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Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
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Name : |
HEDY LTD. |
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Registered Office : |
Flat A, 7/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.07.1987 |
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Com. Reg. No.: |
11384558 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of fabrics, etc. |
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No. of Employees : |
25. (Including associate in Hong Kong) |
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 : |
Exist |
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 |
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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
HEDY LTD.
ADDRESS: Flat A, 7/F., Leroy Plaza,
15 Cheung Shun Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2420 3038, 2741
6886
FAX: 2420 4215, 2785 4433
E-MAIL: patrickp@mail.hedy.com
patrickp@hedy.com
Managing Director: Mr. Lui Pui On
Incorporated on: 21st
July, 1987.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$240~245 million.
Employees:
25. (Including associates in Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat A, 7/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan,
Kowloon, Hong Kong.
Associated Companies:-
Foshan Nanhai Cotton Textile Factory Co. Ltd., China.
Foshan Nanhai Cotton Textile Factory, China.
Foshan Nanhai Highrich Textile Co. Ltd., China.
* HGL Investment Ltd.,
Hong Kong.
* Highrich Textiles Co.
Ltd., Hong Kong.
* Hintco Trading Ltd.,
Hong Kong.
* (same address)
11384558
0193799
Managing Director: Mr. Lui Pui On
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of
HK$10.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 21-07-2012)
|
Name |
|
No. of share |
|
LUI Pui On |
|
100,000 ====== |
(As per registry dated 21-07-2012)
|
Name (Nationality) |
Address |
|
LUI Pui On |
Flat A, 7/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan,
Kowloon, Hong Kong. |
(As per registry dated 21-07-2012)
|
Name |
Address |
Co. No. |
|
Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0014900 |
The subject was incorporated on 21st July, 1987 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly located at Flat C & D, 5/F., Leroy Plaza, 15 Cheung Shun
Street, Cheung Sha Wan, Kowloon, Hong Kong, moved to the present address in
March 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of fabrics, etc.
Employees: 25. (Including associate in Hong Kong)
Commodities Imported: India, Europe, Japan, etc.
Markets: China,
other Asian countries, etc.
Annual Turnover: HK$240~245 million.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKH0318]
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares
of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$17,173,711.78 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 21-07-2012)
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Business is
satisfactory.
Facilities: Making active use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Good.
Having issued 100,000 ordinary shares of HK$10.00 each, Hedy Ltd. is
wholly owned by Mr. Lui Pui On who is a Hong Kong merchant. He is also the only director of the subject.
The subject has got an associated company Hintco Trading Ltd. [Hintco]
located at its operating address. Hintco
and the subject are engaged in the same lines of business, more or less. Hintco was incorporated in Hong Kong on 15th August,
1995. It is also managed by Lui Pui On.
The subject is a piecegoods trader.
It is trading in the following commodities:-
·
Corduroy/Velveteen Fabric
Products are different wale/weights of corduroy fabrics including 100% cotton
corduroy, cotton/rayon corduroy, CVC corduroy and T/C corduroy fabric, special
weave of corduroy such as check corduroy, twill effect corduroy. In addition, the factory is able to make
spandex/corduroy fabrics for its customers in different wale and construction.
·
Linen Fabric
The subject produces difference weights of pure linen and linen blended woven
fabric like linen/rayon, linen/cotton, etc.
·
Ramie Fabric
The subject produces different kinds and weights of pure ramie and ramie mixed
fabric, like ramie/cotton ramie, etc.
·
Yarn-Dyed Item
The subject has a special team handling yarn dyed item. Monthly production capacity ranges from
800,000 to 1,000,000 yards.
The subject has had a factory known as Foshan Nanhai Cotton Textile Factory
[FNCTF] located in Foshan City, Guangdong Province, China. This factory is a dyeing, weaving, and
finishing mill employing about 1,100 workers.
The legal representative of FNCTF is Mr. Guo Yaoxin. It is located at Liyin Village, Dienan,
Guicheng Town, Nanhai, Foshan City, Guangdong Province, China. The value of the fixed assets of this factory
is over RMB100 million Yuan.
The factory has been equipped with 48 air jet looms, 80 shuttleless
looms, pin dyed, corn dyed, sizing machines, fabric preparation equipment, air
jet, pre‑compressor, etc.
Besides, the subject has set up a mill in Jiangsu Province, China which
is engaged in dyeing and weaving of different kinds of corduroy fabrics.
Products are exported to Japan, North America, Southeast Asia, Western
Europe, etc. The annual sales turnover
of the subject and Hintco ranges from HK$240 to 245 million. Making a small profit every year.
Lui Pui On is also one of the directors of HGL Investment Ltd., a
Hong Kong‑registered firm engaged in making investments in luxury
properties.
As the history of the subject is over twenty-five years in Hong Kong, on
the whole, consider it good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Nov. 1992 |
Ford Tune Textiles Ltd. |
Hedy Ltd. |
Goods Sold and Delivered |
HK$198,163 |
(Since 2009)
|
Date |
Particulars |
Amount |
|
10-08-2009 |
Instrument: Security Over Deposits with the Bank
(Limited Company – Under Seal) Property: A deposit with chargee in the amount of HK$4,800,000.00 under Deposit
A/C No. 596‑059824, whatever currency it may subsequently be
denominated in, any renewal of such deposit and the interest thereon together
with any further monies in any deposit account with the chargee at any of its
offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company to
the chargee at any time, actually or contingently, in any capacity, alone or
jointly with any other person; (ii) interest on such monies, to the date on
which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
16-03-2010 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s
claims and rights the issuer of the Policy (No. 28001737) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Indebtedness |
|
16-03-2010 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims
and rights the issuer of the Policy (No. 28001954) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Indebtedness |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.13 |
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 |
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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 |
|
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.