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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
LOYAL RAINBOW (HONG
KONG) LTD. |
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Registered Office : |
B1306, Block B, Sea View Estate, 2-8 Watson Road, North Point |
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Country : |
Hong Kong. |
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Date of Incorporation : |
02.10.2002. |
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Com. Reg. No.: |
33247704 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Interior decorative materials such as curtains, furnishing fabrics/products, venetian blinds, etc. |
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No. of Employees : |
10 |
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 – 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 |
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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'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
LOYAL RAINBOW
(HONG KONG) LTD.
Address: B1306, Block B,
Sea View Estate,
2-8 Watson
Road, North Point,
Hong Kong.
PHONE: 2566 0001
FAX: 2566 6619
E-MAIL: info@loyalrainbow.com.hk
Managing Director: Mr. Lau Wing
Shing
Incorporated on: 2nd
October, 2002.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Wholesaler and Re-exporter.
Annual Turnover: HK$20~25
million.
Employees:
10.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
B1306, Block B, Sea View Estate, 2-8 Watson Road, North Point,
Hong Kong.
Associated Companies:-
Sheryia Curtain Co. Ltd., Hong Kong.
Royal Rainbow Fabric Industry & Handicraft
Room 3B-E08, Chengyan Fabric Handicraft City, 7 Si Ma Lu, Dashatou,
Guangzhou, Guangdong Province, China.
[Tel: 86-20-8379 3701 Fax: 86-20-8379
3706
E-mail: gzloyalrainbow@yahoo.com.cn]
Affiliated Company:-
Rifely Design Ltd., Hong Kong.
33247704
0816283
Managing Director: Mr. Lau Wing
Shing
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 02-10-2012)
|
Name |
|
No. of shares |
|
LAU Wing Shing |
|
1 |
|
HO Siu Kour |
|
1 |
|
|
|
–– |
|
|
Total: |
2 = |
(As per registry dated 02-10-2012)
|
Name (Nationality) |
Address |
|
LAU Wing Shing |
B1306, Block B, Sea View Estate, 2-8 Watson Road, North Point,
Hong Kong. |
|
HO Siu Kour |
B1306, Block B, Sea View Estate, 2-8 Watson Road, North Point,
Hong Kong. |
(As per registry dated 02-10-2012)
|
Name |
Address |
Co. No. |
|
Concord Secretarial Services Ltd. |
Room 902, 9/F., On Hong Commercial Building, 145 Hennessy Road,
Wanchai, Hong Kong. |
0340111 |
The subject was incorporated on 2nd October, 2002 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject has changed its registered address twice. It moved to the present address in November
2003.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: Interior
decorative materials such as curtains, furnishing fabrics/products, venetian
blinds, etc.
Employees: 10.
Commodities Imported: Imported from Europe, US, India, etc.
Markets: Hong
Kong, China, Macau, Taiwan, etc.
Annual Turnover: HK$20~25 million.
Terms/Sales:
COD or as per contracted.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Profit & Loss: Made small profits in the past years.
Condition: Business
is rather active.
Facilities: Adequate
for current running.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Incorporated in October 2002, Loyal Rainbow (Hong Kong) Ltd. is a
private limited company equally owned by Mr. Lau Wing Shing and Mr. Henry
Ho Siu Kour, both of whom are Hong Kong merchants. The subject just has issued 2 ordinary shares
of HK$1.00 each while each of the shareholders holds a single share. Lau and Ho are also directors of the subject.
The subject is trading in interior decorative materials such as
curtains, furnishing fabrics, etc. Raw
materials and commodities are imported from Europe, the United States, India,
etc. Most of the commodities are
wholesaled or retailed in Hong Kong and re-exported to Macau and China.
Before setting up the subject, Mr. Henry Ho Siu Kour was the shareholder
of Bedford Interiors Ltd. [Bedford] which was a Hong Kong-registered firm
incorporated on 28th July, 1989.
However, this firm was dissolved on 13th January, 2006.
Bedford had operated the following two firms:-
Sheryia Curtain
Company
[Established
on 1st April, 1996 under BR No. 13341893-001-07]
Bedford Interiors
[Established
on 1st April, 1996 under BR No. 13341893-002-07]
Originally Sheryia Curtain Company was established on 20th March, 1976
as a sole proprietorship owned by Mr. Henry Ho while Bedford Interiors was
established in 1985 as a sole proprietorship owned by Ms. Yam Shuet Mui. Yam is the spouse of Henry Ho. Both companies were shifted under the control
of Bedford Interiors Ltd. in April 1996.
Since Bedford has been dissolved, Sheryia Curtain Company and Bedford
Interiors also ceased business simultaneously.
However, the subject has had an associated company Sheryia Curtain Co.
Ltd. [SCCL] which was incorporated on 6th June, 2001. This firm is operating a retail shop located
at “Shop 2, G/F., 1 Lyndhurst Terrace Central, Hong Kong”. SCCL is engaged in retailing curtain fabrics,
household textiles, etc. The contact
person is also Henry Ho Siu Kour.
Henry Ho is an experienced businessman in the line. He was an ex‑employee of Alice Curtain
Company which is located at 242 Queen’s Road East, Hong Kong where he had
worked for quite a number of years.
Subsequently, he expanded his business by setting up Rifely Design Ltd.,
in August 1989, which is engaged in interior designing and decoration.
The subject also imports curtains and furnishing fabrics for the other
firms. Business is active.
Most of the subject’s customers are in Hong Kong, Taiwan, China and
Southeast Asia. The subject chiefly
sells its products to 5-star hotels, clubs, restaurants and luxury villas.
According to the subject, it has had a large warehouse in China which is
able to provide customers with over 10,000 types of fabrics for furnishing and
decoration.
The subject participates the exhibition “Hometextile China” which is
held in Guangzhou, Guangdong Province, China annually.
The subject wants to further penetrate the China market which is
considered to be much greater than that of Hong Kong. It will keep on taking part in the
exhibitions and fairs held in Hong Kong and China.
Now, the subject has set up a branch company in Guangzhou known as Royal
Rainbow Fabric Industry & Handicraft which is engaged in marketing the
subject’s fabrics in China. This firm
has about 10 employees while most of them are sales representatives. With a registered capital of RMB1 million
Yuan, the Guangzhou firm is administered by a Mr. Wu who is a Chinese. Wu can be reached at his mobile phone number
020-8379 3701.
The subject’s annual sales turnover ranges from HK$20 to 25
million. Business is profitable.
As the history of the subject in Hong Kong is over ten years, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
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 |
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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.