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Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
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Name : |
TECGAIN LTD |
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Registered Office : |
Flat 6B, 6/F.,
Fuk Chiu Factory Building, 20 Bute Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.04.1992 |
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Com. Reg. No.: |
15973149 |
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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, textile products,
accessories, etc |
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No. of Employees : |
5 |
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 (31.03.2012) |
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 |
TECGAIN LTD
Flat 6B, 6/F., Fuk Chiu
Factory Building, 20 Bute Street, Mongkok, Kowloon, Hong Kong.
PHONE: 2397
6668
FAX: 2397
8112
E-MAIL: sales@tecgain.com.hk
Managing
Director: Mr. Lam Wing Hong, Dennis
Incorporated
on: 28th
April, 1992.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 5.
Main Dealing
Banker: The Bank of East Asia Ltd.,
Hong Kong.
Banking
Relation: Satisfactory.
TECGAIN LTD
Registered Head
Office:-
Flat 6B, 6/F., Fuk
Chiu Factory Building, 20 Bute Street, Mongkok, Kowloon, Hong Kong.
15973149
0354879
Managing
Director: Mr. Lam Wing Hong, Dennis
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,000,000.00
(As per registry
dated 28-04-2012)
|
Name |
|
No. of shares |
|
LAM Wing Hong,
Dennis |
|
700,000 |
|
LAM Wai Lin |
|
300,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry
dated 28-04-2012)
|
Name (Nationality) |
Address |
|
LAM Wing Hong,
Dennis |
40/F. &
41/F., Duplex B, Angler’s Bay, Tower 1, 18A Castle Peak Road, Tsing Lung
Tau, New Territories, Hong Kong. |
|
LAM Wai Lin |
40/F. &
41/F., Duplex B, Angler’s Bay, Tower 1, 18A Castle Peak Road, Tsing Lung
Tau, New Territories, Hong Kong. |
LAM Wai Lin (As per registry dated 28-04-2012)
The subject was
incorporated on 28th April, 1992. as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject
was located at Room 803, 8/F., Henley Industrial Centre, 9‑15 Bute
Street, Mongkok, Kowloon, Hong Kong, moved to the present address with effect
from 29th December, 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,
textile products, accessories, etc.
Employees: 5.
Commodities
Imported: Europe, China, other Asian
countries, etc.
Markets: China, other Asian countries,
Europe, North America, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share
Capital: HK$2,000,000.00 (Divided into
2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,000,000.00
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.
Bankers:-
The Bank of East Asia Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 1
million ordinary shares of HK$1.00 each, Tecgain Ltd. is jointly owned by Mr. Lam
Wing Hong, Dennis holding 70% interests; Ms. Lam Wai Lin, holding
30%. Being Hong Kong merchants, both are
also directors of the subject. The two
Lams belong to the same family.
Incorporated in
April 1992, the subject is trading in the following commodities:-
All kinds of
fabrics;
Commodities are
chiefly imported from the United Kingdoms, the other European countries,
Taiwan, South Korea, etc. Prime markets
are China and the other Asian countries.
It also sources commodities from China and re‑exported to Europe
and the other Asian countries. Overall
business is active and steady. Regular
suppliers and customers have been maintained.
Business is profitable.
The subject owns two
residential units in Hong Kong.
The business of the
subject is chiefly handled by the two shareholders.
As the history of
the subject is over 20 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.53.51 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.