|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MARIGOLD
ENTERPRISES LTD. |
|
|
|
|
Registered Office : |
Room 713-4, 7/F., Tower A, Hunghom Commercial Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
09.08.1966 |
|
|
|
|
Com. Reg. No.: |
02143999 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Kitchenware & Cookware, Bags & Luggage, Lighting Products, all kinds of light industrial products, etc. |
|
|
|
|
No. of Employees : |
20 employees |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
MARIGOLD ENTERPRISES LTD.
Room 713-4, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 2773 0223
FAX: 2773 6694
E-MAIL: webinfo@marigoldenterprises.com
Managing Director: Mr. Tse Kam Kuen
Incorporated on: 9th August, 1966.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 713-4, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
02143999
0013108
Managing Director: Mr. Tse Kam Kuen
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 09-08-2012)
|
Name |
|
No. of shares |
|
MA Chan Miu Yung |
|
8,462 |
|
MA Pak Chung, John |
|
9,637 |
|
MA Pak Chiu, Patrick |
|
1,680 |
|
MA Yuk Mee, Marina |
|
3,407 |
|
MA Yuet May, Patricia |
|
3,407 |
|
MA Pak King, Kenneth |
|
3,407 |
|
|
|
–––––– |
|
|
Total: |
30,000 ===== |
(As per registry
dated 09-08-2012)
|
Name (Nationality) |
Address |
|
TSE Kam Kuen |
Flat 12, 7/F., Block D, Telford Garden, 33 Wai Yip Street, Kowloon Bay, Kowloon, Hong Kong. |
|
MA Pak Chung, John |
Flat B, 16/F., Wing On Court, 24 Ho Man Tin Hill Road, Ho Man Tin, Kowloon, Hong Kong. |
TSE Kam
Kuen (As per registry dated 09-08-2012)
The subject was incorporated on 9th August, 1966 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, Exporter and Wholesaler.
Lines: Kitchenware & Cookware, Bags & Luggage, Lighting Products, all kinds of light industrial
products, etc.
Employees: 20.
Commodities Imported: China, Taiwan, other Asian countries, etc.
Markets: Asia, Europe, North America, Australia, Middle East, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge (Since 2010): (See attachment)
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.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 30,000 ordinary shares of HK$1.00 each, Marigold Enterprises Ltd. is wholly owned by the Ma family. The subject was incorporated in August 1966. According to the subject, its predecessor was set up in 1958.
The subject is a buying agent. Its commodities are sourced from China, Taiwan, other Asian countries, and acquired from local suppliers.
The subject
carries the following commodities:-
· Briefcases and Attachés;
Christmas
Items;
Clocks;
Electrical
and Electric Products;
Electronics
and Cameras;
Fishing
Accessories;
Fridge
Magnets;
Garden
Tools and Accessories;
General
Plastic Goods;
Household
Products;
Kitchenware
and Cookware;
Lamps
and Lighting Products;
Musical
Instruments & Accessories;
Toys,
Games and Stuffed Toys;
Travelling
Bags and Luggage;
Wallets
and Purses, Leather Products;
Wooden
Furniture; &
Woodenware.
The subject also provides customers with all kinds of logistic services. These include an extensive range of Inspection and Quality Control Services specialized in the areas of factory assessment, goods inspection, quality control and assurance. The subject’s professionals have comprehensive experience in consumer product delivery and related technologies. Its services cover the Asia Pacific area especially in China.
The subject’s markets are Southeast Asia, the other Asian countries, Europe, the Middle East, North America and South America, Australia, etc. Business is active.
The subject has been one of the oldest buying agent in Hong Kong. History is over 46 years. Annual sales turnover is significant. Business is profitable. No derogatory data have been heard.
On the whole, consider it good for normal business engagements.
(Since 2010)
|
Date |
Particulars |
Amount |
|
15-04-2010 |
Instrument: Mortgage Property: All Those 9 equal undivided 230 parts or shares of and in The Remaining Portion of Inland Lot No. 6055 and Extension (All Those the Sixth Floor, Waiga Mansion, No. 6 Hawthorn Road, Hong Kong and Car Port No. 20 on the G/F.Waiga Mansion, No. 6 & 8 Hawthorn Road, Hong Kong. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all sums from time to time advanced by the Lender to the Borrower whether alone or jointly with any person and outstanding in respect of general banking facilities and all interest thereon and all other moneys and obligations in respect of moneys which the Borrower covenants to pay to the Lender under the Mortgage |
|
01-03-2012 |
Instrument: Mortgage Property: All That the estate right title interest and benefit of and in All Those 54 equal undivided 5,767 part or shares of and in The Remaining Portion of Kowloon Marine Lot No. 113 (All Those Workshop Unit No. 03 on the Eleventh Floor of Harbour Centre Tower 2, No. 8 Hok Cheung Street, Kowloon, Hong Kong. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All sums from time to time advanced by the Lender to the Borrower whether alone or jointly with any person and outstanding in respect of general banking facilities and all interest thereon and all other moneys and obligations in respect of moneys which the Borrower covenants to pay to the Lender under the provision of Clause 2 of the Mortgage or otherwise under the terms of the Mortgage |
|
13-09-2012 |
Instrument: Assignment of Receivables - General with Notice of Assignment Property: In consideration of the Banking facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities owing at any time plus interest and all expenses |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.79 |
|
UK Pound |
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
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.