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MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
COMBINED TRADING
EXPORT (HONGKONG) LTD. |
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Registered Office : |
Room 1303-1307, 13/F., |
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Country : |
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Date of Incorporation : |
22.11. 1968. |
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Com. Reg. No.: |
2596576 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Exporter of Garments |
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
COMBINED
TRADING EXPORT
(HONGKONG) LTD.
ADDRESS
Room
1303-1307, 13/F.,
PHONE: 2376 2191
FAX: 2376 2524, 2317 1355
MANAGEMENT
Managing
Director: Mr. Charles Joory
SUMMARY
Incorporated on: 22nd November, 1968.
Organization: Private Limited Company.
Capital: Nominal: HK$425,000.00
Issued: HK$425,000.00
Business Category: Garment Exporter.
Yearly Group Turnover: US$35-40 million.
Group Employees: 30.
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room
1303-1307, 13/F.,
Affiliated Company:-
Court
International (Textiles) Ltd.,
Associated Companies:-
Court International
Ltd.,
Geotext Marketing Inc.,
High Wall Ltd.,
Huntley
International Ltd.,
Monoceros Investments Ltd.,
Uniqey International
Ltd.,
BUSINESS REGISTRATION NUMBER
2596576
COMPANY FILE NUMBER
16376
MANAGEMENT
Managing
Director: Mr. Charles Joory
CAPITAL
Nominal Share
Capital: HK$425,000.00 (Divided into 4,250 shares of HK$100.00 each)
Issued Share
Capital: HK$425,000.00
SHAREHOLDERS
(As per registry dated 22-11-2007)
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Name |
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No. of shares |
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Albert
CHARBIT |
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1,530 |
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Charles
JOORY |
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1,700 |
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Zama Investments
Ltd., |
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1,020 |
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––––– |
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Total: |
4,250 ==== |
DIRECTORS
(As per registry dated 22-11-2007)
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Name (Nationality) |
Address |
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Charles JOORY (British) |
Fei Ngo Lodge, Lot
No. 1966, |
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Zama Investments Ltd. |
6/F., Alexandra House, |
SECRETARY
(As per registry dated 22-11-2007)
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Name |
Address |
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Zama Investments Ltd. |
6/F., Alexandra House, |
33553 |
HISTORY
The
subject was incorporated on 22nd November, 1968 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: Exporter and Importer; Indent Agent.
Lines:-
Export — Shirts, trousers, jackets, woollen knitwear
and other locally‑made products.
Import — All kinds of 63/35 T/C fabric and 100% polyester/visco
fabric.
Group Employees:
30.
Commodities
Imported: Imported from
Markets: Hong Kong/China (piece goods) and
Yearly Group
Turnover: US$35-40 million.
Terms/Sales: L/C, T/T and D/P.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$425,000.00 (Divided into 4,250 shares of HK$100.00 each)
Issued Share
Capital: HK$425,000.00
Alternation
of Capital:-
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15-01-1969 |
paid up |
HK$ 40,000.00 |
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13-07-1970 |
paid up |
HK$ 85,000.00 |
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21-07-1971 |
paid up |
HK$ 300,000.00 |
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–––––––––––––– |
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Total: |
paid up |
HK$ 425,000.00 ============= |
Increase
of Nominal Capital:-
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From |
HK$250,000.00 |
to |
HK$425,000.00 |
on |
19-07-1971 |
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking
facilities.
Payment: Met as required.
Commercial
Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
BNP Paribas,
Hong Kong Branch.
DBS Bank
(Hong Kong) Ltd.,
Standing:
GENERAL
Formerly
Combined Trading Export (Hongkong) Ltd. was an
associated firm of Low Swee Heng
International Co. Ltd.
Now,
the subject is jointly held by Charles Joory who is a
British, holding 40% interest; Albert Charbit,
holding 36%; Zama Investments Ltd.,
The
subject is a garment trader. It is
trading in the following commodities:-
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Product/Service |
Product/Service Remarks |
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Garments (Men’s , Women’s and Children’s) |
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Trousers and Slacks |
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Slacks |
From |
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Trousers |
From |
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Shirts |
From |
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Raincoats |
From |
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Dresses and Skirts |
From |
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Blouses |
From |
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Suits and Jackets – Women’s |
From |
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Suits and Jackets – Men’s |
From |
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Knitwear |
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Tee and Sweat Shirts |
From |
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Cardigan, Sweater and Pullover |
From |
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Sportswear |
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Winter Sports Apparel |
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Water Sports Apparel |
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Yachting and Fishing Suit |
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Sport Suits |
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Windbreaker |
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The
subject exports garments to the European Union.
In 2005 or before, the subject was allocated textiles quotas by the Hong
Kong SAR Government to export its products to the European Union, now it does
not have any quotas allocated due to the textile quota system has been
abolished.
The
subject has got an affiliated company in the
The
subject has got an associated company Geotext
Marketing Inc. [Geotext] located at the subject’s
operating office. However, Geotext has not registered in
The
Managing Director of the subject Mr. Charles Joory, a
British who is an experienced businessman.
He has been in
The
history of the subject is about forty years in
On the whole,
consider the subject good for normal business engagements.
REMARKS
Court Cases: None per our.
Property
information of associates:-
1. Property Location: Unit 1303-1307 on 13/F.,
Owner: High Wall Ltd.
Date of
Purchase: 16-12-1980
Purchased
Price: HK$6,863,940
Incumbrances: No mortgage record registered against the
property.
2. Property Location: Section D 2 of Lot No. 1966,
Owner: Court International Ltd.
Date of
Purchase: 31-03-1977
Purchased
Price: HK$5,000,000
Incumbrances:-
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Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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22-04-1977 |
HK$ 3,000,000 |
The Hongkong & Shanghai Banking Corp.
Ltd., |
Mortgage to secure general banking facilities |
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25-04-1979 |
HK$11,000,000 |
- ditto - |
Further charge to secure general banking facilities |
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27-02-1987 |
- |
- ditto - |
Deed of variation and further charge |
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09-02-1988 |
- |
- ditto - |
Deed of variation |
3. Property Location: 21/F. of Tower II, Admiralty Centre,
Owner: Court International Ltd.
Date of
Purchase: 15-10-1988 [Deed of Exchange]
Purchased
Price: -
Incumbrances:-
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Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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26-11-1990 |
- |
The Hongkong & Shanghai Banking Corp.
Ltd., |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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%)