MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MERRY FORTUNE INTERNATIONAL LTD. |
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Registered Office : |
Unit G, 10/F., Dragon Industrial Building, 93 King Lam
Street, Lai Chi Kok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.07.1993 |
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Com. Reg. No.: |
17303871 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Leather and Other Raw
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 : |
Regular |
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Litigation : |
Clear |
name of the company
MERRY FORTUNE
INTERNATIONAL LTD.
ADDRESS
c/o King Well Express (H. K.) Co. Ltd.
Unit G, 10/F., Dragon Industrial Building, 93 King Lam Street, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 2498 9302
FAX: 2401 0116
E-MAIL: export@kingwellhk.com.hk
[Formerly located at:
c/o King Well Express (H. K.) Co. Ltd.
Room 1203R, 12/F., Star Centre, 443-451 Castle Peak Road, Kwai Chung, New Territories, Hong Kong.]
MANAGEMENT
Managing Director: Mr. Lin Chao Yang
SUMMARY
Incorporated on: 8th July, 1993.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 12. (Including associate)
Main Dealing Banker: Hua Nan Commercial Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
c/o King Well Express (H. K.) Co. Ltd.
Unit G, 10/F., Dragon Industrial Building, 93 King Lam Street, Lai Chi Kok, Kowloon, Hong Kong.
Associated Company:-
King Well Express (H. K.) Co. Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
17303871
COMPANY FILE NUMBER
433833
MANAGEMENT
Managing Director: Mr. Lin Chao Yang
CAPITAL
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
SHAREHOLDERS
(As per registry
dated 08-07-2008)
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Name |
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No. of shares |
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LIN Chao Yang |
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600,000 |
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HSIAO Ming Chi |
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400,000 |
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KUO Ching Feng |
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500,000 |
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SHEN Chi Hsien |
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300,000 |
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LIN Cheng Yung |
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200,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
DIRECTORS
(As per registry
dated 08-07-2008)
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Name (Nationality) |
Address |
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SHEN Chi Hsien |
No. 86, Chong Ming 4 Street, Tainan, Taiwan. |
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LIN Cheng Yung |
No. 4-3, Kan Xi Chun, Gui Ren Xiang, Tainan, Taiwan. |
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HSIAO Ming Chi |
No. 11-4, Kuan Si Village, Shui Shang Countryside, Jia Yi County, Taiwan. |
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LIN Chao Yang |
No. 31, Chien-Yen Road, Kuan-Tien Industrial District, Tainan, Taiwan. |
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KUO Ching Feng |
No. 49-9, Xing Guo road, Ma Dou Zhen, Tainan, Taiwan. |
SECRETARY
(As per registry
dated 08-07-2008)
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Name |
Address |
Co. No. |
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E & W Professional Consultancy Co. Ltd. |
Room 1604, 16/F., West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong. |
281416 |
HISTORY
The subject was incorporated on 8th July, 1993 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject is sharing the operating office of King Well Express (HK) Co. Ltd., Hong Kong. Last time, King Well Express (HK) was located at Room 1203R, 12/F., Star Centre, 443-451 Castle Peak Road, Kwai Chung, New Territories, Hong Kong, moved to the present address in February 2006.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Leather and other raw materials.
Employees: 12. (Including associate)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Taiwan, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2004): (See attachment)
Profit & Loss: Making a very small profit in the past years.
Condition: Business is fairly active.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: Hua Nan Commercial Bank Ltd., Hong Kong Branch.
Standing: Small.
GENERAL
Having issued 2 million ordinary shares of HK$1.00 each, Merry Fortune International Ltd. is jointly owned by 5 Taiwan merchants, namely, Mr. Lin Chao Yang, holding 30% interest; Mr. Hsiao Ming Chi, holding 20%; Mr. Guo Ching Feng, 25%; Mr. Shen Chi Hsien, 15%; and Mr. Ling Cheng Yung, 10%.
The subject is sharing the office with King Well Express (H. K.) Co. Ltd. [King Well Express HK], a Hong Kong-registered firm. King Well Express HK is a subsidiary company of King Well Express Inc. [King Well Express], a Taiwan-based firm. The subject is a business partner of King Well Express HK.
The subject is trading in leather and other raw materials. Commodities are sourced form India, other Asian countries, Europe, etc. Prime market is Taiwan.
King Well Express commenced operations in July 1984 in Taiwan. It is certified as an international freight forwarder in Taiwan. It is engaged in freight forwarding and offers clients with services which encompass all aspects of transportation of freight.
King Well Express is headquartered in Taipei, Taiwan and has branch offices in Shanghai, Shenzhen, Xiamen, and agents throughout the world.
The subject has got affiliated companies in Taiwan operated by its shareholders. Business is rather active, it was reported.
The contact person in Hong Kong is Mr. Ken Hung.
On the whole, consider the subject good for moderate business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
(Since 2004)
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Date |
Particulars |
Amount |
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21-06-2004 |
Instrument: Security Over Deposits Property: Fixed Time Deposit of
US$50,000 Mortgagee: Hua Nan Commercial Bank Ltd., Hong Kong Branch. |
To secure banking facilities |
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04-08-2004 |
Instrument: Security Over Deposits Property: Fixed Time Deposit of
US$30,000 Mortgagee: Hua Nan Commercial Bank Ltd., Hong Kong Branch. |
To secure banking facilities |
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10-04-2006 |
Instrument: Security Over Deposits Property: Fixed Time Deposit of
US$60,000 Mortgagee: Hua Nan Commercial Bank Ltd., Hong Kong Branch. |
To secure banking facilities |
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14-03-2007 |
Instrument: Security Over Deposits Property: Fixed Time Deposit of
US$300,000 Mortgagee: Hua Nan Commercial Bank Ltd., Hong Kong Branch. |
To secure banking facilities |
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31-03-2008 |
Instrument: Security Over Deposits Property: Fixed Time Deposit of
US$150,000 Mortgagee: Hua Nan Commercial Bank Ltd., Hong Kong Branch. |
To secure banking facilities |
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06-06-2008 |
Instrument: Security Over Deposits Property: Fixed Time Deposit of
US$90,000 Mortgagee: Hua Nan Commercial Bank Ltd., Hong Kong Branch. |
To secure banking facilities |
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18-06-2008 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under Seal) Property: US$450,000 and all monies hereafter standing to the credit of the Company’s deposit A/C No. 808-449284 and any deposit accounts with the Bank Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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%)