|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
HENSON
& CO. LTD. |
|
|
|
|
Registered Office : |
Flat C, 10/F., Yip Fat Factory Building, 77 Hoi Yuen Road, Kwun Tong, Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
08.02.1974 |
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|
|
|
Com. Reg. No.: |
04075877 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Importer and Exporter of all kinds of leather garments such as coats, jackets, vests, pants, skirts, etc. |
|
|
|
|
No. of Employees : |
13. (Hong Kong) |
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 : |
Satisfactory |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
HENSON & CO. LTD.
Flat C, 10/F., Yip Fat Factory Building, 77 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2342 6294
FAX: 2341 2876
E-MAIL: henson@netvigator.com
Managing Director: Ms. Elana Chow
Incorporated on: 8th February, 1974.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Leather garment trader.
Employees: 13. (Hong Kong)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat C, 10/F., Yip Fat Factory Building, 77 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
Factory:
China.
Holding Company:-
Quadrant Link Development Ltd., British Virgin Islands.
Wholly-owned
subsidiary:-
Mode & Pelle Online Shop, Hong Kong.
Associated
Companies:-
Delicate Garments Ltd., Hong Kong.
T.M.L.C. Factory Ltd., Hong Kong. [Dissolved]
Topcoats Garments Factory Ltd., Hong Kong. [Dissolved]
Topcoats Leather Crafters Factory Ltd., Hong Kong. [Dissolved]
Topcoats Ltd., Hong Kong. [Dissolved]
04075877
0037182
Managing Director: Ms. Elana Chow
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry
dated 08-02-2012)
|
Name |
|
No. of shares |
|
Quadrant Link Development Ltd. Trustnet Chambers, P. O. Box 3444, Road Town, Tortola, British Virgin Islands. |
|
19,999 |
|
CHOW Wai Sze, Christina |
|
1 |
|
|
|
–––––– |
|
|
Total: |
20,000 ===== |
(As per registry
dated 08-02-2012)
|
Name (Nationality) |
Address |
|
CHOW Ngai Sze, Christopher |
21-B Shek-O Headland, Shek O, Hong Kong. |
|
CHOW Wai Sze, Christina |
10/F., Block C, Yip Fat Factory Building, 77 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong. |
|
CHOW Wing Sze, Stella |
21-B Shek-O Headland, Shek O, Hong Kong. |
|
CHOW Elana |
21-B Shek-O Headland, Shek O, Hong Kong. |
(As per registry dated 08-02-2012)
CHOW Ngai Sze, Christopher
The subject was incorporated on 8th February, 1974 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 and Exporter.
Lines: All kinds of leather garments such as coats, jackets, vests, pants, skirts, etc.
Employees: 13. (Hong Kong)
Commodities Imported: Mainly imports leathers from Europe, India, etc.
Markets: Japan, Europe, US, Canada, Scandinavia, etc.
Terms/Sales: L/C or as per arranged.
Terms/Buying: L/C, T/T, D/P, etc.
The Hong Kong General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)
Issued Share Capital: HK$2,000,000.00
Alternation of
Capital:-
|
15-02-1974 |
paid up |
HK$ 100,000.00 |
|
05-07-2005 |
paid up |
HK$1,900,000.00 |
|
|
|
––––––––––––––– |
|
|
Total: |
HK$2,000,000.00 ============= |
Increase of
Nominal Capital:-
|
From |
HK$100,000.00 |
to |
HK$ 300,000.00 |
on |
27-09-1980 |
|
From |
HK$300,000.00 |
to |
HK$2,000,000.00 |
on |
06-07-2005 |
Indebtedness: US$17,245.84
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 08-02-2012)
Mortgage or Charge: (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· Hang Seng Bank Ltd., Hong Kong.
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
DBS
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Henson & Co. Ltd., formed in February 1974, is a wholly owned subsidiary of Quadrant Link Development Ltd. which is a BVI-registered firm.
The subject in fact is a family business of the Chows. It was originally owned by a couple Mr. Henry Chow Hong Lin and Ms. Lau Fung Chuen in the ratio of 80 and 20. Now, the subject is chiefly managed by their sons and daughters.
The subject is a professional manufacturer of leather garments. It is engaged in manufacturing and exporting leather coats, leather jackets, leather vests, leather pants, leather skirts and other suede garments. Its associated factories are in China. The subject also receives OEM and ODM orders.
Most of its leather materials are imported from Italy, Spain, other European countries, India, etc.
Leather garments are exported to the countries of Europe, the United States, Canada, Scandinavia, Japan, etc.
The subject has had an associated company Delicate Garments Ltd. which is also owned and operated by the Chow family.
Mr. Henry Chow was the ex-general manager of Amerex Leather Crafters Ltd., a leading leather garment manufacturing plant in Hong Kong.
The subject has had a wholly-owned subsidiary known as Mode & Pelle Online Shop. This shop is selling all kinds of leather products such as leather handbags, jackets and purses online.
The subject has had regular suppliers and foreign customers. Business is normal. It operates from an office owned by itself.
As the history of the subject in Hong Kong is over 38 years, on the whole, consider it good for normal business engagements.
REMARKS:
Property information of the company and
directors:-
1. Property Location: Factory Units A & C on 10/F., Yip Fat Factory Building,
77 Hoi Yuen Road, Kowloon, Hong Kong.
Owner: Henson & Co. Ltd.
Date of Purchase: 02-05-1980
Purchased Price: HK$1,521,660
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
02-05-1980 |
HK$1,150,000 |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
06-08-1981 |
HK$1,150,000 |
- ditto - |
Further charge |
|
10-07-1989 |
HK$1,700,000 |
- ditto - |
- ditto - |
2. Property Location: Factory Unit B on 10/F., Yip Fat Factory Building,
77 Hoi Yuen Road, Kowloon, Hong Kong.
Owner: Henson & Co. Ltd.
Date of Purchase: 11-04-1994
Purchased Price: HK$3,080,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
11-04-1994 |
- |
Belgian Bank, Hong Kong Branch. [Now known as Fortis Bank Asia HK] |
Legal charge to secure general banking facilities |
3. Property Location: Factory Unit D on 10/F., Yip Fat Factory Building,
77 Hoi Yuen Road, Kowloon, Hong Kong.
Owner: Henson & Co. Ltd.
Date of Purchase: 27-03-1990
Purchased Price: HK$2,354,950
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
27-03-1990 |
- |
Belgian Bank, Hong Kong Branch. [Now known as Fortis Bank Asia HK] |
Legal charge to secure general banking facilities |
4. Property Location: Unit C1 on 6/F. of Block C and Car Parking Space No. A3 on G/F., Wisdom Court, 5 Hatton Road, Hong Kong.
Owner: Henson & Co. Ltd.
Date of Purchase: 28-10-1985
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
08-10-1998 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
08-10-1998 |
- |
- ditto - |
Second mortgage to secure general banking facilities |
5. Property Location: Unit C2 on 6/F. of Block C and Car Parking Space No. A4 on G/F., Wisdom Court, 5 Hatton Road, Hong Kong.
Owner: Henson & Co. Ltd.
Date of Purchase: 28-10-1985
Purchased Price: HK$1,569,000
Incumbrances: No mortgage record registered against the property.
6. Property Location: Block G, 21B Shek O Headland, Hong Kong.
Owner: Henry Chow Hong-Lin & Lau Fung Chuen
Date of Purchase: 30-03-1976
Purchased Price: HK$355,000 pt.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
02-05-1980 |
HK$900,000 pt. |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
06-08-1981 |
HK$600,000 pt. |
- ditto - |
Further charge |
7. Property Location: Flat B on 12/F. including Roof-top of Block B, Greenland Garden, 67-69 Lyttelton Road, Hong Kong.
Owner: Henry Chow Hong-Lin & Lau Fung Chuen
Date of Purchase: 04-07-1972
Purchased Price: HK$119,070 pt.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
28-10-1985 |
- |
Belgian Bank, Hong Kong Branch. [Now known as Fortis Bank Asia HK] |
Legal charge to secure general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
UK Pound |
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.