MIRA INFORM REPORT

 

 

Report Date :

06.02.2013

 

IDENTIFICATION DETAILS

 

Name :

Global One Headwear LTd.

 

 

Registered Office :

Rooms 805, 8/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

30.06.2000

 

 

Com. Reg. No.:

31052612

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Manufacturer of All kinds of hats and backpacks, etc.

 

 

No. of Employees :

6

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

WITHOUT FINANCIAL

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaint’s 

 

 

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

Moderate

 

B1

High

 

B2

Very High

 

C1

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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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

 

 

 

 

Company name

 

GLOBAL  ONE  HEADWEAR  LTD.

 

 

ADDRESS:             Rooms 805, 8/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.

 

PHONE:                  2603 3888

 

FAX:                       2690 2005

 

E-MAIL:                  info@globaloneheadwear.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Wong Cham Wah

 

 

SUMMARY

 

Incorporated on:             30th June, 2000.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$500,000.00

                                    Issued:  HK$500,000.00

 

Business Category:        Importer, Exporter and Manufacturer.

 

Annual Turnover:            US$15-20 million.

 

Employees:                   6.

 

Main Dealing Banker:     Standard Chartered Bank, Hong Kong Branch.

 

Banking Relation:           Good.

Company name  

 

GLOBAL  ONE  HEADWEAR  LTD.

 

 

Company ADDRESS

 

Registered Head Office:-

Rooms 805, 8/F., Fo Tan Industrial Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.

 

Associated Companies:-

Dongguan Comte Headwear Ltd., China.

Dongguan Zhaokang Caps And Bags Products Co. Ltd., China.

Eter-Wind International Ltd., Hong Kong.

Gazelle Enterprises Ltd., Hong Kong.

Global One International Ltd., Hong Kong.

Hong Tat Manufactory Enterprise Co. Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

31052612

 

 

COMPANY FILE NUMBER

 

0722234

 

 

MANAGEMENT

 

Managing Director:  Mr. Wong Cham Wah

 

 

CAPITAL

 

Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$500,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 30-06-2012)

Name

 

No. of shares

WONG Cham Wah

 

250,000

THIAN Poh Chan

 

100,000

HUNG Sau Wan

 

75,000

WONG Siu Sang

 

75,000

 

 

–––––––

 

Total:

500,000

======

 

 

DIRECTORS

 

(As per registry dated 30-06-2012)

Name

(Nationality)

 

Address

THIAN Poh Chan

Flat B, 11/F., Block A, Wylie Court, 23 Wylie Path, Ho Man Tin, Kowloon, Hong Kong.

 

WONG Cham Wah

Flat B, 11/F., Block A, Wylie Court, 23 Wylie Path, Ho Man Tin, Kowloon, Hong Kong.

 

WONG Siu Sang

Flat B, 11/F., Block A, Wylie Court, 23 Wylie Path, Ho Man Tin, Kowloon, Hong Kong.

 

HUNG Sau Wan

Flat B, 11/F., Block A, Wylie Court, 23 Wylie Path, Ho Man Tin, Kowloon, Hong Kong.

 

SECRETARY

 

(As per registry dated 30-06-2012)

Name

Address

Co. No.

Sincere Secretaries & Nominees Ltd.

Suite 1019, 10/F., Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

0460211

 

 

HISTORY

 

The subject was incorporated on 30th June, 2000 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Global One Headwear Manufactory Ltd., name changed to the present style on 8th September, 2004.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

OPERATIONS

 

Activities:                      Importer, Exporter and Manufacturer.

 

Lines:                           All kinds of hats and backpacks, etc.

 

Trade Marks:                 “Global One”, “Comte”, “G1”, “Globalonecap”, “GlobalOne”, “Eter-Wind”, “FS”, “Global Fit”, “G.1.”, “Yacht”, “Viable Vision”, “Global One Local One”, “Lobalone”, “Globalne, Lobal”, “Local One Global One”, “HuHai”, “Lobal”, “G Globalne”, “L1 LobalOne”.

 

Employees:                   6.

 

Commodities Imported:   China, etc.

 

Markets:                       China, other Asian countries, Europe, North America, etc.

 

Annual Turnover:            US$15-20 million.

 

Terms/Sales:                 L/C, Advanced T/T, etc.

 

Terms/Buying:               L/C, T/T, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$500,000.00

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Is making use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Standard Chartered Bank, Hong Kong Branch.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 500,000 ordinary shares of HK$1.00 each, Global One Headwear Ltd. is jointly owned by Mr. Wong Cham Wah, holding 50% interests; Ms. Thian Poh Chan, holding 20%; Ms. Hung Sau Wan, 15%; Mr. Wong Siu Sang, also 15%.

 

Established in 1979 (predecessor), the subject is one of the experienced manufacturers in the headwear market.  With its designer network spreads over the United States, Europe and Russia, the subject is able to supply its customers with over 1,000 new designs every year.

 

The subject’s COC-compliant factory is located in Dongguan City, Guangdong Province, China known as Dongguan Comte Headwear Ltd. [Comte].  Employing about 700 workers, the factory is ISO9001:2000-certified.  It also has got the other certificates such as REACH, H.R. 4040, SMETA, WRAP, etc.

 

Its area covers 80,000 sq.m. which includes its own silkscreen printing house, equipped with 72 sets of latest embroidery machines.

 

The annual production capacity of the factory is 27 million units of headwear.

 

According to the subject, the factory has been audited by the following firms: Levi’s, Disney, Adidas, Umbro, VF, Columbia

 

The above-mentioned firms are also customers of the subject.  The other principal customers are: Decathlon, Li-Ning, The Hudson’s Bay, Billabong, Le Coq Sportif, Kookai, Ashworth, New Balance Licensee, Concept One, etc.

 

Products are marketed in China, exported to the other Asian countries, Europe, Scandinavia, the United States, etc.  Business is rather active.

 

The annual sales turnover of the subject ranges from US$15 to 20 million.  Making a small profit every year.

 

As the history of the subject is over 33 years in Hong Kong, on the whole, consider it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.29

UK Pound

1

Rs.83.97

Euro

1

Rs.71.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.