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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ALPHA POLYMERS HONG KONG LTD. |
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Registered Office : |
Unit A & B, 2/F., Jing Ho Industrial Building, 78-84 Wang Lung Street, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.09.1988. |
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Com. Reg. No.: |
12886161 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and Exporters of all kinds of flocking material for garment. Investment Holding. |
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No. of Employees : |
12. (Hong Kong only) |
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 (31.03.2011) |
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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
ALPHA POLYMERS
HONG KONG LTD.
Address: Unit A & B,
2/F., Jing Ho Industrial Building,
78-84 Wang
Lung Street,
Tsuen Wan,
New Territories,
Hong Kong.
Note: Since the subject is a private limited
company, its financial information is not available from our usual sources.
PHONE: 2407 6831, 2409 7728
FAX: 2407 5672, 2409 6928
Managing Director: Mr. Chan Hay,
Henry
Incorporated on: 16th
September, 1988.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Manufacturer and Exporter; Investment Holding.
Employees:
12. (Hong Kong only)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Units A & B, 2/F., Jing Ho Industrial Building, 78-84 Wang Lung
Street, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Alpha Group 1989 Ltd., British Virgin Islands.
China Factories:-
Dongguan Alpha Flock Co. Ltd., China.
Shunde Alpha Flock Co. Ltd.
Shunde, Foshan City, Guangdong Province, China.
Associated Companies:-
Alpha Flock (China) Ltd., Hong Kong.
Alpha Flock (International) Ltd., Hong Kong.
Alpha Flock Shunde Ltd., China.
Pricedom Enterprises Co. Ltd., Hong Kong.
Wing On Trading Company, Hong Kong.
[Operated by Pricedom Enterprises Co. Ltd.]
Kyoto Pile Seni Kogyo Co. Ltd., Japan.
12886161
0227245
Chairman: Mr. Takeo Tamamura
Managing Director: Mr. Chan Hay,
Henry
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 16-09-2012)
|
Name |
|
No. of shares |
|
Alpha Group 1989 Ltd. c/o CCS Trustees Ltd., 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin
Islands. |
|
2,000,000 ======= |
(As per registry dated 16-09-2012)
|
Name (Nationality) |
Address |
|
CHAN Lin Hing |
Flat E, 1/F., Block 15, Beacon Heights, Lung Ping Road, Kowloon, Hong
Kong. |
|
CHAN Hay, Henry |
B-3, 1/F., 11 Seymour Road, Hong Kong. |
|
Takeo TAMAMURA |
11 Santanosa-Cho, Matsugasaki, Sakyo‑Ku, Kyoto, Japan. |
CHAN Lin Hing (As per registry
dated 16-09-2012)
The subject was incorporated on 16th September, 1988 as a private
limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Co-Value Ltd., name
changed to the present style on 6th February, 1990.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturers
and Exporters; Investment Holding.
Lines: All
kinds of flocking material for garment.
Office Space: 10,000
sq.ft. – owned by associate.
Employees: 12. (Hong Kong only)
1,000 (China)
Materials/Commodities Handled:Mainly imports
raw materials from Japan and finished products from China.
Market: Japan,
other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Indebtedness: HK$24,606,336.38 (Total amount outstanding on all mortgages andcharges asper last Annual Return dated 16-09-2012)
Mortgage or Charge: (See attachment)
Profit & Loss: Trded at a small profitable angle.
Condition:
Keeping in an
active and satisfactory manner.
Facilities:
Making active
use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Shiga Bank Ltd., Hong Kong Representative
Office.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Moderate.
Incorporated in September 1988, Alpha Polymers Hong Kong Ltd. is a
wholly-owned subsidiary of Alpha Group 1989 Ltd. [Alpha Group] which is a
BVI-registered firm.
Alpha Group in fact is a joint venture between the following firm and
the subject:-
Kyoto Pile Seni Kogyo Co. Ltd., Japan.
[Address: 43 Sannodan-cho,
Kisshoin-shinden, Minami-ku, Kyoto‑shi, Kyoto 601, Japan.
Tel: 81-75-6812257
Fax: 81-75-6612257
Established: February 1972.
Issued Share Capital:
Ą40,000,000.
President: Tatsumi Tamamura
Executive Director: Takeo
Tamamura
Business Line: Manufacturer of
animal hair, yarns and raw wool.]
Main line of the subject’s business is to operate a China factory in
Shunde City and a factory in Dongguan City of Guangdong Province, China. The factories are the following two:-
·
Dongguan Alpha Flock Co. Ltd. [Dongguan Alpha];
·
Shunde Alpha Flock Co. Ltd. [Shunde Alpha].
The factories are engaged in manufacturing flocking materials. The feather and down products are exported to
Japan which is the main market. It also
exports its products to the other Asian countries, Europe, North America, etc.
The Group has an office in Japan, and has got the certification of
ISO9001: 2000 Quality Management System.
Currently the Group has over 1,000 employees. The factories cover a total area of 150,000
squares meters.
During the period from 1988 to 1996, Alpha Flock had become a famous
enterprise in the industry of pile, print flocking products and flock products.
The Group has set up a R & D Centre and has about 80 persons.
So far, the Group has developed many famous brand names --“Alpha Flock”
and “LEXUS” upholstery series, “SILVIA” clothing series, “ACURA” packaging
series, environmental friendly series, etc., which are not only in the top
position in the industry in China, but also enjoy a high reputation in the
world. Besides, the Group has been
awarded numerous honours from both the national and international
organizations.
The annual sales turnover ranges from RMB150 to 170 million Yuan.
The subject is an associated company of Wing On Trading Co. which was
formed in 1968 by Mr. Chan Woon Sin and now controlled by his sons. Wing On is a well-established trading
company.
Mr. Chan’s sons, Mr. Henry Chen Hay and Mr. Chan Lin Hing, are also the
subject’s directors. Most of the time,
the subject’s Japanese shareholder is in Japan responsible for the distribution
work. The Mr. Chans are responsible for
the production in China. Business has
been satisfactory.
The subject’s outstanding as at September 2012 amounted to HK$24.6
million.
As the history of the subject in Hong Kong is over 24 years, on the
whole, consider it good for normal business engagements.
Property information of
director and associate:-
1. Property Location: Unit A on 2/F. and Car Parking Space
No. 44 on 2/F., Jing Ho Industrial Building, 78-84 Wang Lung Street,
Tsuen Wan, New Territories, Hong Kong.
Owner: Pricedom Enterprises Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-06-1992 |
- |
Chekiang First Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
2. Property Location: Unit B on 2/F. and Car Parking Spaces
Nos. 50 & 51 on 2/F., Jing Ho Industrial Building, 78-84 Wang Lung
Street, Tsuen Wan, New Territories, Hong Kong.
Owner: Pricedom Enterprises Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
28-12-1987 |
- |
Chekiang First Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
3. Property Location: Car Parking Spaces Nos. 30 & 30A
on 2/F.,
Jing Ho Industrial Building, 78-84 Wang Lung Street, Tsuen Wan, New
Territories, Hong Kong.
Owner: Pricedom Enterprises Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
02-04-1993 |
- |
Chekiang First Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
4. Property Location: Flat E on 1/F. of Block 15, Beacon
Heights, Phase II,
15 Lung Ping Road, Kowloon, Hong Kong.
Owner: Chan Lin Hing & Lee Dor
Chee
Date of Purchase: 31-05-1988
Purchased Price: HK$1,380,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
31-05-1988 |
- |
Chekiang First Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
28-09-2004 |
Instrument: Mortgage Property: All those 6/870 part or share of and in Tsuen Wan Town Lot. No. 138
(Unit A, 26/F., Jing Ho Industrial Building, 78-84 Wang Lung Street, Tsuen
Wan, New Territories, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
All moneys |
|
01-08-2005 |
Instrument: Charge Over Securities Property: A) Any interests, right
or property owned by the company which, at any time and for any reason, are
transferred in the name of the Bank or any nominee or agent of the Bank and
stand to the credit of the company’s securities account number 267-055382-382 B) All dividends,
interest, distributions and other moneys derived therefrom C) All accretion,
allotments, and other benefits accruing or arising in respect thereof. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies in any currency owing by the company to the Bank
at any time |
|
25-09-2008 |
Instrument: Charge Over Securities (2-Party) Property: A) Any interests, right
or property owned by the company which, at any time and for any reason, are transferred
in the name of the Bank or any nominee or agent of the Bank and stand to the
credit of the company’s securities account number 267-055382-085 B) All dividends,
interest, distributions and other moneys derived therefrom C) All accretion, allotments,
and other benefits accruing or arising in respect thereof. D) All stock, securities,
moneys or property accruing or offered at any time E) All present and other
party in respect of any of the foregoing including any rights which the
chargor may have to require delivery by such clearance system or party of any
of the foregoing to or to the order of, the chargor. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies in any currency owing by the company to the Bank
at any time |
|
13-10-2010 |
Instrument: Charge Over Deposits (2-Party) Property: All monies & deposits now or hereafter in the time deposit account
No. 267-055382 kept by the company with Hang Seng Bank Ltd. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies and liabilities which are now or at any time
hereafter ay be outstanding owing or payable by the company to the Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
|
1 |
Rs.82.76 |
|
Euro |
1 |
Rs.71.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
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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 |
|
-- |
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.