MIRA INFORM REPORT

 

 

Report Date :

05.12.2011

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE  TREND  INTERNATIONAL  (HK)  LTD.

 

 

Registered Office :

Rooms 1203-1204, 12/F., Hang Pont Commercial Building, 31 Tonkin Street, Shamshuipo, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

02.06.2011

 

 

Com. Reg. No.:

58455548

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of hand tools, power tools, pliers, etc.

 

 

No. of Employees :

6.  (Including associates)

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Comp-any name and address

 

FORTUNE  TREND  INTERNATIONAL  (HK)  LTD.

 

 

ADDRESS:       Rooms 1203-1204, 12/F., Hang Pont Commercial Building, 31 Tonkin Street, Shamshuipo, Kowloon, Hong Kong.

 

PHONE:                        2728 6211,  2728 6212

 

FAX:                 2387 9081

 

 

MANAGEMENT

 

Managing Director:  Mr. Chan Chi Chiu

 

 

SUMMARY

 

Incorporated on:             2nd June, 2011.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$3,010,000.00

Issued:              HK$3,000,000.00

 

Business Category:        Tool Trader.

 

Employees:                   6.  (Including associates)

 

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

 

Banking Relation:           Too early to comment.

ADDRESS

 

Registered Head Office:-

Rooms 1203-1204, 12/F., Hang Pont Commercial Building, 31 Tonkin Street, Shamshuipo, Kowloon, Hong Kong.

 

Associated Company:-

Harbour Hugh Trading Ltd., Hong Kong.
(Business name: Artic Enterprises Company)  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

 58455548

 

 

COMPANY FILE NUMBER

 

1610653

 

 

MANAGEMENT

 

Managing Director:  Mr. Chan Chi Chiu

 

 

CAPITAL

 

Nominal Share Capital: HK$3,010,000.00 (Divided into 3,010,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$3,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 28-06-2011)

 

Name

 

No. of shares

GNL11 Ltd., Hong Kong.

 

1

CHAN Chi Chiu

 

1,499,999

CHAN YU Miu Sin

 

900,000

WONG Yick Kui

 

600,000

 

 

––––––––

 

Total:

3,000,000

=======

 

DIRECTORS

(As per registry dated 28-06-2011)

 

Name

(Nationality)

 

Address

WONG Yick Kui

Flat A, 6/F., 96-102 Tin Hau Temple Road, Hong Kong.

 

CHAN YU Miu Sin

Flat A, 17/F., Tower 5, Parc Palais, 18 Wylie Road, King’s Park, Kowloon, Hong Kong.

 

CHAN Chi Chiu

Flat A, 17/F., Tower 5, Parc Palais, 18 Wylie Road, King’s Park, Kowloon, Hong Kong.

 

 

SECRETARY

 

WONG Yick Kui  (As per registry dated 28-06-2011)

 

 

HISTORY

 

The subject was incorporated on 2nd June, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

Initially the subject’s registered address was located at Room 1001-1004A, 10/F., Champion Building, 287-291 Des Voeux Road Central, Hong Kong where was the operating address of a commercial service provider Gateway Registrations Ltd.  The subject moved to the present address with effect from 28th June, 2011.

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of hand tools, power tools, pliers, etc.

 

Employees:                   6.  (Including associates)

 

Commodities Imported:   Imported from Japan, Germany, other European countries, etc.

 

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

 

Terms/Sales:                 COD or L/C.

 

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

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$3,010,000.00 (Divided into 3,010,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$3,000,000.00

 

Alternation of Capital:-

02-06-2011

paid up

HK$      1.00

28-06-2011

paid up

HK$      2,999,999.00

 

 

–––––––––––––––

Total:

paid up

HK$      3,000,000.00

==============

 

Increase of Nominal Capital:-

From

HK$10,000.00

to

HK$3,010,000.00

on

28-06-2011

 

Mortgage or Charge:-

Date of  Deed of Indemnity, Charge Over Deposit and Set-Off:
19-09-2011

Amount:            All actions, suits, proceedings, claims, demands, losses, damages, costs, fees, expenses and/or liabilities

Property:           By way of Fixed Charge to the Bank all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (Account No. 027-540-2-005294-3) and all interest from time to time payable thereon and together with all title deeds and documents relating thereto

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

 

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 required.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 3 million ordinary shares of HK$1.00 each, Fortune Trend International (HK) Ltd. incorporated on 2nd June, 2011, is jointly owned by three individuals, namely, Mr. Chan Chi Chiu, holding 50% interests; Mrs. Chan Yu Miu Sin, holding 30%; and Mr. Wong Yick Kui, 20%.  Being Hong Kong merchants, they are also directors of the subject.  The first and second is a couple.

The subject has had an associated company Harbour Hugh Trading Ltd. [Harbour Hugh] located at its operating address.  Harbour Hugh and the subject are engaged in the same lines of business.

Incorporated in January 1991, Harbour Hugh is jointly owned by three individuals, namely, Mr. Chan Chi Chiu, holding 45% interests; Mr. Ho Che Hung, also holding 45%; and Mr. Wong Yick Kui, 10%.  Harbour Hugh is trading in hand tools, power tools, pliers, tools for cutting, etc.  Commodities are mainly imported from a precision industrial company in Sendai City of Japan and partly from Germany and Europe.  Products are sold in Hong Kong and re-exported to China, other Asian countries.  In recent years, China has become the prime market of the subject.  One of its products bears the trade mark “H.T.D” has been sold in China and finds ready market.  In 2001, a firm in Nanchang City, China had infringed on patent of the trade mark “H.T.D” and was sued by the subject in China.  Another significant trade mark sold by the subject is “Fuji”.

The business of Harbour Hugh has been maintained in a normal and satisfactory manner.  No derogatory data have been heard.

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

On the whole, since the history of the subject is short in Hong Kong, consider it good for normal business engagements on L/C basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.50

Euro

1

Rs.69.14

 

 

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%)

 

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