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Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
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Name : |
FUNWAI TRADING LTD. |
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Registered Office : |
Flat D, 23/F., Max Share Centre, 367-373 King’s Road, North Point, |
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Country : |
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Date of Incorporation : |
18.12.1981 |
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Com. Reg. No.: |
07601063 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Exporter of Textile products, arts and crafts, and other light industrial products. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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) |
|
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
FUNWAI TRADING
LTD.
ADDRESS: Flat D, 23/F., Max Share
Centre, 367-373 King’s Road, North Point,
PHONE: 2510 0629
FAX: 2570 6476
E-MAIL: fwtl@funwai.com.hk
Managing Director: Mr. Wang Hong
Bin
Incorporated on: 18th
December, 1981.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Wholesaler and Exporter.
Employees:
7.
Main Dealing Banker: Bank of
Banking Relation: Good.
Registered Head Office:-
Flat D, 23/F., Max Share Centre, 367-373 King’s Road, North Point,
Immediate Holding Company:-
Bestgain Development Co. Ltd.,
Intermediate Holding Company:-
3/F.,
[Tel: 86-10-6553 1086; Fax:
86-10-6553 1097]
Ultimate Holding Company:-
China National Arts & Crafts Group Corporation [CNACGC],
07601063
0106813
Managing Director: Mr. Wang Hong
Bin
Contact Person: Mr. Mao Dan
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 18-12-2011)
|
Name |
|
No. of shares |
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Bestgain Development Co. Ltd., |
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1,000,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 18-12-2011)
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Name (Nationality) |
Address |
|
Dan MAO |
Flat D, 8/F., Lok Fun Mansion, 7-8 Kuntsford Terrace, Tsimshatsui,
Kowloon, Hong Kong. |
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WANG Hong Bin |
Flat A, 20/F., |
|
Ji LI |
|
|
Ping DU |
|
(As per registry dated 18-12-2011)
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Name |
Address |
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Xiu Ling XIE |
Flat D, 13/F., |
The subject was incorporated on 18th December, 1981 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.
Activities: Importer,
Wholesaler and Exporter.
Lines: Textile
products, arts and crafts, and other light industrial products.
Employees: 7.
Materials/Commodities: Mainly imports raw materials from European
countries and finished products from
Markets: Worldwide
countries.
Terms/Sales:
As per contracted.
Terms/Buying: On various
terms.
Nominal Share Capital: HK$1,000,000.00 (Divided into
1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge (since 2003): (See attachment)
Profit or Loss: Traded at a small profitable angle.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment:
Regularly
met.
Commercial Morality: Good.
Bankers:-
Bank of
The Hongkong & Shanghai Banking Corp.
Ltd.,
Standing:
Good.
Funwai Trading Ltd. is a private limited company wholly-owned by
Bestgain Development Co. Ltd. which is a Hong Kong-registered firm.
The subject’s intermediate holding company is China Artex (Holdings)
Corporation [ARTEX] while its ultimate holding company China National Arts
& Crafts Group Corporation [CNACGC] is also a China-based firm.
The subject is trading in textile products, especially embroidery and
crochet articles. Commodities are
imported from
The subject is chiefly trading in the following commodities:-
Cardigan, Sweater & Pullover (From
ARTEX mainly handles the export of hundreds of commodities including
various of traditional hand-made embroideries, hand-woven products,
machine-made embroideries and machine-made products, various of printed,
quilted products for bed use, indoor sewing decorations and articles for daily
expenses, various of garments and accessories, various of caps and gloves,
various of suitcases, bags and shoes, etc., and also engages in import business
of raw materials, packing material, machinery, equipment and technology needed
for the above mentioned commodities.
CNACGC is a Chinese government owned enterprise falling under the
jurisdiction of the State-Council of
At the present, CNACGC has formed four major businesses including arts
and crafts, raw materials, arts and crafts products, jewellery and cultural
services. It has six operating companies
covering the upstream and downstream of the industry including China Metal
& Technologies Inc., China Jewellery, China National Arts and Crafts Import
and Export Corporation, China National Arts & Crafts Corporation, China
Artex and China Arts & Crafts Trading Co.
CNACGC’s total assets have reached RMB11.5 billion Yuan. The annual sales revenue is about RMB37
billion Yuan and its annual taxes paid nearly RMB 1.5 billion Yuan in which the
annual total profit is about RMB1 billion Yuan.
The subject is fully supported by CNACGC.
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
May 1995 |
Maersk Hong Kong Ltd. |
Funwai Trading Ltd. |
Amount due |
HK$41,900 |
(Since 2003)
|
Date |
Particulars |
Amount |
|
06-09-2010 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set-off Property: All the Company’s estate, right, title, claim, benefit and interest to
and in the Deposit and all interest from time to time payable thereon and
together with all title deeds or doucments relating therto. Mortgagee: Bank of |
All moneys in respect of general banking facilities |
|
29-09-2010 |
Instrument: Mortgage Property: 13/1, 360th parts or shares of and in the Remaining Portion of
Subsection 4 of Section D of Inland Lot No.2366, The Remaining Portion of Subsection
5 of Section D of Inland Lot No.2366. The Remaining Portion of Subsection 6
of Section D of Inland 7 of Section D of Indand Lot No.2366 (Flat D on 13/F. of Mortgagee: Bank of |
General Banking Facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.87 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.