MIRA INFORM REPORT

 

 

Report Date :

13.03.2013

 

IDENTIFICATION DETAILS

 

Name :

KINGWELL  (CHINA)  LTD.

 

 

Registered Office :

M/F., Tsun Mee Industrial Building, 8 Wang Yip Street East, Yuen Long, New Territories

 

 

Country :

Hong Kong 

 

 

Date of Incorporation :

30.04.1997

 

 

Com. Reg. No.:

20995653

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importer and Distributor of Lubricants, chemicals and auxiliaries for the leather industry

 

 

No. of Employees :

15.  (Including associates)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

Payment Behaviour :

No  Complaints

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

KINGWELL  (CHINA)  LTD.

 

 

Company ADDRESS

 

M/F., Tsun Mee Industrial Building, 8 Wang Yip Street East, Yuen Long, New Territories, Hong Kong.

PHONE:            2944 0155

FAX:                 2944 0355

 

 

MANAGEMENT

 

Managing Director:  Mr. Ling Siu Wah

 

 

SUMMARY

 

Incorporated on:             30th April, 1997.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Lubricant and Chemical Trader.

 

Employees:                   15.  (Including associates)

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

M/F., Tsun Mee Industrial Building, 8 Wang Yip Street East, Yuen Long, New Territories, Hong Kong.

 

China Factories:-

Guangzhou Zhaoxiong Tannery Co. Ltd., China.

Guangzhou Zhaoxiong Tannery, China.

 

Associated/Affiliated Companies:-

Grand Land Trading Ltd., Hong Kong.  [Dissolved]

Kingful Industrial Ltd., Hong Kong.  [Dissolved]

Leather Port International Ltd., Hong Kong.

Sino Force (Asia) Ltd., Hong Kong.

Siu Kee (Hong Kong) Tannery Ltd., Hong Kong.

Siu May (Guangzhou) Tannery, China.  [Dissolved]

Siu May Tannery (China) Ltd., Hong Kong.  [Dissolved]

Tsun Mee Investment (HK) Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

20995653

 

 

COMPANY FILE NUMBER

 

0605966

 

 

MANAGEMENT

 

Managing Director:  Mr. Ling Siu Wah

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

 

SHAREHOLDERS

(As per registry dated 30-04-2012)

 

Name

 

No. of shares

LING Siu Wah

 

5,000

WONG Kwan Chuen

 

2,500

WONG Yui Chuen

 

2,500

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTORS  

(As per registry dated 30-04-2012)

 

Name

(Nationality)

 

Address

LING Siu Wah

   (British)

Flat 2, 10/F., Block D, The Trend Plaza, Tuen Mun, New Territories, Hong Kong.

 

WONG Kit Yuet

   (British)

Flat B, 34/F., Block 2, Maywood Court, Kingswood Villas, 9 Ting Lung Road, Tin Shui Wai, New Territories, Hong Kong.

 

 

SECRETARY

(As per registry dated 30-04-2012)

 

Name

Address

Co. No.

Great Faith Secretarial Services Ltd.

Room 2007, 20/F., Wellborne Commercial Centre, 8 Java Road, North Point, Hong Kong.

0490760

 

 

HISTORY

 

The subject was incorporated on 30th April, 1997 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.

OPERATIONS

 

Activities:                      Importer and Distributor.

 

Lines:                           Lubricants, chemicals and auxiliaries for the leather industry.

 

Agent of:-

Atlas Refinery Inc.

142 Lockwood Street, Newark, New Jersey, U.S.A.

[Tel: 973-589-2002;  Fax: 973-589-7377]

 

Employees:                   15.  (Including associates)

 

Commodities Imported:   Mainly imported from US, Europe, etc.

 

Markets:                       China, other Asian countries, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               L/C, D/P and T/T.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

Mortgage or Charges:-

Date of Deed of Charge on Cash Deposit: 31-03-2006

Amount:            To secure credit facilities or financial accommodation

Property:           A cash deposit of US$205,5363.18 placed with The Bank of East Asia Ltd., Yuen Long Branch

under Account No.: 015‑142-30-08136-9 Deposit No.: 0001

 

The Charge is a continuing security and is a first fixed charge on the Deposit.

 

Mortgagee:                    The Bank of East Asia Ltd., Hong Kong.

 

Profit or Loss:                Traded at a small profitable angle.

 

Condition:                      Keeping in an active state.

 

Facilities:                      Is making use of general banking facilities.

 

Payment:                      Met as required.

 

Commercial Morality:     Satisfactory.

Bankers:-

Hang Seng Bank Ltd., Hong Kong.

The Bank of East Asia Ltd., Hong Kong.

 

Standing:  Normal.

 

 

GENERAL

Kingwell (China) Ltd. was equally held by Mr. Ling Siu-Wah and Grand Land Trading Ltd., a Hong Kong-registered firm.  At the very beginning, the subject had just issued 2 shares while each of the shareholders held just one share of HK$1.00 each.

Now, the subject’s ordinary shares have been increased to 10,000 which are 50% owned by Mr. Ling Siu Wah, 25% owned by Mr. Wong Kwan Chuen and also 25% by Mr. Wong Yui Chuen.

The subject is dealing in lubricants, chemicals and auxiliaries for the leather industry.  China is its prime market.  The subject is also the Hong Kong agent of Atlas Refinery Inc. [Atlas], a US-based leather chemical manufacturer.  Atlas is the global leader in lubricants and auxiliaries for the leather industry.  Atlas Refinery Inc., with its 113 years of experience in supplying quality fat-liquors, has got the ISO 9001 certification.

The subject also distributes other chemicals imported from European countries.  Most of its buyers are leather product manufacturers and tanneries in China.  Business has been steady.

The subject has had a tannery known as Guangzhou Zhaoxiong Tannery which is a China-based firm.

The subject also has a Sino-foreign co-operative venture in China known as Guangzhou Zhaoxiong Tannery Co. Ltd. which is also a China-based firm.  The legal representative of this firm is Wong Kwan Chuen.

The subject has had an associated company Siu Kee (Hong Kong) Tannery Ltd. [Siu Kee] and Siu Kee Leather Factory.

Siu Kee Leather Factory was founded in the 1950s.  In 1981, Siu Kee was incorporated.  Being one of the first to bring in Italian technology and machineries; and the use of quality assured branded chemicals, Siu Kee produces high quality leather suitable for manufacturing handbags, watchstraps and other accessories.

In 1987, Siu Kee further expanded its business into China and set up another factory in Guangzhou, China known as Guangzhou Zhaoxiong Tannery.  Business of this tannery is good.

The history of the subject in Hong Kong is over fifteen years and ten months.  On the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.80.89

Euro

1

Rs.70.73

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.