|
Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
Crystal Town LTD. |
|
|
Registered Office : |
Unit 304-305, 3/F., Block A, Focal Industrial Centre, |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Date of Incorporation : |
24.10.1989 |
|
|
|
|
|
|
Com. Reg. No.: |
13193082 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
Buttons, Zippers, etc. |
|
|
|
|
|
|
No. of Employees : |
35 |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
NAME: CRYSTAL
TOWN LTD.
ADDRESS: Unit 304-305, 3/F., Block A, Focal
Industrial Centre, 21 Man Lok Street, Kowloon, Hong Kong.
PHONE: 2774 5880
FAX: 2362 5760
E-MAIL: deric@crystaltown.com.hk
general@crystaltown.com.hk
Managing
Director: Mr. Siu Pui Hung, Edmond
Incorporated
on: 24th October, 1989.
Organization: Private
Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$100,000.00
Business Category:
Importer, Exporter and Wholesaler.
Employees: 35.
Main Dealing Banker:
Hang Seng Bank Ltd., Hong Kong.
Banking Relation:
Good.
CRYSTAL TOWN LTD.
Registered Head
Office:-
Unit 304-305,
3/F., Block A, Focal Industrial Centre, 21 Man Lok Street, Kowloon, Hong Kong.
Affiliated China
Factory:-
Fuyong Xing Wei Evertex Garment Accessories Factory
Xingwei Industrial
Zone, Fuyong, Bao’an District, Shenzhen Special Economic Zone, China.
[Tel: 86-755-2777
1338; Fax: 86-755-2777 1628]
Affiliated
Companies:-
Emsig
Manufacturing Corporation, USA.
Emsig
Manufacturing India, India.
Emsig-Crystal Town
(Shanghai) Ltd., China.
Evertex Industries
(Holdings) Ltd., Hong Kong.
San Pedro De
Macoris Perell Industries, Dominican Republic.
Santiago Notions
Dominicana, SA, Dominican Republic.
TM (Buttons & Trimmings)
Agencies Ltd., England.
US Button
Corporation, USA.
13193082
0264990
Managing Director: Mr. Siu Pui Hung, Edmond
Nominal Share Capital:
HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share
Capital: HK$100,000.00
(As per registry dated 24-10-2011)
|
Name |
|
No.
of shares |
|
SIU
Pui Hung |
|
40,000 |
|
Lins Secretarial Services Ltd., Hong Kong. |
|
60,000 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
(As per registry dated 24-10-2011)
|
Name (Nationality) |
Address |
|
KWAN Sui Man |
Room A, 1/F., Block 24, Broadway, Mei Foo
Sun Cheun, Kowloon, Hong Kong. |
|
MA Po Choi,
Deric |
Flat A, 9/F., Block 2, The Astrid, 180
Argyle Street, Mongkok, Kowloon, Hong Kong. |
|
WONG Kam Yan |
Room A, 1/F., Block 24, Broadway, Mei Foo
Sun Cheun, Kowloon, Hong Kong. |
|
SIU Pui Hung |
Flat B, 7/F., Skylodge 2 Dynasty Heights,
8 Yin Ping Road, Kowloon, Hong Kong. |
SIU Pui Hung (As
per registry dated 24-10-2011)
The subject was incorporated on 24th October, 1989 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 buttons, zippers,
etc.
Employees: 35.
Commodities
Imported: US, Japan, South Korea, Taiwan, China, etc.
Markets: Southeast Asia, North America,
Australia, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share
Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share
Capital: HK$100,000.00
Indebtedness: HK$6,000,000
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 24-10-2011)
Mortgage or
Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Is making use of general banking
facilities.
Payment: Met
trade commitments on time.
Commercial
Morality: Satisfactory.
Banker: Hang
Seng Bank Ltd., Hong Kong.
Standing: Good.
Having issued 100,000 ordinary shares of HK$1.00 each, Crystal Town Ltd. was jointly owned by Mr. Siu Pui Hung, holding 40% interests, and Lins Secretarial Services Ltd., a Hong Kong-registered firm holding 60%.
The subject is an affiliated company of Emsig Manufacturing Corporation [Emsig] which is a US-based firm.
Emsig is a button manufacturer and distributor, so does the subject. The subject is a haberdashery wholesaler. It buttons and zippers are imported from China, the United States, Japan, South Korea, Japan, etc.
Back in 1928, the Emsig family started a new business, Emsig Manufacturing. The initial market strategy, as it remains today, was to produce the high quality button products for its customers. Now, Emsig has emerged as a formidable button manufacturing company over the past years.
In 1989, Emsig opened a Sales and Distribution facility in Hong Kong which was the subject.
In the 1990’s to 2005, Emsig developed global strategies, by opening sales, manufacturing, and distribution in various countries. This included Europe, China, India, Puerto Rico, Dominican Republic, and Central America.
Today, Emsig Manufacturing is managed by third and fourth generation family members, and through all the years of innovation and expansion, the Emsig Group has maintained its initial family traditional customs.
The subject has had an affiliated company Evertex Industries (Holdings) Ltd. [Evertex] which is a Hong Kong-registered firm. One of the directors of the subject Mr. Kwan Sui Man is a 50% shareholder of Evertex.
Evertex is trading in all kinds of plastic, zinc alloy, die-cast and metal products. It has got an affiliated factory in Shenzhen Special Economic Zone, China known as Fuyong Xing Wei Evertex Garment Accessories Factory. Currently, the China factory is manufacturing general buttons, jean buttons, snap buttons, baby snaps, eyelets, alloy plates, rivets, alloy stoppers, card ends, alloy cord locks, gift items, wine accessories, bathroom accessories, etc.
Siu Pui Hung is also the legal representative of Emsig-Crystal Town (Shanghai) Ltd., a China-based firm.
The subject’s products are marketed in Hong Kong, exported to Southeast Asia, Europe, North America, etc. Business is profitable.
As the history of the subject is over years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.