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Report Date : |
30.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOREVERGLOW TRADING CO. LTD. |
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Registered Office : |
Flat D, 3/F., Wing Lee Building, 27 Kimberley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.05.1999 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Wholesaler of all kinds of leather materials such as nappa and suede for garment and handbags, finish leather for handbags and shoe. |
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No. of Employees : |
03 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 |
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Restricted |
C2 |
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Off-credit |
D |
FOREVERGLOW TRADING CO. LTD.
Flat D, 3/F., Wing Lee Building, 27 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2621 3999; 2621 3389
FAX: 2338 3999
E-MAIL: fredhung@netvigator.com
Managing Director: Mr. Hung Cheung Fat, Frederick
Incorporated on: 24th May, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Leather Material Trader.
Annual Turnover: HK$60 - 65 million.
Employees: 3.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat D, 3/F., Wing Lee Building, 27 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
0676709
Managing Director: Mr. Hung Cheung Fat, Frederick
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 24-05-2012)
|
Name |
|
No. of shares |
|
HUNG Cheung Fat, Frederick |
|
10,000 ===== |
(As per registry
dated 24-05-2012)
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Name (Nationality) |
Address |
|
HUNG Cheung Fat, Frederick |
Room 5, 7/F., Block H, Wai Chien Court, Wyler Garden, Tokwawan, Kowloon, Hong Kong. |
(As per registry
dated 24-05-2012)
|
Name |
Address |
Co.
No. |
|
PACS Ltd. |
Unit 1501, 15/F., AT Tower, 180 Electric Road, North Point, Hong Kong. |
0460209 |
The subject was incorporated on 24th May, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat B, 7/F., Wing Lee Building, 27 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong. Moved to Flat D, 3/F. of the same building in May 2002.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Wholesaler.
Lines: All kinds of leather materials such as nappa and suede for garment and handbags, finish
leather for handbags and shoes.
Employees: 3.
Commodities Imported: Mainly imported from Spain, Pakistan and India.
Market: Hong Kong.
Annual Turnover: HK$60 - 65 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T and D/P.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit & Loss: Made small profits in the past years.
Condition: Keeping in a normal state.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Foreverglow Trading Co. Ltd. is a private limited company wholly-owned by Mr. Frederick Hung Cheung Fat who is a Hong Kong merchant. He is also the only director of the subject.
Formerly the subject was jointly owned by Mr. Frederick Hung Cheung Fat who had held 9,999 shares. The minor shareholder Mr. Harry Lam Him Shing just owned a single share.
The subject is a leather raw material trader. It is specialised in nappa and suede for garment and handbags, finish leather for handbags and shoes. Raw materials are imported from Spain, Pakistan and India. According to the Consulate General of Pakistan of Hong Kong, the subject is one of the principal importers who has imported significant quantities of leather from Pakistan. Not much leather has been imported from Spain recently. In 2004, more and more leather materials were imported from India which have surpassed the quantities from Pakistan.
Most of the subject’s buyers are Hong Kong firms which have got affiliated factories in China manufacturing leather products. Business has been active and steady.
The subject’s business is mainly handled by Mr. Frederick Hung himself. It sells its leather materials directly to the leather product manufacturers in China.
The annual sales turnover of the subject ranges from HK$60 to 65 million. Small profits were made in the past years.
The history of the subject is over thirteen years.
On the whole, the subject is considered good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.41 |
|
UK Pound |
1 |
Rs.86.93 |
|
Euro |
1 |
Rs.68.10 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.