|
Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAI TAK ENTERPRISES LTD. |
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Registered Office : |
32/F., Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
23.01.1992. |
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Com. Reg. No.: |
15369734 |
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|
|
|
Legal Form : |
Private Limited Company. |
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Line of Business : |
Importers and Exporters of all kinds of raw fabrics; woven fabrics of cotton, corduroy, denim, canvas, twill, etc.; dyed fabrics; and linen/ramie fabrics, etc. |
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|
|
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No. of Employees : |
55 |
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 |
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Payment Behaviour : |
Regular |
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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 |
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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
LAI TAK
ENTERPRISES LTD.
ADDRESS: 32/F., Enterprise Square
Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2798 7998, 2439
7034
FAX: 2755 3669,
2724 6946
E-MAIL: textile@laitak.com
textiles@laitak.com.hk
fashion@laitak.com.hk
laitak@netvigator.com
Managing Director: Mr. Kong Tak
Ho
Incorporated on: 23rd
January, 1992.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$65,100,000.00
Business Category: Importers and Exporters; Agent.
Annual Turnover: HK$450-500
million.
Employees:
55.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
32/F., Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon,
Hong Kong.
China Factory:-
Puning City Lai Tak Textile Corporation Ltd.
Chiwei Town Scientific Park, Puning City, Guangdong Province, China.
[Tel: 86-663-2920 238 Fax: 86-663-2930 010]
Holding Company:-
Lai Tak Holdings Ltd., British Virgin Islands.
Associated Companies:-
Beauty Top Enterprises Ltd., Hong Kong.
Billion Mart Development Ltd., Hong Kong.
Koda Development Ltd., Hong Kong.
Lai Tak Fashion Ltd., Hong Kong.
Lai Tak Printing & Dyeing Factory Ltd., Hong Kong.
15369734
0341737
Managing Director: Mr. Kong Tak
Ho
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$65,100,000.00
(As per registry dated 23-01-2013)
|
Name |
|
No. of shares |
|
Lai Tak Holdings Ltd. Portcullis TrustNet Chambers, P.O. Box 3444, Road Town, Tortola,
British Virgin Islands. |
|
65,099,999 |
|
KONG Tak Ho |
|
1 |
|
|
|
––––––––– |
|
|
|
65,100,000 ======== |
(As per registry dated 23-01-2013)
|
Name (Nationality) |
Address |
|
KONG Tak Ho |
Flat A & B, 15/F., Tower 2 Aria, 51 Fung Shing Street, Ngau Chi
Wan, Kowloon, Hong Kong. |
|
CHAN Shuk Yee |
Flat A & B, 15/F., Tower 2 Aria, 51 Fung Shing Street, Ngau Chi
Wan, Kowloon, Hong Kong. |
(As per registry dated 23-01-2013)
|
Name |
Address |
Co. No. |
|
PA Corporate Advisory Services Ltd. |
Flat B, 16/F., Empire Land Commercial Centre, 81-85 Lockhart Road,
Wanchai, Hong Kong. |
0831055 |
The company was incorporated on 23rd January, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Lightjet Co. Ltd. and the
present style was adopted on 9th April, 1992.
Formerly the subject was located at Unit 2-3, 16/F., Tower I, Enterprise
Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong. moved to the
present address in April, 2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importers and Exporters; Agent.
Lines: All
kinds of raw fabrics; woven fabrics of cotton, corduroy, denim, canvas, twill,
etc.; dyed fabrics; and linen/ramie fabrics, etc.
Employees: 55.
Commodities Imported: China, etc.
Markets: South Korea, Japan, other Asian
countries, South Africa, Central & South America, etc.
Annual Turnover: HK$450-500
million.
Terms/Sales:
L/C, T/T or 30 days
credit.
Terms/Buying: L/C, T/T, D/P, etc.
The Chinese General Chamber of Commerce,
Hong Kong.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$65,100,000.00
Mortgage or Charge (Since June 2010): (See attachment)
Profit or Loss: Business is
profitable.
Condition:
Keeping in an
active and satisfactory manner.
Facilities:
Making active
use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank, Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Good.
Lai Tak Enterprises Ltd., incorporated on 23rd January, 1992, is a wholl‑owned
subsidiary of Lai Tak Holdings Ltd. which is an offshore company registered in
the British Virgin Islands.
The subject is a member of the Lai Tak Group. It is actually owned by the Kong family
headed by Mr. Kong Tak Ho. It is a
textile merchant mainly trading in grey fabrics, woven fabrics of cotton,
corduroy, denim, canvas, twill, dyed fabrics, and linen/ramie fabrics.
The followings are the main products of the subject:-
·
Blended (From China, Pakistan, India);
·
Corduroy - Cotton Blended;
·
Corduroy - Cotton;
·
Fabric - Blended;
·
Fabric - Linen & Ramie (From China, Pakistan,
India);
·
Fabric - Linen & Ramie;
·
Knitted (From China, Pakistan, India);
·
Piecegoods - Synthetic (From China, Pakistan,
India);
·
Woven (From China, Pakistan, India); &
·
Woven (From China, Pakistan, India).
It is mainly purchasing products from the PRC and supplying to garment
factories in South Korea, Japan, the other Asian countries, South Africa,
etc. Through its associate Lai Tak
Printing & Dyeing Factory Ltd., it operated a dyeing and printing factory
at Shantou in Guangdong Province. Now,
the factory has moved to Puning, Guangdong Province, China. Formerly, a dyeing factory was set up at Kiu
Tau Wai, Ping Shan, Yuen Long, New Territories, Hong Kong. In the early 2000’s, all the machinery
equipment at Yuen Long was moved to its Shantou factory then further to its
Puning factory. The Yuen Long factory in
Hong Kong now has become a warehouse.
The registered capital of the Puning factory was US$35 million and with
a total investment of about US$52 million.
The factory, known as Puning City Lai Tak Textile Corporation Ltd.,
covers an area of about 150,000 sq.m. It
has six workshops. The followings are
the annual production capacity of the factory:-
·
Dyed & Printed Fabric --- 50 million metres;
·
Garment --- 120,000 dozens; &
·
Woven Fabric --- 30 million metres.
The total annual output amounts to US$50 million. It has over 500 employees.
Most of the products are marketed in China and exported to the other
Asian countries and South Africa.
Business is active and steady.
The subject has developed its own brand Mastina. It operates Mastina Shops in Hong Kong
retailing all kinds of garments.
The subject in Hong Kong is responsible for shipping and marketing the
products of the Puning factory. Business
is good.
The subject operates from its own office located at the present
address. It also owns the other premises
in Hong Kong. The total value of the
premises owned amount to HK$700 million.
As the history of the subject is over 21 years in Hong Kong, on the
whole, consider it good for normal business engagements.
Property information of
the company and its affiliates:-
1. Property Location: Unit No. 19 on 11/F., Pacific Trade
Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-04-1992 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
2. Property Location: Unit No. 19 on 6/F., Pacific Trade
Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
12-11-1992 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
3. Property Location: Unit No. 20 on 11/F., Pacific Trade
Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-02-1993 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
4. Property Location: Unit No. 15 on the 11/F. of Pacific
Trade Centre, 2 Kai Hing Road, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
08-09-1995 |
- |
The China State Bank Ltd., Hong Kong Branch. [Merged into Bank of China (Hong Kong)
Ltd.] |
Legal charge |
5. Property Location: Units 1602-1603 on 16/F., Tower I,
Enterprise Square, 9 Sheung Yuet Road, Kowloon, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-04-1997 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
6. Property Location: House No. K44 of Stage IV of Marina
Cove, Sai Kung, New Territories, Hong Kong.
Owner: Lai Tak Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
14-07-1999 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
7. Property Location: 10 Fei Ngo Shan Road, Sai Kung,
Kowloon, Hong Kong.
Owner: Billion Mart Development
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-04-1998 |
- |
Standard Chartered Bank, Hong Kong Branch. |
Tripartite legal charge |
8. Property Location: G/F., 1/F. & Roof and Car Parking
Area, Lai Tak Group Building, 13 Kiu Wong Street, Kiu Tau Wai, Ping Shan, Yuen
Long, New Territories, Hong Kong.
Owner: Beauty Top Enterprises Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-09-1997 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage |
(Since June 2010)
|
Date |
Particulars |
Amount |
|
08-06-2010 |
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 No. 339-017261 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 owing all monies in any currency by the company to the Bank
at any time, actually or contingently, in any capacity, alone or jointly with
any other person |
|
08-06-2010 |
Instrument: Charge Over Securities (2-Party) Property: All monies & deposits now or hereafter in the time deposit account
No. 379-056500 kept by the company with the Bank Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies & liabilities which are now or at any time
hereafter may be outstanding owing or payable by the company to the Bank |
|
22-10-2010 |
Instrument: Subordination Agreement Property: All its right, title & interest as a creditor in respect of the
Subordinated Load and of and in the relevant Agreements and the full benefit
and right to receive and recover the Subordinated Load and the full benefit
of all other provisions, powers and covenants whatsoever contained in the
applicable Agreements Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
As security for the payment of the aggregate principal amount advanced
pursuant to the term loan facility of up to principal amount of HK$38,000,000
granted by the Lender to Koda Development Ltd. and all other moneys due or to
become due to the lender under the Agreement or any Security Document |
|
03-12-2010 |
Instrument: Security Over Deposits Property: Deposit & the interest thereon together with any other moneys or
deposits placed with the Bank from time to time at any offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.