MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEUNG FUNG LEATHER LTD. |
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Registered Office : |
13C, Block 4, Waldorf Garden, 1 Tuen Lee Street, Tuen Mun,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.01. 2004. |
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Com. Reg. No.: |
34204771 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer and Exporter of All kinds of Leather Products. |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the compan
CHEUNG FUNG
LEATHER LTD.
ADDRESS
13C, Block 4, Waldorf Garden, 1 Tuen Lee Street, Tuen Mun, New Territories, Hong Kong.
PHONE: 2419 6222
FAX: 3568 0133
(Your enquiry given as:
CHEUNG FUND LETAQHER LTD
with former address located at: Room 2, 26/F., Global Trade Centre, 15 Wing Kin Road, New Territories,
Hong Kong.)
MANAGEMENT
Managing Director: Mr. Choi Kwok Wah
SUMMARY
Incorporated on: 9th January, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Leather Product Trader.
Employee: 1. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Fair.
ADDRESS
Registered Head
Office:-
13C, Block 4, Waldorf Garden, 1 Tuen Lee Street, Tuen Mun, New Territories, Hong Kong.
Affiliated Factory:-
Nanhai District, Foshan City, Guangdong Province, China.
BUSINESS REGISTRATION NUMBER
34204771
COMPANY FILE NUMBER
878909
MANAGEMENT
Managing Director: Mr. Choi Kwok Wah
CAPITAL
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
SHAREHOLDERS
(As per registry
dated 09-01-2008)
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Name |
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No. of shares |
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LI Yifeng |
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250,000 |
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CHOI Kwok Wah |
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250,000 |
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––––––– |
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Total: |
500,000 ====== |
DIRECTORS
(As per registry
dated 09-01-2008)
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Name (Nationality) |
Address |
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CHOI Kwok Wah |
Flat G, 12/F., Block 3, Granville Garden, Shatin, New Territories, Hong Kong. |
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LI Yifeng |
Room A601, Ruihua Building, 24 Xinhu Yi Road, Luocun Town, Nanhai District, Foshan, Guangdong, China. |
SECRETARY
CHOI Kwok Wah (As
per registry dated 09-01-2008)
HISTORY
The subject was incorporated on 9th January, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 2, 26/F., Global Trade Centre, 15 Wing Kin Road, New Territories, Hong Kong, moved to the present address in February 2007.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer and Exporter.
Lines: All kinds of leather products.
Employee: 1. (Hong Kong)
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.
Markets: Southeast Asia, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C.
FINANCIAL INFORMATION
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Profit & Loss: Keeping a balance account.
Condition: Business is not very active.
Facilities: Banking facilities are not actively used.
Payment: Met as required.
Commercial Morality: Fairly satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 500,000 ordinary shares of HK$1.00 each, Cheung Fung Leather Ltd. is equally owned by Mr. Li Yifeng and Mr. Choi Kwok Wah. The former is a China merchant while the latter is a Hong Kong businessman. Li is a China passport holder and currently residing in Nanhai District, Foshan City, Guangdong Province, China.
The subject’s operating address is located at 13C, Block 4, Waldorf Garden, 1 Tuen Lee Street, Tuen Mun, New Territories, Hong Kong. Waldorf Garden is a residential building which is not trespassed by outsiders. It has had just one or two employees.
The subject is a leather product manufacturer and trader. Products are leather bags, wallets, belts and leather novelties. It has got an affiliated factory in Nanhai District, Foshan City, Guangdong Province, China which is administered by Li Yifeng. Raw materials, mostly leather materials, are imported from Italy, Spain, and India. Finished products are exported to Southeast Asia, Europe, North America, etc. Business is not very active in Hong Kong. The subject managed to keep a balance account in the past years.
The subject is responsible for marketing, shipping products, receiving orders, settling payments and supplying its affiliated factory in China with raw materials.
Since the subject is just a small leather product-trading firm, 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.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)