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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MAXTEL LTD. |
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Registered Office : |
18/F., One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.04.1998. |
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Com. Reg. No.: |
21809633 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Manufacturer of Garments, other textile products, furniture, electric appliances, etc |
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No. of Employees : |
30 |
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 : |
Good |
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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 |
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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
MAXTEL LTD.
ADDRESS: 18/F., One Harbourfront, 18
Tak Fung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2954 2266, 2272 0701
FAX: 2954 2890
E-MAIL: peter.ho@ksphkg.com
Managing Director: Mr. Mordechai
Kafry
Incorporated on: 1st
April, 1998.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Importer, Exporter and Manufacturer.
Group Annual Turnover: HK$350~400 million
Employees:
30.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
18/F., One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon,
Hong Kong.
Holding Company:-
The Bridge Holding Ltd., Hong Kong.
(Same address)
Associated/Affiliated Companies:-
Bridge Group of Companies
Addwood Ltd., Hong Kong. (Same
address)
Canway Industries Ltd., China.
Canway Industries Ltd., Hong Kong.
CSV Ltd., Hong Kong.
East Asia Buying Services Ltd., Hong Kong.
Fabritex Exports (Pvt) Ltd., India.
Fillberg Ltd., Hong Kong.
Hoodvian Ltd., Hong Kong.
Koggala Garments (Pvt) Ltd., Sri Lanka.
KSP Ltd., Hong Kong.
Noveltrade International Ltd., Hong Kong.
Osprey Clothing (Pvt) Ltd., Sri Lanka.
Riviera Ltd., Israel.
T.S.I. Industries (Pvt) Ltd., India.
VC Collection Ltd., Hong Kong.
Wingreat Ltd., Hong Kong.
Wingreat Ltd., Sri Lanka.
Wingreat Ltd., Taiwan.
Wingreat Ltd., Vietnam.
Wingreat Shenzhen, China.
etc.
21809633
0641038
Managing Director: Mr. Mordechai
Kafry
Contact Person: Ms. Viola Chan
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 01-04-2012)
|
Name |
|
No. of shares |
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Multihulls Trading Ltd., Hong Kong. |
|
250 |
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David’s Bridal Inc. 1001, Washington Street, Conshohocken PA 19428, USA. |
|
250 |
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Pretty Fashion Inc. 5/F., No. 67-1 Ho9 Ping Road, Lu-Chou Hsiang, Taipei, Taiwan. |
|
250 |
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The Bridge Holding Ltd., Hong Kong. |
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250 |
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|
|
––––– |
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Total: |
1,000 ==== |
(As per registry dated 01-04-2012)
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Name (Nationality) |
Address |
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Robert D. HUTH |
44 West Lancaster Avenue, Suite 250, Ardmore, P.A. 19003, U.S.A. |
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Mordechai KAFRY |
1/F., May Tower II, 5 May Road, Hong Kong. |
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Malik Devapriya SAMARAWICKRAMA |
50/24 Bullers Lane, Colombo 7, Sri Lanka. |
|
HUANG Wen Jen, Andy |
5/F., No. 64-1, Ho Ping Road, Lu-Chou Hsiang, Taipei, Taiwan, |
(As per registry dated 01-04-2012)
|
Name |
Address |
Co. No. |
|
Teamwork Secretarial Co. Ltd. |
20/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong
Kong. |
0248117 |
The subject was incorporated on 1st April,
1998 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: Garments,
other textile products, furniture, electric appliances, etc.
Employees: 30.
Commodities Imported: Sri Lanka, China, other Asian countries, etc.
Markets: Asian
countries, Europe, North America, etc.
Group Annual Turnover: HK$350~400 million
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
D/P, O/A, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making quite active use of general banking
facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Good.
Having issued 1,000 ordinary shares of HK$1.00 each, Maxtel Ltd. is
equally owned by four firms: Multihulls Trading Ltd., Hong Kong; David’s Bridal
Inc., the United States; Pretty Fashion Inc., Taiwan; and The Bridge Holding
Ltd., Hong Kong.
The subject is trading in garments, other textile products, furniture,
electric appliances, etc. It seems that
the subject’s main business is garment trading.
Bridge was founded in 1996 and its headquarters are located in Hong
Kong. The Bridge Group is headed by the
Chairman of the Board and Chief Executive Officer – Mr. Mordechai Kafry.
The main activities of the Group are:-
·
Buying Office;
·
Investment;
·
Manufacturing; &
·
Retailing.
The subject has had an associated company Hoodvian Ltd. [Hoodvian]
located the same building. Hoodvian is
the manufacturing arm of the Bridge Group with facilities in Sri Lanka, India
and China. Britannia Global Trading
Group Ltd. is the sales office for Hoodvian in the United Kingdom. Hoodvian is a garment manufacturer and trader. It has had affiliated manufacturing
facilities in Sri Lanka, India, and China.
In Sri Lanka only, the Bridge Group has about 4,000 employees.
The subject is fully supported by the Bridge Group. The Group is trading in the following
commodities:-
·
Blouses;
·
Bridal Gown;
·
Cardigan , Sweater and Pullover;
·
Coats;
·
Dresses and Skirts;
·
Evening and Party Dresses;
·
Furniture – Chinese Style;
·
Furniture – Outdoor;
·
Furniture – Western Style;
·
Household Products – Glass;
·
Household Products – Metal;
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Household Products – Plastic;
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Household Products – Wooden;
·
Jacket – Ladies (Excluding Ski-Jacket);
·
Jacket – Men (Excluding Ski-Jacket);
·
Jeans;
·
Shirts;
·
Tee and Sweat Shirts; &
·
Trousers and Slacks.
The annual sales turnover of the Bridge Group ranges from HK$350 to 400 million. Business is profitable.
Mr. Malik Devapriya Samarawickrama is one of the directors of the
subject.
Recently, companies connected to Malik Samarawickrama, have launched an
internal investigation into an alleged Rs. 80 million fraud. Samarawickrama is one of the major players in
the garment industry in Sri Lanka.
His companies include the Penguin garment group and Hoodvian Ltd. Sources speaking on condition of anonymity
have indicated that the fraud has been committed by a group of persons trusted
by Samarawickrama over a number of years.
The same sources commented that Malik Samarawickrama was “very
angry and hurt” by the turn of events especially because they appear to have
committed the fraud whilst enjoying the confidence, trust and authority
bestowed upon them by Samarawickrama.
The contact person of the subject is Ms. Viola Chan who is a
Hongkongnese. The history of the subject
in Hong Kong is over fourteen years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
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|
1 |
Rs.84.35 |
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Euro |
1 |
Rs.72.21 |
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 |
-- |
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.