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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MEGA SHINE LTD. |
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Registered Office : |
Room 3, 4/F, Wing Hang Industrial Building, 13-29 Kwai Hei Street, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.12.2002 |
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Com. Reg. No.: |
33269304 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments, bags, fashion accessories. |
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No. of Employees : |
8 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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
MEGA SHINE
LTD.
ADDRESS: Room 3, 4/F, Wing Hang
Industrial Building, 13-29 Kwai Hei Street, Kwai Chung, New Territories,
Hong Kong.
PHONE: 852-3523
1383
FAX: 852-2481
8978
E-MAIL: enquiry@mslaccessories.com
sales@megashinelimited.com
Managing Director: Mr. Chow Hong Yuen
Incorporated on: 11th
December, 2002.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 3, 4/F, Wing Hang Industrial Building, 13-29 Kwai Hei Street, Kwai
Chung, New Territories, Hong Kong.
Mailing Address:-
P. O. Box No. 586, Tsuen Wan Post Office, Tsuen Wan, New Territories,
Hong Kong
33269304
0825117
Managing Director: Mr. Chow Hong
Yuen
Contact Person: Mr. Kenneth Zhou
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 11-12-2012)
|
Name |
Occupation |
No. of shares |
|
CHOW Hong Yuen |
Merchant |
9,500 |
|
LEUNG Lai Chun |
Merchant |
500 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 11-12-2012)
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Name (Nationality) |
Address |
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CHOW Hong Yuen |
Flat 9, 22/F., San Yin House, San Wai Court, 23 Tin King Road, Tuen
Mun, New Territories, Hong Kong. |
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LEUNG Lai Chun |
Room 1007, 10/F., Fu On House, Tai Wo Hau Estate, Tsuen Wan, New
Territories, Hong Kong. |
CHOW Hong Yuen (As per registry
dated 11-12-2012)
The subject was incorporated on 11th December, 2002 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,
Exporter and Wholesaler.
Lines: All
kinds of garments, bags, fashion accessories.
Employees: 8.
Commodities Imported: China, etc.
Markets: Southeast
Asia, other Asian countries, Europe, North America, 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$10,000.00
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 10,000 ordinary shares of HK$1.00 each, Mega Shine Ltd. is
jointly owned by Mr. Chow Hong Yuen, holding 95% interests, and Ms. Leung
Lai Chun, holding 5%. Being Hong Kong
merchants, they are also directors of the subject.
The subject is a professional supplier of quality gifts, premiums
and promotional items and has been in this industry since 2002.
Besides its own ready-made products, the subject has been producing special
orders for its customers exclusively.
The subject’s factory is in China and has been equipped with advanced
production lines and a team of well-trained workers.
The subject is trading in the following commodities:-
Garments, bags, bag accessories, badge clips, jewellery accessories,
button accessories, metal hooks, brass filigrees, aluminium chains, bag
hangers, buckles & Hooks, zipper pullers, etc.
The subject is chiefly an exporter of garments and bag and fashion
accessories, chains and metal parts. Most
of the commodities are manufactured by its factory in China or sourced from the
China suppliers. Prime markets are
Japan, South Korea, the other Asian countries, Europe, North America,
Australia, etc. Business is normal.
The subject’s business is handled by Mr. Kenneth Zhou who is also the
contact person.
As the history of the subject is over ten years in Hong Kong, on the
whole, consider it good for normal business engagements in moderate credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
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|
1 |
Rs.91.62 |
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Euro |
1 |
Rs.78.12 |
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.