MIRA INFORM REPORT

 

 

Report Date :

02.09.2011

 

IDENTIFICATION DETAILS

 

Name :

I.F.  COLLECTION  LTD.

 

 

Registered Office :

Room 1718, 17/F., Honour Industrial Centre, 6 Sun Yip Street, Chai Wan

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

04.08.1997

 

 

Com. Reg. No.:

21421641

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of furniture including sofas, sofa beds, chairs, dining tables, side tables, coffee tables, wardrobes, accessories, and lighting products.

 

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 – 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 and address

 

I.F.  COLLECTION  LTD.

 

 

ADDRESS:       Room 1718, 17/F., Honour Industrial Centre, 6 Sun Yip Street, Chai Wan, Hong Kong.

 

PHONE:                        2722 7772,  2520 0223

 

FAX:                 2722 7667

 

E-MAIL:                        info@ifcollection.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Leung Sui Ning

 

 

SUMMARY

 

Incorporated on:             4th August, 1997.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$160.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                    6.

 

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

 

Banking Relation:           Satisfactory.

ADDRESS

 

Registered Head Office:-

Room 1718, 17/F., Honour Industrial Centre, 6 Sun Yip Street, Chai Wan, Hong Kong.

 

Subsidiary:-

I.F. Lighting Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

21421641

 

 

COMPANY FILE NUMBER

 

 0619361

 

 

MANAGEMENT

 

Managing Director:  Mr. Leung Sui Ning

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$160.00

 

 

SHAREHOLDERS

(As per registry dated 04-08-2010)

 

Name

 

No. of shares

LEUNG Sui Ning

 

107

CHOW Bing Chung, Eddie

 

53

 

 

–––

 

Total:

160

===

 

 

DIRECTORS  

(As per registry dated 04-08-2010)

 

Name

(Nationality)

 

Address

CHOW Bing Chung, Eddie

Flat C, 13/F., Block 2, Le Sommet, Fortress Hill, Hong Kong.

 

LEUNG Sui Ning

Flat B, 9/F., Maple Garden, Phase 2, 39 Kin Wah Street, Hong Kong.

 

 

SECRETARY

(As per registry dated 04-08-2010)

 

Name

Address

Co. No.

Elite Secretarial Ltd.

21/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong.

1251723

 

 

HISTORY

 

The subject was incorporated on 4th August, 1997 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Faithful Profit Industrial Ltd., name changed to the present style on 19th December, 1997.

Formerly the subject was located at 21/F., Malaysia Building, 50 Gloucester Road, Wanchai, Hong Kong, moved to the present address in August 2009.

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of furniture including sofas, sofa beds, chairs, dining tables, side tables, coffee tables, wardrobes, accessories, and lighting products.

 

Employees:                   6.

 

Commodities Imported:   Mainly imported from Italy and other European countries.

 

Market:                         Hong Kong.

 

Terms/Sales:                  COD or as per contracted.

 

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

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$160.00

 

Mortgage or Charge:       (See attachment)

 

Profit or Loss:                Traded at a small profitable angle.

 

Condition:                      Keeping in an active state.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met as required.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

DBS Bank (Hong Kong) Ltd., Hong Kong.

Fubon Bank (Hong Kong) Ltd., Hong Kong.

Hang Seng Bank Ltd., Hong Kong.

 

Standing:                       Normal.

 

 

GENERAL

 

Having issued 160 ordinary shares of HK$1.00 each and incorporated on 4th August, 1997, I.F. Collection Ltd. is jointly owned by Mr. Leung Sui Ning who owns 107 shares, accounting for 66.875%, and Mr. Eddie Chow Bing Chung, who owns 53 shares, accounting for 33.125%.  Chow and Leung are also directors of the subject.

The subject has had a wholly-owned subsidiary I.F. Lighting Ltd. which is also located at the same operating address.  The subject is engaged in the same lines of business as I.F. Lighting Ltd..

The subject is engaged in importing, wholesaling and retailing of all kinds of furniture and lighting products.  Furniture carried include sofas, sofa beds, chairs, dining tables, side tables, coffee tables, wardrobes, and accessories.  Most of the commodities are imported from Italy and other European countries.

The subject has claimed to be a direct importer and has built a strong and reliable relationship with over 100 renowned manufacturers in Italy.

Located at the present address, the subject has set up a showroom where “contemporary Italian furniture” are displayed.  The subject also provides on‑line shopping.  The showroom is also a retailing outlet.

The subject owns the premises located at Workshop 14 & 18, 17/F., Honour Industrial Centre, 6 Sun Yip Street, Hong Kong, which have been mortgaged to the bank for securing general banking facilities.

The business of the subject is chiefly handled by Chow and Leung.

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

 

REMARKS

 

            Property information of the company:-

1.         Property Location:          Workshop 14 on 17/F., Honour Industrial Centre, 6 Sun Yip Street, Hong Kong.

Owner:  I.F. Collection Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

13-11-2000

-

Dao Heng Bank Ltd., Hong Kong.  [Merged into DBS Bank (Hong Kong) Ltd.]

Mortgage to secure general banking facilities

 

2.         Property Location:          Workshop 18 on 17/F., Honour Industrial Centre, 6 Sun Yip Street, Hong Kong.

Owner:  I.F. Collection Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

29-02-2008

-

Hang Seng Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities granted to I.F. Collection Ltd. and I.F. Lighting Ltd.

 

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

02-07-1999

Instrument:        Charge Over Deposits

Property:

A Fixed Charge of HK$450,000.00 and all other sum from time to time standing to the deposit account No. 1002‑01‑342521 and all other deposit account

Mortgagee:        International Bank of Asia Ltd., Hong Kong.  [Now known as Fubon Bank (Hong Kong) Ltd.]

All monies and liabilities now or hereafter owing or incurred to the Bank by the Company

17-08-2000

Instrument:        Charge Over Cash Deposits

Property:

All right, title and interest of the Company of, in and to the amount (HK$200,000.00) from time to time standing to the credit of the account (No. 4740249110) with the Bank at the branch (Code 494) and all other sums in any currency from time to time standing to the credit or for the benefit of the Company on any deposit account with the Bank including additions to or renewals or replacements of such sums

Mortgagee:        Dao Heng Bank Ltd., Hong Kong.
[Merged into DBS Bank (Hong Kong) Ltd.]

To secure general banking facilities

13-11-2000

Instrument:        Mortgage

Property:

36/11,002nd parts or shares of and in The Remaining Portion of Chai Wan Inland Lot No. 6 (Workshop 14 on 17/F. of Honour Industrial Centre, 6 Sun Yip Street, Hong Kong.)

Mortgagee:        Dao Heng Bank Ltd., Hong Kong.
[Merged into DBS Bank (Hong Kong) Ltd.]

To secure all moneys in respect of general banking facilities

29-02-2008

Instrument:        Mortgage

Property:

19/11,002nd parts or shares of and in The Remaining Portion of Chai Wan Inland Lot No. 6 (Workshop 18 on 17/F. of Honour Industrial Centre, 6 Sun Yip Street, Hong Kong.)

Mortgagee:        Hang Seng Bank Ltd., Hong Kong.

To secure all moneys which from time to time due and owing in respect of all banking facilities made available to I.F. Collection Ltd. and I.F. Lighting Ltd.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.01

UK Pound

1

Rs.75.42

Euro

1

Rs.66.69

 

 

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.