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Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
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Name : |
MILLIONFULL CO. LTD. |
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Registered Office : |
25-26/F., China United Plaza, 1008 Tai Nan West Street, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.02.1980 |
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Com. Reg. No.: |
06589127 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Textile Product |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
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 |
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
MILLIONFULL CO.
LTD.
ADDRESS: 25-26/F., China United Plaza,
1008 Tai Nan West Street, Kowloon, Hong Kong.
PHONE: 2741 3103
FAX: 2785 1324, 2785 3115
E-MAIL: albert@millionfull.com
mlf@millionfull.com
Managing Director: Mr. Ngan Kam
Wai (alias Albert Ngan)
Incorporated on: 1st
February, 1980.
Organization: Private
Limited Company.
Capital: Nominal:HK$30,000,000.00
Issued: HK$30,000,000.00
Business Category: Textile Product Trader.
Employees:
35.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very
Good.
Registered Head Office:-
25-26/F., China United Plaza, 1008 Tai Nan West Street, Kowloon,
Hong Kong.
Retail Shop:-
G/F., 135, Kilung Street, Kowloon, Hong Kong.
Associated Companies:-
Kingdom Holdings Ltd., Cayman Islands/Hong Kong.
Millionfull International Co. Ltd., British Virgin Islands.
Padlot Investments Ltd., Hong Kong.
06589127
0078111
Managing Director: Mr. Ngan Kam Wai
(alias Albert Ngan)
Nominal Share Capital: HK$30,000,000.00 (Divided into 3,000,000 shares
of HK$10.00 each)
Issued Share Capital: HK$30,000,000.00
(As per registry dated 01-02-2012)
|
Name |
|
No. of shares |
|
CHOI Po King |
|
10,000 |
|
NGAN Kam Wai, Albert |
|
1,506,600 |
|
NGAN CHAN Sau Kat, Kattie |
|
670,000 |
|
YEN Yuk Mui |
|
227,400 |
|
NGAN Lai Yuen |
|
508,000 |
|
[to be
continued] |
||
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||
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[continued] |
||
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LEUNG Suk Kou |
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45,000 |
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NGAN Sau Yuen |
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33,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
(As per registry dated 01-02-2012)
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Name (Nationality) |
Address |
|
NGAN CHAN Sau Kat, Kattie |
Flat A & B, 9/F., Skylodge 3, Dynasty Heights, 2-8 Yip Ping Road,
Beacon Hill, Kowloon, Hong Kong. |
|
NGAN Lai Yuen |
25/F., China United Plaza, 1008 Tai Nan West Street, Kowloon, Hong
Kong. |
|
NGAN Kam Wai, Albert |
Flat A & B, 9/F., Skylodge 3, Dynasty Heights, 2-8 Yip Ping Road,
Beacon Hill, Kowloon, Hong Kong. |
NGAN CHAN Sau Kat, Kattie (As per registry dated 01-02-2012)
The subject was incorporated on 1st February, 1980 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time it was located at 18/F., China United Plaza, 1008 Tai Nan West
Street, Kowloon, Hong Kong, moved to 25-26/F. of the same building with
effect from February 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Textile
Product Trader.
Lines: Ramie/linen/cotton
piecegoods & yarns.
Employees: 35.
Commodities Imported: China, other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P, etc.
The Chinese General Chamber of Commerce,
Hong Kong.
The Chinese Manufacturers’ Association of Hong
Kong, Hong Kong. [Member No. 010389]
Nominal Share Capital: HK$30,000,000.00 (Divided into 3,000,000 shares
of HK$10.00 each)
Issued Share Capital: HK$30,000,000.00
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
Standing:
Very Good.
Having issued 3 million ordinary shares of HK$10.00 each, Millionfull
Co. Ltd. is chiefly owned by the Ngan family.
Two of the main shareholders are Mr. Ngan Kam Wai, Albert, holding
50.22% interests, and Mrs. Ngan Chan Sau Kat, Kattie, holding 22.33%.
The subject has been supplying linen fabrics and linen mixture fabrics
worldwide since 1978. It was the first
firm to introduce such fabrics from China to be used in garment
manufacturing. For over 30 years, its
dedication and experience helped it build its business successfully.
The subject also has spinning and weaving mills in Mainland China. It also works with dyeing mills with distinct
areas of expertise in China.
The subject’s retailing outlet and warehouse in Hong Kong are selling
and displaying, stocking its products.
It also offers customers with complete services for the development of customised
fabrics. Since its establishment, it has
been engaged in the production of fabrics with different constructions, yarn
counts, finishing, solid-dyes, yarn-dyes and prints.
The subject’s products have been exported to the United States, Europe, Japan,
Australia and New Zealand.
The subject is one of the shareholders of Kingdom Holdings Ltd.
[KHL/Group] which is a listed firm in Hong Kong. The subject is holding 10.8% interests of KHL
which is also registered in the Cayman Islands.
The Vice-Chairman of KHL is Mr. Ngan Kam Wai, Albert.
For the year ended 31st December 2011, the Group’s turnover increased by
13.1% to RMB710,960,000 Yuan (2010: RMB628,718,000 Yuan); gross profit rose by
37.5% year-on-year to RMB228,003,000 Yuan (2010: RMB165,842,000 Yuan) with
an increase in profit attributable to owners of the parent of 51.8%
year-on-year to RMB103,139,000 Yuan (2010: RMB67,931,000 Yuan).
Being the largest linen yarn manufacturer in China, the Group has not
only actively consolidated its domestic market, but also increased its
investment in overseas expansion such as establishing sale agents in Turkey and
Spain in 2011. In furtherance of its
global marketing strategy, the Group’s export sales network has been extended
to over 20 different countries across the world so as to capitalize on the
continually feverish linen market and achieve sustainable profit growth during
the year.
During the year ended 31st December 2011, the Group’s total sales of
linen yarn amounted to approximately RMB710,960,000 Yuan, representing an
increase of approximately 13.1% as compared with last year, of which
approximately RMB274,939,000 Yuan was derived from domestic sales, which
accounted for approximately 38.7% of the total sales and was up by
approximately 3.3% year-on-year, and RMB436,021,000 Yuan was derived from
export sales, which was up approximately 20.2% year-on-year and accounted for
approximately 61.3% of the total sales.
The Group’s export sales have risen substantially and accounted for
approximately 32.7% of the total export value of linen yarn of China, thereby
helping the Group to maintain its leading position of being the largest linen
yarn exporter in China.
The revenue of the Group decreased by 8.1% to approximately RMB294.3
million for the six months ended 30th June 2012 from approximately RMB320.2
million for the six months ended 30th June 2011.
Profit attributable to the owners of KHL decreased by 25.6% to
approximately RMB43.1 million Yuan for the six months ended 30th June 2012 from
approximately RMB57.9 million Yuan for the six months ended 30th June 2011.
In the first half of 2012, the slowdown of China’s economy and the
deteriorating European sovereign debt crisis had been adversely affecting the
linen yarn industry. Both domestic and
international market demands for linen yarn during the six months ended 30th
June 2012 shrank from those in the corresponding period of 2011.
Cotton yarn spinning, chemical fibers and textile industry all have
suffered under the prevailing market environment. Linen fabric has the characteristic as being
eco-friendly with good air permeability, as such linen fabric has been
increasingly popular, especially in the high-end apparel market. With the well recognized brand and flexible
marketing strategies of KHL.
The Group managed to record growth in external sales for the period
under review as compared with the same period of previous year.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
Since 2009
|
Date |
Particulars |
Amount |
|
28-08-2009 |
Instrument: Assignment of Insurance Policy (Two
Party) Property: All the rights, title, benefits & interest of the Borrower in and to
the Policy and the Proceeds, whether in existence at the date of the
Assignment or after the date of the Assignment Name of the Insured: Ngan Chan
Sau Kat, Kattie Policy No.: 28000846 Effective date of the Policy:
28th August, 2009 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all sums of money, debt & liabilities whether certain or
contingent, Maximum liabilities HK$2,385,000.00 |
|
30-04-2010 |
Instrument: Mortgage Property: 8/8,781 part or shares of and in New Kowloon Inland Lot No. 5924 [Unit
C, 9/F., Block 3, (Skylodge 3) and Car Parking Space No. 35, 2/F. underneath
Block 1-6 (Skylodge 1-6), Dynasty Heights, Kowloon, Hong Kong.] Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
All Moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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.