MIRA INFORM REPORT

 

 

Report Date :           

23.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MAN  FUNG  SEA  PRODUCTS  TRADING  COMPANY

 

 

Registered Office :

G/F., Wing Tuck Commercial Centre, 177 Wing Lok Street, Sheung Wan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

15.04.1996

 

 

Com. Reg. No.:

19785097-000-04

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

Importer, Exporter and Retailer of Shark’s fin, all kinds of dried seafood, etc.

 

 

No. of Employees :

3 Persons

 

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 – 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

 

MAN  FUNG  SEA  PRODUCTS  TRADING  COMPANY

 

 

Company ADDRESS

 

G/F., Wing Tuck Commercial Centre, 177 Wing Lok Street, Sheung Wan, Hong Kong.

PHONE:            2542 2528,  2543 1052

FAX:                 2815 7880

E-MAIL:            man_fungco@yahoo.com.hk

 

 

MANAGEMENT

 

Manager:  Mr. Yan Wei Da

 

 

SUMMARY

 

Establishment:                          15th April, 1996.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Importer, Exporter and Retailer.

 

Employees:                   3.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office & Shop:-

G/F., Wing Tuck Commercial Centre, 177 Wing Lok Street, Sheung Wan, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

19785097-000-04

 

 

MANAGEMENT

 

Manager:  Mr. Yan Wei Da

 

 

PARTNERS

 

Name:                           Mr. YAN Wei Da

Residential Address:      Flat E, 17/F., Ka On Building, 8-14 Connaught Road West, Hong Kong.

 

Name:                           Mr. NGAN Wai Yung

Residential Address:      Flat E, 17/F., Ka On Building, 8-14 Connaught Road West, Hong Kong.

 

 

HISTORY

 

The subject was established on 15th April, 1996 as a partnership concern jointly owned by Mr. Yen Cheng Fang, Mr. Yan Wei Da and Mr. Ngan Wai Yung under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name

Incoming Date

Outgoing Date

YEN Cheng Fang

15-04-1996

Deceased on
08-10-2011

YAN Wei Da

15-04-1996

-

NGAN Wai Yung

15-04-1996

-

Soenawar JEEN

05-06-1996

10-10-2000

 

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

 

OPERATIONS

 

Activities:                      Importer, Exporter and Retailer.

 

Lines:                           Shark’s fin, all kinds of dried seafood, etc.

 

Employees:                   3.

 

Commodities Imported:   India, Japan, South America, etc.

 

Markets:                       Hong Kong, other Asian countries, etc.

 

Terms/Sales:                 COD or as per contracted.

 

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

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

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.

 

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

 

Standing:                      Normal.

 

 

GENERAL

 

Man Fung Sea Products Trading Company is a partnership jointly owned by Mr. Yan Wei Da and Mr. Ngan Wai Yung.  Both of whom are Hong Kong merchants.

One of the founders of the subject Mr. Yen Cheng Fang passed away on 8th October, 2011.

The subject’s registered address is also a retailing outlet.  The subject is importing and retailing the following commodities: shark’s fin, dried cuttle fish, squid, octopus, abalone, beche-de-mer, mussels, oysters, scallops, shrimps, lobsters, etc.  Most of the commodities are imported from India, Japan, South America, China, Southeast Asia, etc.  The prime markets are Hong Kong, Southeast Asia, etc.  Business is normal.

The subject in Hong Kong services walk-in customers and sold its products to restaurants, hotels, etc.  It is also a wholesaler.

The subject had a partner Mr. Soenawar Jeen who seemed to be a Singaporean, however, he retired in October 2000.

The subject is operated by the Yan family.

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.70

UK Pound

1

Rs.82.44

Euro

1

Rs.71.08

 

 

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.