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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MANDARIN ENTERPRISES (INTERNATIONAL) CO. LTD. |
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Registered Office : |
Block A, 7/F., Tsing Yi Industrial Centre, Phase 1, 1-33, Cheung Tat Road, Tsing Yi Island, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.07.1991 |
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Com. Reg. No.: |
14683917 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of silk and silk products, etc. |
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No. of Employees : |
25 |
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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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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'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
MANDARIN ENTERPRISES
(INTERNATIONAL) CO. LTD.
ADDRESS: Block A, 7/F., Tsing Yi Industrial
Centre, Phase 1, 1-33, Cheung Tat Road, Tsing Yi Island, New Territories, Hong Kong.
PHONE: 2433 8581
FAX: 2495 9445
E-MAIL: info@mandarinsilk.com
Managing Director: Mr. Lai Hon
Ming
Incorporated on: 2nd
July, 1991.
Organization: Private
Limited Company.
Capital: Nominal: HK$12,000,000.00
Issued: HK$12,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
25.
Main Dealing Bankers: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Block A, 7/F., Tsing Yi Industrial Centre, Phase 1, 1-33, Cheung Tat
Road, Tsing Yi Island, New Territories, Hong Kong.
Associated Companies:-
Linkwise Sandwashing Factory Ltd., Hong Kong.
Shanghai Mandarin Fashion Ltd., China.
Shenzhen Wenhua Textile Products & Fashion Co. Ltd., China.
14683917
0316034
Managing Director: Mr. Lai Hon
Ming
Nominal Share Capital: HK$12,000,000.00 (Divided into 12,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$12,000,000.00
(As per registry dated 02-07-2012)
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Name |
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No. of shares |
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KWAN Tak Ying |
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4,080,000 |
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CHAN Shiu Lam |
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3,960,000 |
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LAI Hon Ming |
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3,960,000 |
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––––––––– |
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Total: |
12,000,000 ======== |
(As per registry dated 02-07-2012)
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Name (Nationality) |
Address |
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CHAN Shiu Lam |
7/F., Block A, Tsing Yi Industrial Centre, Phase 1, 1‑33 Cheung
Tat Road, Tsing Yi Island, New Territories, Hong Kong. |
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KWAN Tak Ying |
7/F., Block A, Tsing Yi Industrial Centre, Phase 1, 1‑33 Cheung
Tat Road, Tsing Yi Island, New Territories, Hong Kong. |
|
LAI Hong Ming |
7/F., Block A, Tsing Yi Industrial Centre, Phase 1, 1‑33 Cheung
Tat Road, Tsing Yi Island, New Territories, Hong Kong. |
(As per registry dated 02-07-2012)
|
Name |
Address |
Co. No. |
|
Juno Secretarial Services Ltd. |
Unit 6, 16/F., Enterprise Square Three, 39 Wang Chiu Road,
Kowloon Bay, Kowloon, Hong Kong. |
0184143 |
The subject was originally established in 1988 as a sole proprietorship owned
by Mr. Lai Hon Ming under the Hongkong Business Registration Regulations.
Incorporated into a private limited company on 2nd July, 1991 under the
Hongkong Companies Ordinance. It was
registered under the name of Mandarin Egg Products Co. Ltd., name changed to
the present style on 15th October, 1991.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of silk and silk products, etc.
Employees: 25.
Commodities Imported: China, etc.
Markets: Asian
countries, Europe, North America, etc.
Terms/Sales:
L/C, Advanced T/T,
etc.
Terms/Buying: L/C,
D/P, O/A, etc.
Nominal Share Capital: HK$12,000,000.00 (Divided into 12,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$12,000,000.00
Mortgage or Charge (since 2012):-
Date of Charge on Cash Deposit
to secure Liabilities of the Depositor:
04-06-2012
Amount: All
sums of money & liabilities whether actual or contingent
Property: 1) By way of first fixed charge &
agreement to charge:-
The Deposit & all right, title and interest of the Company whatsoever,
present & future, thereto and therein
2) By way of set-off:-
Any sum standing to the credit of any or more of the account of the Company
with the Bank
Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong.
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.
Banker:
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing:
Normal.
Having issued 12 million ordinary shares of HK$1.00 each, Mandarin
Enterprises (International) Co. Ltd. is jointly owned by Ms. Kwan Tak Ying,
holding 34% interests; Mr. Chan Shiu Lam, holding 33%; Mr. Lai Hon Ming, also
33%.
The subject started its business in supplying silk fabric in 1990. Now, it has also diversified the business by
supplying various kinds of woven fabrics and garment in silk, cotton, wool and
synthetic fibres as well.
The subject is a supplier of silk and silk mixed fabrics with own weaving
mill in China. It is able to developed
new products. Every season the subject
has more than 100 new developments for our customer to choose from. Its major buyers include DKNY, ANN TAYLOR,
TALBOTS, LIZ CLAIBORNE, JONES New York, Cerrutti 1881, Gerry Weber, French
connection, etc.
The subject is able to offer customers with a one stop solution which
includes R&D, weaving, dyeing, printing and finishing.
The subject’s products are exported to Japan, South Korea, North
America, Western Europe, etc. According
to the subject, 65% of its products are exported to the United States, 25% to
Europe and 10% to the other Asian countries.
The followings are the production capacity of the subject:-
·
Dyeing Capacity: 600,000 yards per month;
·
Printing Capacity: 500,000 yards per month; &
·
Yarn Dyed Capacity: 500,000 yards per month.
The subject has had a main associated company Shanghai Mandarin Fashion
Ltd. [SMFL] which was set up in December 2000.
This firm is engaged in high-end fashions, chiefly ladies’ apparels,
manufacturing. SMFL is manufacturing
products bearing the following brands: Burberry, Armani, Hugo Boss, Hess,
Barbara, etc. Products are exported to
the United Kingdom, France, the United States, Germany, Japan, etc. and also
marketed in Hong Kong.
Having 450 workers in Shanghai, SMFL is able to manufacture 300,000
units of garments annually. Its factory
area covers 15,000 sq.m. and its registered capital was US$1.34 million.
Besides SMFL, the subject also has had an associated firm Linkwise
Sandwashing Factory Ltd. in Hong Kong and Shenzhen Wenhua Textile Products
& Fashion Co. Ltd. in Shenzhen Special Economic Zone, China.
The annual sales turnover of the subject is very significant.
As the history of the subject is over 21 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.33 |
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1 |
Rs.89.05 |
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Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
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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.