MIRA INFORM REPORT

 

 

Report Date :

11.08.2012

 

IDENTIFICATION DETAILS

 

Name :

CITIWIDE  TECHNOLOGIES  LTD.

 

 

Registered Office :

Room 516, 5/F., Corporation Park, 11 On Lai Street, Shatin, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

06.09.2000

 

 

Com. Reg. No.:

31261794

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of cameras, photographic equipment, accessories, etc.

 

 

No. of Employees :

25

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

CITIWIDE  TECHNOLOGIES  LTD.

 

 

Company ADDRESS

 

Room 516, 5/F., Corporation Park, 11 On Lai Street, Shatin, New Territories, Hong Kong.

PHONE:            3741 2191

FAX:                 2648 7897

E-MAIL:            citiwidehk@hotmail.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Choi Tik Man, Tim

 

 

SUMMARY

 

Incorporated on:             6th September, 2000.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$2.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   25.

 

Main Dealing Banker:     Dah Sing Bank Ltd., Hong Kong.

           

Banking Relation:           Satisfactory.

Company aDDRESS

 

Registered Head Office:-

Room 516, 5/F., Corporation Park, 11 On Lai Street, Shatin, New Territories, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

31261794

 

 

COMPANY FILE NUMBER

 

0730457

 

 

MANAGEMENT

 

Managing Director:         Mr. Choi Tik Man, Tim

Contact Person:             Mr. Simon Law

 

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 5,000 shares of HK$2.00 each)

Issued Share Capital:     HK$2.00

 

 

SHAREHOLDERS

(As per registry dated 06-09-2011)

 

Name

 

No. of shares

CHOI Tik Man

 

1

YEUNG Yin Man, Katherine

 

1

 

 

––

 

Total:

2

==

 

DIRECTORS

(As per registry dated 06-09-2011)

 

Name

(Nationality)

 

Address

YEUNG Yin Man, Katherine

Flat H, 37/F., Block 1, La Costa, 8 Po Tai Street, Ma On Shan, New Territories, Hong Kong.

 

CHOI Tik Man

Flat H, 37/F., Block 1, La Costa, 8 Po Tai Street, Ma On Shan, New Territories, Hong Kong.

 

 

SECRETARY 

(As per registry dated 06-09-2011)

 

YEUNG Yin Man, Katherine

 

 

HISTORY

 

The subject was incorporated on 6th September, 2000 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:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of cameras, photographic equipment, accessories, etc.

 

Employees:                   25.

 

Commodities Imported:   China, Europe, US, etc.

 

Markets:                       Japan, South Korea, etc.

 

Terms/Sales:                 As per contracted.

 

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

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 5,000 shares of HK$2.00 each)

 

Issued Share Capital:     HK$2.00

 

Mortgage or Charge:       (See attachment)

 

Profit or Loss:                Business is profitable.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Dah Sing Bank Ltd., Hong Kong.Citibank, N.A., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Citiwide Technologies Ltd. is equally owned by Mr. Choi Tik Man and Ms. Yeung Yin Man, Katherine, both of whom are Hong Kong merchants.  Seemed to be a couple, they are also directors of the subject.

The subject offers high-quality cameras and photographic products at competitive prices with prompt delivery.  The subject is trading in the following commodities:-

Camera, Camera Flash, Battery Grip, Camera Tripod, Digital Camera Battery, Camera Filter, Lens Hood, Camera Remote Switch, Camcorder, Digital Camera, MP3 Player, DVD Player, Waterproof Case, DSLR Camera Lens, Flashlight, etc.

The subject carries brand names such as “Sony”, “JVC”, “Samsung”, “Panasonic”, “Sharp”, “Canon”, “Nikon”, and its own brand “Citiwide”, etc.

Commodities are marketed in Hong Kong, exported to Australasia, Central & South America, Eastern Europe, Japan, South Korea, the Middle East, North America, Southeast Asia, Taiwan, Western Europe, etc.

The subject”s warehouse is also located at its registered address.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.

For instance, it is going to take part in “HKTDC Hong Kong Electronic Fair (Autumn Edition) 2012” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 13th to 16th October, 2012

The annual sales turnover of the subject is significant.

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

 

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

19-01-2004

Instrument:      Security Over Deposit

Property:

Fixed Deposit Account No. 01-504-38605 for HK$2,381,211.28 in name of Citiwide Technologies Ltd. by Dah Sing Bank Ltd. and any further sum hereafter standing to the credit of any account of the company with the bank

Mortgagee:      Dah Sing Bank Ltd., Hong Kong.

General Banking Facilities granted to Citiwide Technologies Ltd., or Virgo Trading Ltd.

17-02-2004

Instrument:      Equitable Mortgage

Property:

All that the estate right title benefit and interest of and in 106/40, 264 parts or shares of and in Sha Tin Town Lot No. 483 [Unit H (together with the Flat Roof) on the 37/F. of Block 1 and Carparking Space No. 26 on the Lobby Floor and Carparking Space No. 41 on the 5/F., of La Costa]

Mortgagee:      Dah Sing Bank Ltd., Hong Kong.

All moneys in respect of banking facilities

08-04-2004

Instrument:      Mortgage

Property:

106/40, 264 parts or shares of and in Sha Tin Town Lot No. 483 [Unit H (together with the Flat Roof) on the 37/F. of Block 1 and Carparking Space No. 26 on the Lobby Floor and Carparking Space No. 41 on the 5/F., of La Costa]

Mortgagee:      Dah Sing Bank Ltd., Hong Kong.

All moneys in respect of banking facilities

31-01-2011

Instrument:      Deposit Deed

Property:

By way of a first fixed charge and as a continuing security for the Obligations, the Company charges and assigns absolutely all its rights, title to and interest in the accounts and all deposits form time to time in the accounts and comprising the accounts maintained with Citibank, N.A., any branch and/or Citibank (Hong Kong) Ltd.

Mortgagee:      Citibank N.A., Hong Kong Branch.

All moneys

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.45

Euro

1

Rs.68.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.