MIRA INFORM REPORT

 

 

Report Date :           

17.08.2011

 

IDENTIFICATION DETAILS

 

Name :

NAVIGATOR  HOLDING  LTD.

 

 

Registered Office :

Flat E & H, 6/F., Golden Bear Industrial Centre, 66-82 Chai Wan Kok Street, Tsuen Wan, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

22.06.1998

 

 

Com. Reg. No.:

21812579

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of home wares, 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

 

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

 

 Bottom of Form

Company name

 

NAVIGATOR  HOLDING  LTD.

 

 

Company ADDRESS

 

Flat E & H, 6/F., Golden Bear Industrial Centre, 66-82 Chai Wan Kok Street, Tsuen Wan, New Territories, Hong Kong.

PHONE:            2566 0098

FAX:                 2512 2652

E-MAIL:            sales@nevigator.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Cheng Hing Lin

 

 

SUMMARY

 

Incorporated on:             22nd June, 1998.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Annual Turnover:            HK$30~35 million.

 

Employees:                   25.

 

Main Dealing Banker:     China Construction Bank (Asia) Corporation Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Flat E & H, 6/F., Golden Bear Industrial Centre, 66-82 Chai Wan Kok Street, Tsuen Wan, New Territories, Hong Kong.

 

Associated Companies:-  (Same address)

·         Glas-Co. Ltd., Hong Kong.

·         Navigator China Ltd., Hong Kong.

·         Navigator Home Wares Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

21812579

 

 

COMPANY FILE NUMBER 

 

0647997

 

 

MANAGEMENT

 

Managing Director:  Mr. Cheng Hing Lin

 

 

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

 

 

SHAREHOLDERS

(As per registry dated 22-06-2011)

 

Name

 

No. of shares

CHENG Hing Lin

 

9,000

CHENG Ho Wah, Howard

 

1,000

 

 

––––––

 

Total:

10,000

=====

 

DIRECTOR

(As per registry dated 22-06-2011)

 

Name

(Nationality)

 

Address

CHENG Hing Lin

Flat E & H, 6/F., Golden Bear Industrial Centre, 66-82 Chai Wan Kok Street, Tsuen Wan, New Territories, Hong Kong.

 

 

SECRETARY

(As per registry dated 22-06-2011)

 

Name

Address

Co. No.

Anson Secretarial & Management Ltd.

6/F., Ko Wah Building, 67 Percival Street, Causeway Bay, Hong Kong.

0332937

 

 

HISTORY

 

The subject was incorporated on 22nd June, 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:                           All kinds of home wares, etc.

 

Employees:                   25.

 

Commodities Imported:   China, other Asian countries, etc.

 

Markets:                       Africa, Central & South America, North America, Asian countries, etc.

 

Annual Turnover:            HK$30~35 million.

 

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

 

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

 

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 (since 2002):  (See attachment)

 

Profit or Loss:                            Making a small profit every year.

 

Condition:                                  Keeping in a satisfactory manner.

 

Facilities:                                  Making active use of general banking facilities.

 

Payment:                                  Met trade commitments as required.

 

Commercial Morality:                 Satisfactory.

 

Bankers:-

·         China Construction Bank (Asia) Corporation Ltd., Hong Kong.

·         P.T. Bank Negara Indonesia (PERSERO) TBK, Hong Kong Branch.

·         Indover Asia Ltd., Hong Kong.

 

Standing:  Normal.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Navigator Holding Ltd. is jointly owned by Mr. Cheng Hing Lin, holding 90% interests; and Mr. Cheng Ho Wah, Howard, holding 10%.  The former is the only director of the subject.

The subject is specialized in manufacturing and exporting products of glassware, ceramic ware, cookware and metal ware.  Its glassware includes jar, bottle, vase, candle holder; ceramic like stoneware; glass canister, potpourri, candle holder, etc.  Besides, the subject has been developing new houseware products.  Products are exported to Africa, Central & South America, North America, Asian countries, etc.

The subject has had affiliated factories in China.  It is responsible for marketing, shipping products, receiving orders, settling payments and supplying its affiliated factory in China with raw materials.

The subject has had an associated company located at its operating address known as Navigator Home Wares Ltd., also a Hong Kong-registered company.  This firm is engaged in the same lines of business as the subject, more or less.

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.  The subject usually take part in Hong Kong Houseware Fair which is held in Hong Kong annually.

The annual sales turnover of the subject ranges from HK$30 to 35 million.  Making a small profit every year.

The subject operates from a rented office.  History in Hong Kong is over thirteen years.

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

 

 

MORTGAGE OR CHARGE

(Since 2002)

 

Date

Particulars

Amount

03-12-2008

Instrument:      Charge Over Account

Property:

The Chargor as sole beneficial owner and as security for the payment of all Secured Liabilities charges the Credit Balance to the Bank, by way of first fixed charge

Mortgagee:      China Construction Bank (Asia) Corporation Ltd., Hong Kong.

All present and future obligations and liabilities of Navigator Holding Ltd., Navigator Home Wares Ltd., Navigator China Ltd. and Glas-Co. Ltd. to the Bank

21-12-2010

Instrument:      Charge Over Accounts and Deposits by Customer

Property:

All monies whether now or hereafter standing to the credit of the Company’s deposit with the Bank under deposit account 028993-HKD-3204-05

Mortgagee:      P.T. Bank Negara Indonesia (PERSERO) TBK, Hong Kong Branch.

To secure all monies in respect of banking facilities owing at any time but not exceeding HK$500,000 plus interest and all expenses

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.25

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.