MIRA INFORM REPORT

 

 

Report Date :

28.05.2013

 

IDENTIFICATION DETAILS

 

Name :

CHARMING  INTERNATIONAL  LTD.

 

 

Registered Office :

Room 1107-1108, 11/F., Universal Commercial Building, 69 Peking Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong 

 

 

Date of Incorporation :

18.01.1996

 

 

Com. Reg. No.:

19623223

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Electric Appliances, Electronic and Electrical Products, Kitchen Appliances, Shoes, Sport Goods, Garments, etc.

 

 

No. of Employees :

09

 

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 – 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

 

CHARMING  INTERNATIONAL  LTD.

 

Company ADDRESS

 

Room 1107-1108, 11/F., Universal Commercial Building, 69 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            852-2793 1613

FAX:                 852-2389 4551

E-MAIL:            charmtra@hkstar.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Wong Chi Chiu, Frank

 

 

SUMMARY

 

Incorporated on:             18th January, 1996.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$200.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   9.

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 1107-1108, 11/F., Universal Commercial Building, 69 Peking Road, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Company:-

Tat Hing Construction Co. Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

19623223

 

 

COMPANY FILE NUMBER

 

0536483

 

 

MANAGEMENT

 

Managing Director:  Mr. Wong Chi Chiu, Frank

 

 

CAPITAL

 

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

Issued Share Capital:     HK$200.00

 

 

SHAREHOLDERS

(As per registry dated 18-01-2013)

 

Name

 

No. of shares

WONG Chi Chiu

 

60

WONG Lung Fun

 

40

LO Yin Mei, Ida

 

40

YUNG Chun Fan

 

60

 

 

–––

 

Total:

200

===

DIRECTORS

(As per registry dated 18-01-2013)

 

Name

(Nationality)

 

Address

LO Yin Mei, Ida

Flat C, 3/F., 1-3 Catchick Street, Kennedy Town, Hong Kong.

 

YUNG Chun Fan

Flat G, 26/F., Block 5, Highland Park, 11 Lai Kong Street, Kwai Chung, New Territories, Hong Kong.

 

WONG Lung Fun

Flat H, 30/F., Block 4, New Jade Garden, Chaiwan, Hong Kong.

 

WONG Chi Chiu

Flat G, 10/F., Tower 2, Hong Tak Garden, Shek Pai Tau Road, Tuen Mun, New Territories, Hong Kong.

 

 

SECRETARY 

 

WONG Lung Fun  (As per registry dated 18-01-2013)

 

 

HISTORY

 

The subject was incorporated on 18th January, 1996 as a private limited liability company under the Hong Kong

Companies Ordinance.

 

Formerly the subject was located at Room 707, 7/F., Universal Commercial Building, 69 Peking Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in recent months.

 

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Electric Appliances, Electronic and Electrical Products, Kitchen Appliances, Shoes, Sport

Goods, Garments, etc.

 

Employees:                   9.

 

Commodities Imported:   China, other Asian countries or acquired from local suppliers, etc.

 

Markets:                       Other Asian countries, Europe, North America, etc.

 

Terms/Sales:                 L/C, T/T, etc.

 

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

 

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$200.00

 

Mortgage or Charge:-

Date of Mortgage:  28-09-2007

Amount:            To secure all general banking facilities together with interest thereon

Property:           All Those two equal undivided 229 part or share of and in Kowloon Inland Lot No. 7529 (Flat C on

3/F., of Universal Commercial Building, Kowloon, Hong Kong)

Mortgagee:        Bank of China (Hong Kong) Ltd., Hong Kong.

 

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:                         Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAl

 

Having issued 200 ordinary shares of HK$1.00 each, Charming International Ltd. is jointly owned by Mr. Wong Chi Chiu, holding 30% interests; Ms. Wong Lung Fun, holding 20%; Ms. Lo Yin Mei, Ida, 20%; and Mr. Yung Chun Fan, 30%.

The subject is trading in varieties of products.

It is trading in the following commodities:-

·         Garments & Textile Products --- Tee & Sweat Shirts, Pillow Case / Bed Sheet - Embroidered, Pillow Case / Bed Sheet - Non‑Embroidered;

 

·         General Household Products --- Electric Appliances, Electronic and Electrical Products, Kitchen Appliances, Sport Shoes (PU), Shoes, Sporting Goods, Umbrella, Stove - AC, etc.

Commodities are chiefly sourced from China, other Asian countries, and acquired from local suppliers.  Commodities are exported to Southeast Asia, Europe, North America, etc.  Business is normal.

The subject usually takes part in the Canton Fair which is held biannually in Guangzhou City, Guangdong Province, China.  It is an international purchaser.  The contact person Mr. Wong Chi Chiu, Frank can be reached at his mobile phone number 852-9486 4272.

Mr. Yung Chun Fan is also the director of another firm Tat Hing Construction Co. Ltd. [Tat Hing] which is a Hong Kong-registered firm.  Tat Hing is an approved and registered General Building Contractor.  It has registered with the Building Department of the Government of the Hong Kong SAR.

Located at a different address, Tat Hing is engaged in contracting safety & security projects.  It also trades in security products.

As the history of the subject is over 17 years and four months in Hong Kong, on the whole, consider it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.62

UK Pound

1

Rs.84.18

Euro

1

Rs.71.96

 

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.