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Report Date : |
28.11.2014 |
IDENTIFICATION DETAILS
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Name : |
AMPLE SOURCES
INDUSTRIES LTD. |
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Registered Office : |
Unit A14, 4/F., Block A, Proficient Industrial Centre, |
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Country : |
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Date of Incorporation : |
20.04.1990 |
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Com. Reg. No.: |
13551662 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged in manufacturing and Exporting Leather Belts, Leather Wallets, Giftware, Novelties, Leather Passport Covers, Leather Telephone Covers, Travel Bags, Luggage, Leather Bags, Key Holders, and Other Leather Accessories. |
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No of Employees : |
15 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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 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 |
AMPLE SOURCES INDUSTRIES LTD.
Unit A14, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2755 0933
FAX: 852-2796 5964
E-MAIL: ample@netvigator.com
Managing Director: Mr. Chiang Chih Chiang, Charles
Incorporated on: 20th April, 1990.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Leather Product Manufacturer.
Employees: 15. (Hong Kong)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit A14, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
China Factories:-
Guanghan Hongliang Leather Product Co. Ltd., China.
Zheng Qiang Leather Products Factory
Jinxi Administrative Zone, 528455 Zhongshan City, Guangdong Province, China.
[Tel: 86-760-8889 0667; Fax: 86-760-8889 6387]
Associated
Company:-
Great Light Ltd.
Unit 9, 4/F., Block A, Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
[Tel: 852-2753 0988
Fax: 852-2753 5533
E-mail: sophiawg@greatlight.com.hk ]
13551662
0276140
Managing Director: Mr. Chiang Chih Chiang, Charles
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 20-04-2014)
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Name |
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No.
of shares |
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CHIANG
Chih Chiang |
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1 |
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LIN Jen Ni |
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1 |
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–– |
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Total: |
2 = |
(As per registry
dated 20-04-2014)
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Name (Nationality) |
Address |
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CHIANG Chih
Chiang (Chinese) |
House 9, Lotus Villas, 100
Chuk Yeung Road, Sai Kung, New Territories, Hong Kong. |
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LIN Jen Ni (Chinese) |
House 9, Lotus Villas, 100
Chuk Yeung Road, Sai Kung, New Territories, Hong Kong. |
(As per registry
dated 20-04-2014)
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Name |
Address |
Co.
No. |
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Brainy Consulting Ltd. |
Flat Q, 9/F., Everest Industrial Centre, 396 Kwun Tong
Road, Kwun Tong, Kowloon, Hong Kong. |
0255656 |
The subject was incorporated on 20th April, 1990 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: Manufacturer, Importer and Exporter.
Lines: All kinds of leather products including leather belts and wallets, giftware, premium and
hobbies, leather passport covers, leather telephone covers, travel bags and luggages, travel goods and bags, and other leather accessories.
Employees: 15. (Hong Kong)
700. (China)
Materials/Commodities: Mainly imports raw materials from Europe, Taiwan and India, and imports finished
products from China.
Markets: US (main), Canada, Australia and Europe.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, D/A, etc.
Federation of Hong Kong Industries, Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Mortgage or
Charge:-
Date of Mortgage: 29-10-1993
Amount: To secure all principal, interest and other amounts
Property: 16/6,000th parts or shares of and in New Kowloon Inland Lot No. 6030 (Workshop No.
A14 including Flat Roof on 4/F. of Block A of Proficient Industrial Centre, 6 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.)
Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard
Chartered Bank (Hong Kong) Ltd.]
Profit or Loss: Operation is profitable.
Condition: Business is active and satisfactory.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Ample Sources Industries Ltd., set up in April 1990, is equally owned by Mr. Charles Chiang Chih Chiang and his wife, Ms. Lin Jen Ni. The subject has issued just 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share. Chiang and Lin are also directors of the subject. Charles Chiang was a Taiwan merchant but now he is a Hong Kong ID holder.
The subject is a leather product manufacturer and trader. It is engaged in manufacturing and exporting leather belts, leather wallets, giftware, novelties, leather passport covers, leather telephone covers, travel bags, luggage, leather bags, key holders, and other leather accessories.
All the products are manufactured by its factory Zheng Qiang Leather Products Factory in Zhongshan City, Guangdong Province, China. Currently the China factory is employing about 700 persons. It was established on 1 March, 1992.
Finished products are exported to Canada, the United States, Australia and European countries. Part of its business is conducted on OEM basis. Business is rather satisfactory.
The main functions of the subject are raw materials sourcing, products marketing and payments settling for its associated factory in China.
The subject’s business is chiefly administered by the two shareholders.
Besides operating the subject, Chiang and Lin are operating another firm known as Great Light Ltd. [Great Light] which is also a Hong Kong-registered firm.
Having issued 2 million ordinary shares of HK$1.00 each, Great Light is jointly owned by Chiang, holding 99% interests, and Lin, holding just 1%.
Located at a different address, Great Light is also a leather product manufacturer and trader.
The subject operates from a self-owned premises in Hong Kong.
The history of the subject in Hong Kong is over twenty-four years and seven months.
On the whole, consider it good for normal business engagements.
Property
information of the company:-
Property Location: Workshop No. A14 including Flat Roof on 4/F. of Block A, Proficient Industrial Centre, 6
Wang Chiu Road, Kowloon, Hong Kong.
Owner: Ample Sources Industries Ltd.
Date of Purchase: 13-01-1992
Purchased Price: HK$2,320,000
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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29-10-1993 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered
Bank (Hong Kong) Ltd.] |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.87 |
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|
1 |
Rs.97.69 |
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Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.