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Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
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Name : |
HEDGREN (ASIA PACIFIC) CO. LTD. |
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Registered Office : |
Suite 2603-2605, 26/F., Two Landmark East, 100 How Ming Street, Kown Tong, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
16.05.2011 |
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Com. Reg. No.: |
58357823 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of bags, travel bags, cases, shoes, etc. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
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Hong Kong |
A2 |
A2 |
|
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
HEDGREN (ASIA
PACIFIC) CO. LTD.
ADDRESS: Suite 2603-2605, 26/F., Two Landmark
East, 100 How Ming Street, Kown Tong, Kowloon, Hong Kong.
PHONE: 2351 8363, 2823 9396
FAX: 2351 8689
Managing Director: Mr. Chen
Xiaojun
Incorporated on: 16th
May, 2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory
Registered Head Office:-
Suite 2603-2605, 26/F., Two Landmark East, 100 How Ming Street, Kown
Tong, Kowloon, Hong Kong.
Associated Companies:-
Hedgren (Hong Kong) Co. Ltd., Hong Kong.
Hedgren Creations N.V., Belgium.
58357823
1600938
Managing Director: Mr. Chen
Xiaojun
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 16-05-2012)
|
Name |
Occupation |
No. of shares |
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CHEN Xiaojun |
Merchant |
10,000 ===== |
(As per registry dated 16-05-2012)
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Name (Nationality) |
Address |
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CHEN Xiaojun |
Room 502, No. 3 Men, Xiang Yang Xin Cun, Shang Cheng District, Hang
Zhou Shi, China. |
(As per registry dated 16-05-2012)
|
Name |
Address |
Co. No. |
|
Oriental Well Consultants Ltd. |
Suites 908-909, 9/F., Landmark North, 39 Lung Sum Avenue, Sheung Shui,
New Territories, Hong Kong. |
0448542 |
The subject was incorporated on 16th May, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of bags, travel bags, cases, shoes, etc.
Employees: 20.
Commodities Imported: Imports raw materials from European countries, some of the Asian
countries and finished products from China.
Markets: Asian
countries, Europe, North America, Australia, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
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:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Hedgren
(Asia Pacific) Co. Ltd. is wholly owned by Mr. Chen Xiaojun who is a China
merchant. He is a China ID holder and
does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is a handbag trader and manufacturer.
It has had an associated company Hedgren Creations N.V. [Hedgren] which
is a Belgium-based firm. The subject
belongs to the Hedgren Group.
Hedgren is famous for branded consumer products including travel bags,
consumer cases, shoes, etc. It is
expanding into Asia with new investor involvement.
Hedgren is a Belgian brand, established in 1993. It distributes its bags, all designed in
Belgium, in 53 countries across the world.
In 2006, Hedgren set up its flagship store in Wijnegem Shopping
Centre. In 2011 it moved to a new
building in Kontich, Belgium.
The shareholders of the Belgian brand Hedgren Creations NV have recently
sold their 100% participation in Hedgren Creations NV to an Asian private
industrial investor.
This transaction will allow Hedgren Creations NV to pursue its growth
strategy with the backing of a strong industrial partner. The existing Belgian management team will
remain in place with increased responsibilities within the new organization.
Hedgren is working on new initiatives to revamp the brand and on
expansion plans in Europe and beyond.
The Belgian team will continue to focus on the design and distribution
of bags and luggage under the brand name Hedgren. Mr. Emmanuel Rocca, CEO of Hedgren, is
positive about the take-over.
In Hong Kong, the subject is fully supported by the Hedgren Group.
As the history of the subject is just over a year and eight months in
Hong Kong, on the whole, consider it good for normal business engagements
on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.51 |
|
|
1 |
Rs.84.85 |
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Euro |
1 |
Rs.71.43 |
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 |
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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 |
|
-- |
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.