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Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
COLORICH |
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|
|
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Registered Office : |
Block B, 8/F., Edwick Industrial Centre, 4-30 Lei Muk Road, Kwai
Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.04.1991 |
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Reg. No.: |
15040982 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of fabrics, piecegoods, etc |
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No. of Employees : |
25 |
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 |
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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
|
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 |
COLORICH
ENTERPRISE LED
ADDRESS
Block B, 8/F., Edwick Industrial Centre, 4-30 Lei Muk Road, Kwai Chung,
New Territories, Hong Kong.
PHONE: 2743 2822
FAX: 2785 1678
E-MAIL: stevepai@colorich.com.hk
Managing Director: Mr. Lau Ying
Ho, Brian
Incorporated on: 9th April, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Importer
and Exporter.
Annual Turnover: US$200-220 million.
Employees: 25.
Main Dealing Banker: Citibank,
N.A., Hong Kong.
Banking Relation: Satisfactory.
COLORICH
ENTERPRISE LED
Registered Head
Office:-
Block B, 8/F., Edwick Industrial Centre, 4-30 Lei Muk Road,
Kwai Chung, New Territories, Hong Kong.
China Offices:-
Colorich Enterprise Ltd. Foshan Office, China.
Colorich Enterprise Ltd. Huzhou Office, China.
Colorich Enterprise Ltd. Shanghai Office, China.
Associated
Company:-
Gorelick Consulting Inc., US.
15040982
0304419
Managing Director: Mr. Lau Ying Ho, Brian
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
(As per registry dated 09-04-2012)
|
Name |
|
No. of shares |
|
LAU Ying Ho |
|
6,000,000 ======= |
(As per registry dated 12-09-2012)
|
Name (Nationality) |
Address |
|
SO King Shun |
House M, Wesley Villa, 81 Ma Ling Path, Shatin, New Territories, Hong
Kong. |
|
LAU Ying Ho |
House M, Wesley Villa, 81 Ma Ling Path, Shatin, New Territories, Hong
Kong. |
(As per registry dated 09-04-2012)
|
Name |
Address |
Co. No. |
|
Winson Corporate Services Ltd. |
Room 1901-1902, 19/F., Park-In Commercial Centre, 56 Dundas Street,
Kowloon, Hong Kong. |
0180603 |
The subject was incorporated on 9th April, 1991 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of First Sky
Garments Ltd., name changed to the present style on 7th May, 1992.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of fabrics, piecegoods, etc.
Employees: 25.
Commodities Imported: China,
India, other Asian countries, etc.
Markets: Asian countries, North America,
Europe, etc.
Annual Turnover: US$200-220
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Mortgage or
Charge:-
Date of Deposit Deed: 21-08-2012
Amount: All moneys now or at any time in the
future owing by the Company
Property: By way of a first fixed charge and
as a continuing security for the obligations, the
company charges and assigns absolutely all
its rights, title to and interest in the accounts and all deposits from time to
time in the account
Mortgagee: Citibank N.A., Hong Kong
Branch.
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.
Banker: Citibank, N.A., Hong Kong.
Standing: Normal.
Having issued 6 million ordinary shares of HK$1.00 each, Colorich
Enterprise Ltd. is wholly owned by Mr. Lau Ying Ho, Brian who is a
Hong Kong merchant. He is also the
managing director of the subject.
The subject is a fabric trader.
It was incorporated in Hong Kong in 1991 to service its direct customers
in the United States and Europe, as well as garment makers in the Asian Pacific
region who supply customers in North America and Europe. The subject utilizes sophisticated, modern,
flexible and efficient woven fabric production facilities to produce many
varieties of woven fabrics in China.
The subject’s wholly owned and also partner owned production facilities
are located in Jiangsu, Zhejiang, Hunan and Guangdong provinces in China.
Its major lines of fabrics are one hundred percent Cotton and Cotton
blends. Fabrics such as twills, poplins,
canvas, sateen, corduroy, and velveteen are produced in rigid and stretch
qualities. Other products include
piece-dyed solid, prints and yarn-dyed patterns, as well as denim. Top weight and bottom weight fabrics are
available in weight ranging from two to fifteen ounces.
The subject has had its vertical in-house production facilities, from
yarn spinning to weaving, dyeing, and finishing. The subject also partially out‑sources
production by integrating the converting of fabrics from greige through
finishing to achieve the best quality and cost mix in a highly efficient
manner.
The subject has set up an associated company in the United States, and
offices in Shanghai, Huzhou and Foshan respectively.
The annual sales turnover of the subject ranges from US$200 to 220
million. Making a profit every year.
The subject has been one of the significant fabric traders in Hong Kong.
As the history of the subject is over twenty-one 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.55.20 |
|
|
1 |
Rs.88.37 |
|
Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.