MIRA INFORM
REPORT
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Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
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Name : |
LITE
SOURCE MANUFACTURING CO. |
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Registered Office : |
Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.06.1998 |
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Com. Reg. No.: |
21766063-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of Furniture fitting hardware, light fitting, electronics and building materials. |
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 : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
LITE SOURCE MANUFACTURING CO.
Company ADDRESS
Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2446 1740
FAX: 2446 1742
E-MAIL: lite@design-999.com
MANAGEMENT
Manager: Mr. Hemang Bhagwandas Shah
SUMMARY
Establishment: 6th June, 1998.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer and Exporter.
Annual Turnover: HK$45~50 million.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 98723, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
China Factory:-
Lite Source
Manufacturing Co.
1, 14 Pingyuan
Zhijie, Fen Jiang Nan Road, Foshan City, Guangdong Province, China.
[Tel: (86-757)
8398 7888; Fax: (86-757) 8398 7168]
Associated Companies:- (Same address)
Alkstone
Telecommunication Ltd., Hong Kong.
Lite Source
Manufacturing Co. Ltd., Hong Kong.
Portege Corporation Ltd., Hong Kong.
Zytel
Industries Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
21766063-000-06
MANAGEMENT
Manager: Mr. Hemang Bhagwandas Shah
SOLE PROPRIETOR
Name: Mr. Hemang Bhagwandas SHAH
Residential Address: Flat C, 3/F., New Lucky House, 300-306 Nathan Road, Kowloon, Hong Kong.
HISTORY
The subject was established on 6th June, 1998 as a sole proprietorship concern owned by Mr. Hemang Bhagwandas Shah under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat C, 3/F., New Lucky House, 300-306 Nathan Road, Kowloon, Hong Kong where is the residence of the proprietor. Moved to Flat D, 24/F., Block 14, Locwood Court, Kingswood Villas, Tin Shui Wai, Yuen Long, New Territories, Hong Kong in November 1998; to Block A, 2/F., Grand View Mansion, 119A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong in October 1999; and further to the present address in November 2002.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Furniture fitting hardware, light fitting, electronics and building materials.
Employees: 5.
Commodities Imported: Imported from China, other Asian countries, etc.
Markets: India, Middle East, Eastern & Western Europe, etc.
Annual Turnover: HK$45~50 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T or as per contracted.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits in the past years.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Lite Source Manufacturing Co. is a sole proprietorship set up and owned by Mr. Hemang Bhagwandas Shah who is an Indian.
The subject is a reputed manufacturer of furniture fittings. It was established in 1980 in India as a manufacturer of high-end furniture fittings (mainly knobs and handles) and building material products (viz. cabinet handles/pulls/mortise door handles, glass door handles, door stoppers, glass grips or brackets etc.) It has become one of the market leaders in the India market and now also started selling to the Eastern Europe like Poland, etc.
The subject’s factory, bearing the same name as the subject, is in Foshan City, Guangdong Province, China. Its main commodities are furniture fitting hardware which include varieties of products. The factory is ISO 9001 certified. Right now, the factory has over 100 different designs of its own PATENTS in its product range for the furniture fittings.
The China factory has set up a Research and Development team in China who are constantly developing new designs and styles and they can also develop designs and items of customers’ choice and if required are in a position to offer samples made to the customers’ requirement within 20-30 days of the order.
The subject is trading in the following commodities:-
· Drawer Slides, with ball bearings and Euro Slides.
· Fancy Plywood (also popularly known as VENEER).
· Lightings and Fittings like Halogen Lamps, etc.
· Down Light Fittings (Ceiling Lamps).
· Building Materials, such as, Tiles and Decorative Materials, like Metal Laminates, Plastic Panels, Composite Panels.
The subject’s sales amounted to HK$38,719,030.00 in fiscal year 2001. The annual sales turnover of the subject now ranges from HK$45 to 50 million. Making a small profit every year. Overall business is active and steady.
The history of the subject in Hong Kong is almost thirteen years.
On the whole, consider it good for normal business engagements.
COURT CASES: None per our.
Bottom of Form
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.93 |
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UK Pound |
1 |
Rs.72.92 |
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Euro |
1 |
Rs.64.34 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.