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Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
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Name : |
LACO’Z IMPEX |
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Registered Office : |
Room 402, 4/F., Tak Lung Industrial Building, 179 Wai Yip Street,
Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.02.2005 |
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Com. Reg. No.: |
35339325-000-02 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Trader of all kinds of Fabric |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Business |
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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 |
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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 |
LACO’Z IMPEX
Room 402, 4/F., Tak
Lung Industrial Building, 179 Wai Yip Street, Kwun Tong, Kowloon, Hong
Kong.
PHONE: 852-2311 3130
FAX: 852-2311 3140
E-MAIL: lacoz@biznetvigator.com
info@lacozimpex.com
Manager: Mr. Parmeet Singh
Establishment: 16th February, 2005.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Fabric trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
LACO’Z IMPEX
Head
Office:-
Room 402, 4/F.,
Tak Lung Industrial Building, 179 Wai Yip Street, Kwun Tong, Kowloon, Hong
Kong.
35339325-000-02
Manager: Mr. Parmeet Singh
Name: Mr. Parmeet SINGH
Residential
Address:
Room 3208, 32/F.,
Ming Chau House, Kin Ming Estate, Tseung Kwan O, Kowloon, Hong Kong.
The
subject was established on 16th February, 2005 as a sole proprietorship concern
owned by Mr. Parmeet Singh under the Hong Kong Business Registration
Regulations.
At
the very beginning, the subject was located at Shop 9, 2/F., Mirador Mansion,
54-62 Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1502, 15/F.,
Winning Commercial Building, 46-48 Hillwood Road, Tsimshatsui, Kowloon, Hong
Kong in November 2010, and further to the present address in February 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Fabric trader.
Lines: All kinds of fabrics.
Employees: 4.
Commodities Imported: India, China, other Asian countries, Europe
Markets: Hong Kong, China, other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Making a very small profit every year.
Condition: Business has been normal.
Facilities: Making fairly 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: Small.
Laco’z
Impex is a sole proprietorship set up and owned by Mr. Parmeet Singh who is an
Indian. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently. He is also manager of the subject.
According
to the subject, it is one of the top textile companies in Hong Kong with an
annual production capacity of 10 million meters. Its operations range from manufacturing,
exporting and wholesaling of high quality yarn and piece dyed men’s and women’s
shirting fabrics.
Its
fabrics are made from combed yarn top grade fabric, pure yarn, high yarn count,
high density yarn. The fabric construction
consists of 50s, 60s, 70s, 80s, 100s and 140s, which are either single or
two-ply and also in T/C or CVC. Its
fabrics are of top quality made from machines imported from Switzerland,
Germany and Japan.
Its
products include collections of yarns and piece dyed shirting fabrics. The subject accepts orders in small quantity
such as 180 metres to 480 meters per colour.
The
subject’s main products are yarn & piece dyed cotton and Tetoron. Tetoron is a fabric brand from the 60s and
70s made in Japan. It is a blended
fabric of Polyester/Rayon and is very hardy and withstands the test of time and
will not tear easily and easy to care for.
The
subject’s products are marketed in Hong Kong, China and exported to the other
Asian countries. Business is normal.
The
subject’s business is chiefly handled by Mr. Parmeet Singh himself. History in Hong Kong is over eight years.
On
the whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
<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.