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MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLD EAST TRADING (HONG KONG) COMPANY LIMITED |
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Registered Office : |
Unit 501-4A, Empire Centre, 68 Mody Road, Tsim Sha Tsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
2007 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Paper Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REPORT ON
GOLD EAST TRADING
(HONG KONG) COMPANY LIMITED
Business Address:
Unit 501-4A, Empire Centre
68 Mody Road
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-27330488
Fax: +852-27330034
SUMMARY
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Founded: |
2007 |
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Legal form: |
Private Limited Company |
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Registration date: |
14.06.2007 |
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ACTIVITY: |
Importer & Exporter |
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Main Products: |
Paper products |
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Staff: |
25 (25 in Hong Kong) |
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Paid-up capital: |
HKD 1,000,000.00 |
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Financial situation: |
Modest but ordered |
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Payments: |
Payments are made according to terms |
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Litigation: |
clear |
Registration
status: 2007 - Registered company
Activity status: 2007 - Active company
IDENTIFICATION
Name: Gold East Trading (Hong
Kong) Company Limited
Telephone: +852-27330488
Fax: +852-27330034
Business Address: Unit
501-4A, Empire Centre
68 Mody Road
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-27330488
Fax: +852-27330034
Registered Address: Unit
501-4A, Empire Centre
68 Mody Road
Tsim Sha Tsui
Kowloon
Hong Kong
Contact information: Telephone number: 852
27330033 Mr. Park Chu (Director)
Email
address: park.chu@goldeastpaper.com.hk Mr. Park Chu (Director)
HISTORY AND REGISTRATION
Founded: 2007
Legal form: Private Limited
Company
Registration date:
14.06.2007
Company registry
number: 1141342
BR Number: 38159647
Annual return
date: 14.06.2008
Annual return
filed on: 17.07.2008
SHARE CAPITAL
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SHAREHOLDERS
Gold East Paper
(Jiangsu) Co Ltd
Registration: China
8, Xing Gang Dong Rd
Dagang Zhenjiang, Jiangsu
212132
China
Shareholder company
Equity: 100%
1,000,000 Ordinary shares
Total number of shareholders: 1
Former secretary records:
GSL07 Limited resigned as secretary on 9th July 2007
MANAGEMENT
CHU Wing Hong,
Park - Director
Unit 501-4A, 5/F, Empire Centre
68 Mody Road
Hong Kong
Personal ID: G713881(3)
QI Hezhai - Director
Nationality: China
Unit 501-4A, 5/F, Empire Centre
68 Mody Road
Hong Kong
Passport ID: 340302195302281232
CHU Wing Hong, Park - Company Secretary
Unit 501-4A, 5/F, Empire Centre
68 Mody Road
Hong Kong
Personal ID: G713881(3)
07.07.2007 - Present
Mr. Chu Wing Hong, Park, Director
Mr. Chu is active in subject's daily operation and responsible for overall
management.
Management assessment
Subject has a medium scale of operation with a simple company structure,
management functions and responsibilities. Different department heads are in
charge of different management functions.
ACTIVITY
NATURE OF
BUSINESS: Importer &
Exporter & Wholesaler
NACE: 4618 Agents
specialised in the sale of other particular products
Main products: Paper products
Activity comment: Subject declined to disclose any information.
Based on our research, subject is engaged in importing, exporting and
wholesaling of paper and related products.
Merchandises are estimated to be sourced from China, South East Asia and New
Zealand. Imported goods are wholesaled locally or exported to United States and
Europe.
Reportedly, subject is a Forest Stewardship Council (FSC) [headquarter: FSC
International Center in Bonn, Germany] / Coc registered paper trader.
Sufficient traffic of phone calls, deliveries of documents, visitors indicates
that subject is performing adequate level of daily business activities with
some functional divisions and business structures. Operations are observed to
be properly organized with necessary number of staff.
MARKETS
Hong
Kong, United States, Europe
Payment terms:
O/A (open account)
T/T
PURCHASES
China, South East
Asia, New Zealand
Payment terms:
L/C (letter of credit)
T/T
Advanced Payment
PREMISES
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Address: |
Unit 501-4A, Empire Centre |
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Type of premises: |
office premises |
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Type of ownership: |
Premises at business address are rented |
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Area: |
Commercial |
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Condition: |
Normal |
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Equipment: |
Properly equipped and maintained |
STAFF:
Total staff: 25
Staff in Hong Kong: 25 (based on our observation)
IMPORTANCE: Small to Medium size company
AFFILIATION
Parent Company:
Gold East Paper
(Jiangsu) Co Ltd
8, Xing Gang Dong Rd
Dagang Zhenjiang, Jiangsu
212132
China
FINANCE
Financial
situation: Modest but ordered
Status of company:
Newly established company
Business trends: Infant stage
Direct interview: Mr. Chu Wing Hong, Park, Director
Financial data
source: Declined to disclose any
information
Mr. Chu Wing Hong,
Park, Director, declined to provide financial information on the ground of
undisclosed identity of ultimate enquiry.
Under Hong Kong Companies Law, private limited companies are not obligate to
release its financial information to public.
SALES ANALYSIS
As subject is a newly established company, its trend and turnover cannot be
determined as there is no historical financial record for reference. It is
believed that subject is now undergoing its initial development stage in terms
of business and marketing networks.
PROFITABILITY ANALYSIS
As subject is a newly established company, it is believed that it has to incur
some initial investment and significant expenses in the early stage for
development, while the turnover generated is still not sufficient to cover the
investment and the expense due to its market and business networks not being
mature enough. Break-even in profitability seems to occur several years after
the establishment of the company similar to subject's scale and nature.
Ratios:
Ratios not available
Charges: None in current years
Payments: Payments are made according to
terms
Litigation records: clear
on subject: clear
Insolvency
Information: According to available
information sources the company is not in a insolvency/Preliminary/debt regulation
proceeding.
Negative file check: clear
Company comment:
Secure terms are recommended. Subject is a recently established company.
Its trend, profitability and prospects are hard to determine. During this early
stage of a company, operational stability is yet to be attained. Capability to
overcome financial difficulties is comparatively limited or is not demonstrated
with concrete evidence. Business should be on a secured basis with close
monitoring.
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)