT
Managing
Director: Mr. Ishwar Jethmal Baharani
CAPITAL
Nominal Share Capital:
HK$3,900,000.00 (Divided into 3,900,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,900,000.00
SHAREHOLDERS
(As per registry dated 10-10-2007)
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Name |
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No. of shares |
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Ishwar Jethmal BAHARANI |
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585,000 |
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Ashok Tulsidas BUDHRANI |
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780,000 |
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Deepak Ashok BUDHRANI |
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1,755,000 |
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Rasham Ashok BUDHRANI |
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780,000 |
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–––––––– |
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Total: |
3,900,000 ======= |
DIRECTORS
(As per registry dated 10-10-2007)
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Name (Nationality) |
Address |
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Rasham Ashok BUDHRANI |
P.O. Box 6172, Accra North, Ghana. |
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Deepak Ashok BUDHRANI |
P.O. Box 6172, Accra North, Ghana. |
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Ishwar Jethmal BAHARANI |
Flat E, 12/F., Windsor Mansion, 29-31 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong. |
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Ashok Tulsidas BUDHRANI |
P.O. Box 6172, Accra North, Ghana. |
SECRETARY
Ishwar Jethmal
BAHARANI (As per registry dated
10-10-2007)
HISTORY
The subject was incorporated
on 10th October, 1995 as a private limited liability company under the Hong
Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Importer, Exporter and Wholesaler.
Lines: Home appliances, PVC, flooring, etc.
Employees: 5. (Hong Kong)
Materials/Commodities: Japan, US, China, Europe, other Asian countries, etc.
Markets: Africa, Middle East, Central and South America, etc.
Annual Turnover: US$7.0-7.5 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$3,900,000.00 (Divided into 3,900,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,900,000.00
Mortgage or Charge:
(See attachment)
Profit & Loss: Making
a small profit every year.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: So far so
good.
Commercial Morality:
Satisfactory.
Banker: HBZ Finance
Ltd., Hong Kong.
Standing: Normal.
GENERAL
Incorporated in
October 1995, Madson Japan Electronics Ltd. is owned by the Baharani family of
Ghana.
Mr. Ishwar Jethmal
Baharani, who is a member of the family, administers the subject’s
business. He has been in Hong Kong for
a very long time.
The subject has
got manufacturing facilities in China under its own brand name “MITSUI”. The subject’s main products are home
appliances. Besides, it also imports
plastics, PVC, flooring from Thailand; machinery for injection, moulding,
sealing and cutting equipment from Taiwan.
Currently, the subject is representing the following two firms:-
·
Mitsui Group — Sintex Containers, Ghana
·
Stylish Move — Whistles Group, the United States
The subject is a
buying office in Hong Kong, prime markets are Africa, the Middle East, Central
and South America, etc.
The subject
carries the following commodities:-
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Product/Service |
Product/Service
Remarks |
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Stationery and Office Equipment Consumables For
Office Equipment Ink – Printing |
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Machinery Machinery –
Plastic |
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Audio-Visual Products TV and Video
Equipment Television
(including LCD/Plasma Display/HDTV) Audio Equipment Hi-Fi Equipment |
Music
systems (Importer) Music
systems (Exporter) Music
systems (Export Agent) Music
systems (Buying Office) |
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Electrical Appliances Electrical
Domestic Appliances – Miscellaneous Kitchen
Appliances – Electrical Washing Machine Refrigerator /
Cooler |
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Home Furnishing Floor Covering |
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Chemicals (including Plastic Materials) Plastic
Materials (including Resins and Sheet) Sheet – Plastic
(Soft) |
Plastic
Granvels and solvents (Exporter) Plastic
granvels and solvents (Buying Office) Plastic
organvels and solvents (Importer) Plastic
organvels and solvents (Export Agent) Sheeting
PVC (Buying Office) Sheeting
PVC (Exporter) Sheeting
PVC (Importer) Sheeting
PVC (Export Agent) |
The subject has
got an affiliated company Ishudevi Trading Company located at its operating
address. Also owned by the Baharani
family, this firm and the subject are engaged in the same lines of business.
The annual sales
turnover of the subject ranges from US$7.0 to 7.5 million. Business is rather steady as regular
suppliers and clients in Ghana have been maintained.
On the whole,
consider the subject good for normal business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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05-08-2003 |
Instrument: Lien
and Set-off Agreement Fixed Deposits Property: Fixed Deposit Receipt No.: DFN3070604 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facilities |
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05-11-2007 |
Instrument: Lien
and Set-off Agreement Property: Fixed Deposit Receipt
No.: DFN7101506 DFN7091330 DFN7101472 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)