MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TACT
CONCEPT LTD. |
|
|
|
|
Registered Office : |
Room I, 4/F., On
Ho Industrial Building, 17-19 Shing Wan Road, Tai Wai, Shatin,
New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
29.07.1998 |
|
|
|
|
Com. Reg. No.: |
21914874 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Leather Garments, Leather Products, 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 |
|
Maximum Credit Limit : |
US$500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name of the company
TACT CONCEPT
LTD.
ADDRESS
Room I, 4/F., On Ho Industrial Building,
17-19 Shing Wan Road, Tai Wai, Shatin, New Territories, Hong Kong.
PHONE: 2608 1156
FAX: 2608 0502
E-MAIL: info@onm.com.hk
info@meijigroup.com.hk
Credit Request
Credit of US$500,000 seems excessive, a lesser amount of US$250,000 terms D/A is advisable.
MANAGEMENT
Managing Director: Mr. Kwong Pak Yuen, Rex
SUMMARY
Incorporated on: 29th July, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8. (Hong Kong)
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered
Head Office:-
Room I, 4/F., On Ho Industrial Building,
17-19 Shing Wan Road, Tai Wai, Shatin, New Territories,
Hong Kong.
BUSINESS REGISTRATION NUMBER
21914874
COMPANY FILE NUMBER
651085
MANAGEMENT
Managing Director: Mr. Kwong Pak Yuen, Rex
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
SHAREHOLDER
(As
per registry dated 29-07-2008)
|
Name |
|
No. of shares |
|
KWONG Pak
Yuen |
|
10,000 ===== |
DIRECTOR
(As
per registry dated 29-07-2008)
|
Name (Nationality) |
Address |
|
KWONG Pak Yuen |
Room I, 4/F., On Ho Industrial Building, 17-19 Shing Wan Road, Tai
Wai, Shatin, New Territories, Hong Kong. |
SECRETARY
(As
per registry dated 29-07-2008)
|
Name |
Address |
Co. No. |
|
Hong Kong Consultancy Ltd. |
Room 902B, 9/F., Euro Trade Centre, |
685281 |
HISTORY
The subject was incorporated on 29th July, 1998
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: Importer, Exporter and
Wholesaler.
Lines: Leather garments, leather products, etc.
Employees: 8. (Hong Kong)
Materials/Commodities: Imports raw materials from European
countries and finished products from China.
Markets: Japan, Taiwan, Singapore, Thailand, Malaysia, US,
Australia, Italy, Greece, the Middle East, etc.
Terms/Sales: L/C 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
Mortgage or Charge: (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers
The Bank of East Asia Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
Standing:
Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00
each, Tact Concept Ltd. was equally owned by Mr. Kwong Pak Yuen and Mr. Ho Siu
Ming. On 4th April, 2008, Ho
transferred all his shares to Kwong.
Now, the subject is wholly-owned by Kwong. Kwong is also the only director of the subject.
The subject is a handbag, leather goods, fur
jackets, lambskin jackets, leather garments trader and manufacturer. It is co-operating with Meiji Company to
trade in quality leather products. It
has got production facilities in China.
Meiji Company is a Japan-based firm.
The subject is now exporting OEM products to
Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, the United States,
Australia, Denmark, Italy, Greece, Spain, France, the Middle East, etc. It is specialized in high quality leather
handbags and leather garments. Since
2000, the subject’s factory has been manufacturing leather wallets as well.
In order to penetrate the international
market further, the subject has taken part in fairs and exhibitions held in
Hong Kong and other foreign large cities.
Overall business of the subject is
satisfactory.
On the whole, consider the subject good for
normal business engagements.
COURT CASES: None
per our.
MORTGAGE OR
CHARGE
|
Date |
Particulars |
Amount |
|
14-06-2004 |
Instrument: Deed
of Charge on Cash Deposit Property: A cash deposit of HK$500,000 under Account
No. Mortgagee: The
Bank of East Asia Ltd., Hong Kong. |
To secure credit facilities or financial accommodation |
|
28-02-2005 |
Instrument: Deposit
Deed Property: By way of a first fixed charge and as a continuing security for the
Obligations, the Company charges all the Company’s rights, title to and
interest in all the Company’s accounts Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys |
|
02-08-2005 |
Instrument: Deed
of Charge on Cash Deposit Property: A cash deposit of HK$1,000,000 under
Account No. Mortgagee: The
Bank of East Asia Ltd., Hong Kong. |
To secure credit facilities or financial accommodation |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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%)