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Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
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Name : |
EAST
CONCEPT FASHION LTD. |
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Registered Office : |
Room 1503-08, 15/F., New |
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Country : |
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Date of Incorporation : |
10.03.2006 |
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Com. Reg. No.: |
36527676 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
subject is a garment trader |
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No. of Employees : |
12 employees |
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
|
Country Name |
Previous Rating (31.03.2012) |
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 |
EAST CONCEPT FASHION LTD.
Room 1503-08, 15/F., New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 2997 7828
FAX: 2997 7289
E-MAIL: toby@eastconcept.com.hk
Managing Director: Mr. Yick Man Fai
Incorporated on: 10th March, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000.00
Issued: HK$20,000.00
Business Category: Fashion Trader.
Employees: 12.
Main Dealing Banker: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1503-08, 15/F., New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.
Associated
Companies:-
A & Feng (HK) Ltd., Hong Kong.
A & Feng Fashion Ltd., Hong Kong.
36527676
1029633
Managing Director: Mr. Yick Man Fai
Contact Person: Ms. Toby So
Nominal Share Capital: HK$20,000.00 (Divided into 20,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000.00
(As per registry
dated 10-03-2012)
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Name |
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No. of shares |
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YICK Man Fai |
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16,000 |
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PAN Feng |
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4,000 |
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–––––– |
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Total: |
20,000 ===== |
(As per registry
dated 10-03-2012)
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Name (Nationality) |
Address |
|
YICK Man Fai |
Room 1503-1508, 15/F., New Tech Plaza, 34 Tai Yau Street, San Po Kong, Kowloon, Hong Kong. |
(As per registry
dated 10-03-2012)
|
Name |
Address |
|
CHAN Kwok Meng |
Flat G, 18/F., Lascar Court, 3 Lok Ku Road, Sheung Wan, Hong Kong. |
The subject was incorporated on 10th March, 2006 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: Fashion Trader.
Lines: All kinds of fashions, etc.
Employees: 12.
Commodities Imported: China, other Asian countries, etc.
Markets: Other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$20,000.00 (Divided into 20,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000.00
Mortgage or
Charge:-
Date of Mortgage: 23-12-2008
Amount: All moneys
Property: All Those 16 equal undivided 6,886 parts or shares of and in New Kowloon Inland Lot No. 4408 (Workshop No. 9 on the 15/F., of New Tech Plaza, No. 34 Tai Yau Street, Kowloon, Hong Kong.)
Mortgagee: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
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: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Standing: Normal.
Having issued 20,000 ordinary shares of HK$1.00 each, East Concept Fashion Ltd. is jointly owned by Mr. Yick Man Fai, holding 80% interests; Mr. Pan Feng, holding 20%. The former is a Hong Kong merchant and is the only director of the subject. The latter seems to be a China merchant.
The subject is a garment trader. It is trading in all kinds of garments sourced from its associated factory or other sub-contractors in China. It is trading in the following commodities:-
Women’s and girls’ coats, skirts, blouses, men’s and women’s trousers, parkas, anoraks, men’s shirts, trousers, coats, etc.
Commodities are exported to Japan, the other Asian countries, Europe, North America, etc. Business is normal.
The subject has had
the following two associated companies located at its operating address:-
· A & Feng (HK) Ltd.;
A
& Feng Fashion Ltd.
Both are also garment trading firms.
The business of the subject is chiefly administered by Yick Man Fai himself. History in Hong Kong is over six years.
The subject is able to make a small profit every year.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.59 |
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UK Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
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.