MIRA INFORM REPORT

 

 

Report Date :           

30.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NAM  FUNG  TEXTILE  TRADING  CO.

 

 

Registered Office :

Flat D, 25/F., Block 6, Royal Ascot, 1 Tsun King Road, Fo Tan, Shatin, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

25.03.2006

 

 

Com. Reg. No.:

36660238-000-03

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer and Exporter of al kinds of textile products, garments, etc.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Concern

 

 

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 – September 30th, 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

 

Company name

 

NAM  FUNG  TEXTILE  TRADING  CO.

 

 

Company ADDRESS

 

Flat D, 25/F., Block 6, Royal Ascot, 1 Tsun King Road, Fo Tan, Shatin, New Territories, Hong Kong.

PHONE:                        Not available

FAX:                 Not available

 

 

MANAGEMENT

 

Manager:  Mr. Cheung Sik Yam

 

 

SUMMARY

 

Establishment:             25th March, 2006.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Textile Product Trader.

 

Employees:                   Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Small.

Company ADDRESS

 

Head Office:-

Flat D, 25/F., Block 6, Royal Ascot, 1 Tsun King Road, Fo Tan, Shatin, New Territories, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

36660238-000-03

 

 

MANAGEMENT

 

Manager:  Mr. Cheung Sik Yam

 

 

SOLE PROPRIETOR

 

Name:                           Mr. CHEUNG Sik Yam

Residential Address:      Flat D, 18/F., Block 44, City One, Shatin, New Territories, Hong Kong.

 

 

HISTORY

 

The subject was established on 25th March, 2006 as a sole proprietorship concern owned by Mr. Cheung Sik Yam under the Hong Kong Business Registration Regulations.

At the very beginning, the subject was located at Flat 23, 10/F., Yale Industrial Centre, 61-63 Au Pui Wan Pui Street, Shatin, New Territories, Hong Kong, moved to Flat D, 18/F., Block 44, City One, Shatin, New Territories, Hong Kong in January 2007 and further to the present address in September 2009.

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

 

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           All kinds of textile products, garments, etc.

 

Employees:                   Nil.

 

Materials/Commodities:  Imports raw materials from European countries, some of the Asian countries and

finished products from China.

 

Markets:                       Asian countries, Europe, North America, etc.

 

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

 

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

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Keeping a balance account in Hong Kong.

 

Condition:                      Business is not active in Hong Kong.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Nam Fung Textile Trading Co. is a sole proprietorship set up and owned by Mr. Cheung Sik Yam who is a Hong Kong merchant.

The subject does not have its own operating office.  Its registered address is in a private building located at Flat D, 25/F., Block 6, Royal Ascot, 1 Tsun King Road, Fo Tan, Shatin, New Territories, Hong Kong.  This is supposed to be the new residence of Cheung.  He moved to this new address in September 2009.  The residential building is not trespassed by outsiders.  The subject has no employees in Hong Kong.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

The subject is a textile product and garment trader.  Most of its commodities are sourced from South China.  It has had a number of affiliated factories in South China.  Products are exported to some of the Asian countries, Europe, North America, etc.  Business is just fairly active.  Business chiefly handled by Cheung himself, the subject is just a one-man company.

History of the subject in Hong Kong is over five years and nine months.

On the whole, since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.36

UK Pound

1

Rs.82.51

Euro

1

Rs.68.99

 

 

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.