|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLACK PEONY (HK) LTD. |
|
|
|
|
Registered Office : |
Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon |
|
|
|
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Country : |
Hong Kong. |
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|
|
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Date of Incorporation : |
18.08.2004. |
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|
|
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Com. Reg. No.: |
34833077 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Trader of Garments, Textile Products |
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|
|
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No. of Employees : |
12. |
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 : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
High |
B2 |
|
Very High |
C1 |
|
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
BLACK PEONY
(HK) LTD.
ADDRESS: Unit E, 23/F., Tower A,
Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2390 3313
FAX: 852-2787 5058
E-MAIL: mail@blackpeony.com.hk
Managing Director: Ms. Chan Lai
Yu
Incorporated on: 18th
August, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Textile Product Trader.
Company Turnover: RMB303,876,900.00
Yuan (Year ended 31-12-2012)
Group Turnover: RMB3,676,906,503.55
Yuan (Year ended 31-12-2012)
Company Employees: 12.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit E, 23/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Black Peony (Group) Co. Ltd., China.
Associated Companies:-
Black Peony (Liyang) Garments Co. Ltd., China.
Black Peony Group Import & Export Co. Ltd., China.
Changzhou Black Peony Construction Investment Co. Ltd., China.
Changzhou Black Peony Properties Ltd., China.
Changzhou Dade Textile Co. Ltd., China.
Changzhou Mudanjiang South Innovation Industry Investment Co. Ltd.,
China.
Changzhou New Hope Agricultural Investment Development Co Ltd., China.
Changzhou Peony Kwong King Properties Ltd., China.
Changzhou Rong Yuan Garments Co. Ltd., China.
etc.
34833077
0917538
Managing Director: Ms. Chan Lai
Yu
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 18-08-2012)
|
Name |
|
No. of shares |
|
CHAN Chi Ngok |
|
250,000 |
|
CHAN Lai Yu |
|
250,000 |
|
Chau Man Ming |
|
250,000 |
|
Black Peony (Group) Co. Ltd. No. 47 Qingyang Road North, Changzhou Jiangsu, China, P.C. 2136001 |
|
4,250,000 |
|
|
|
––––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry dated 29-05-2013)
|
Name (Nationality) |
Address |
|
CHAN Lai Yu |
Flat C, 7/F., Tower 3, Harbour Heights, 1 Fook Yum Road, North Point,
Hong Kong. |
|
CHAN Chi Ngok |
Flat B, Block 1, 18/F., Hong Kong Garden, 100 Castle Peak Road, Tsing
Lung Tau, New Territories, Hong Kong. |
|
CHAU Man Ming |
Flat G, 19/F., Block 1, Chi Fun Fa Yuen, Pokfulam, Hong Kong. |
|
JI Zhongliang |
Room 1103, 121 Boai Road, Tianning District, Changzhou City, Jiangsu
Province, China. |
|
GE Wei Lung |
Room 302, Unit A, 6th Block, Gaocheng Laiyan Garden, Zhonglou
District, Changzhou City, Jiangsu Province, China. |
(As per registry dated 18-08-2012)
|
Name |
Address |
Co. No. |
|
Confiance Accounting & Secretarial Services Ltd. |
12/F., Goodfit Commercial Building, 7 Fleming Road, Wanchai, Hong
Kong. |
0403017 |
The subject was incorporated on 18th August, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1605-1606, 16/F., Enterprise
Square Two, 3 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong, moved to the
present address with effect from 6th January, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Textile
Product Trader.
Lines: Garments,
Textile Products
Company Employees: 12.
Group Employees: 3,363 (As as 31-12-2012)
Commodities Imported: China, Europe, other Asian countries, etc.
Markets: Asian
countries, Europe, North America, Central & South America, etc.
Company Turnover: RMB241,057,700.00 Yuan
(Year ended 31-12-2011)
RMB303,876,900.00 Yuan (Year
ended 31-12-2012)
Group Turnover: RMB2,395,537,161.59
Yuan (Year ended 31-12-2009)
RMB2,700,908,116.20
Yuan (Year ended 31-12-2010)
RMB3,362,636,703.80
Yuan (Year ended 31-12-2011)
RMB3,676,906,503.55
Yuan (Year ended 31-12-2012)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Indebtedness: HK$24,248,000.00 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
18-08-2012)
Company Total Assets:-
RMB124,595,200.00
Yuan (Year ended 31-12-2011)
RMB255,166,900.00
Yuan (Year ended 31-12-2012)
Company Net Assets:-
RMB17,406,000.00
Yuan (Year ended 31-12-2011)
RMB10,067,400.00 Yuan (Year ended
31-12-2012)
Company Total Liabilities:-
RMB107,189,200.00
Yuan (Year ended 31-12-2011)
RMB245,099,500.00
Yuan (Year ended 31-12-2012)
Company Net Profit: RMB5,723,300.00 Yuan
(Year ended 31-12-2011)
RMB8,104,000.00 Yuan (Year ended
31-12-2012)
Group Profit Attributable to Shareholders:-
RMB364,559,271.46
Yuan (year ended 31-12-2009)
RMB393,938,597.26 Yuan
(year ended 31-12-2010)
RMB253,444,585.68
Yuan (year ended 31-12-2011)
RMB343,623,422.68
Yuan (Year ended 31-12-2012)
Group profit or loss: Group
business is profitable.
Condition:
Keeping in a
satisfactory condition.
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.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Co. Ltd., Hong Kong.
Standing:
Very Good.
Black Peony (HK) Ltd. is a 85% subsidiary of Black Peony (Group) Co.
Ltd. [Black Peony Group/Group] which is a China-based firm. The other 15% is equally owned by Ms. Chau
Man Ming, Mr. Chan Chi Ngok and Ms. Chan Lai Yu. The second and third are brother and sister.
Black Peony Group is a listed firm in Shanghai, China,
The subject is a garment and textile product trader. It is specialized in jeans.
The Group was founded in 1940. It
has been engaged in jean manufacturing since 1980s, which has been one of the
earliest manufacturers in China. In
succeeding to the original business of jean, clothes and yarn-dyed-fabrics, the
Group initiated a brand new business, city function development in February
2009 after significant assets reorganization.
The Group’s shares were traded in Shanghai Securities Exchange in June
2002. The code of the share is 600510.
Textile is the main basic industry of Black Peony. The Group is able to produce yarns, fabrics,
and clothes. The annual capacity is 60
million meters, 8 million units of clothes and 21,000 tons of yarns. The Group has been authenticated by ISO9001
quality management system, ISO14001 environment system, SA8000 social
responsibility management system and Oeko-Tex Standard 100 zoological textile.
Besides, the Group has been honoured as China Famous Brand, and Black
Peony Jean has been evaluated as China famous product, and it is the first
exported enterprise that the State Quality Quarantine Bureau has approved it to
be “inspection-free”. Its products have
been exported to the United States, Japan, Russia, Hong Kong, Australia, etc.,
other more than 50 countries and regions of the world.
For the year ended 31st December, 2012, the turnover of the Group was
RMB3,676.9 million Yuan (2011: RMB3,362.6 million Yuan). Group profit attributable to shareholders
amounted to RMB343.6 million Yuan (2011: RMB253.4 million Yuan).
For the year ended 31st December, 2012, the Group owned RMB9,991.1
million Yuan in total assets, RMB2,544.0 million Yuan in current assets and
3,363 employees.
According to the Group, in FY 2012, the turnover of the subject amounted
to RMB303.9 million Yuan (2011: RMB241.1 million Yuan); net profit of the
subject amounted to RMB8.1 million Yuan (2011: RMB5.7 million Yuan).
According to the Group, the business of the subject will be expanded
substantially in the years ahead, and accordingly, the subject will pool funds
in order to strengthen its working capital.
The subject is fully supported by the Group. Its business in Hong Kong is chiefly handled
by Ms. Chan Lai Yu.
As the history of the subject is over eight years and ten months in Hong
Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
21-04-2010 |
Instrument: Security Over Deposit in respec
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account No.
861530033838 and all deposits form time to time therein which expression
includes all and every deposit and any currency Mortgagee: The Industrial & Commercial Bank
of China, Hong Kong Branch. |
All monies and liabilities |
|
25-03-2011 |
Instrument: Mortgage Property: All Those 212 equal undivided 33,578th parts or shares of and in New
Kowloon Inland Lot No. 6204 (All Those Units 5 and 6 on the 16/F., and
Parking Space No. P30 on the 3/F., Enterprise Square Two, No. 3 Sheung Yuet
Street, Kowloon, Hong Kong). Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums form time to time advanced by the Lender to the Company |
|
25-03-2011 |
Instrument: Mortgage Property: All Those 8 equal undivided 70,000 parts or shares of and in The
Remaining Porting of New Kowloon Inland Lot No. 5925 (All Those Car Parking
Spaces No. P46 and P47 on the 1/F., Billion Centre, No. 1 Wang Kwong Road,
Kowloon, Hong Kong). Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums from time to time advanced by the Lender to the Company |
|
25-03-2011 |
Instrument: Mortgage Property: All Those 645 equal undivided 70,000 parts or shares of and in The
Remaining Portion of New Kowloon Inland Lot No. 5925 (All Those unit Knows as
Unit E on the 23/F., of Tower A and Office E on the 23/F. of Tower B, Billion
Centre, No. 1 Wang Kwong Road, Kowloon, Hong Kong). Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums from time to time advanced by the Lender to the Company |
|
30-11-2011 |
Instrument: Charge Over Deposits/Securities Property: The Chargor Charges by way of first fixed charge to the Bank all the
right, title and interest of the Chargor in and to the Charged Assets Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies in any currency by the Company to Hang Seng Bank Ltd. at
any time, actually or contingently. in any capacity, alone or jointly with
any other person. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
NNA |
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.