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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FRAMELESS ASIA PACIFIC LTD. |
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Registered Office : |
Unit 14D1, 14/F., Mai Shun |
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Country : |
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Date of Incorporation : |
06.05.2008 |
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Com. Reg. No.: |
39261441 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesalers of Buttons, Buckles, Labels,
Hangtags etc. |
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No. of Employees : |
3 |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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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'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.
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Source : CIA |
NAME: FRAMELESS ASIA PACIFIC LTD.
ADDRESS: Unit 14D1, 14/F., Mai Shun Industrial
Building, 18-24 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2424 4968
FAX: 2424 8968
E-MAIL: marcel@frameless-asia-pacific.com
info@frameless-asia-pacific.com
Managing
Director: Mr. Marcel Sossnowski
Incorporated on: 6th May, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category:
Importer, Exporter and Wholesaler.
Employees: 3.
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
FRAMELESS ASIA PACIFIC
LTD.
Registered Head Office:-
Unit 14D1, 14/F.,
Mai Shun Industrial Building, 18-24 Kwai Cheong Road, Kwai Chung, New
Territories, Hong Kong.
China Factory:-
Frameless Asia
Pacific Garment Accessories (Shenzhen) Co. Ltd.
West, 4/F., Block
6, Hengmingzhu Industiral Park, Shajing, Bao’an, Shenzhen Special Economic
Zone, China.
[Tel: 86-1314 9975
234]
Associated Company:-
Frameless Asia
Pacific Vertriebsgesellschaft Germany GmbH
Nymphenburger
Street, 102, 80636 Munich, Germany.
39261441
1234453
Managing
Director: Mr. Marcel Sossnowski
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 06-05-2012)
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Name |
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No. of shares |
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Marcel SOSSNOWSKI |
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2 = |
(As per registry dated 06-05-2012)
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Name (Nationality) |
Address |
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Harald Alexander
BERGEL |
Nymphenburger Street, 102, 80636 Munich,
Germany. |
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Marcel
SOSSNOWSKI |
Flat A, 3/F., 162 Nga Tsin Wai Road,
Kowloon, Town, Kowloon, Hong Kong. |
(As per registry dated 06-05-2012)
|
Name |
Address |
Co.
No. |
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RYA
Management Ltd. |
Rooms 1318-1320, Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon,
Hong Kong. |
0627200 |
The subject was incorporated on 6th May, 2008 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: Buttons, buckles, labels,
hangtags, etc.
Employees: 3.
Commodities
Imported: China, etc.
Markets: Asian countries, Germany, other
European countries, Russia, etc.
Terms/Sales: As
per contracted.
Terms/Buying: Various
Terms.
Nominal Share
Capital: HK$10,000.00 (Divided into
10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
Profit or Loss: Kept a balance account in 2011.
Condition: Business is under development.
Facilities: Trying to make use of general banking
facilities.
Payment: Met
trade commitments as required.
Commercial
Morality: Fairly Satisfactory
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 2 ordinary shares of HK$1.00 each, Frameless Asia Pacific Ltd. is wholly owned by Mr. Marcel Sossnowski who seems to be a Russian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the managing director of the subject.
The subject is a garment accessory manufacturer and trader. It is trading in the following commodities: Buttons, Buckles, Labels, Hangtags, etc.
The subject has had an associated factory in Shenzhen Special Economic Zone, China known as Frameless Asia Pacific Garment Accessories (Shenzhen) Co. Ltd. The contact person of this factory is a Mr. Wang who is a Chinese. He can be reached at his mobile phone number 86-1314 9975 234. Currently, this factory is employing about 40 persons.
The products of the factory are exported to Germany, other European countries, Eastern Europe, Russia, etc.
The subject also has had an associated company in Germany known as Frameless Asia Pacific Vertriebsgesellschaft Germany GmbH [Frameless Germany] which is carrying the same type of commodities.
The business of Frameless Germany is handled by Harald Alexander Bergel who is currently residing in Munich, Germany.
The subject’s business in Hong Kong is improving. History in Hong Kong is just over four years.
On the whole, consider the subject good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.99 |
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1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
-- |
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.