MIRA
INFORM REPORT
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Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
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Name : |
GLORY POINT LTD |
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Registered Office : |
C/o Hop Ying International Holdings Ltd., Rooms 1533-1534,
15/F., Star House, |
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Country : |
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Date of Incorporation : |
26.10.1984 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter All kinds of leatherhide, leather
products (leather shoes & handbags) and chemicals for leather |
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 : |
No Complaints |
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Litigation : |
Clear |
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 – December 31st, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GLORY POINT LTD.
ADDRESS
c/o Hop Ying International Holdings Ltd., Rooms 1533-1534,
15/F., Star House,
PHONE: 2781
4323
FAX: 2359
7497, 2359 3779
E-MAIL: william@hopying.com.hk
MANAGEMENT
Chairman & Managing Director: Mr. Au Weng Hei, William
SUMMARY
Incorporated on: 26th October, 1984.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$1,000,000.00
Business Category: Leather
Trader.
Group Turnover: HK$230-280 million.
Employees: 13. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Registered
Head Office:-
c/o Hop Ying International Holdings Ltd.
Rooms 1533-1534, 15/F., Star House,
Warehouse:-
Unit 1207, 12/F., Riley House, 88 Lei Muk Road, Kwai Chung,
New Territories, Hong Kong.
Holding Company
Hop Ying International Leather Co. Ltd.,
Ultimate Holding Company
Hop Ying International (B.V.I.) Ltd.,
Affiliated/Associated Companies
Golden Easy Ltd.,
Hop Ying (
Hop Ying International Chemicals Ltd.,
Hop Ying International Investments Ltd.,
Hop Ying International Trading Co. Ltd.,
Hop Ying Leather (S.E.A.) Pte. Ltd.,
Hop Ying Leather (
Hop Ying Properties Investment Ltd.,
Hop Ying Tanning Industrial Co. Ltd.,
Taurus Australia Hides, Skins & Leather Pty. Ltd.,
Yauyue Holdings Ltd.,
BUSINESS REGISTRATION NUMBER: 09333890
COMPANY FILE NUMBER:
0142976
MANAGEMENT
Chairman & Managing Director: Mr. Au Weng Hei, William
Vice Chairman: Mr.
Kong Yu Choi
General Sales Manager:
Mr. Tang Cheong Lok, Johnnie
CAPITAL
Nominal Share Capital: HK$2,000,000.00 (Divided into
2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry
dated 26-10-2010)
|
Name |
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No.
of shares |
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AU Weng Hei |
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1 |
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Hop Ying International Leather Co. Ltd., |
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999,999 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry
dated 26-10-2010)
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Name (Nationality) |
Address |
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AU Weng Hei |
House No. 79, |
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LEUNG Kam Yan |
Room 1533, Star House, Tsimshatsui, |
SECRETARY
(As per registry
dated 26-10-2010)
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Name |
Address |
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Born Man Ltd. |
Room 1533, Star House, Tsimshatsui, |
0185790 |
HISTORY
The subject was incorporated on 26th October, 1984 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
and Exporter.
Lines: All
kinds of leatherhide, leather products (leather shoes & handbags) and
chemicals for leather.
Employees: 13.
Commodities Imported: Mainly
imported from
Markets:
Group Turnover: HK$230-280
million.
Terms/Sales: On various terms.
Terms/Buying: L/C, T/T, or as per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$2,000,000.00 (Divided into
2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Traded
at a profitable angle.
Condition: Keeping in an active and
good state.
Facilities: Making active use of general
banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers
The Hongkong & Shanghai Banking Corp. Ltd.,
Bank of
Standing:
GENERAL
Glory Point Ltd. is a private limited company wholly-owned
by Hop Ying International Leather Co. Ltd. [Hop Ying] which in turn is a
subsidiary of Hop Ying International (B.V.I.) Ltd., a firm registered in the
Hop Ying, incorporated in April 1984, is a well-established
leather business belongs to the Hop Ying Group which was formerly under the umbrella
of the listed parent company Hop Ying International Holdings Ltd. [HYIH]. HYIH is a Bermuda-incorporated company with
shares listed on The Stock Exchange of Hong Kong Ltd. in 1992.
HYIH was spun off from the Hop Ying Group after the
reorganisation of the Group in October 1996.
HYIH was renamed Dong-Jun (Holdings) Ltd. in Bermuda on 25th October,
1996 and in Hong Kong on 17th December, 1996.
Consequent on the reorganisation, the management and activities of the
Dong-Jun Group changed. The Group has
become an investment holding and property development company.
The Hop Ying Group, still managed by the founders Mr.
William Au and Mr. Kong Yu Choi, moved to the present address from Room
2106-2112, 21/F., Park-In Commercial Centre, 56 Dundas Street, Mongkok,
Kowloon, Hong Kong in 1977.
Founded in 1983, the Hop Ying Group is one of the largest
leather trading companies and distributors in
In order to ensure the quality of the products, the Group
has set up subsidiary or associated companies in
Hop Ying Group’s annual sales turnover ranges from HK$230 to
280 million. Business is rather active.
Hop Ying has got an affiliated company Golden Easy Ltd.
located the operating office of the subject.
Incorporated on 14th May, 1996 and having issued 10,000 ordinary shares
of HK$1.00 each, Golden Easy is a private limited company equally owned by
William Au and Kong. It is engaged in
the same lines of business as the subject.
William Au, aged 53, is the co-founder of the Hop Ying Group
and has over 33 years of experience in the leather industry. He is responsible for the overall management
of the Group and directly supervising the activities of raw materials sourcing
and products marketing. Au has got a
Diploma in Management for Executive Development from the
Kong Yu Choi, aged 74, is also the co-founder of the Group
and has over 53 years of experience in the leather industry. He got an Honorary Doctor of Philosophy
degree in Marketing from a university in
Having a history of over twenty-six years and nine months,
the subject is fully supported by Hop Ying.
On the whole, in view of the history and background of the
subject, consider it good for normal business engagements.
Company name and address
HOP YING INTERNATIONAL
LEATHER CO. LTD.
ADDRESS:Rooms 1533-1534, 15/F., Star House,
BUSINESS REGISTRATION NUMBER: 08971825
COMPANY FILE NUMBER: 0135693
DATE OF INCORPORATION:
17th April, 1984.
CAPITAL
Nominal Share Capital: HK$10,002,000.00 (Divided into 2
Ordinary shares and 10,000 Deferred shares of HK$1,000.00 each)
Issued Share Capital: HK$10,002,000.00
SHAREHOLDERS
(As per registry
dated 17-04-2010)
|
Name |
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No.
of shares |
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Ordinary |
Deferred |
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AU Weng Hei |
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1 |
5,000 |
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KONG Yu Choi |
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1 |
5,000 |
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–– |
–––––– |
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Total: |
2 = |
10,000 ===== |
DIRECTORS
(As
per registry dated 17-04-2010)
AU Weng Hei
KONG Yu Choi
TO Yee Fong
LEUNG Kam Yan [Alternate director to AU Weng Hei]
SECRETARY
Glory Point Ltd.,
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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09-11-1987 |
Instrument: Charge
on Cash Deposit Property: The sum of CAD51,378 evidenced by Fixed Deposit Receipt
dated 29-09-1987 and No. 205903 Mortgagee: Hua
Chiao Commercial Bank Ltd., |
To secure credit facilities and other financial accommodation
and repayment of all moneys obligations and liabilities |
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09-11-1987 |
Instrument: Charge
on Cash Deposit Property: The sum of HK$700,000 evidenced by Fixed Deposit Receipt
dated 28-09-1987 and No. 169483 Mortgagee: Hua
Chiao Commercial Bank Ltd., |
To secure credit facilities and other financial
accommodation and repayment of all moneys obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.20 |
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1 |
Rs.73.51 |
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Euro |
1 |
Rs.64.76 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.