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Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
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Name : |
WING
FAT ENTERPRISES LTD. |
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Registered Office : |
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East,
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Country : |
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Date of Incorporation : |
26.11.2004 |
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Com. Reg. No.: |
35165287 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Re-exporter and Wholesaler of all kinds of garments, fabrics and other textiles |
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No. of Employees : |
25. (Including
associates) |
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 : |
Satisfactory |
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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 – 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 |
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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 |
WING FAT ENTERPRISES LTD.
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 3552 5500, 3553 5607
FAX: 3552 5501, 2723 3357
E-MAIL: rajesh@basicline.com.hk
Managing Director: Mr. Seema Rajesh Mirpuri
Incorporated on: 26th November, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Re-exporter and Wholesaler.
Employees: 25. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1214-1218, 12/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
Holding Company:-
Euroline Overseas Co. Ltd., British Virgin Islands.
Affiliated/Associated
Companies:-
Basicline International Ltd., Hong Kong. (Same address)
PK Manufacturing Corporation, Philippines.
Wing Fat Enterprises Ltd., China.
Wing Fat Enterprises Ltd., India.
Wing Fat Enterprises Ltd., Bangladesh.
35165287
0936443
Managing Director: Mr. Seema Rajesh Mirpuri
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
(As per registry
dated 26-11-2011)
|
Name |
Occupation |
No. of shares |
|
Euroline Overseas Co. Ltd. Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands. |
Corporation |
1,200,000 |
|
Tagifa Hong Kong Ltd., Hong Kong. |
|
800,000 |
|
|
|
–––––––– |
|
|
Total: |
2,000,000 ======= |
(As per registry
dated 026-11-2011)
|
Name (Nationality) |
Address |
|
Seema Rajesh MIRPURI |
Flat B, U23/F., Block 3, Garden Terrace, 8A Old Peak Road, Hong Kong. |
(As per registry
dated 26-11-2011)
|
Name |
Address |
|
Rajesh Prishotam MIRPURI |
Flat B, U23/F., Block 3, Garden Terrace, 8A Old Peak Road, Hong Kong. |
The subject was incorporated on 26th November, 2004 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, Re-exporter and Wholesaler.
Lines: All kinds of garments, fabrics and other textiles.
Employees: 25. (Including associates)
Commodities Imported: Imported from Europe, China, India, etc.
Markets: South Africa, Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
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
Mortgage or
Charge:-
Date of Charge: 27-04-2005
Amount: All monies obligations and liabilities
Property: By way of first fixed charge of all monies from time to time standing to the credit of the Security
Account (means deposit account number 630-588783-824) and any account opened by the Chargee
Mortgagee: Belgian
Bank, Hong Kong Branch.
[Business was taken over by Industrial & Commercial Bank of China (Asia)
Ltd.]
Profit or Loss: Business is profitable.
Condition: Keeping in a satisfactory manner.
Facilities: Actively using general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Good.
Having issued 2 million ordinary shares of HK$1.00 each, Wing Fat Enterprises Ltd. was a wholly owned subsidiary of Euroline Overseas Co. Ltd. [Euroline] which was a BVI-registered firm. Now, the subject is jointly owned by Euroline, holding 60% interests; and Tagifa Hong Kong Ltd., holding 40%.
The subject is chiefly controlled by Mr. Seema Rajesh Mirpuri who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject has got an affiliated company Basicline International Ltd. [Basicline] located at its operating address. Basicline and the subject are engaged in the same lines of business.
Incorporated on 17th August, 1990, Basicline is a private limited company jointly owned by Mr. Prishotam Ramchand Mirpuri and Mr. Asha Prishotam Mirpuri, both of whom are the members of the Indian Mirpuri family. The former is holding 50.34% while the latter, holding 49.66%. The two Mirpuris are also directors of Basicline and have got the right to reside in Hong Kong permanently as they are Hong Kong ID Card holders.
The subject is a garment, fabric and other textile product importer and re‑exporter.
It is trading in the
following products:-
· Suits & Jackets - Men’s;
Suits
& Jackets - Women’s;
Children’s
Wear;
Anoraks;
Parkas
& Carcoats;
Blouses;
Coats;
Denim
Garments;
Dresses
& Skirts;
Shirts;
Trousers
& Slacks;
Knitted
Garments;
Crocheted
& Hand-Knitted Garments; &
Tee
& Sweat Shirts, etc.
Commodities are mainly imported China, other Asian countries, while its re‑exported markets are Asian countries, Europe, the United States and even South Africa. The subject also trades in sweaters, knitted accessories. Overall business has been steady.
The subject and Basicline have developed long term business ties with a number of firms in India and buyers in South Africa.
In order to penetrate the international market further, Basicline has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.
The subject has set up an office in Guangzhou, Guangdong Province, China. Besides the Hong Kong office, the subject also has set up offices in India and Bangladesh.
As the history of the subject in Hong Kong is about eight years, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.81 |
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UK Pound |
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.