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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ABLE LEADER CO. LTD. |
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Registered Office : |
3/F., Kwong Loong Tai Building, 1018 Tai Nan West Street, Lai Chi Kok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.04.1984 |
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Com. Reg. No.: |
08993734 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of fabrics, etc |
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No. of Employees : |
30. |
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 : |
Good |
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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 |
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Moderate |
B1 |
|
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
ABLE LEADER
CO. LTD.
ADDRESS: 3/F., Kwong Loong Tai
Building, 1018 Tai Nan West Street, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 3191 5511
FAX: 2397 1567
E-MAIL: ablegroup@ableleader.com.hk
Managing Director: Mr. Leung Kwan
Tong
Incorporated on: 10th
April, 1984
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Fabric Trader.
Employees: 30.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
3/F., Kwong Loong Tai Building, 1018 Tai Nan West Street, Lai Chi Kok,
Kowloon, Hong Kong.
China Factory:-
Kwong Hing (Zhongshan) Textile Printing & Dyeing Co. Ltd.
No. 18, Guangxin Road, Dayan Industrial Zone, Huang-Pu Town, Zhongshan
City, Guangdong Province, China.
[Tel.: (0760) 2267 8888; Fax.:
(0760) 2330 1111]
Associated Companies:-
Able Creation Ltd., Hong Kong.
Kwong Hing Weaving Dyeing & Printing Fty. Ltd., Hong Kong.
Sino Shiny International Ltd., Hong Kong.
08993734
0135486
Managing Director: Mr. Leung Kwan
Tong
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of
HK$10.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 10-04-2012)
|
Name |
|
No. of shares |
|
CHONG Pik Yung |
|
25,000 |
|
LEUNG Kwan Tong |
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25,000 |
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|
–––––– |
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Total: |
50,000 ===== |
(As per registry dated 10-04-2012)
|
Name (Nationality) |
Address |
|
LEUNG Kwan Tong |
18/F., The Primrose, 38 Rose Street, Yau Yat Chuen, Kowloon, Hong
Kong. |
|
CHONG Ming Kai |
Flat A, 11/F., 389 King’s Road, North Point, Hong Kong. |
LEUNG Kwan Tong (As per registry
dated 10-04-2012)
The subject was incorporated on 10th April, 198 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 fabrics,
etc.
Employees: 30.
Commodities Imported: China, India, Pakistan, etc.
Markets: China, other Asian countries, Middle
East, etc.
Terms/Sales:
CAD, or as per
contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares
of HK$10.00 each)
Issued Share Capital: HK$500,000.00
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:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Good.
Having issued 50,000 ordinary shares of HK$10.00 each, Able Leader Co.
Ltd. is equally owned by Ms. Chong Pik Yung and Mr. Leung Kwan Tong. Both are Hong Kong merchants.
Incorporated in April 1984, the subject is a woven fabric manufacturer,
trader and wholesaler. It supplies
finished fabric to many buying offices for overseas apparel companies and
garment factories to produce well-known brand garment to export to the United
States and Europe.
Having its own fabric processing factory named “Kwong Hing (Zhongshan)
Textile Printing & Dyeing Co. Ltd.” [Kwong Hing Zhongshan] located at Zhongshan
City in South China.
The subject is trading in the following products:-
·
Yarns
·
Piecegoods & Textiles (Dyed & printed
cotton woven fabric)
·
Piecegoods - Vegetable Fibre (100% cotton from
China & Pakistan)
·
Fabric - Linen & Ramie (From China &
Pakistan)
·
Fabric - Linen & Ramie
·
Blended (Linen from China & Pakistan)
Products are exported to Southeast Asia, the Middle East, etc. Sets up in 2004, Kwong Hing Zhongshan is in
Dayan Industrial Area, Huangpu, Zhongshan.
Its site area is 200 acres and its building area is 5,000 sq.m. It is a large-scale weaving dyeing and
printing producing enterprise.
The plant has a large dyeing and finishing workshop which has been
equipped with 40 units of equipment, of which there are six sets KUSTERS
Padder, MONFORS setting machine 2 sets, MANO automatic photoelectric weft
device two sets, ZIMA 12 chromatic bar magnet printing machine, one Taiwan,
LAFER carbon (Emery) a dual-use sanding machine, LAFER grasp shearing machine,
one Taiwan, MONFORS pre-shrinking machine, one Taiwan, MORRISON pre-shrinking
machine, one Taiwan, as well as a full set of test laboratory testing
equipment.
The factory is selling a wide range products while more than 96% are
exported to the United States, Europe, Hong Kong, Macao and Taiwan, and Japan. Main products are cotton, plain weave, twill,
corduroy, canvas, all hemp, hemp blends, cotton, linen fabrics. It is also engaged in bleaching, dyeing,
printing, sanding, and post - finishing.
Overall business is active.
The history of the subject in Hong Kong is over 29 years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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 |
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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 |
|
<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.