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Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
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Name : |
WALLON COTTON LTD. |
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Registered Office : |
Room 405, 4/F., Eastern Commercial Centre, 393-407 Hennessy Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.04.1997 |
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Com. Reg. No.: |
20930320 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a cotton trader |
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No. of Employees : |
6 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
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 |
WALLON COTTON LTD.
ADDRESS: Room 405, 4/F., Eastern
Commercial Centre, 393-407 Hennessy Road, Hong Kong.
PHONE: 852-2891 1165
FAX: 852-2834 5029
E-MAIL: wallon@walloncotton.com
Managing Director: Ms. Lee Mei
Yin, Vivienne
Incorporated on: 28th April, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Cotton
Trader.
Annual Turnover: HK$120 - 150 million.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WALLON COTTON LTD.
Registered Head
Office:-
Room 405, 4/F., Eastern Commercial Centre, 393-407 Hennessy Road, Hong
Kong.
Associated Company:-
Shanghai Shuofeng Cotton Co. Ltd.
Flat E 1, 14/F., Zhaofeng Building, 1800 Zhongshan West Road, Xuhui
District, 200235 Shanghai, China.
[Tel: 86-21-6400 3285; Fax:
86-21-6400 3287]
20930320
0605592
Managing Director: Ms. Lee Mei
Yin, Vivienne
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 28-04-2013)
|
Name |
|
No. of shares |
|
LEE Mei Yin |
|
350,000 |
|
Vily KU |
|
150,000 |
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|
–––––– |
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Total: |
500,000 ====== |
(As per registry dated 28-04-2013)
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Name (Nationality) |
Address |
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VilY KU |
Room B, 15/F., Block 2, Ruby Court, 55 South Bay Road, Hong Kong. |
|
Ateng SETIAWAN LIE |
123 Kopo Bandung, Indonesia. |
|
LEE Mei Yin |
Room B, 15/F., Block 2, Ruby Court, 55 South Bay Road, Hong Kong. |
LEE Mei Yin (As per registry dated
28-04-2013)
The subject was incorporated on 28th April, 1997 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: Cotton
Trader.
Lines: Cotton
Employees: 6.
Commodities Imported: US,
Southeast Asia, Egypt, India, Pakistan
Markets: Worldwide
countries.
Annual Turnover: HK$120
- 150 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
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 (Since July 2010):
(See attachment)
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.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 500,000 ordinary shares of HK$1.00 each, Wallon Cotton
Ltd. is jointly owned by Ms. Lee Mei Yin, holding 70% interests, and Ms. Vily
Ku, holding 30%.
The subject is a cotton trader.
It has had an associated company in Shanghai, China known as Shanghai
Shuofeng Cotton Co. Ltd. [Shuofeng], a China-based firm. Shuofeng is the branch company of the subject
in China. The contact person of Shuofeng
is Mr. Xu Jun who is a Chinese.
The subject imports cottons from various sources and markets in
China. The subject imports cotton from
the following countries: Sudan, West Africa, India, Pakistan, Egypt, Uzbekistan,
Xinjiang of China, Brazil, Uganda, Turkey, Greece, East Africa, Argentina,
Parquet
Cotton is marketed in Hong Kong, China or re-exported to Southeast Asia,
especially Indonesia
Most of the subject’s customers are spinning factories in China and
Southeast Asia.
The annual sales turnover of the subject ranges from HK$120 to 150
million. Business is profitable and
active.
As the history of the subject is over 16 years in Hong Kong, on the
whole, consider it good for normal business engagements.
(Since July 2010)
|
Date |
Particulars |
Amount |
|
02-07-2010 |
Instrument: Charge Over
Inventory Property: The Secured Property, being the Chargor’s right, title and interest,
whether present or future, in:- a) all Goods: (i) in respect of which
the Collateral manager has issued Warehouse Receipts to the Bank; or (ii) held or stored in
any of the Warehouses; or (iii) under the control or
custody of the Collateral Manager; b) any other cotton, cotton yard or other related goods owned or held,
or which come into the possession or control of, the Chargor from time to
time; and c) the Marine Cargo Insurance, the Property Insurance and any other
insurance policies relating to the goods referred to in paragraphs (a) and
(b) above and the proceeds of any claim under those policies. Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure payment of the Secured Money, being all amounts that, at any
time, for any reason or circumstance |
|
13-07-2010 |
Instrument: Security Over
Deposits Property: A deposit with the chargee in the amount of US$1,250,000 under Deposit
No. 808-800312 Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all monies in any currency owing by the Company to the Chargee;
(ii) interest on such monies; and (iii) all expenses of the chargee in
prefecting or enforcing the charge |
|
03-11-2010 |
Instrument: Pledge
Agreement on Goods and Warehouse Receipt Property: 1 The Pledgor agrees to create
pledges in favor of the Pledgee over the Warehouse Receipt(s) and the Goods. 2. The Pledgor shall, on
demand by the Pledgee or in compliance with the banking facility letter, a
collateral management agreement and any other documents. 3. Before the Secured
Liabilities have been fully discharged, upon the request of the Pledgee, the
Pledgor shall pledge to the Pledgee such additional Pledged Assets as to
ensure that the Security created under the Agreement in favor of the Pledgee
is not reduced or impaired. 4. The Pledgor shall
effect all necessary insurances at its own cost and expense, as may be
required by the Pledgee. Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
As security for the full and punctual payment, performance and discharge
of all and any of all debts and monetary liabilities of the Pledgor to the
Pledgee under a banking facility letter dated 2nd July, 2010. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
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Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.