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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
GO MODA LTD. |
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Registered Office : |
Room 706, 7/F., Block B, Hunghom Commercial Centre, 37-41 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.03.2004 |
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Com. Reg. No.: |
34420735 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of leather shoes. |
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No. of Employees : |
8. (Including associate) |
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 (31.03.2011) |
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
GO MODA
LTD.
ADDRESS: Room 706, 7/F., Block B, Hunghom
Commercial Centre, 37-41 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 2148 6018, 2148 6010
FAX: 2148 6999
E-MAIL: info@gomoda.com
Managing Director: Mr. Peter
Schiller Cohen
Incorporated on: 29th March, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Footwear Trader.
Employees:
8. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 706, 7/F., Block B, Hunghom Commercial Centre, 37-41 Ma Tau Wai
Road, Hunghom, Kowloon, Hong Kong.
China Factory:-
Dongguan Gomoda Shoes Co. Ltd.
Pao Feng Industrial District, Yu Feng Village, Zhangmutou Town,
Dongguan City, Guangdong Province, China.
[Tel: 86-769-8719 6238; Fax:
86-769-8719 6268
E-mail: springfu@gomoda.com]
Holding Company:-
New Dragon Agents Ltd., British Virgin Islands.
Subsidiary:-
Go Moda Design Ltd., Hong Kong.
(Same address)
Associated Company:-
Gomoda Co. Ltd.
27 East 65th Street, Suite 4B, New York, NY 10021, US.
[Tel: 212-889 5426; Fax:
212-684 3877]
34420735
0892439
Managing Director: Mr. Peter
Schiller Cohen
General Manager: Mr. Au Chi Sing,
Steven
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 29-03-2012)
|
Name |
|
No. of shares |
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New Dragon Agents Ltd. P.O. box 957, Offshore Incorporation Centre, Road Town, Tortola,
British Virgin Islands. |
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1,020,000 |
|
LEE Yuan Jiun |
|
390,000 |
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HUNG Chia Wei |
|
390,000 |
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AU Chi Sing, Steven |
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200,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
(As per registry dated 29-03-2012)
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Name (Nationality) |
Address |
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Paola Gabriella COHEN |
27 East 65th Street, New York 10021, USA. |
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Joshua Martin COHEN |
27 East 65th Street, New York 10021, USA. |
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LEE Yuan Jiun |
189 Tongji South Road, Jiemei District, Xiamen, Fujian, China. |
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HUNG Chia Wei |
189 Tongji South Road, Jiemei District, Xiamen, Fujian, China. |
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Peter Schiller COHEN |
27 East 65th Street, New York 10021, USA. |
(As per registry dated 29-03-2012)
|
Name |
Address |
Co. No. |
|
Keenlink Ltd. |
Unit 3B, 19/F., Kaiser Centre, 18 Centre Street, Hong Kong. |
0517124 |
The subject was incorporated on 29th March, 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: Footwear Trader.
Lines: All kinds of leather
shoes.
Brand Names: “GOMODA DESIGN” and “GOMODA”.
Employees: 8.
(Including associate)
Commodities/Materials Imported:-
Raw materials - India, Spain and Italy.
Finished products - China.
Markets: Other Asian countries, Europe, US,
etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C
and T/T.
The Federation of Hong Kong Footwear Ltd.,
Hong Kong.
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: (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:
Normal.
Having issued 2 million ordinary shares of HK$1.00 each, Go Moda Ltd. is
jointly owned by New Dragon Agents Ltd., holding 51.0% interests; Mr. Lee Yuan
Jiun, holding 19.5%; Mr. Hung Chia Wei, also 19.5%; Mr. Au Chi Sing, Steven,
10%.
The subject has had a wholly-owned subsidiary Go Moda Design Ltd. [GMD],
a Hong Kong-registered firm located at the same address.
The subject and GMD are engaged in the same lines of business, more or
less.
The subject is a footwear trader having a factory in Dongguan City,
Guangdong Province, China known as Dongguan Gomoda Shoes Co. Ltd. [Dongguan
Gomoda].
GMD was set up by Mr. Peter Schiller Cohen who was the President and
Managing Director of 3C International Holding Ltd. 3C International, a Hong Kong‑based
firm, is also a footwear manufacture and trader. Before setting up GMD, Peter Schiller Cohen
has sold all his shares in 3C International to his partner, Mr. George Miu of
the Effect Group.
For the past sixteen years P. S. Cohen and his wife Paola Gabriella
Cohen have been lived in China and responsible for the shoes and related
products development, technical and overall management of the factory of 3C
International.
The subject is specialized in footwear development for global retailers
and wholesalers in Europe and the United States. Main products are women’s footwear while its
main clients are The Wortman Grouppe in Europe and Bennett in the United States.
The subject’s new factory in Zhangmutou, Dongguan City, Dongguan Gomoda,
covers an area of 40,000 sq.ft. This
enable the subject to have a larger and more effective sample room and product
development studio.
Besides the Dongguan Factory, the subject has had a number of associated
footwear manufacturing factories in China while some are in Fujian Province,
China. According to the subject, it has
had about 20 affiliated footwear manufacturing factories in China.
As Mrs. Cohen is originally from Florence, she is well known in the
Chinese footwear industry for serving the best Italian food in China. Now, Mr. and Mrs. Cohen are in charge of
Dongguan Gomoda in Dongguan City.
The contact person of Dongguan Gomoda is Ms. Spring Fu.
Over the span of the last 30 years, P. S. Cohen has not only held senior
product positions in major brand name companies like US Shoe Corp., Caressa,
Intershoe, Nina, and Nine West, but has also owned his own shoe company, Merona
Sport, in the United States. Not limited
to his home country, the New York City native gained experience abroad under
various titles. After initially working
back and forth between Italy and Spain as a designer, liner builder, and
product manager, he added to his already impressive international resume by eventually
working in Brazil, Eastern Europe, and Asia.
Currently, P. S. Cohen spends most of his time in China at his
self-started women’s footwear company, Dongguan Gomoda. Now, he is the president and CEO of this
firm.
Joshua Cohen, their son, who joined in 3C International in 2002, now is
in charge of the US Division of the subject.
He formerly worked in The Guess Inc. organization in Los Angeles,
California, the United States. Now, he
is responsible for the distribution of the subject’s footwear in the United
States.
The subject’s business in Hong Kong is chiefly handled by Mr. Steven Au
Chi Sing who is a Hong Kong merchant. He
is also General Manager of the subject.
He is the co-founder of the subject with Mr. P. S. Cohen.
Since the history of the subject is over eight years, on the whole,
consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
25-07-2005 |
Instrument: Security Over Deposits with the Bank Property: HK$1,000,000 and all monies for the time being standing to the credit
of the deposit No. 083-522730 together with any further sums hereafter
standing to the credit of any deposit A/C with the Bank Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure general banking facilities |
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24-07-2005 |
Instrument: Charge Over Receivables Property: By way of first fixed charge, the “Receivables” on condition, inter
alia, that the Company will not, unless the Lender may otherwise agree in
writing:- 1) Create or attempt to create or permit to subsist any “Encumbrance”
affecting all or any of the Receivables, other than any lien arising by
operation of law that the amounts secured by such lien are not overdue and
are discharged as soon as practicable 2) Sell, lease, transfer, license, factor or otherwise dispose of, by
one or more transactions or series of transactions, the whole or any part of
the Receivables Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure thy payment & discharge in full of the “Secured
Obligations” |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
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|
1 |
Rs.88.76 |
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Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
-- |
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.