MIRA INFORM REPORT

 

 

Report Date :

17.08.2011

 

IDENTIFICATION DETAILS

 

Name :

AMPLE  SOURCES  INDUSTRIES  LTD.

 

 

Registered Office :

Unit A14, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.04.1990

 

 

Com. Reg. No.:

13551662

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Manufacturer, Importer and Exporter of all kinds of leather products including leather belts and wallets, giftware, premium and hobbies, leather passport covers, leather telephone covers, travel bags and luggages, travel goods and bags, and other leather accessories

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – 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

 

Company name

 

AMPLE  SOURCES  INDUSTRIES  LTD.

 

 

ADDRESS

 

Unit A14, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.

 

PHONE:            2755 0933

 

FAX:                 2796 5964

 

E-MAIL:            ample@netvigator.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Chiang Chih Chiang, Charles

 

 

SUMMARY

 

Incorporated on:             20th April, 1990.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$2.00

 

Business Category:        Leather Product Manufacturer.

 

Employees:                   15.  (Hong Kong)

 

Main Dealing Banker:     Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 ADDRESS

 

Registered Head Office:-

Unit A14, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.

 

China Factories:-

Guanghan Hongliang Leather Product Co. Ltd., China.

Zheng Qiang Leather Products Factory

Jinxi Administrative Zone, 528455 Zhongshan City, Guangdong Province, China.

[Tel: 86-760-8889 2466;  Fax: 86-760-8889 6387]

 

Associated Company:-

Great Light Ltd.

Unit 9, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.

[           Tel:       2753 0988

Fax:      2753 5533

E-mail:  sophiawg@greatlight.com.hk]

 

 

BUSINESS REGISTRATION NUMBER 

 

13551662

 

 

COMPANY FILE NUMBER

 

 0276140

 

 

MANAGEMENT

 

Managing Director:  Mr. Chiang Chih Chiang, Charles

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$2.00

 

SHAREHOLDERS

(As per registry dated 20-04-2011)

 

Name

 

No. of shares

CHIANG Chih Chiang

 

1

LIN Jen Ni

 

1

 

 

––

 

Total:

2

=

 

 

DIRECTORS

(As per registry dated 20-04-2011)

 

Name

(Nationality)

 

Address

CHIANG Chih Chiang

            (Chinese)

Block C, G/F., 12 Sau Chuk Yuan Road, Kowloon City, Kowloon, Hong Kong.

 

LIN Jen Ni

            (Chinese)

Block C, G/F., 12 Sau Chuk Yuan Road, Kowloon City, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 20-04-2011)

 

Name

Address

Co. No.

Brainy Consulting Ltd.

Unit 6, 5/F., Hung To Centre, 94-96 How Ming Street, Kwun Tong, Kowloon, Hong Kong.

0255656

 

 

HISTORY

 

The subject was incorporated on 20th April, 1990 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:          Manufacturer, Importer and Exporter.

 

Lines:               All kinds of leather products including leather belts and wallets, giftware, premium and hobbies, leather passport covers, leather telephone covers, travel bags and luggages, travel goods and bags, and other leather accessories.

 

Employees:         15.  (Hong Kong)

750.  (China)

 

Materials/Commodities:  Mainly imports raw materials from Europe, Taiwan and India, and imports finished products from China

 

Markets:           USA (main), Canada and Europe.

 

Terms/Sales:     L/C or as per contracted.

 

Terms/Buying:  L/C, D/P, D/A, etc.

 

 

MEMBERSHIP

 

Federation of Hong Kong Industries, Hong Kong.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2.00

 

Mortgage or Charge:-

Date of  Mortgage:  29-10-1993

Amount:            To secure all principal, interest and other amounts

Property:           16/6,000th parts or shares of and in New Kowloon Inland Lot No. 6030 (Workshop No. A14 including Flat Roof on 4/F. of Block A of Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.)

Mortgagee:        Standard Chartered Bank, Hong Kong Branch.  [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.]

 

Profit or Loss:                Operation is profitable.

 

Condition:                      Business is active and satisfactory.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Regularly met.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Normal.

 

GENERAL

 

Ample Sources Industries Ltd., set up in April 1990, is equally owned by Mr. Charles Chiang Chih Chiang and his wife, Ms. Lin Jen Ni.  The subject has issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share.  Chiang and Lin are also directors of the subject.

The subject is a leather product manufacturer and trader.  It is engaged in manufacturing and exporting leather belts, leather wallets, giftware, novelties, leather passport covers, leather telephone covers, travel bags, luggage, leather bags, and other leather accessories.  All of the manufacturing activities are carried out by its factory Zheng Qiang Leather Products Factory in Zhongshan City, Guangdong Province, China.  Currently the China factory is employing about 750 persons.  Finished products are transported to Hong Kong and re-exported to the United States and European countries.  Part of its business is conducted on OEM basis.  Business is rather satisfactory.

The main functions of the subject are raw materials sourcing, products marketing and payments settling for its affiliated factory in China.

The subject’s business is chiefly administered by the two shareholders.  Chiang is a Taiwanese who has been in Hong Kong for a very long time.

Besides operating the subject, Chiang and Lin are operating another firm known as Great Light Ltd. [Great Light] which is also a Hong Kong-registered firm.

Having issued 2 million ordinary shares of HK$1.00 each, Great Light is jointly owned by Chiang, holding 99% interests, and Lin, holding just 1%.

Located at a different address, Great Light is also a leather product manufacturer and trader.

The history of the subject in Hong Kong is over twenty-one years and three months.

On the whole, consider it good for normal business engagements.

 

 

REMARKS

 

            Court Cases:     None per our.

 

            Property information of the company:-

            Property Location:          Workshop No. A14 including Flat Roof on 4/F. of Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon, Hong Kong.

Owner:  Ample Sources Industries Ltd.

Date of Purchase:  13-01-1992

Purchased Price:  HK$2,320,000

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

29-10-1993

-

Standard Chartered Bank, Hong Kong Branch.  [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.]

Mortgage to secure general banking facilities

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.24

UK Pound

1

Rs.73.88

Euro

1

Rs.65.06

 

 

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.