MIRA INFORM REPORT

 

 

Report Date :           

09.08.2011

 

IDENTIFICATION DETAILS

 

Name :

WING  FAI  MARINE  PRODUCTS  TRADING  COMPANY

 

 

Registered Office :

G/F., 96 Queen’s Road West, Sheung Wan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.10.2010

 

 

Com. Reg. No.:

53037389-000-10

 

 

Legal Form :

Sole Proprietorship.

 

 

Line of Business :

Importer, Exporter, Wholesaler and Retailer of all kinds of dried aquatic products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

New Company

 

 

Payment Behaviour :

---

 

 

Litigation :

---

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name

 

WING  FAI  MARINE  PRODUCTS  TRADING  COMPANY

 

 

Company ADDRESS

 

G/F., 96 Queen’s Road West, Sheung Wan, Hong Kong.

PHONE:            2776 2013

FAX:                 2776 2669,  2776 2668

 

 

MANAGEMENT

 

Manager:  Mr. Lau Mau Kit, Michael  (Mobile: 9663 9162)

 

 

SUMMARY

 

Establishment:                          1st October, 2010.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Importer, Exporter, Wholesaler and Retailer.

 

Employees:                   3.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office & Shop:-

G/F., 96 Queen’s Road West, Sheung Wan, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

53037389-000-10

 

 

MANAGEMENt

 

Manager:  Mr. Lau Mau Kit, Michael

 

 

SOLE PROPRIETOR

 

Name:                           Mr. LAU Mau Kit

Residential Address:      Flat D1, 4/F., Kwan Yick Mansion, Phase II,
343 Des Vouex Road West, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st October, 2010 as a sole proprietorship concern owned by Mr. Lau Mau Kit under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter, Wholesaler and Retailer.

 

Lines:                           All kinds of dried aquatic products.

 

Employees:                   3.

 

Commodities Imported:   India, Japan, South America, Southeast Asia, etc.

 

Markets:                       Hong Kong, China, other Asian countries, etc.

 

Annual Turnover:            Too early to obtain figure.

 

Terms/Sales:                 COD or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Too early to offer an opinion.

 

Condition:                      Business is under development.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:  Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Wing Fai Marine Products Trading Company is a sole proprietorship set up and owned by Mr. Michael Lau Mau Kit who is a Hong Kong merchant.

Business commenced in October 2010, the subject is a dried aquatic products importer, exporter, wholesaler and retailer.  The subject’s products are imported from India, Japan, China, Indonesia, South America, Australia, etc.  Japan is one of the main supplying countries.  Its registered address is also a wholesaling centre and a retailing outlet.  Currently, it is retailing dried shrimps, prawns, scallops, oysters, cuttle fish, squid, octopus, abalone, shark fins, molluscs, mussels, crustaceans, Beche-de-mer, crabs, mushrooms, other dried vegetables, etc.  The subject chiefly serves walk-in customers.  It also exports some of its products to China, Japan, South Korea, other Asian countries, etc.  Business is still under development.

The subject’s business is chiefly handled by Michael Lau Mau Kit himself.  He can be reached at his mobile phone number 9663 9162.

The history of the subject in Hong Kong is just over ten months.

As the history of the subject is short in Hong Kong, on the whole, consider it good for normal business engagements on secured basis for the time being.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.96

UK Pound

1

Rs.73.94

Euro

1

Rs.64.56

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.