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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW
LEGEND ( |
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Registered Office : |
c/o Gee Kay Systems & Accounting Ltd., Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon |
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Country : |
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Date of Incorporation : |
22.02.2005 |
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Com. Reg. No.: |
35362039 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a garment, fabric, and textile product trader |
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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) |
|
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 |
RAINBOW LEGEND (HONG KONG) LTD.
Registered
Office:-
c/o Gee Kay Systems & Accounting Ltd.
Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
[Tel: 2744 2685; Fax: 3544 8091]
Holding Company:-
Global Textile Solution S.A., Belgium.
Associated
Companies:-
Global Textile Solution NV, Belgium.
Textile Management Ltd. [TML], Hong Kong.
TML China Representative Office, China.
U2D Global Textile Control, France.
35362039
0952571
22nd February, 2005.
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 22-02-2012)
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Name |
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No. of shares |
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Global Textile Solution S.A. Rue De La Grande Couture, 2, 7522 Marquain, Belgium. |
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10,000 ===== |
(As per registry
dated 22-02-2012)
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Name |
Address |
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Global Textile Solution S.A. |
Rue De La Grande Couture, 2, 7522 Marquain, Belgium. |
(As per registry dated
22-02-2012)
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Name |
Address |
Co.
No. |
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Gee Kay Systems & Accounting Ltd. |
Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong. |
0680643 |
Date of Deed of Charge on receivables and invoices (floating charge): 27‑09‑2010
Amount: The total amount of all credit facilities
Property: All receivables and invoices which the chargor has or will have on account of his debtors,
moreover by virtue of deliveries of goods and services and by virtue of all other commercial activities, which he proceeds, included all claims on the government and proceeds due under insurance policies
Mortgagee: Dexia Bank, Belgium.
Rainbow Legend (Hong Kong) Ltd. was incorporated on 22nd February, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1308, 13/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong known as Gee Kay Systems & Accounting Ltd. [Gee Kay] which is handling its correspondences and documents. Gee Kay is also the corporate secretary of the subject. Formerly Gee Kay was located at Unit 710, 7/F., Block B, Alexandra Industrial Building, 1064 Tung Chau West Street, Lai Chi Kok, Kowloon, Hong Kong, moved to the present address with effect from 18th August, 2011, so did the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each which are wholly-owned by Global Textile Solution S.A. [GTS] which is a Belgium-based firm. GTS is also the only director of the subject.
GTS is a garment, fabric, and textile product trader. It has been banking with Dexia Bank which is in Brussels, Belgium. GTS sources its commodities in Hong Kong, from China and the other Asian countries, etc. Prime markets are Belgium and the other European countries.
GTS has had the
following associated companies in Belgium and France respectively:-
Global Textile Solution NV [GTSNV], Belgium
U2D Global Textile Control [U2D], France
Established on 28th May, 2003, GTSNV is engaged in sourcing textile products for its clients in Europe.
U2D is a buying office. It offers its clients with all kinds of buying solutions and supporting services.
Besides, U2D has had an associated company Textile Management Ltd. [TML] which is a Hong Kong-registered firm. TML has a representative office located at Room 1009, Yinan Commercial Centre, Keqiao Town, Shaoxing City, Zhejiang Province, China. The China office is responsible for sourcing commodities in China.
It is likely that GTS deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. GTS also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The history of the subject in Hong Kong is over seven years and eight months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
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UK Pound |
1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
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 |
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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.