MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAT WAH INTERNATIONAL ENTERPRISE LTD. |
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Registered Office : |
7/F., Sung Kee Industrial Building, 18-30 Kwai Ting Road,
Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.10.1994 |
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Com. Reg. No.: |
18626343 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Re-exporter of Leather Handbags, Leather Belts, Wallets, 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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
MAT WAH
INTERNATIONAL ENTERPRISE LTD.
ADDRESS
7/F., Sung Kee Industrial Building, 18-30 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2420 4801
FAX: 2480 4722
E-MAIL: mwpurl@matwah.biz.com.hk
MANAGEMENT
Managing Director: Mr. Chow Wing Kin, Kenneth
SUMMARY
Incorporated on: 20th October, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$200,000.00
Business Category: Leather Product Trader.
Annual Turnover: HK$45-50 million.
Employees: 25. (Including affiliates)
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
7/F., Sung Kee Industrial Building, 18-30 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
Affiliated
Companies:-
Gloria Leather Products Co. Ltd., Hong Kong.
Marvelous Enterprise Co. Ltd., Hong Kong.
Mat Wah Leather Goods Co. Ltd., Hong Kong.
Shanghai Mat Wah Leather Hardwares Products Co. Ltd., China.
Wings Leather Workhouse, Hong Kong.
BUSINESS REGISTRATION NUMBER
18626343
COMPANY FILE NUMBER
494545
MANAGEMENT
Managing Director: Mr. Chow Wing Kin, Kenneth
Director & Sales Contact: Ms. Tsang Suk Yee, Grace
CAPITAL
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
SHAREHOLDERS
(As per registry
dated 20-10-2008)
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Name |
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No. of shares |
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CHOW Wing Kin |
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150,000 |
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TSANG Suk Yee, Grace |
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50,000 |
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––––––– |
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Total: |
200,000 ====== |
DIRECTORS
(As per registry
dated 20-10-2008)
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Name (Nationality) |
Address |
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TSANG Suk Yee, Grace |
Flat E, 25/F., Tower 1, Vista Paradiso, 2 Hang Ming Street, Ma On Shan, Shatin, New Territories, Hong Kong. |
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CHOW Wing Kin |
Flat E, 25/F., Tower 1, Vista Paradiso, 2 Hang Ming Street, Ma On Shan, Shatin, New Territories, Hong Kong. |
SECRETARY
TSANG Suk Yee, Grace (As per registry dated 20-10-2008)
HISTORY
The subject was incorporated on 20th October, 1994 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 and Re-exporter.
Lines: Leather handbags, leather belts, wallets, etc.
Employees: 25. (Including affiliates)
Materials/Commodities: Imports raw materials from European countries and finished products from China.
Markets: US (main) and Canada.
Annual Turnover: HK$45-50 million.
Terms/Sales: L/C and T/T.
Terms/Buying: L/C, D/P and T/T.
FINANCIAL INFORMATION
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Securing banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Bank of East Asia Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Mat Wah International Enterprise Ltd. is a private limited company jointly owned by a couple, Mr. Chow Wing Kin, holding 75%, and Ms. Grace Tsang Suk Yee, 25%.
The subject is a leather product trader. It handles leather handbags, leather belts, wallets, etc. Products are manufactured by its affiliated factory in Guangdong Province, China. Finished products are transported to Hong Kong and re-exported to the United States and Canada. Business has been satisfactory. The subject is responsible for supplying its affiliated factories in China with raw materials which are mainly imported from Spain and India.
Located at the same office, the subject has got four affiliated companies Gloria Leather Products Co. Ltd., Marvelous Enterprise Co. Ltd., Mat Wah Leather Goods Co. Ltd. and Wings Leather Workhouse which are also controlled by the couple.
Mr. Chow is responsible for the production in China while Mrs. Chow handles the subject’s daily business.
The subject has got a significant enterprise in Shanghai known as Shanghai Mat Wah Leather Hardwares Products Co. Ltd. [Shanghai Mat Wah]. This firm is in Pudong New Area of Shanghai. The main products include leather belts, wallets, bags, etc. Shanghai Mat Wah is a professional factory in manufacturing leather products. It is employing about 200 employees and has been equipped with almost one hundred units of specialty facilities, advanced equipment. The main manufacturing facilities were imported from the foreign countries. It also has a group of professional technicians.
Shanghai Mat Wah’s products are mainly exported to the United States, European and Asian countries, etc.
Besides Shanghai Mat Wah, the subject has got another factory in Dongguan City, Guangdong Province, China. However, the details of this factory are unknown to us.
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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07-05-2004 |
Instrument: A Charge Over Securities – Section 2 (02) Property: 1) All the Company’s rights, title and interest in and to: (a) all, stocks, shares, bonds, debentures, certificates of deposit, promissory notes, units in any trust, units or other interests in any collective investment scheme and other securities; and (b) all securities 2) All rights in relation to any Securities 3) All dividends, interest or other distributions paid or to be paid on any of the Securities and the Rights and all allotments, accretions, offers, rights, benefits and advantages Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
All moneys, obligations and liabilities, whether actual or contingent, at the date of the Charge or at any time thereafter due, owing or incurred by Mat Wah International Enterprise Ltd. and/or Gloria Leather Products Co. Ltd. to the Bank |
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04-07-2005 |
Instrument: Charge Over Deposits – CD 2 (04) Property: 1) By fixed Charge: all the Company’s rights in respect of (i) Time Deposits of US$260,000 deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group Company Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by Mat Wah International Enterprise Ltd. and/or Gloria Leather Products Co. Ltd. to the Bank |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.73.37 |
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Euro |
1 |
Rs.63.08 |
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%)