%20%20LTD%20%2031-Oct-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUNEX (HONG KONG)
LTD. |
|
|
|
|
Registered Office : |
Room 1209, 12/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.01.1994 |
|
|
|
|
Com. Reg. No.: |
17741594 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Manufacturer, Importer and Exporter of Small Leather Products, Belts, etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
name
SUNEX
(HONG KONG) LTD.
Address
Room 1209, 12/F., Peninsula Tower,
538 Castle Peak Road,
Cheung Sha Wan, Kowloon,
Hong Kong.
ADDRESS
Room 1209, 12/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2301 2368
FAX: 2301 2390
E-MAIL: james@sunex.com.hk
MANAGEMENT
Managing Director: Mr. Wu Wen Ching, James
SUMMARY
Incorporated on: 11th January, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Manufacturer, Importer and Exporter.
Annual Turnover: HK$70-75 million.
Employees: 10. (Hong Kong)
Main Dealing Banker: Hua Nan Commercial Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1209, 12/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
China Factory:-
Xinfa Leather Product Factory
Shu Tian Management Ward, Humen, Dongguan City, Guangdong Province, China.
[Tel (86-769) 8515 8988
Fax: (86-769) 8570 0788
E-mail: xinfa21@sunex.net]
Parent Company:-
Sunex Co. Ltd., Taiwan.
BUSINESS REGISTRATION NUMBER
17741594
COMPANY FILE NUMBER
460242
MANAGEMENT
Managing Director: Mr. Wu Wen Ching, James
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As
per registry dated 11-01-2008)
|
Name |
|
No. of shares |
|
WU Wen Ching, James [Husband] |
|
7,000 |
|
WU CHEN Ying Ling [Wife] |
|
3,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
DIRECTORS: (As
per registry dated 11-01-2008)
|
Name (Nationality) |
Address |
|
WU Wen Ching, James (Taiwanese) |
Flat D, 42/F., Block 3, The Victoria Towers, 188 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
|
WU CHEN Ying Ling (Taiwanese) |
Flat D, 42/F., Block 3, The Victoria Towers, 188 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY: (As
per registry dated 11-01-2008)
|
Name |
Address |
Co.
No. |
|
Top Crown Consultants Ltd. |
Unit A, 8/F., Eton Building, 288 Des Voeux Road Central, Hong Kong. |
294901 |
HISTORY
The subject was incorporated on 11th January, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Sunex Co. Ltd., name changed to the present style on 8th March, 1994.
Formerly the subject was located at Room 1101, 11/F., L & D House, 2‑4 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September 1997.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Importer and Exporter.
Lines: Small leather products, belts, etc.
Employees: 10. (Hong Kong)
500. (China)
Materials/Commodities Imported:-
Raw materials – India, Taiwan, Europe, etc.
Finished products – Dongguan, Guangdong, China.
Markets: Taiwan, US, Europe, etc.
Annual Turnover: HK$70-75 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: On various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Profit & Loss: Made profits in the past years.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: Hua Nan Commercial Bank Ltd., Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$100.00 each, Sunex (Hong Kong) Ltd. is jointly owned by Mr. James Wu Wen Ching, holding 70% interest, and his wife Mrs. Wu Chen Ying Ling, holding 30%.
The subject’s parent Sunex Co. Ltd. [Sunex] is a Taiwan-based firm. It was founded by Mr. James Wu in August 1982 in Taiwan.
The subject’s main products include leather belts, handbags and wallets. Recently, it has been putting great emphasis on the styles of braided products. Its factory known as Xinfa Leather Product Factory is in Humen, Dongguan City, Guangdong Province, China employing about 500 persons. The factory is equipped with automatic colour displaying machine and other advanced production lines. Products are exported to Taiwan, other Asian countries, the United States and the European Union.
The monthly capacity of the factory is about 300,000 belts, 100,000 wallets and other leather products. It has got Italian leather technician stations at its factory to maintain high quality leather products. The products of the subject are the following items:-
|
Brand
Name |
Brand
Product/Service |
|
Sunex (Brand Owner) |
Belt – Leather Handbag – Leather and Suede Wallet and Purse – Leather |
|
Casanova (Brand Owner) |
Belt – Leather |
The subject’s Taiwan parent has been manufacturing leather products over 30 years specialized with vintage belts, casual belts, braided belts, etc. beside basic dress belts, small leather goods.
Raw materials, mainly leather materials, are imported from Italy, India, etc. Other accessories are imported from Taiwan and European countries. Business is steady and rather active. Annual sales turnover ranges from HK$70 to 75 million.
The main functions of the subject are raw materials sourcing, products marketing, and payments settling for its affiliated factory in China.
The subject’s business is chiefly handled by Mr. James Wu himself. Most of the time he is stationing in his China factory.
On the whole, consider the subject good for normal business engagements.
REMARKS
Court case record in the past:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Nov. 1997 |
Savino Del Bene China Ltd. |
Sunex (Hong Kong) Ltd. |
Amount due |
HK$152,289 |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)