MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GAINRICH FURNITURE FACTORY CO. LTD. |
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Registered Office : |
Flat K, 11/F., Century Industrial Centre, 33-35 Au Pui Wan
Street, Fo Tan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.07.2003 |
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Com. Reg. No.: |
33781336 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Furniture. |
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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Maximum Credit Limit : |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
GAINRICH FURNITURE
FACTORY CO. LTD.
ADDRESS
Flat K, 11/F., Century Industrial Centre, 33-35 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.
PHONE: 2698 0768
FAX: 2694 8658, 2690 1445
E-MAIL: info@grf.com.hk
MANAGEMENT
Managing Director: Mr. Wong Chi Shing
SUMMARY
Incorporated on: 11th July, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Furniture Manufacturer and Exporter.
Annual Turnover: HK$50-55 million.
Employees: 8. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Flat K, 11/F., Century Industrial Centre, 33-35 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.
China Factory: Pinshan Town, Shenzhen Special Economic Zone, China.
Holding Company:-
Gainrich Industrial Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
33781336
COMPANY FILE NUMBER
853021
MANAGEMENT
Managing Director: Mr. Wong Chi Shing
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry
dated 11-07-2008)
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Name |
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No. of shares |
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YU Fu Chi |
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1 |
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Gainrich Industrial Ltd., Hong Kong. |
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9,999 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry
dated 11-07-2008)
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Name (Nationality) |
Address |
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WONG Chi Shing |
2/F., 99B Ping King Road, Sheung Shui, New Territories, Hong Kong. |
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CHUI Kin Ching |
Flat K, 11/F., Century Industrial Centre, 33-35 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong. |
SECRETARY
(As per registry
dated 11-07-2008)
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Name |
Address |
Co. No. |
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Fidelity Secretarial Services Ltd. |
Flat B, 8/F., Capital Commercial Building, 446-448 Shanghai Street, Mongkok, Kowloon, Hong Kong. |
748685 |
HISTORY
The subject was incorporated on 11th July, 2003 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 Exporter.
Lines: All kinds of furniture.
Employees: 8. (Hong Kong)
400. (China)
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.
Markets: Hong Kong, Southeast Asia, etc.
Annual Turnover: HK$50-55 million.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit & Loss: Making a small profit every year
Condition: Keeping in a satisfactory manner
Facilities: Actively using general banking facilities
Payment: Met as required
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Gainrich Furniture Factory Co. Ltd. is a wholly-owned subsidiary of Gainrich Industrial Ltd., a Hong Kong-registered firm located at the same operating address.
The subject is a furniture manufacturer and exporter.
Currently, the subject is manufacturing the following commodities and offering clients with the following services:-
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Product/Service |
Product/Service Remarks |
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Furniture |
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Furniture – Outdoor |
OEM (Manufacturer) |
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Furniture – Western Style |
Exclude sofa and leather furniture (Exporter) Exclude sofa and leather furniture, OEM (Manufacturer) |
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Sofa |
Leather (Exporter) Leather, OEM (Manufacturer) |
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Furniture – Chinese Style |
OEM (Manufacturer) |
The subject has got a factory in Shenzhen Special Economic Zone, China which is specialized in the production of home and office furniture by using hollow core panel with paper or PVC laminated towards chipboard and PU lacquered towards MDF materials which “offers a very colourful, shiny and high glossy look”. According to the subject, these kinds of furniture “are very popular in the market”.
Since 2003, the subject’s factory has moved from Longgang to Pinshan Town, Shenzhen, with approximately 40,000 sq.m. and over 400 workers. The furniture produced by the factory is able to fill 100 containers a month. The subject also receives OEM and ODM projects in matching with the design and application needs of its clients’ market. The subject’s prime markets are Hong Kong and the other Asian countries.
Hong Kong Pricerite Group Ltd. is one of the subject’s clients.
The subject’s business is chiefly handled by Mr. Wong Chi Shing. Annual sales turnover ranges from HK$50 to 55 million. Business is rather active.
On the whole, consider the subject good for normal business engagements.
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.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)