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Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
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Name : |
REGENCY
CORPORATION LTD. |
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Registered Office : |
c/o Crisp
Business Services (HK) Ltd., 9/F., SPA Centre, |
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Country : |
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Date of Incorporation : |
06.12.2010 |
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Com. Reg. No.: |
53428128 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of aAll kinds of fabrics, textile products, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
|
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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
REGENCY CORPORATION LTD
c/o Crisp Business Services (HK) Ltd.
9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong.
PHONE: 2111 2751
FAX: 3003 1328
Managing Director: Mr. Muhammad Sohail Tabba
Incorporated on: 6th December, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Crisp Business Services (HK) Ltd.
9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong.
Associated
Companies:-
Aziz Tabba Foundation, Pakistan.
Aziz Tabba Kidney Centre, Pakistan.
Fashion Textile Mills (Pvt.) Ltd., Pakistan.
Fazal Textile Mills Ltd., Pakistan.
Gadoon Textile Mills Ltd., Pakistan.
Lucky Cement Ltd., Pakistan.
Lucky Energy (Pvt.) Ltd., Pakistan.
Lucky Knits (Pvt.) Ltd., Pakistan.
Lucky Paragon Readymix Ltd., Pakistan.
Lucky Textile Mills Ltd., Pakistan.
Luckyone (Pvt.) Ltd., Pakistan.
Security Electric Power Co. Ltd., Pakistan.
Tabba Heart Institute, Pakistan.
YB Pakistan Ltd., Pakistan.
Yunus Energy Ltd., Pakistan.
Yunus Textile (Pvt.) Ltd., Pakistan.
Yunus Textile Mills Ltd., Pakistan.
53428128
1536813
Managing Director: Mr. Muhammad Sohail Tabba
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 06-12-2011)
|
Name |
|
No. of shares |
|
Muhammad Sohail TABBA |
|
10,000 ===== |
(As per registry
dated 06-12-2011)
|
Name (Nationality) |
Address |
|
Muhammad Sohail TABBA |
7-A, Tabba Street, Mohammadali Society Karachi-75350, Pakistan. |
(As per registry
dated 06-12-2011)
|
Name |
Address |
Co.
No. |
|
Crisp Business Services (HK) Ltd. |
9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong. |
1147350 |
The subject was incorporated on 6th December, 2010 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 fabrics, textile products, etc.
Employees: Nil.
Commodities Imported: Pakistan, other Asian countries, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: L/C or 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 or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Regency Corporation Ltd. is wholly owned by Muhammad Sohail Tabba who is a Pakistani. He is a Pakistan passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “9/F., SPA Centre, 53-55 Lockhart Road, Wanchai, Hong Kong” known as “Crisp Business Services (HK) Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It is a member of Yunus Brothers Group [Yunus Brothers / Group] of Pakistan. The Group, with investment in Textiles, Cement, Construction, Real Estate, Energy, and Commodities trading business has an annual turnover which exceeds US$750 million.
Established in 1962 as a fabric trading business house, Yunus Brothers soon has become one of the largest conglomerates in Pakistan.
Yunus Textile Mills Limited [YTM] is a main member of the Group. With an annual production capacity of 100 million meters of textile products, is the largest exporter of Home Textile products in Pakistan. In addition to manufacturing, YTM also provides its customers with designing and distribution services. It has had offices in the United States, France, Spain, the United Kingdom and Canada. At present YTM supplies directly to many leading retailers of the United States and Europe. It is also producing products for various private and retail brands for its overseas customers.
The latest addition to the Group of Yunus owned companies is Yunus Textile Mills Spinning plant at Karachi, Pakistan, with a total initial investment of US$15 million. This is yet another step towards acquiring continuous vertical growth and provide excellent integrated solutions to its customers.
Besides YTM, the subject has had another main associated company in Pakistan known as Fazal Textile Mill Ltd. [FTML] which is a fabric manufacturer and trader.
FTML is located in Karachi and was taken over by the Yunus Brothers Group in March 1987. Yunus Brothers took over FTML when it was a closed down unit since 1984 due to heavy losses. The new Management of FTML took prompt and comprehensive actions to revitalize the unit by discarding the old machinery and imported and installed the latest machinery within a year time. Only in 4 years time FTML got positive results, and in the year 1991 the new management cleared the deficit of previous years and got a net profit. At present total installed spindles in FTML is 60,000.
FTML is mainly producing 100% Grey Cotton Ring Spun Yarn in both Carded and Combed for end users in Knitting as well as Air Jet Weaving. FTML is also producing a wide range of Blended and Heather (Melange) Yarns.
The CEO of FTML is Muhammad Sohail Tabba.
The subject is fully supported by the Yunus Brothers Group. Its business in Hong Kong is not active. History in Hong Kong is about two years.
Since
the subject does not have its own operating office and has no employees in
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.57 |
|
UK Pound |
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.71.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.