MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASIA LEATHER CONCEPT LTD. |
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Formerly known as : |
KITAYAMACHI TRADING CO. LTD |
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Registered Office : |
Room A, 14/F., Amtel Building, 144-148 Des Voeux Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.12.1982 |
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Com. Reg. No.: |
8221672 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in Leather |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name of the company
ASIA LEATHER CONCEPT
LTD.
(Formerly known as KITAYAMACHI TRADING CO. LTD.)
ADDRESS
Registered Office:-
c/o Mayoung Ltd.
Room A, 14/F., Amtel Building, 144-148 Des Voeux Road Central, Hong Kong.
Note: The subject is not located at “19/F., Seaview Commercial Building, 21-24 Connaught Road West, Hong Kong” where is the operating address of a solicitor firm known as “Chaine Chow & Barbara Hung”.
BUSINESS REGISTRATION NUMBER
8221672
COMPANY FILE NUMBER
120281
DATE OF INCORPORATION
31st December, 1982.
CAPITAL
Nominal Share Capital: HK$1,000.00 (Divided into 100 shares of HK$10.00 each)
Issued Share Capital: HK$20.00
SHAREHOLDERS
(As per registry
dated 13-12-2007)
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Name |
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No. of shares |
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Janfaith Ltd., Hong Kong. |
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1 |
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Leconfield International Ltd. 325 Waterfront Drive, Omar Hodge Building, 2/F., Wickhams Cay, Road Town, Tortola, British Virgin Islands. |
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1 |
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–– |
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Total: |
2 = |
DIRECTORS
(As per registry
dated 13-12-2007)
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Name |
Address |
Co. No. |
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Leconfield International Ltd. |
325 Waterfront Drive, Omar Hodge Building, 2/F., Wickhams Cay, Road Town, Tortola, British Virgin Islands. |
- |
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Janfaith Ltd. |
Room A, 14/F., Amtel Building, 144-148 Des Voeux Road Central, Hong Kong. |
674078 |
SECRETARY
(As per registry
dated 13-12-2007)
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Name |
Address |
Co. No. |
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Mayoung Ltd. |
Room A, 14/F., Amtel Building, 144-148 Des Voeux Road Central, Hong Kong. |
669078 |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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04-12-1992 |
Instrument: Charge Over Deposits Property: The sum of DEM117,635 and US$202,386 under Deposit Receipt Nos. 616176827194-921203 and 616176826124-921204 Mortgagee: Belgian Bank, Hong Kong Branch. [Business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.] |
To secure banking facilities |
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22-01-1996 |
Instrument: Security Over Deposits Property: ITL1,305,400 and US$879,456 under Deposit No. 600-427629 Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure general banking facilities |
BANKERS
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
GENERAL
Asia Leather Concept Ltd. was incorporated on 31st December, 1982 as a private limited liability company under the Hong Kong Companies Ordinance. It was originally registered under the name of Kitayamachi Trading Co. Ltd., name changed to the present style on 25th July, 2001.
The subject is a shelf company which was formerly registered in a management company Manyee Management Ltd. located at 13/F., Tung Hip Commercial Building, 244 Des Voeux Road Central, Hong Kong. Its registered office was relocated at 14/F., Fung House, 19-20 Connaught Road Central, Hong Kong in 2001 where is the office of its secretary, Mayoung Ltd. [Mayoung]. The registered office changed to Room 1205, 12/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong due to the removal of the secretarial firm and further moved to the present address in October 2003.
The subject is equally held by Leconfield International Ltd., a firm registered in the British Virgin Islands; and Janfaith Ltd., a firm registered in Hong Kong also located at Mayoung’s address. The subject has just issued 2 ordinary shares of HK$10.00 each while each of the holding companies holds one share.
The directors of the subject are Janfaith Ltd. and Leconfield International Ltd.
The subject is trading in leather such as glazed kid, cow full grain, corrected grain, oil pull ups and box leather. It has no employees in Hong Kong. All business is believed to be offshore. However, its main office is very likely in China wholesaling leather materials.
The secretarial firm, declined to divulge any information about the subject, handles the subject’s correspondences and documents.
The subject has been banking with Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Since the subject does not have its own office and has no employees in Hong Kong, consider it good for normal business engagements on L/C basis.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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%)