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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
FONTANA LEATHER INTERNATIONAL LTD. |
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Registered Office : |
Unit 34-35, 12/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon |
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Country : |
HONG Kong |
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Date of Incorporation : |
22.02.1999 |
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Com. Reg. No.: |
22282278 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of finished leather and crust leather, leather products |
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No of Employees : |
8. (Including associates) |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
FONTANA LEATHER
INTERNATIONAL LTD.
ADDRESS: Unit 34-35, 12/F., Pacific
Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2751 7363-5
FAX: 852-2753 9836, 2751 7661
E-MAIL: fontana@netvigator.com
Managing Director: Mr. Chu Shiu
Keung, Michael
Incorporated on: 22nd February, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
FONTANA LEATHER
INTERNATIONAL LTD.
Registered Head
Office:-
Unit 34-35, 12/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay,
Kowloon, Hong Kong.
Associated
Companies:-
Fontana Leather Mercantile Co. Ltd., Hong Kong. (Dissolved)
Real Idea Ltd., Hong Kong.
Real Idea Technologies Ltd., Hong Kong.
Super Classic Investment Ltd., Hong Kong.
22282278
0667874
Managing Director: Mr. Chu Shiu
Keung, Michael
Contact Person: Ms. Catherine Tam
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 22-02-2014)
|
Name |
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No. of shares |
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NG Yu Sin |
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8,000 |
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CHU Shiu Keung |
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2,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 22-02-2014)
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Name (Nationality) |
Address |
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CHU Shiu Keung |
House A11, Stage 5, Marina Cove, Sai Kung, New Territories,
Hong Kong. |
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NG Yu Sin |
House A11, Stage 5, Marina Cove, Sai Kung, New Territories, Hong Kong. |
(As per registry
dated 22-02-2014)
|
Name |
Address |
Co. No. |
|
Current Management Consultants Ltd. |
Room 1205, 12/F., Manulife Provident Funds Place, 345 Nathan Road,
Kowloon, Hong Kong. |
0145770 |
The subject was incorporated on 22nd February, 1999 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 finished leather and crust leather, leather products, etc.
Employees: 8. (Including associates)
Materials/Commodities: India,
Spain, Italy, other European countries, etc.
Markets: Hong
Kong, China and other Asian countries.
Terms/Sales: 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 & Loss: Making
a very small profit every year.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met 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, Fontana Leather
International Ltd. is jointly owned by Ms. Ng Yu Sin, holding 80% interests,
and Mr. Michael Chu Shiu Keung, 20%, both are Hong Kong merchants. Seemed to be a couple, they are also
directors of the subject.
The subject is trading in all kinds of finished leather and crust
leather. It is specialized in Glazed
Kid, cow full grain, corrected grain, oil pull ups and box leather, calf, cow
natural and dyed crust leather, buffalo calf, kid suede, kid/cow linings and
industrial leathers from India, and European countries. Prime markets are Hong Kong, China, and other
Asian countries. Business is active.
Throughout the years, the subject has established its own production with
a wide diversity of different finished skins, such as lamb, sheep and baby
buffalo which specialize for the modern ladies’ hand bags and both men &
woven apparel.
Products are marketed in China, exported to Japan, Europe, the United
States, etc.
The subject has got an associated company Real Idea Ltd. [Real Idea], a
Hong Kong-registered firm located at the same operating address.
Real Idea is also operated by Ms. Ng Yu Sin and Mr. Chu Shiu Keung. Real Idea assists high-technology companies
to penetrate the global markets. It is
specialized in the major Asian languages.
Through strong partnerships with translation suppliers, Real Idea
provides European and the Middle Eastern languages as well. It offers its linguistic, engineering, and
management services to clients throughout Asia, Europe, and the United States.
Real Idea’s customisable services are the followings:-
Multilingual DTP;
Multilingual software QA testing;
Multilingual translation;
Software internationalisation; &
Software localization.
Mr. Michael Chu is chairman and a founding partner of Real Idea. He is an investor and managing director of
several Hong Kong-based businesses, including the subject, Fontana Leather
Mercantile Co. Ltd., and Super Classic Investment Ltd. Both are Hong Kong-registered firms.
Ms. Ng Yu Sin, the subject’s main shareholder, focuses on Real Idea’s
financial management and directs the activities of software localization and
internationalisation teams throughout Asia.
Prior to joining Real Idea, Ng served as office manager and a project
manager for LioNBridge in Beijing. She
also oversaw administration and human resources at the Beijing office of Stream
Language Solutions. She functioned as
localization manager for that company and was responsible for vendor selection
and project execution. During her
12-year career in software localization and internationalisation, Ng has been a
manager at the Beijing branch of the R. R. Donnelly Global Language Service.
The history of the subject in Hong Kong is over 15 years. On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 58.42 |
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|
1 |
Rs. 98.28 |
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Euro |
1 |
Rs. 80.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
DPT |
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 |
|
-- |
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.