MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BESTCO CONTINENTAL LTD. |
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Registered Office : |
Room 1008-1011, 10/F., Wharf T & T Square, Telecom Tower, 123 Hoi
Bun Road, Kwun Tong, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.12.1992 |
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Com. Reg. No.: |
16431853 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter.
of All kinds of Sundry Goods such as Garments, Mosquito Coils, Lanterns,
Chemicals, Batteries, 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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Maximum Credit Limit : |
US$500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
BESTCO
CONTINENTAL LTD.
ADDRESS
Room 1008-1011,
10/F., Wharf T & T Square, Telecom Tower, 123 Hoi Bun Road, Kwun Tong,
Kowloon, Hong Kong.
PHONE: 2333 1223, 3555 1333
FAX: 2764 3508, 3555 1365
E-MAIL: admin@bestcocl.com.hk
Credit Request: Credit of US$500,000 seems excessive, a
lesser amount of US$250,000 terms D/A is advisable.
MANAGEMENT
Managing
Director: Mr. Feisal Alibhai
SUMMARY
Incorporated on: 15th December, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$8,000,000.00
Issued: HK$8,000,000.00
Business Category: Garment and Sundry Product Trader.
Annual Turnover: HK$30-35 million.
Employees: 20.
Main Dealing Banker: BNP Paribas, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1008-1011,
10/F., Wharf T & T Square, Telecom Tower, 123 Hoi Bun Road, Kwun Tong,
Kowloon, Hong Kong.
Holding Company:-
Oxford Global
Corporation, British Virgin Islands.
BUSINESS REGISTRATION NUMBER
16431853
COMPANY FILE NUMBER
394349
MANAGEMENT
Managing
Director: Mr. Feisal Alibhai
CAPITAL
Nominal Share
Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$8,000,000.00
SHAREHOLDERS
(As per registry dated 15-12-2007)
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Name |
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No. of shares |
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Oxford Global
Corporation, British Virgin Islands. |
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7,999,999 |
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Tradexal S.A. 2, rue Thalberg, case postale 1509, 1211 Geneve 1, Switzerland. |
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1 |
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–––––––– |
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Total: |
8,000,000 ======= |
DIRECTORS
(As per registry dated 15-12-2007)
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Name (Nationality) |
Address |
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Feisal ALIBHAI (British) |
8/F., Eva Court, 36 MacDonnell Road, Mid-Level, Hong Kong. |
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Shokatali Mohamedali ALIBHAI (British) |
8/F., Eva Court, 36 MacDonnell Road, Mid-Level, Hong Kong. |
SECRETARY
(As per registry dated 15-12-2007)
|
Name |
Address |
Co. No. |
|
Stevensec
Ltd. |
4/F. & 5/F., Central Tower, No. 28 Queen’s Road Central, Hong
Kong. |
879348 |
HISTORY
The subject was
incorporated on 15th December, 1992 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly the
subject was located at Room 1501, 15/F., Peninsula Square, 18 Sung On
Street, Hunghom, Kowloon, Hong Kong, moved to Room 901‑902, 9/F. of the
same building in July 1999; to Room 2102, 21/F., Tower II, Admiralty Centre, 18
Harcourt Road, Admiralty, Hong Kong with effect from 17th July, 2004; and
further moved to the present address on 14th June, 2008.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of sundry goods
such as garments, mosquito coils, lanterns, chemicals, batteries, etc.
Employees: 20.
Commodities Imported:
Mainly acquired in Hong Kong and imported from China.
Markets: Western & Eastern Europe
(Hungary, Czechoslovakia, etc.) and South Africa.
Annual
Turnover: HK$30-35 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C or as per contracted.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$8,000,000.00
Alternation of
Capital:-
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Initially |
paid up |
HK$ 1,000,000.00 |
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25-06-2004 |
paid up |
HK$ 7,000,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 8,000,000.00 ============= |
Increase of
Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$8,000,000.00 |
on |
25-06-2004 |
Mortgage or Charge: (See attachment)
Profit & Loss: Made profits in the past years.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
BNP Paribas,
Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
HBZ Finance Ltd.,
Hong Kong.
Standing: Normal.
GENERAL
Having issued
1,000,000 ordinary shares of HK$1.00 each, Bestco Continental Ltd. is a
wholly-owned subsidiary of Oxford Global Corporation [Oxford Global] which is a
BVI-registered firm.
On 25th June,
2004, the subject issued an additional of 7,000,000 ordinary shares of HK$1.00
each which all were allotted to Oxford Global.
Now the subject’s issued share capital is HK$8 million.
Incorporated in
December 1992, the subject is chiefly trading in garments which are sourced
from China such as trousers and
slacks, shirts, dresses and skirts, coats, jackets, shirts, shorts and
trousers, children’s wear, women’s and men’s suites and jackets, knitted
garments, etc.
Most of the
garments are exported to Western and Eastern Europe (such as Czechoslovakia,
Hungary, etc.) and South Africa.
Business is rather active and steady.
The subject is
responsible for supplying its affiliated factories in China with raw materials
such as fabrics and garment accessories.
The subject also
trades in other products such as chemicals and sundry products. It is also one of the licensed wholesalers
of poisons in Hong Kong approved by the Hong Kong SAR Government. Besides, it also exports small quantities of
foodstuffs, sweets, etc. to Poland.
The subject is
used to be administered by Feisal Alibhai and Shokatali Mohamedali
Alibhai. Belong to the Alibhai family,
both of them are British passport holders and have been in Hong Kong for a very
long time. They are also directors of
the subject.
The annual sales
turnover of the subject ranges from HK$30 to 35 million, making a small profit
every year.
On the whole,
having a history of about sixteen years, the subject is considered good for
normal business engagements.
REMARKS
Court case
record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Oct. 1998 |
Hong Kong Island Development Ltd. |
Bestco Continental Ltd. |
Landlords and Tenants (Possession),
Arrears of rent, rates, etc. |
HK$270,079 |
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
18-11-1994 |
Instrument: Charge Property: All monies from
time to time standing to the credit of the Security Account together with all
entitlements to interest and other rights and benefits accruing to or arising
in connection therewith Security Account means deposit account No.
630-502281124 opened and such other deposit accounts to be opened in the name
of the Borrower with the Bank and all rights of the Borrower in relation to
such accounts with the Bank Mortgagee: Generale
Belgian Bank, Hong Kong Branch.
[Name changed to Fortis Bank Asia HK and further to Belgian Bank, but
the business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
To secure banking facilities |
|
03-07-2007 |
Instrument: Lien
and Set-off Agreement Property: Fixed Deposit Receipt No.: DFN9071043 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.72 |
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UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
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%)