MIRA INFORM REPORT

 

 

Report Date :           

18.10.2011

 

IDENTIFICATION DETAILS

 

Name :

WONDERFUL  NETWORK  LTD.

 

 

Registered Office :

Unit L, 18/F., International Industrial Centre, 2-8 Kwei Tei Street, Fotan, Sha Tin, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

29.04.1988

 

 

Com. Reg. No.:

0215205

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Yarns, threads, etc.

 

 

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

 

WONDERFUL  NETWORK  LTD.

 

 

Company ADDRESS

 

Unit L, 18/F., International Industrial Centre, 2-8 Kwei Tei Street, Fotan, Shatin, New Territories, Hong Kong.

PHONE:            2691 8733

FAX:                 2690 0786, 2688 5581

E-MAIL:                        hq@wonderthread.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Ngai Sik Kin, Andrew

 

 

SUMMARY

 

Incorporated on:             29th April, 1988.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$300,000.00

Issued:              HK$300,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Annual Turnover:            HK$50-55 million.

 

Employees:                   6.  (Including associate).

 

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

 

Banking Relation:           Good.

Company ADDRESS

 

Registered Head Office:-

Unit L, 18/F., International Industrial Centre, 2-8 Kwei Tei Street, Fotan, Sha Tin, New Territories, Hong Kong.

 

Associated Company:-

New Millennium Holdings Ltd., Hong Kong.  (Same address)

 

Associated Factory:-

Wonderthread Manufacture (Hangzhou) Co. Ltd.

Sandun Industrial Development District, Hangzhou City, Zhejiang Province, China.

[Tel: 86-571-8895 0518;  Fax: 8895 0508]

 

 

BUSINESS REGISTRATION NUMBER

 

0215205

 

 

COMPANY FILE NUMBER

 

11977115

 

 

MANAGEMENT

 

Managing Director:  Mr. Ngai Sik Kin, Andrew

 

 

CAPITAL

 

Nominal Share Capital:   HK$300,000.00 (Divided into 300,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$300,000.00

 

SHAREHOLDERS

(As per registry dated 29-04-2011)

 

Name

 

No. of shares

NGAI Sik Kin, Andrew

 

299,999

FUNG Yuen Kwan

 

1

 

 

–––––––

 

Total:

300,000

======

 

 

DIRECTORS

(As per registry dated 29-04-2011)

 

Name

(Nationality)

 

Address

NGAI Sik Kin, Andrew

10939 Harvest Lake Way Calgary, Alberta, T3K 3Y7, Canada.

 

FUNG Yuen Kwan

10939 Harvest Lake Way Calgary, Alberta, T3K 3Y7, Canada.

 

 

SECRETARY 

(As per registry dated 29-04-2011)

 

Name

Address

Co. No.

Great Empire Nominees Ltd.

Unit 2605, Island Place Tower, 510 King’s Road, North Point, Hong Kong.

0277322

 

 

HISTORY

 

The subject was incorporated on 29th April, 1988 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject moved to the present address in October 2008.

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

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Yarns, threads, etc.

 

Employees:                   6.  (Including associate).

 

Commodities Imported:   Imports raw materials from European countries, some of the Asian countries and finished

products from China.

 

Markets:                       China, other Asian countries, Europe, North America, South America, Europe, etc.

 

Annual Turnover:            HK$50-55 million.

 

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

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$300,000.00 (Divided into 300,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$300,000.00

 

Mortgage or Charge:-

Date of  Charge:  11-05-1992

Amount:            To secure general banking facilities to the extent of HK$1,780,000

Property:           4/3,100 parts or shares of and in Kowloon Inland Lot No. 10600 (Office 506B on 5/F. of Harbour

Crystal Centre, Kowloon, Hong Kong.)

Mortgagee:        The Kwangtung Provincial Bank, Hong Kong Branch.  [Merged into Bank of China (Hong Kong)

Ltd.]

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory condition.

 

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

 

Wonderful Network Ltd. is wholly-owned by a couple Mr. Andrew Ngai Sik Kin and Ms. Fung Yuen Kwan.  Both are Canada passport holders and Hong Kong ID card holders.  They are also directors of the subject.

The subject has had an associated company New Millennium Holdings Ltd. [NMHL] located at the same address of the subject.  This firm is also owned and operated by the couple.  The subject and NMHL are engaged in the same lines of business.

Incorporated on 26th February, 1999, NMHL is distributing and exporting the products made by its associated factory in China.

The subject has had an associated factory in Hangzhou City, Zhejiang Province, China known as Wonderthread Manufacture (Hangzhou) Co. Ltd. [Wonderthread Hangzhou].

Employing about 300 persons, Wonderthread Hangzhou is engaged in manufacturing and marketing the following products:

·         Yarn (Rayon for embroidered to Russia)

·         Yarn - Synthetic (Excluding Acrylic & Nylon ) (to Russia & India)

·         Sewing Thread (Including embroidery thread to Russia & India, Include embroidered/sewing/silk thread to Russia)

Besides, Wonderthread Hangzhou, NMHL has set up three joint ventures in China.  In addition, NMHK also acts as the regional representative of IPC Thread, a world class continuous filament thread manufacturer with over 40 years production expertise and accredited ISO9002 standard, for setting of market policy and distribution in the Asian countries.

The subject exports its products to Australasia, Eastern Europe, Hong Kong, Japan, South Korea, India, Taiwan, Western Europe, Russia, etc.  Overall business is satisfactory as regular customers have been maintained.

The annual sales turnover of the subject and NMHK ranges from HK$50 to 55 million.  Making a small profit every year.

As the history of the subject is over twenty-three years and five 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.48.89

UK Pound

1

Rs.77.31

Euro

1

Rs.67.79

 

 

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.