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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TOP GRADE INTERNATIONAL ENTERPRISE LTD. |
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Registered Office : |
7/F., Dragon Industrial Building, 93 King Lam Street, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.03.1995 |
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Com. Reg. No.: |
19057127 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of garments including knitted or
crocheted. |
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No. of Employees : |
25. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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
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 adequat
Source
: CIA
TOP GRADE INTERNATIONAL ENTERPRISE LTD.
ADDRESS: 7/F.,
Dragon Industrial Building, 93 King Lam Street, Kowloon, Hong Kong.
PHONE: 852-2371 0574, 2786 7788
FAX: 852-2741
5237, 2371 0107, 3544 7858
E-MAIL: tg@topgradeint.com.hk
Managing Director: Ms. Lui Wing
Har, Mandarin
Incorporated on: 30th March, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category:Garment Trader.
Employees: 25. (Including associates)
Main Dealing
Banker:Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Head Office:-
7/F., Dragon
Industrial Building, 93 King Lam Street, Kowloon, Hong Kong.
Holding
Company:-
Well Choice
Investments Ltd., British Virgin Islands.
Associated
Companies:-
* Amo Creations Ltd., Hong Kong.
* Asmar Development Ltd., Hong Kong.
* Benna International Ltd., Hong Kong.
* Emperor Industries Ltd., Hong Kong.
* Omo Creations Ltd., Hong Kong.
* Universal Plan Ltd., Hong Kong.
Gartex Exports
(India) Pvt. Ltd., India.
Great World
Consultants Ltd., Hong Kong.
Hebestreit Garment
International GmbH, Germany.
Hollywood
Promotion Ltd., Hong Kong. [Same
address]
Royal Spirit
International Ltd., Hong Kong.
Royal Spirit Ltd.,
Hong Kong. [Business name: Plantation]
Top Grade
International Enterprise Ltd., Bangladesh Representative Office.
WCL Corporation Ltd.,
Hong Kong.
Weber
& Ott AG, Germany.
(* Dissolved)
19057127
0510037
Managing
Director: Ms. Lui Wing Har, Mandarin
Nominal Share
Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$500,000.00
(As
per registry dated 30-03-2013)
|
Name |
|
No.
of shares |
|
Well Choice Investments Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
500,000 ====== |
(As
per registry dated 30-03-2013)
|
Name (Nationality) |
Address |
|
LUI Wing Har |
Flat H, 28/F., Block 4, Uptown Plaza, 9
Nam Wan Road, Tai Po, New Territories, Hong Kong. |
|
LEE Mei Yung |
Flat B, 3/F., Block 3, Cedar III, The
Hillgrove, 9 Tsing Fat Lane, Siu Lam, New Territories, Hong Kong. |
(As
per registry dated 30-03-2013)
|
Name |
Address |
Co.
No. |
|
Tam
& Wongs Nominee Ltd. |
1/F., Hang Lung House, 188 Queen’s Road Central, Hong Kong. |
0187810 |
The
subject was incorporated on 30th March, 1995 as a private limited liability
company under the Hong Kong Companies Ordinance.
The
subject has changed its registered address for many times. It moved to the present address in April
2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: All kinds of garments including knitted or
crocheted.
Employees: 25.
(Including associates)
Materials/Commodities: Mainly
imports raw materials from Europe and arranges the finished products from
China.
Markets: Europe, US, Canada, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P and T/T.
Nominal Share Capital: HK$500,000.00
(Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Mortgage or Charge:-
Date of Charge Over Deposit:
25-07-2007
Amount: As continuing
security for the due and punctual payment and discharge of the Indebtedness
Property: The Depositor
charges all the Deposit and all interest from time to time payable thereon and
all right, title and interest of the Depositor
Mortgagee: Commerzbank AG,
Hong Kong Branch.
Profit or Loss: Business is profitable.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general banking
facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
CITIC Bank International Ltd., Hong Kong.
Commerzbank AG, Hong Kong Branch.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Deutsche Bank AG, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Top
Grade International Enterprise Ltd., a private limited company, was equally owned
by Mr. Hans Thomas Hebestreit and Mr. Chu Sze Sum. Now, it is a wholly-owned subsidiary of Well
Choice Investments Ltd. [Well Choice] which is a BVI-registered firm.
The
subject is a garment trader. It is a
Hong Kong-based ready-made garment trading company specialized in supplying
large scale customers like discounters, price aggressive retail chains and
specialty stores.
The
subject concentrates its production on the key procurement markets China,
Bangladesh and India. Through its
liaison offices in Shanghai, Bombay and Tiripur and its own office at Dhaka,
the subject is in a position to select the suitable factories, achieve best
prices, closely monitor the production process and ensure the quality of the
products for its customers.
The
subject’s Shanghai liaison office is Royal Spirit Ltd. This firm is managed by Mr. Kenny Lau.
In
Germany, the subject operates its own sales office – Hebestreit Garment
International GmbH – which can provide value-added services such as design and
product development, import and logistics, financing and invoicing of “DDP
business”.
The
subject’s main products are the followings:-
Suits
& Jackets - Men’s, Suits & Jackets - Women’s, Children’s Wear, Blouses,
Coats, Dresses & Skirts, Shirts, Trousers & Slacks, Cardigan , Sweater
& Pullover, Knitted Garments, Tee & Sweat Shirts.
Products
are exported to foreign markets such as the European countries, Canada, the
United States, etc.
The
subject has had a main associated company WCL Corporation Ltd. [WCL] located at
its operating address. WCL and the
subject are engaged in the same lines of business, more or less.
Besides
WCL, the subject has had another associated company Hollywood Promotion Ltd.
located at its operating address.
Now,
the subject’s affiliated factories are in Southern China such as Dongguan City,
Zhongshan City, Zhaoqing City and Shenzhen Special Economic Zone. It also has got affiliated factories in
Macau. Besides, it also has got an
affiliated factory in Shanghai, China manufacturing certain types of garments.
The
subject is responsible for supplying raw materials which are mainly imported
from Europe to its affiliated factories.
On
the whole, having a history of over eighteen years, the subject is considered
good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
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.