MIRA INFORM REPORT

 

 

Report Date :

08.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FLASHING  TRADING  LTD.

 

 

Formerly Known As :

Eternal Melody Ltd.

 

 

Registered Office :

Unit 14, 2/F., Block B, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fo Tan, Shatin, New Territories

 

 

Country :

Hong Kong

 

 

Year of Establishment :

1986

 

 

Com. Reg. No.:

15664439

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Manufacturer, Importer and Exporter of Flower sets in PVC box, flower sets in wooden frame, potpourri bags, potpourri burner sets, and wooden flower frames

 

 

No. of Employees :

12

 

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

 

FLASHING  TRADING  LTD.

 

 

Company ADDRESS    

 

Unit 14, 2/F., Block B, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fo Tan, Shatin, New Territories, Hong Kong.

PHONE:            2699 6372

FAX:                 2695 8910

E-MAIL:            sales@flashing.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Shum Poon Ying, David

 

 

SUMMARY

 

Establishment:                          1986.

 

Incorporated on:             21st January, 1992.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$2,000,000.00

Issued:              HK$2,000,000.00

 

Business Category:        Manufacturer, Importer and Exporter.

 

Annual Turnover:            HK$25~30 million.

 

Employees:                   12.

 

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

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Unit 14, 2/F., Block B, Wah Sang Industrial Building, 14-18 Wong Chuk Yeung Street, Fo Tan, Shatin, New Territories, Hong Kong.

 

China Factory:-

Guangzhou Flashing Arts & Crafts Ltd.

3/F., Block B, Zone C, Tangxi Industrial Zone, Nancun Town, Panyu, Guangzhou, Guangdong Province, China.  [Post code: 511442]

[Tel:      (86-20) 3482 6295

Fax:      (86-20) 3482 7947

E-mail:  fasheng@public.guangzhou.gd.cn ]

 

Associated Company:-

Flashing Group Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

15664439

 

 

COMPANY FILE NUMBER

 

0341260

 

 

MANAGEMENT

 

Managing Director:         Mr. Shum Poon Ying, David

Contact Person:             Ms. Tracy Leung

 

 

CAPITAL

 

Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2,000,000.00

 

SHAREHOLDERS

(As per registry dated 21-01-2012)

 

Name

 

No. of shares

Mr. SHUM Poon Ying

 

1,000,000

Ms. KAM Hung Fong

 

1,000,000

 

 

––––––––

 

Total:

2,000,000

=======

 

DIRECTORS  

(As per registry dated 21-01-2012)

 

Name

(Nationality)

 

Address

SHUM Pui Chung

45C, 6th District, Shatin Tau San Tsuen, Shatin, New Territories, Hong Kong.

 

SHUM Poon Ying

45C, 6th District, Shatin Tau San Tsuen, Shatin, New Territories, Hong Kong.

 

KAM Hung Fong

45C, 6th District, Shatin Tau San Tsuen, Shatin, New Territories, Hong Kong.

 

 

SECRETARY

 

KAM Hung Fong  (As per registry dated 21-01-2012)

 

 

HISTORY

 

The subject was incorporated on 21st January, 1992 as a private limited liability company under the Hong Kong Companies Ordinance to take over the former business of Flashing Trading Company which was established in 1986.

Originally the subject was registered under the name of Eternal Melody Ltd., name changed to the present style on 2nd March, 1993.

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

 

OPERATIONS

 

Activities:                      Manufacturer, Importer and Exporter.

 

Lines:                           Flower sets in PVC box, flower sets in wooden frame, potpourri bags, potpourri burner sets, and wooden flower frames.

 

Employees:                   12.

 

Materials/Commodities:  Imports raw materials from India, European countries and finished products from China.

 

Markets:                       Hong Kong, Southeast Asia, Europe, etc.

 

Annual Turnover:            HK$25~30 million.

 

Terms/Sales:                 L/C and T/T.

 

Terms/Buying:               L/C, D/P and T/T.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2,000,000.00

 

Profit or Loss:                Traded at a small profitable angle.

 

Condition:                      Business is rather active.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met as contracted.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

·         Dah Sing Bank Ltd., Hong Kong.

Wing Hang Bank Ltd., Hong Kong.

 

Standing:  Normal.

GENERAL

 

Flashing Trading Ltd. is a private limited company while its predecessor was founded in 1986.  It was jointly owned by Mr. Shum Poon Ying, holding 25% interests; Ms. Kam Hung Fong, holding 25%; and Mr. Sum Pun Tim, 50%.  The shareholders have been reshuffled.  Now, it is equally owned by Mr. Shum Poon Ying and Ms. Kam Hung Fong.  Shum and Kam is a couple.

The predecessor of the subject Flashing Trading Company was established in 1986.  It is the earliest company that produces dried flower pictures.

The subject is dealing in flower sets in PVC box, flower sets in wooden frame (3D dried flower wooden frame), potpourri bags and gifts, potpourri burner sets, fragrant oil and essential oil, aromatic oil burner, and aromatherapy gifts set, aromatherapy products, air freshener, massage oil, aroma diffuser, herbal products, gift and premium, etc.

The subject is professional in designing and manufacturing of variety kinds of gifts and souvenir especially for the dried flower and the aromatherapy.  Products are manufactured by its affiliated factory in Guangdong Province, China, which is employing about 100 workers.  The area of the factory is about 3,000 sq.m.  Products are exported to Europe, the United States, Japan and the Middle East, etc.  The annual sales turnover of the subject ranges from HK$25 to 30 million.  Making a small profit every year.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong.  For instance, it took part in “Hong Kong Gifts & Premium Fair 2012” which had been held in Wanchai, Hong Kong during the period of 27th to 30th April, 2012.

In December 1996, a Hong Kong insurance firm entered a lawsuit against the subject for an amount due involving about HK$160,000.00.

The business of the subject is handled by the Shum family.

On the whole, having a history of over twenty years and three months in Hong Kong, the subject is considered good for normal business engagements.

 

REMARKS:

 

Court case record in the past:-

Date

Plaintiff

Defendant

Cause

Amount

Dec. 1996

Profoong Insurance Co. (Hong Kong) Ltd.

Flashing Trading Co.

Amount due

HK$159,203

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.34

UK Pound

1

Rs.86.09

Euro

1

Rs.69.37

 

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.