MIRA INFORM REPORT

 

 

Report Date :

18.07.2012

 

IDENTIFICATION DETAILS

 

Name :

FUNG  LEE  (ASIA)  LTD.

 

 

Registered Office :

Block C, 15/F., Way Lee Industrial Centre, 30-38 Tsuen Wan Circuit, Tsuen Wan, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.09.1972

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importers and Exporters; Agent of Silverwares, tableware, porcelain wares, cookware, household wares

 

 

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 – 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

 

FUNG  LEE  (ASIA)  LTD.

 

 

Company ADDRESS

 

Block C, 15/F., Way Lee Industrial Centre, 30-38 Tsuen Wan Circuit, Tsuen Wan, New Territories, Hong Kong.

 

PHONE:                  2413 1000 (7 lines);  2413 1059

 

FAX:                       2415 4026;  2415 4041

 

E-MAIL:                  funglee@ibm.net

flasia@hkstar.com

 

 

MANAGEMENT

 

Managing Director: Mr. Roger Ng Kam Tong

 

 

SUMMARY

 

Incorporated on:             1st September, 1972.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$2,500,000.00

Issued:                          HK$2,500,000.00

 

Business Category:        Importer & Exporter.

 

Employees:                   20.

 

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

 

Banking Relation:           Good.

Company name 

 

FUNG  LEE  (ASIA)  LTD.

 

 

Company ADDRESS

 

Registered Head Office:-

Block C, 15/F., Way Lee Industrial Centre, 30-38 Tsuen Wan Circuit, Tsuen Wan, New Territories, Hong Kong.

 

Holding Company:-

Ostenin Finance Ltd.

80 Broad Street, Monrovia, Liberia.

 

Associated Companies:-

E-Cater Co. Ltd., Hong Kong.

Shanghai Sarshi Trading Co. Ltd., China.

Well-Packed Gifts Ltd., Hong Kong.  [Dissolved]

 

COMPANY FILE NUMBER 

 

0029305

 

 

MANAGEMENT

 

Managing Director: Mr. Roger Ng Kam Tong

Contact Person:  Mr. Leung Tak Yan Joseph

 

 

CAPITAL

 

Nominal Share Capital: HK$2,500,000.00 (Divided into 25,000 shares of HK$100.00 each)

 

Issued Share Capital: HK$2,500,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 01-09-2011)

            Name

Occupation

No. of shares

NG Kam Tong

 

12,500

LEUNG Yuk Chun, Amy

 

12,500

 

 

––––––

 

Total:

25,000

=====

 

 

DIRECTORS

 

(As per registry dated 01-09-2011)

         Name

   (Nationality)

 

Address

LEUNG Yuk Chun, Amy

Flat I, G/F., Splendour Villa, 10 South Bay Road, Hong Kong.

 

NG Kam Tong

Flat I, G/F., Splendour Villa, 10 South Bay Road, Hong Kong.

 

 

SECRETARY

 

(As per registry dated 01-09-2011)

            Name

Address

Co. No.

Santo Secretarial Ltd.

24/F., Prosperous Commercial Building, 54‑58 Jardine’s Bazaar, Causeway Bay, Hong Kong.

0254042

 

HISTORY

 

The company was incorporated on 1st September, 1972 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at “Block C, 23/F., Way Lee Industrial Centre, 30-38 Tsuen Wan Circuit, Tsuen Wan, New Territories, Hong Kong,” moved to “Block C, 15/F.” of the same building in July 2002.

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

 

 

OPERATIONS

 

Activities:                      Importers and Exporters; Agent.

 

Lines:                           Import - Raw materials.

Export -                         Silverwares, tableware, porcelain wares, cookware, household wares and gift items.

 

Brand name:                  Fl & Sarshi.

 

Employees:                   20.

 

Commodities Imported:   Japan, Europe, China, etc.

 

Markets:                       Europe, North America, Middle East, Australia, etc.

 

Terms/Sales:                 L/C (main), T/T or D/P.

 

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

 

 

FINANCIAL INFORMATION 

 

Nominal Share Capital: HK$2,500,000.00 (Divided into 25,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$2,500,000.00

 

Mortgage or Charge:-

Date of Debenture constituting a fixed and/or floating charge over all the assets of the company:  25-09-2000

Amount:            All monies and liabilities incurred by the Company to the Bank

Property:

(a) by way of first fixed charge:

1.         all chattels belonging to the Company

2.         all book debts and other debts due owed or incurred to the Company

3.         any credit balance on any account of the Company

4.         all goodwill and uncalled capital of the Company

5.         all stocks shares debenture bonds loan capital and other securities belonging to the Company

6.         all letters patent trademarks service marks designs utility modeis copyrights design rights and applications for registration belonging to the Company

7.         all contracts or policies of insurance and all rights and claims to which the Company is become entitled , and

8.         the proceeds of sale of any property

(b)        by way of floating charge all the undertaking of the Company and all its property

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

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

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

Standard Chartered Bank, Hong Kong Branch.

 

Standing:  Normal.

 

 

GENERAL

 

Fung Lee (Asia) Ltd. is a family business of Mr. Ng Kam Tong.  Having issued 25,000 ordinary shares of HK$100.00 each, the subject is equally owned by Mr. Ng Kam Tong and his wife, Ms. Leung Yuk Chun.

The subject is trading in all kinds of household & kitchen ware which include silverware, stainless tableware. glassware and porcelain ware.  Most of the commodities are sourced from China, other Asian countries, Europe, etc.  Prim markets are China, Eastern and Western Europe, the Middle East, North America, Australia, etc.  Business is rather active.

The subject has had an associated company in Shanghai known as Shanghai Sarshi Trading Co. Ltd. [Shanghai Sarshi] which is a China-based firm.

Shanghai Sarshi is also the agent of Italian Borgonovo glassware, Auastria ISI cream air-gun, and other famous foreign brands. Shanghai Sarshi has entered into the China market for more than 10 years, with the initial target in the East-China market.

Now, the subject has set up offices in Shanghai and Shenzhen Special Economic Zone of China.

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 “Hong Kong Houseware Fair 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 20th to 23rd April, 2013.

The business of the subject is active.  History in Hong Kong is over 39 years.  Contact person Mr. Leung Tak Yan Joseph is a Hongkongnese.

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

 

REMARKS

 

Court case:-

Action Date

Case No.

Plaintiff

Defendant

Cause

Amount

Feb. 1990

-

YEM Brothers Co. Ltd.

Fung Lee (Asia) Ltd.

Possession

Not stated

Feb. 1994

-

Thermos Ltd.

Fung Lee (Asia) Ltd. and others

Injunction

Not stated

Feb. 1998

-

Ho Lai Chuen trading as Resolution Software Consultants

Fung Lee (Asia) Ltd.

Amount due

HK$   71,859
&
HK$     2,100

24-09-1992

D22261

GE Transportation Ltd.

Fung Lee (Asia) Ltd.

Good Sold & Delivered

Not stated

10-11-1992

S22261

GE Transportation Ltd.

Fung Lee (Asia) Ltd.

Good Sold & Delivered

Not stated

25-02-1994

H1799

Thermos Ltd.

Fung Lee (Asia) Ltd.

Injunction

Not stated

02-07-1995

S14648

Bloomlight Insurance Brokers Ltd.

Fung Lee (Asia) Ltd.

Amount Due

Not stated

05-02-1998

H1484

Ho Lai Chuen Cadia trading as

Fung Lee (Asia) Ltd.

Amount Due

HK$2,100

&
HK$71,859

05-02-1998

H1484

Ta Resolution Software Consultants

Fung Lee (Asia) Ltd.

Amount Due

HK$2,100

&
HK$71,859

23-04-1998

H6166

IBM China & Hong Kong Ltd.

Fung Lee (Asia) Ltd.

Amount Due

HK$420,684

31-05-2005

R2293

Ho Ka Man

Fung Lee (Asia) Ltd.

Labour Dispute

Not stated

09-01-2009

R6530

Ho Ching Man Mandy

Fung Lee (Asia) Ltd.

Labour Dispute

Not stated

 

                         Property information of the company:-

1.     Property Location:       Units C & D on 15/F., Way Lee Industrial Centre, 30‑38 Tsuen Wan Circuit, Tsuen Wan, New Territories, Hong Kong.

Owner:     Fung Lee (Asia) Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

29-01-1988

-

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

Mortgage to secure general banking facilities

 

2.     Property Location:       Unit C on 23/F., Way Lee Industrial Centre, 30‑38 Tsuen Wan Circuit, Tsuen Wan, New Territories, Hong Kong.

Owner:     Fung Lee (Asia) Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

01-05-1989

-

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

Mortgage to secure general banking facilities

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.14

UK Pound

1

Rs.86.29

Euro

1

Rs.67.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.