MIRA INFORM REPORT

 

 

Report Date :           

23.05.2011

 

IDENTIFICATION DETAILS

 

Name :

FORDATA  (CHINA)  LTD.

 

 

Registered Office :

Flat 17, 12/F., Goldfield Industrial Centre, 1 Sui Wo Road, Fo Tan, Shatin, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

17.09.1992

 

 

Com. Reg. No.:

16075291

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer, Exporter and Distributor of Air and gas compressors

 

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 :

Regular

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

 

FORDATA  (CHINA)  LTD.

 

 

Company ADDRESS

 

Flat 17, 12/F., Goldfield Industrial Centre, 1 Sui Wo Road, Fo Tan, Shatin, New Territories, Hong Kong.

PHONE:            2690 4002

FAX:                 2687 1670

E-MAIL:                        hkfd@fordatachina.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Leung Chung Yiu

 

 

SUMMARY

 

Incorporated on:             17th September, 1992.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$2,500,000.00

Issued:              HK$1,530,000.00

 

Business Category:        Conveyor Belt Trader.

 

Employees:                   9.  (Hong Kong)

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Flat 17, 12/F., Goldfield Industrial Centre, 1 Sui Wo Road, Fo Tan, Shatin, New Territories, Hong Kong.

 

Main China Factory:-

5/F., 8 East Suburb Industrial Park, Tianhe Hi-New-Tech Property Development District, Zhongshan Dadao, Guangzhou, Guangdong Province, China.

[Tel: 86-20-8553 3010;  Fax: 86-20-8553 6534]

 

China Service Centres:-

Guangzhou, Shanghai, Beijing, Shaoxing, Tianjin, Qingdao, Changshu, Dongguan, Wenzhou, Shenyang, Xi’an, Yu’ci, Shunde, Foshan, Chaoshan, Xinjiang, Kunshan, Wuhan, Shengze, and Yancheng.

 

Main Associated Company:-

Fordata (Shanghai) Ltd., China.

 

Affiliated Company:-

D & Y Industrial Ltd., Hong Kong.  [Trading as D & Y Industrial Co.]

 

 

BUSINESS REGISTRATION NUMBER

 

16075291

 

 

COMPANY FILE NUMBER 

 

0379962

 

 

MANAGEMENT

 

Managing Director:  Mr. Leung Chung Yiu

 

 

CAPITAL

 

Nominal Share Capital:   HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,530,000.00

 

SHAREHOLDER

(As per registry dated 17-09-2010)

 

Name

 

No. of shares

LEUNG Chung Yiu

 

1,530,000

=======

 

 

DIRECTORS

(As per registry dated 17-09-2010)

 

Name

(Nationality)

 

Address

LEUNG Chung Yiu

   (British)

Room 1, 12/F., Block D, Ching Lai Court, Lai King Hill Road, Kowloon, Hong Kong.

 

PENG Yingzhou

Room 1, 12/F., Block D, Ching Lai Court, Lai King Hill Road, Kowloon, Hong Kong.

 

 

SECRETARY 

(As per registry dated 17-09-2010)

 

Name

Address

LAU Oi Heung

Flat J, 1/F., Block 2, Tsui Lai Garden, Sheung Shui, New Territories, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 17th September, 1992 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, Exporter and Distributor.

 

Lines:               Air and gas compressors.

 

Employees:         9.  (Hong Kong)

40.  (China)

 

Materials/Commodities Imported:-

Spare parts and raw materials – Foreign advanced countries.

Finished products – Guangzhou, Guangdong Province, China.

 

Markets:                       China, Southeast Asia, Europe, etc.

 

Terms/Sales:                 COD or as per contracted.

 

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

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$2,500,000.00 (Divided into 2,500,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,530,000.00

 

Alternation of Capital:-

Initially

paid up

HK$      1,000,000.00

12-05-2000

paid up

HK$      530,000.00

 

 

–––––––––––––––

Total:

paid up

HK$      1,530,000.00

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

 

Increase of Nominal Capital:-

From

HK$1,000,000.00

to

HK$2,500,000.00

on

12-05-2000

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Business is normal.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Fordata (China) Ltd. is a private limited company wholly owned by Mr. Leung Chung Yiu.

Originally the subject had issued 1,000,000 ordinary shares of HK$1.00 each, but was increased to 1,530,000 ordinary shares of the same value each and all the newly issued shares were allotted to Leung.

Incorporated in September 1992, the subject is engaged in manufacturing and distributing conveyor belts and related products.  China is its prime market.

Situated in Guangzhou, Shanghai and Beijing, China, the subject’s factories have a total floor area of over 10,000 sq.m.  All the factories have been equipped with advanced machinery and equipment imported from Switzerland, Italy.

The factories are providing local clients with the following products:-

·         Power transmission and conveyor belts (including power-wrap classical and wedge V-belts, power-edge cogged-belts, power-bank banked belts, power poly-V belts, precision timing belts, etc.)

·         V-belts, ribbed belts and timing belts

·         Special fabrication belts

·         Control valves, zero valves and accessory

·         Knitting needles

The subject is one of the largest industrial belt traders in China.  It is a professional agent of the “Ever-Power®” rubber timing belt and groove belt from the United States, “Habasit®” industry belt from the Switzerland, and “PIX®” wire belt from the United Kingdom.  However, “Habasit®” is the subject’s most significant product which is widely used in China.

Habasit is a leading manufacturer of belts for the textile industry, printing and paper industry, food industry, tobacco industry, wood-working, ceramic and marble manufacturing, etc.  Some of the subject’s conveyor belts are also suitable for baggage transportation in the airport.

The subject has set up three regional headquarters in Guangzhou, Shanghai, and Beijing.  These regional headquarters administer several marketing and offering customers with transportation services in Tianjin, Shenyang, Urumqi, Xi’an, Qingdao, Yancheng, Changshu, Kunshan, Shengze, Shaoxing, Wenzhou, Wuhan, Foshan, Shunde, Dongguan, Yuci, etc.

The subject has got ISO certification.  As its engineers know about the requirements of their China customers, they use computers to do the product shaping and developing and the efficiency is good.

Apart from the above-mentioned products, the subject also provides clients with “Leslie” control valves, “Sinclair Collins” valves, “Rogers” zero switch, “Barco” products, “Crane” check valves, “Norgren” pneumatic control unit, “Fairchild” pneumatic control unit, etc.

The subject’s main associate in Shanghai is known as Fordata (Shanghai) Ltd.  This firm is employing about 150 persons.  With a registered capital of US$1.01 million, Fordata (Shanghai) Ltd. was established in 2004.

The subject also offers its clients with “on site services” which include installing conveyor belts, testing conveyor systems, repairing belts, etc.  Its clients include airports, tobacco factories, wood mills, textile factories, etc.

The subject has got an affiliated firm known as D & Y Industrial Co. which is located at the same address.  Since 22nd November, 1994, D & Y Industrial Co. has been wholly-owned and operated by D & Y Industrial Ltd. which was incorporated on 15th November, 1994.  With an issued share capital of HK$100,000.00 and equally owned by Mr. Raymond Leung Kong Wa and Mr. Leung Chung Yiu (the subject’s Managing Director), D & Y Industrial Co. is a small company dealing in hardware and machinery.  It acts as agents for the US and German manufacturers for marketing mould release/saver/cleaner, spray gun and accessories, electric screw driver, air tools, and vacuum cleaner in Hong Kong and China.  Operation is satisfactory.

As the history of the subject in Hong Kong is over eighteen years and eight months, on the whole, consider it good for normal business engagements.

 

COURT CASES:            None per our.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.92

Euro

1

Rs.64.34

 

 

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.