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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
BUMPKIN-CRAFT CO. LTD. |
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Registered Office : |
Unit 1412, 14/F., Kam Lan House (Block J), Kam Fung Court, Ma On Shan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.10.2010 |
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Com. Reg. No.: |
53162827 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of bedroom furniture, etc. |
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No. of Employees : |
Not Available |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Slow but correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
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 |
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
BUMPKIN-CRAFT CO.
LTD.
ADDRESS: Unit 1412, 14/F., Kam Lan House (Block
J), Kam Fung Court, Ma On Shan, New Territories, Hong Kong.
PHONE: 3109 6643
FAX: 3109 6643
E-MAIL: ian@bumpkin-craft.com
Managing Director: Ms. Suen Wai
Tsit
Incorporated on: 21st
October, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1412, 14/F., Kam Lan House (Block J), Kam Fung Court, Ma On Shan,
New Territories, Hong Kong.
Associated Company:-
Bumpkin-Craft, Hong Kong. (Same
address)
53162827
1518708
Managing Director: Ms. Suen Wai
Tsit
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 21-10-2011)
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Name |
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No. of shares |
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SUEN Wai Tsit |
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51 |
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SUEN Chun Yip |
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49 |
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––– |
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Total: |
100 === |
(As per registry dated 21-10-2011)
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Name (Nationality) |
Address |
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SUEN Chun Yip |
Unit 1412, 14/F., Kam Lan House (Block J), Kam Fung Court, Ma On Shan,
New Territories, Hong Kong. |
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SUEN Wai Tsit |
Unit 1412, 14/F., Kam Lan House (Block J), Kam Fung Court, Ma On Shan,
New Territories, Hong Kong. |
(As per registry dated 21-10-2011)
|
Name |
Address |
Co. No. |
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Account Success Accountancy Services Ltd. |
Suite 1303-1306A, 13/F., Asian House, 1 Hennessy Road, Wanchai,
Hong Kong. |
0575229 |
The subject was incorporated on 21st October, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat 12, 19/F., Block C, Siu Hei
Court, Tuen Mun, New Territories, Hong Kong, moved to the present address in
2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of bedroom furniture, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: North
America, South America, Western Europe, Eastern Europe, Eastern Asia, Southeast
Asia, Middle East, Africa, Australia, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Making a very small profit in the past 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:
Small.
Having issued 100 ordinary shares of HK$1.00 each, Bumpkin-Craft Co.
Ltd. is jointly owned by Ms. Suen Wai Tsit, holding 51% interests; Mr. Suen
Chun Yip, holding 49%. Belonging to the
same family, the two Suens are also directors of the subject.
The subject does not have its own operating office. Its registered address is in a private
building located at Unit 1412, 14/F., Kam Lan House (Block J), Kam Fung Court,
Ma On Shan, New Territories, Hong Kong.
This is the residence of the two shareholders.
The residential building is not trespassed by outsiders. The subject has no employees in Hong
Kong. It has had an associated company
Bumpkin-Craft, a Hong Kong-registered company, an unlimited firm, located at
the same address.
Bumpkin-Craft and the subject are engaged in the same lines of business.
Bumpkin-Craft was established in 2002.
It is an exporter of Bedroom Furniture products, Wooden & Panel
Furniture, Bedroom Sets. It is a well
known furniture and accessory manufacturer and it has over 20 years furniture
designing experience.
Its products are exported to North America, South America, Western
Europe, Eastern Europe, Eastern Asia, Southeast Asia, the Middle East, Africa,
Australia, etc.
The subject has got associated factories in China. Business is just fair. The business of the subject is chiefly
handled by the two Suens. History in
Hong Kong is just about two years.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.21 |
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1 |
Rs.84.00 |
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Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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NB |
New Business |
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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.