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Report No. : |
328221 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MAN WAH (MACAO COMMERCIAL OFFSHORE) LIMITED |
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|
|
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Registered Office : |
Em Macau, Alameda Dr. Carlos D'assumpcao
Nos 411-417, Praca Wong Chio J19 And K19 |
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Country : |
Macau |
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Financials (as on) : |
31.03.2015 (Consolidated) |
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Date of Incorporation : |
20.06.2005 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is trading of furinture |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Macau |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
MACAU - ECONOMIC OVERVIEW
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. In 2014, Macau's gaming-related taxes accounted for more than 83% of total government revenue. Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-13, largely on the back of tourism from mainland China and the gaming sectors. In 2014, this city of 636,200 hosted nearly 31.5 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export—primarily gaming—increasingly has driven Macau’s economic performance. Mainland China’s ongoing anti-corruption campaign has brought Macau’s gambling boom to a halt, with spending in casinos contracting 2.6% in 2014. As a result, Macau's inflation-adjusted GDP contracted 0.4% from 2013, down from double-digit expansion rates in 2010-13. Non-inflation adjusted exports of goods and services dropped 0.4% from 2013, reflecting the slowdown in gaming exports. Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
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Source
: CIA |
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敏華 (澳門離岸商業服務) 有限公司 |
|
|
Company Name (in
English): |
|
|
Company Name (in
Portuguese): |
Man Wah
(Commercial Offshore De Macau) Limitada |
|
Supplied Name: |
|
|
Trading Address: |
Em Macau,
Alameda Dr. Carlos D'assumpcao Nos 411-417, Praca Wong Chio J19 And K19 |
|
Supplied
Address: |
Alameda Dr Carlos D'assumpcao No 411-417 Praca Wong Chio J 19 |
|
Telephone
Number: |
Notes: The exact name and address are as above.
|
Registered Name: |
MAN WAH (MACAO
COMMERCIAL OFFSHORE) LIMITED |
|
Registered Address: |
Em Macau, Alameda Dr. Carlos
D'assumpcao Nos 411-417, Praca Wong Chio J19 And K19 |
|
Date of Registration: |
2005-6-20 |
|
Business Registered Number: |
SO 21628 |
|
Legal Form: |
Private Limited Liability Company |
|
Registered Capital: |
MOP 100,000 (USD 12,190) (As of 2015.06, 1 MOP = 0.1219 USD) |
|
Principal Activities: |
Trading of furinture |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Information Ended at: |
2015-6-8 |
Notes: Subject declined
to disclose its staff number; from other source we cannot obtain the relevant
information, either.
Subject was incorporated on 2005-6-20 with registered number SO 21628 as Private
Limited Liability Company in Macao.
Ultimate Parent
Company
|
Name: |
Man Wah Holdings Limited |
|
Address: |
1/F., Wah Lai Industrial Center, 10-14 Kwei Tei Street, Fotan, New
Territories, Hong Kong |
|
Staff: |
About 12,121 Employees |
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Listed at Stock Exchange: |
Yes; stock symbol: HKG:1999 |
|
Tel |
+852-2712-0091 |
|
Fax |
+852-2712-0630/2246-8485 |
Parent Company
|
Name: |
Man Wah Group Limited |
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Registered Address: |
2nd Floor, Abbott Building, Road Town, Tortola, Ilhas
Virgens Britanicas |
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Stake Interest in Subject: |
100% |
|
Subscription
Amount |
Proportion
of Investment (%) |
|
|
Man Wah Group Limited |
100,000 |
100% |
|
Total |
100,000 |
100% |
Major Shareholder Information:
|
Name: |
Man Wah Group Limited |
|
Address: |
2nd Floor, Abbott Building, Road Town, Tortola,
Ilhas Virgens Britanicas |
Core Management
Board of Directors:
|
1 |
|
|
Name: |
Wong Man Li |
|
Address: |
Block 9, No. 83, Ma Ling Jing, Kau To Shan, Fotan, Shatin, New Territories, Hong Kong |
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Position: |
Director |
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Marital Status: |
Married |
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Gender: |
Male |
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2 |
|
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Name: |
Wang Guisheng |
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Address: |
C-1-515, Yi Feng Garden, Fotian District, Shenzhen City,
Guangdong Province, China |
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Position: |
Director |
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Marital Status: |
Married |
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Gender: |
Male |
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3 |
|
|
Name: |
Chen Pengyu |
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Address: |
Hua Qiao Xin Cun Neighborhood Committee, Maosheng Road, Longgang
District, Shenzhen City, Guangdong Province, China |
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Position: |
Director |
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Marital Status: |
Married |
|
Gender: |
Male |
Offices & Factories
|
|
Office |
|
Address: |
Em Macau,
Alameda Dr. Carlos D'assumpcao Nos 411-417, Praca Wong Chio J19 And K19 |
Premises Information
Office address:
|
Address: |
Em Macau, Alameda Dr. Carlos
D'assumpcao Nos 411-417, Praca Wong Chio J19 |
|
Owners: |
Man Wah (Macao Commercial Offshore) Limited |
|
Matriz: |
73086 |
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Nature: |
Urban |
|
Duration: |
25 years since 1992-6-15 |
Production Information
The subject is a trader of furniture and etc
without any production activities.
It is introduced that subject’s group has
factories in the mainland of China for production.
Purchase Information
It is introduced that subject purchases its
products from factories of its group in the mainland of China.
Sales Information
The subject is mainly engaged in sales of
furniture and etc. It is introduced that subject also provide management,
business consultancy, back office support for its group.
Subject’s products are furniture such as
sofas, mattresses, panel furniture and furniture accessories, etc.
Subject’s main selling territory includes
Asia, Europe, America and etc.
Subject’s major customers are furniture
stores, members of its group.
Subject is selling the brands “CHEERS”,
“Enlanda” and “Morewell” owned by its group.
Subject declined to disclose the detail settlements, and it is
introduced that the details of settlements are to be negotiated.
The subject has no obligation to supply its financial
statement to the third party according to the relevant policy in Macao and the only source from which we can obtain the
information is the subject itself.
We found the brief
consolidated financial information of subject’s Ultimate Parent Company (Man Wah Holdings
Limited.) from public files for
reference.
Balance Sheet
Unit: HKD/000
|
2015-3-31 |
2014-3-31 |
|
|
Non-current assets |
2,692,710 |
2,310,821 |
|
Current assets |
3,403,020 |
3,819,292 |
|
Total Assets |
6,095,730 |
6,130,113 |
|
Current liabilities |
1,638,331 |
1,240,553 |
|
Non-current liabilities |
5,068 |
387,249 |
|
Total Shareholders' equity |
4,452,331 |
4,502,311 |
Profit and Loss
Account
Unit: HKD/000
|
Consolidated |
2014-4-1~2015-3-31 |
2013-4-1~2014-3-31 |
|
Revenue |
6,554,811 |
5,991,060 |
|
Gross profit |
2,332,826 |
2,131,033 |
|
Profit before income tax |
1,258,737 |
1,153,701 |
|
Profit for the year |
1,083,938 |
986,328 |
Subject declined to disclose its bank details; from other source we cannot
obtain the relevant information, either.
Interview Details:
|
Name: |
The Operator |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ASH |
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.