MIRA
INFORM REPORT
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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
FONG’S NATIONAL DYEING & FINISHING MACHINERY |
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Registered Office : |
Unit G 12fl |
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Country : |
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Date of Incorporation : |
12.04.2005 |
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Com. Reg. No.: |
SO20958 |
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Legal Form : |
Private Company With Limited Liability |
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Line of Business : |
Trader of Finished products include Dyeing machinery,
Finishing Machinery &·Textile machinery |
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No. of Employees : |
4 |
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 : |
Usually 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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Macau |
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 |
MACAU - ECONOMIC OVERVIEW
After opening up its locally-controlled casino industry to foreign competition in 2001, the territory attracted tens of billions of dollars in foreign investment, transforming Macau into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. By 2006, Macau's gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for more than 70% of total government revenue. In 2008, Macau introduced measures to cool the rapidly developing sector. Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-11, largely on the back of tourism from mainland China and the gaming sectors. This city of 550,000 hosted nearly 25 million visitors in 2010. Almost 53% came from mainland China. Macau's traditional manufacturing industry slowed greatly since the termination of the Multi-Fiber Agreement in 2005. The Closer Economic Partnership Agreement (CEPA) between Macau and mainland China that came into effect in January 2004 offers Macau-made products tariff-free access to the mainland; nevertheless, China is Macau's second largest goods export market, behind Hong Kong, and followed by the United States. However, exports in 2010 were less than US$900 million, while gaming receipts were almost US$24 billion, a 58% increase over 2009. Macau's economy expanded at a slower pace in 2012 - around 10% - reflecting continued global economic uncertainties. Macau continues to face the challenges of managing its growing casino industry, money-laundering, and the need to diversifying the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory
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Source
: CIA |
Company name and address
FONG’S
NATIONAL DYEING & FINISHING MACHINERY
(MACAO
COMMERCIAL OFFSHORE) CO LTD
UNIT G 12FL EDIFICIO CHINA PLAZA
762-804 AVENIDA DA PRAIA GRANDE, MACAU
TEL: 853-28715941
FAX: 853-28715942
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 12, 2005
REGISTRATION NO. :
SO20958
LEGAL FORM :
PRIVATE COMPANY WITH LIMITED LIABILITY
CHIEF EXECUTIVE :
MR. SHEUNG-WAI LEUNG (DIRECTOR)
STAFF STRENGTH :
4
PAID-UP CAPITAL :
MOP 100,000
BUSINESS LINE :
Trader
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
FAIR
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
MOP 7.99069 = US$1
Adopted
abbreviations:
ANS -
amount not stated
NS -
not stated
SC -
subject company (the company inquired by you)
NA - not available
M - million
MOP –Macau Pataca
Name in Local Language :
Trading Name / DBA: FONG'S NATIONAL MAQUINAS DE TINTURARIA E
ACABAMENTOS (COMERCIAL OFFSHORE DE MACAU) LTDA
Issuing Authority : Conservatoria dos Registos Comercial e
de Bens Moveis (Commercial Registry Office) - National
*CAPITAL (Currency: MOP - Macau Patacas)
=================================
Authorized Capital: 100,000
Paid-up Capital: 100,000
*OFFICE & FACILITIES*
====================
Name : FONG’S NATIONAL DYEING & FINISHING MACHINERY
(MACAO COMMERCIAL OFFSHORE) CO LTD - MACAU
Address : Unit G 12 Andar EDF China Plaza Avenida Da Praia
Grande 762-804, Macau
Country : Macao
Status : Operational
*REPUTATION*
=============
Reference checking for the purpose of establishing the
FONG’S NATIONAL DYEING & FINISHING MACHINERY (MACAO COMMERCIAL OFFSHORE) CO
LTD's reputation within the respective industry failed to reveal any adverse
information.
www.fongs.com
(Fong's Industries Co., Ltd.) The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail: enquiry@fongs.com
For the past two years there is no record of litigation.
*Major Shareholders*
================
Total number of shareholders: 1
Total number of shares: 100,000
Shareholders Country
Amount (MOP) %
FONG'S MANUFACTURERS Virgin
Islands (British) 100,000 100.00
CO LTD
*COMPANY DIRECTOR*
=====================
1
Name : Mr. Sheung-wai Leung
Nationality : Macanese
2
Name : Mr. Feng-xian He
Nationality : Macanese
3
Name : Mr. Wai-yung Wan
Nationality : Macanese
*CORE BUSINESS DESCRIPTION*
===========================
Core Business
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The primary business focus of FONG'S NATIONAL DYEING &
FINISHING MACHINERY (MACAO COMMERCIAL OFFSHORE) CO LTD is Trading - Finished
products.
Key products include:
·Dyeing machinery
·Finishing Machinery
·Textile machinery
*Primary Products*
===============
Activity Products /
Materials / Services Description
---------- ----------------------------------------------------
Trading Dyeing
machinery
Trading Finishing
Machinery
Trading Textile
machinery
*PAYMENT TERMS*
=================
Selling
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Type Terms
Local Cash on
delivery (COD)
Credit - Secured with Post-dated
checks 30~60 days
Export Letter of
Credit (At-sight)
Telegraphic Transfer (T/T) -
Received at time of transaction
Purchasing
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Type Terms
Local Cash on
delivery (COD)
Credit - Secured with Post-dated
checks 30~60 days
Import Letter of
Credit (At-sight)
Telegraphic Transfer (T/T) -
Executed at time of transaction
*DOMESTIC SALES & PURCHASES*
=============================
Annual Sales Analysis Percentage
--------------------------- -------------
Domestic Sales 20%
International Sales (Export) 80%
Annual Purchases Analysis Percentage
--------------------------- -------------
Local Purchases 70%
Imports 30%
*OVERSEAS CUSTOMERS*
======================
CHIRANJILAL RAYONS PVT LTD
Direct Parent : FONG'S MANUFACTURERS CO LTD
Legal Form Category : Private Company with Limited Liability
Country : Virgin Islands (British)
Primary Business Activity : Manufacturer
Indirect Parent : FONG'S INDUSTRIES CO LTD
Legal Form Category : Public Listed Company
Country : Hong Kong
Primary Business Activity : Manufacturer
PAYMENT
RATING : 4 OBTAINED SCORES : 48
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Implication |
Implications |
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1 |
Scores
85–100 |
Excellent |
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2 |
Scores
75 – 84 |
Above
Average |
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3 |
Scores
50 – 74 |
Average |
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4 |
Scores
35 – 49 |
Fair |
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5 |
Scores
15 – 34 |
Below
Average |
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6 |
Scores
01 – 14 |
Poor |
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NR |
No
Data |
No
Data |
The rating indicates
the payment pattern of SC based upon our Payment Database, comments from
suppliers of SC, information from banks (if available), as well as industrial
sources.
Dealings on open terms may be possible
for SMALL amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name : STANDARD CHARTERED BANK
Branch : Macau
Branch Address : MACAO
SWIFT Code : SCBLMOMX
Based on the corporate laws of Macao, legal entities which
are Private Company with Limited Liability are not required to make public
disclosure of their annual financials. Therefore no financials are available
for this entity.
Due to lack of financial statements, we are unable to
determine the maximum credit limit for SC.
SC is considered small-sized in its line with a development
history of 8 years.
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Trading 3569 General industrial machinery and equipment,
and parts,
Trading 3500 Industrial Machinery & Equipment
Trading 3552 Textile machines, and parts and attachments,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Trading 8479 Machines etc having individual
functions, parts
Trading 9810005000 Textile machine or machinery or parts
solely for the instruction of students
INTERNATIONAL
TRADE - Activity & Markets
Country
/ Region Estimated level of
importance Trading Activity
Asia / Pacific Medium
Importing,
Exporting
Europe Medium
Importing,
Exporting
Middle-East Medium
Exporting
North America Medium
Exporting
Bangladesh Medium
Exporting
China Medium
Importing
India Medium
Exporting
Italy Medium
Exporting
Pakistan Medium
Exporting
South Africa Medium
Exporting
Virgin Islands (British) Medium
Importing
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.