MIRA INFORM REPORT

 

 

Report Date :

17.07.2013

 

IDENTIFICATION DETAILS

 

Name :

HAN  FAT  TRADING  CO.

 

 

Registered Office :

402, Dan Kwai Chuen, Hung Shui Kiu, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.04.1985.

 

 

Com. Reg. No.:

09583598-000-04

 

 

Legal Form :

Partnership.

 

 

Line of Business :

Plastic Glove Trader

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Business Ceased

Payment Behaviour :

--

Litigation :

--

 

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

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

Company name and address

 

HAN  FAT  TRADING  CO.

[Business ceased]

 

 

ADDRESS

 

Registered Office:-

402, Dan Kwai Chuen, Hung Shui Kiu, New Territories, Hong Kong.

 

Associated Company:-

Forever International, Hong Kong.  (same address)

[Phone:  852-2477 8707]

 

 

BUSINESS REGISTRATION NUMBER 

 

09583598-000-04

 

 

DATE OF ESTABLISHMENT

 

 1st April, 1985.

 

 

LEGAL FORM

 

Partnership.

 

 

PARTNERS

 

Name:  Ms. Ho Choi Ling

Residential Address:      3/F., 176 Main Road, Yuen Long, New Territories, Hong Kong.

 

Name:  Ms. Chan Lai Man

Residential Address:      2/F., 176 Main Road, Yuen Long, New Territories, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st April, 1985 as a sole proprietorship concern owned by Ms. Ho Choi Ling under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name

Incoming Date

Outgoing Date

Ms. Chan Lai Lai, Lily

01-04-1987

31-12-2001

Mr. Chan Keung Wah

01-04-1987

31-12-2001

Mr. Chan Yiu Wah

01-04-1987

31-12-2001

Ms. Chan Lai Man

01-04-1987

31-03-2003

Ms. Ho Choi Ling

01-04-1985

31-03-2003

 

At the very beginning, the subject was located at 402A, Dan Kwai Chuen, Hung Shui Kiu, New Territories, Hong Kong, moved to Room 18, 11/F., Block B, Hi Tech Industrial Centre, 491-501, Castle Peak Road, Tsuen Wan, New Territories, Hong Kong in July 1994; to 402, Dan Kwai Chuen, Hung Shui Kiu, New Territories, Hong Kong in May 2003.

The subject ceased business formally on 31st March, 2003.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

GENERAL

 

Please be advised that Han Fat Trading Co. has ceased business since 31st March, 2003.

It was a partnership jointly owned by Ms. Chan Lai Man and Ms. Ho Choi Ling before cessation.  Both are Hong Kong businesswomen.  Ho was the manager of the subject.

Before cessation, the subject was located at 402, Dan Kwai Chuen, Hung Shui Kiu, New Territories, Hong Kong.

According to the registration of the subject, it was a plastic glove trader.  Commodities were sourced from China.  Prime markets were Hong Kong, the other Asian countries, etc.

To our knowledge, the subject had an associated company Forever International [FI] located at the same address.  FI is trading in the following products:-

Costume Jewellery, Giftware, Premium & Hobbies, Handbags, Travel Goods and Bags, Wallets, Purses & Small Leather Goods, etc.

We are not sure whether FI in operation or not as nobody answered our phone calls at your given phone number 852-2477 8707.

On the whole, since the subject has ceased business, consider it not suitable for any business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.39

UK Pound

1

Rs.89.89

Euro

1

Rs.77.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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