MIRA INFORM REPORT

 

 

Report Date :           

25.08.2011

 

IDENTIFICATION DETAILS

 

Name :

PROFIT  GAIN  (HK)  INVESTMENT  LTD.

 

 

Registered Office :

c/o Unipoint Consultants & Secretaries Ltd., Room 705, 7/F., China Insurance Group Building, 141 Des Voeux Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.09.2004

 

 

Com. Reg. No.:

34999007

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer and Exporter of all kinds of auto-parts and car paints

 

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

 

PROFIT GAIN  (HK)  INVESTMENT  LTD.

 

 

Company ADDRESS

 

Room 2320, 23/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.

PHONE:            2415 9144

FAX:                 3005 7849,  3005 7859

E-MAIL:            info@profitadded.com

 

 

MANAGEMENT

 

Managing Director:         Mr. Young Chun Yan, Tyler

 

 

SUMMARY

 

Incorporated on:             3rd September, 2004.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$1.00

 

Business Category:        Auto-Part and Component Trader.

 

Employees:                   7.  (Including associate)

 

Main Dealing Banker:     Bank of Communications Co. Ltd., Hong Kong Branch.

 

Banking Relation:           Satisfactory.

 

Company ADDRESS

 

Registered Office:-

c/o Unipoint Consultants & Secretaries Ltd.

Room 705, 7/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.

 

Head Office:-

Room 2320, 23/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.

 

Warehouse:-

G/F., Bank Building, 33 Tai Loong Street, Kwai Chung, New Territories, Hong Kong.

 

Associated China Office:-

Room 609, Jin Hui Ge, 100 Le Tao Jie, Ji Chang Xi Lu, 510403 Guangzhou, Guangdong Province, China.

[Tel: (86-20) 8601 4031;  Fax: (86-20) 8601 4091]

 

Sister/Associated Companies:-

CP Auto Parts Ltd., Hong Kong.

Power Profit Trading Co. Ltd., Hong Kong.  (Same address)

Raft Motors (China) Ltd., Hong Kong.  [Dissolved]

 

 

BUSINESS REGISTRATION NUMBER

 

34999007

 

 

COMPANY FILE NUMBER

 

0920902

 

 

MANAGEMENT

 

Managing Director:                     Mr. Young Chun Yan, Tyler

Director & Contact Person:         Ms. Hui Kwai Mei

 

 

CAPITAL

 

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

 

Issued Share Capital:     HK$1.00

 

SHAREHOLDER

(As per registry dated 03-09-2010)

 

Name

 

No. of share

YOUNG Chun Yan, Tyler

 

1

=

 

 

DIRECTORS  

(As per registry dated 03-09-2010)

 

Name

(Nationality)

 

Address

YOUNG Chun Yan, Tyler

Unit 20, 23/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.

 

HUI Kwai Mei

Unit 20, 23/F., Tower B, Regent Centre, 70 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.

 

 

SECRETARY 

(As per registry dated 03-09-2010)

 

Name

Address

Co. No.

Unipoint Consultants & Secretaries Ltd.

Room 705, 7/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.

0125166

 

 

HISTORY

 

The subject was incorporated on 3rd September, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Step Million International Ltd., name changed to Zhan Li Parts Ltd. on 12th November, 2005; changed to Profit Added Co. Ltd. on 16th January, 2006; and further to the present style on 9th July, 2009.

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

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           All kinds of auto-parts and car paints.

 

Employees:                   7.  (Including associate)

 

Commodities Imported:   Imported from Europe, Japan, etc.

 

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

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               L/C and T/T.

 

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$1.00

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Business is active and normal.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Bank of Communications Co. Ltd., Hong Kong Branch.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 1 ordinary share of HK$1.00, Profit Gain (HK) Investment Ltd. is wholly owned by Mr. Tyler Young Chun Yan.  The directors of the subject are Mr. Tyler Young Chun Yan and Ms. Hui Kwai Mei.  Young and Hui is a couple.  Hui is also the contact person of the subject.

Formerly known as Profit Added Co. Ltd., the subject adopted the present style in July 2009.

The subject has got an associated company located at its operating address known as Power Profit Trading Co. Ltd.  It also had another associated company Raft Motors (China) Ltd. [Raft] located at its operating address.  The former is a Hong Kong-registered firm while the latter was dissolved by deregistration on 11th March, 2011.

Having issued 18,000 ordinary shares of HK$1.00 each, Raft was equally owned by Young and Hui.  Raft had traded in spare parts and components of commercial vehicles in the territories of China, Hong Kong and Macau.  Its major customers included Coca Cola Hong Kong, Kowloon Motor Bus (1933) Ltd. and Macau Public Bus Company.  At that time, Raft had its own distribution network in China.  It distributed its products by its outlets in Shenzhen SEZ, Dongguan, Guangzhou, Chengdu, Kunming, Beijing and Shenyang.  Since 2003, its sales and payments got from customers had become unstable.  Subsequently, it closed all outlets and changed its mode of business to become a distributor and wholesaler.  In 2003, Raft started first equipment business in China.  Before deregistration, Raft had sold products worth at more than €9 million to Sinotruk Hong Kong Ltd. which is a Hong Kong-listed company bearing Stock No. 03808.  On 11th March, 2011, Raft was formally dissolved by deregistration.  Now, its business has been taken over by the subject.

The subject and its sister company Power Profit Trading Co. Ltd. [PPT] are also trading in spare parts and components of commercial vehicles.  The subject is responsible for businesses outside Hong Kong while PPT is responsible for businesses in Hong Kong.

The subject imports commodities into China and exports from China.  The subject has had partners in Europe and the United States.  According to the subject, it has had 80 distributors in Western and Eastern Europe.  In Italy only, the subject has had 250 direct customers.  In Taiwan, it has 4 customers in Taipei and Kaohsiong.  In South Korea, it has had 2 customers in Seoul.  It also has got a number of customers in Singapore, Malaysia and Thailand.  In 2003, the subject started supplying to vehicle makers, including Sinotruk Hong Kong Ltd., Zhengzhou Yutong Group Co. Ltd. and Hanz Axle Co. Ltd.  Its TVS friction materials and products are marketed by Shanghai Tongzhi Industry Co. Ltd. in the after-market of China.

The business of the subject is active.  History in Hong Kong is about seven years.

On the whole, consider the subject good for normal business engagements in moderate credit amounts.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.77

UK Pound

1

Rs.75.58

Euro

1

Rs.65.97

 

 

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.