MIRA INFORM REPORT

 

 

Report Date :           

23.02.2012

 

IDENTIFICATION DETAILS

 

Name :

A  FASHION  CO.  LTD.

 

 

Registered Office :

Room 1805-1811, 18/F., New Trend Centre, 104 King Fuk Street, San Po Kong, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.12.1997

 

 

Com. Reg. No.:

21651474

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Exporter and Manufacturer of     Blouses, evening/formal wear, fashion jackets (excluding winter/sports jackets), ladies’ suits, ladies’ trousers/shorts/skirts, men’s suits, scarves, silk garment, vests and winter jackets

 

 

No. of Employees :

20

 

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

 

A  FASHION  CO.  LTD.

 

 

Company ADDRESS

 

Room 1805-1811, 18/F., New Trend Centre, 104 King Fuk Street, San Po Kong, Kowloon, Hong Kong.

PHONE:                        2323 2502,  3616 6138

FAX:                 2726 1838,  2795 3723

E-MAIL:                        afashion@asiansources.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Yeung Yuk Chi, Edmond

 

 

SUMMARY

 

Establishment:                          16th December, 1997.

 

Incorporated on:             23rd March, 1998.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$200.00

 

Business Category:        Fashion Garment Manufacturer and Exporter.

 

Annual Turnover:            US$30-35 million.

 

Employees:                   20.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 1805-1811, 18/F., New Trend Centre, 104 King Fuk Street, San Po Kong, Kowloon, Hong Kong.

 

Associated Factories:-

A Fashion (Shenzhen) Co. Ltd., China.

Ruifuheng Fashion (Shenzhen) Co. Ltd., China.

 

Associated Company:-

A Point Product Co., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

21651474

 

 

COMPANY FILE NUMBER

 

0640018

 

 

MANAGEMENT

 

Chief Executive:  Mr. Yeung Yuk Chi, Edmond

 

 

CAPITAL

 

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

 

Issued Share Capital:     HK$200.00

 

 

SHAREHOLDERS

(As per registry dated 23-03-2011)

 

Name

 

No. of shares

YEUNG Yuk Chi

 

100

YAM Chi Hung

 

100

 

 

––––

 

Total:

200

===

 

 

DIRECTORS

(As per registry dated 23-03-2011)

 

Name

(Nationality)

 

Address

YEUNG Yuk Chi

Room 1805-1811, 18/F., New Trend Centre, 104 King Fuk Street, San Po Kong, Kowloon, Hong Kong.

 

YAM Chi Hung

Room 1805-1811, 18/F., New Trend Centre, 104 King Fuk Street, San Po Kong, Kowloon, Hong Kong.

 

 

SECRETARY

 

YEUNG Yuk Chi  (As per registry dated 23-03-2011)

 

 

HISTORY

 

The subject, previously known as A-Fashion, was established on 16th December, 1997 as a partnership concern of Ms. Law Lin Kum, Ms. Wong Shun Ying, Mr. Yam Chi Hung and Ms. Lau Ping Ching under the Hong Kong Business Registration Regulations.  Later on 10th February, 1998, Ms. Lau Ping Ching left the company.  The subject was reorganized and incorporated on 23rd March, 1998 as a private limited liability company with the name of A Fashion Co. Ltd. under the Hong Kong Companies Ordinance.  The partnership A-Fashion ceased business on 30th June, 1998.

The subject was initially located at 7/F., 266 Ki Lung Street, Shamshuipo, Kowloon, Hong Kong, moved to Room 3, 3/F., Max Trade Centre, 23 Luk Hop Street, San Po Kong, Kowloon, Hong Kong in March 1998, and moved to Room 1502, 15/F., New Treasure Centre, 10 Ng Fong Street, San Po Kong, Kowloon, Hong Kong with effect from 4th January, 2000.  It moved to the present address in March 2002.

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

 

OPERATIONS

 

Activities:                      Importer, Exporter and Manufacturer.

 

Lines:                           Blouses, evening/formal wear, fashion jackets (excluding winter/sports jackets), ladies’

suits, ladies’ trousers/shorts/skirts, men’s suits, scarves, silk garment, vests and winter jackets.

 

Employees:                   20.

 

Materials/Commodities:  Mainly imports raw materials from Europe and available locally, and arranges the finished

products from subcontracted factories in China.

 

Markets:                       Europe, North America, other Asian countries.

 

Annual Turnover:            US$30-35 million.

 

Terms/Sales:                 L/C or as per contracted

 

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

 

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$200.00

 

Profit or Loss:                Making a profit in the past years.

 

Condition:                      Business is rather active.

 

Facilities:                      Making rather 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:                      Good.

GENERAL

 

A Fashion Co. Ltd. is the successor to A-Fashion which was originally established in December 1997 as a partnership concern.  It changed to a private limited company in March 1998 which is the subject.

Having issued 200 ordinary shares of HK$1.00 each, the subject is equally owned by Mr. Yeung Yuk Chi and Mr. Yam Chi Hung.  Being Hong Kong merchants, Yeung and Yam are also directors of the subject.

The subject has had an associated company A Point Product Co. which is located at a different address and engaged in general household products, electric products, textile products, garments, etc.

The subject is a garment trader.  It is trading in the following commodities:-

·         Garments (Men’s, Women’s and Children’s casual fashion, casual outdoor wear)

·         High-end Fashion Wear (OEM)

·         Scarves

The subject has had two associated factories in Shenzhen Special Economic Zone, China, known as Ruifuheng Fashion (Shenzhen) Co. Ltd. [Ruifuheng] and A Fashion (Shenzhen) Co. Ltd. [A Fashion (Shenzhen)], both are China-based firms.  The legal representative of Ruifuheng is Yeung Yuk Chi.

A Fashion (Shenzhen) was founded in 2000.  This firm has had three workshop employing about 1,200 workers in total.  The products are mostly exported to Europe, North America, other Asian countries.  Business is rather active.

The annual sales turnover of the subject ranges from US$30 to 35 million.  Making a small profit every year.  The history of the subject in Hong Kong is over thirteen years and eleven months.

On the whole, consider the subject good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.76.75

Euro

1

Rs.65.16

 

 

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.