|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARVELOUS ENTERPRISE CO. LTD. |
|
|
|
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Registered Office : |
7/F., Sung Kee Industrial Building, 18-30 Kwai Ting Road, Kwai Chung,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.02.1992 |
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Com. Reg. No.: |
15888726 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Leather handbags, leather belts, wallets. |
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No. of Employees : |
16. (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 |
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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) |
|
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 |
MARVELOUS
ENTERPRISE CO. LTD.
7/F., Sung Kee Industrial Building, 18-30 Kwai Ting Road,
Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2420 4801, 2423 3478
FAX: 852-2480 4722
Managing Director: Mr. Chow Wing
Kin
Incorporated on: 18th February, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Leather
Product Trader.
Annual Turnover: HK$100-110 million.
Employees: 16. (Including associates)
Main Dealing Banker: The Bank
of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
MARVELOUS
ENTERPRISE CO. LTD.
Registered Head
Office:-
7/F., Sung Kee Industrial Building, 18-30 Kwai Ting Road,
Kwai Chung, New Territories, Hong Kong.
China Factory:-
Mat Wah Interl/Welltrade Leather
Qiao Long Guang Li Xu, Tang Xia Town, Dong Guan, China.
[Tel: 763-87721639
E-mail: mb1@matwah.com]
Associated/Affiliated
Companies:-
Gloria Leather Products Co. Ltd., Hong Kong.
Mat Wah International Enterprise Ltd., Hong Kong.
Mat Wah Leather Goods Co. Ltd., Hong Kong.
Shanghai Wuhua Leather Hardware Products Co. Ltd., China.
Yixing Wuhua Leather Products Co. Ltd., China.
15888726
0343575
Managing Director: Mr. Chow Wing
Kin
Director & Sales Contact: Ms.
Tsang Suk Yee, Grace
Nominal Share Capital: HK$1,000,000.00
(Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 18-02-2013)
|
Name |
|
No. of shares |
|
CHOW Wing Kin |
|
5,050 |
|
TSANG Suk Yee, Grace |
|
4,650 |
|
CHOW Ming Tak, Jason |
|
150 |
|
CHOW Shing Tak, Fernando |
|
150 |
|
|
|
––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 18-02-2013)
|
Name (Nationality) |
Address |
|
CHOW Wing Kin |
House 85, Tycoon Place, 38 Lo Fai Road, Tai Po, New Territories,
Hong Kong. |
|
TSANG Suk Yee, Grace |
House 85, Tycoon place, 38 Lo Fai Road, Tai Po, New Territories,
Hong Kong. |
CHOW Wing Kin (As per registry
dated 18-02-2013)
The subject was incorporated on 18th February, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 10/F., Sang Cheong Industrial
Building, 11-13 Ka Hing Road, Kwai Chung, New Territories, Hong Kong,
moved to the present address in March 1997.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Leather
handbags, leather belts, wallets.
Employees: 16. (Including affiliates)
Materials/Commodities: Mainly imports raw materials from European
countries, India, and imports finished products from China.
Markets: US,
Canada, Europe, other Asian countries, etc.
Annual Turnover: HK$100-110
million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P and T/T.
Nominal Share Capital: HK$1,000,000.00
(Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 100,000.00 |
|
March 2011 |
paid up |
HK$ 900,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
1,000,000 ============== |
Increases of Nominal Capital:-
|
From |
HK$100,000.00 |
to |
HK$1,000,000.00 |
on |
March 2011 |
Mortgage or Charge: -(See
attachment)
Profit & Loss: Making
a small profit every year.
Condition: Keeping
in an active state.
Facilities: Making
rather active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
Standing: Normal.
Founded in early 1992, Marvelous Enterprise Co. Ltd. is jointly owned by
Mr. Chow Wing Kin, his wife Ms. Grace Tsang Suk Yee, Mr. Chow Ming Tak and Mr.
Chow Shing Tak. The subject’s business
is controlled by the Chow family.
The subject is a leather product trader.
It handles leather handbags, leather belts, wallets, etc. Products are manufactured by its associated
factory in Yixing, Jiangsu Province, China known as Yixing Wuhua Leather
Products Co. Ltd. [Yixing Wuhua] which was founded in 2000.
Employing about 106 persons, Yixing Wuhua is engaged in manufacturing
all kinds of leather products. Its
annual sales turnover ranges from RMB80 to 85 million Yuan.
It also has a factory in Dongguan City, Guangdong Province, China.
Finished products are exported to the United States, Canada, Europe,
Mexico, etc. Business has been
satisfactory. According to the subject,
its customers in Mexico have been importing significant quantities of the
subject’s products every year.
The followings are some of its US customers:-
·
Dm Products;
·
Gem Dandy Inc.;
·
M&F Western Product Inc.;
·
Regent Leather Co.; &
·
Rio Bravo Clothing Co.
The subject is responsible for supplying its associated factory in China
with raw materials which are mainly imported from Italy, Spain and India.
The subject has got an associated company Mat Wah International
Enterprise Ltd. [Mat Wah] located at its operating address. Engaged in the same lines of business as the
subject, Mat Wah is also controlled by the Chow family.
The business of the subject is rather active.
Having a history of over twenty-one years in Hong Kong, the subject is
considered good for normal business engagements.
Property information of
affiliate and director:-
1. Property Location: 5/F., Sung Kee Industrial Building,
18-30 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
Owner: Mat Wah Leather Goods Co. Ltd.
Date of Purchase: 23-07-1983
Purchased Price: HK$1,610,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
05-09-1988 |
- |
Sin Hua Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Mortgage to secure general banking facilities |
2. Property Location: 7/F., Sung Kee Industrial Building,
18-30 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong.
Owner: Mat Wah Leather Goods Co.
Ltd.
Date of Purchase: 05-03-1974
Purchased Price: HK$390,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
27-08-1977 |
HK$950,000 |
The Bank of East Asia Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
3. Property Location: Flat B on 15/F., 102 Broadway, Mei Foo
Sun Chuen, Kowloon, Hong Kong.
Owner: Mat Wah Leather Goods Co.
Ltd.
Date of Purchase: 01-12-1982
Purchased Price: HK$680,000
Incumbrances: No mortgage record
registered against the property.
4. Property Location: Flat B on 3/F. of Block 2 and Car
Parking Space No. 59 on G/F., Faraday House, 6 Sing Yung Street, Tuen Mun,
New Territories, Hong Kong.
Owner: Chow Wing Kin
Date of Purchase: 05-12-1991
Purchased Price: HK$3,840,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
05-12-1991 |
- |
Hua Chiao Commercial Bank Ltd., Hong Kong. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge to secure general banking facilities |
|
26-10-1993 |
- |
- ditto - |
Second legal charge to secure general banking facilities granted to
Marvelous Enterprise Co. Ltd. |
|
Date |
Particulars |
Amount |
|
30-11-2004 |
Instrument: Legal Charge / Mortgage Property: All Those 439 equal undivided 57,954 parts or shares of and in All
That piece or parcel of ground registered in the Tai Po New Territories Land
Registry as Tai Po Town Lot No. 119 (the Land) and of and in the messuages
erection and buildings thereon now known as Tycoon Place Together with the
sole and exclusive right and privilege to hold use occupy and enjoy All That
House No. 85 (and the Roof, Car Parking Space, Garden and Open Yard thereof)
of the Building as shown on the Plans annexed to an Assignment registered in
the Tai Po New Territories Land Registry by Memorial No. 649965 and coloured
Pink Mortgagee: The Bank of East Asia Ltd.,
Hong Kong. |
All monies in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.