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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
GOFRONT
HOLDING LTD. |
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Registered Office : |
Room 13, 21/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.10.1995 |
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Com. Reg. No.: |
19401093 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Yarn & fabric dyeing and finishing machines |
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No. of Employees : |
08 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
GOFRONT HOLDING LTD.
Room 13, 21/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2393 2208, 2393 2264
FAX: 852-2381 9656
E-MAIL: gf@gofront.com.hk
Managing Director: Mr. Siu Chun Lam
Incorporated on: 5th October, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Manufacturer.
Annual Turnover: US$35-40 million.
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 13, 21/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
Associated
Companies:-
Guangzhou Panyu Gofront Dyeing & Finishing Machinery Manufacturer Ltd.
Donghuan Industrial City, 120 Donghuan Road, Donghuan Street, Panyu District, Guangdong Province, China.
[Tel: 86-20-2287 1518, 2287 1528, 2287 1530
Fax: 86-20-2287 1600]
MSC & Gofront China Ltd., China.
19401093
0527178
Managing Director: Mr. Siu Chun Lam
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 05-10-2012)
|
Name |
|
No.
of shares |
|
SIU Chun Lam |
|
10,000 ===== |
(As per registry
dated 05-10-2012)
|
Name (Nationality) |
Address |
|
SIU Chun Lam |
Flat A, 32/F., Tower 5,
Manhattan Hill, 1 Po Lun Street, Lai Chi Kok, Kowloon, Hong Kong. |
(As per registry
dated 05-10-2012)
|
Name |
Address |
Co.
No. |
|
Right Point Accountancy & Secretaries Ltd. |
Rooms 1506-1508, 15/F., Laws Commercial Plaza, 788 Cheung
Sha Wan Road, Kowloon, Hong Kong. |
0784052 |
The subject was incorporated on 5th October, 1995 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: Yarn & fabric dyeing and finishing machines.
Brand Name: Gofront.
Employees: 8.
Commodities Imported: China, etc.
Markets: China, other Asian countries, Europe, etc.
Annual Turnover: US$35-40 million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
The Chinese
Manufacturers’ Association of Hong Kong, Hong Kong.
[Membership No. 009444]
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge
(since 2006): (See attachment)
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 Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Hang Seng Bank Ltd., Hong Kong.
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Gofront Holding Ltd. is wholly owned by Mr. Siu Chun Lam who is a Hong Kong merchant. He is also the only director of the subject.
The subject is specialized in manufacturing quality High Temperature and Pressure Packaging Dyeing Machine. Its main objective is to design and manufacture pressure vessels for use in Textiles, Chemicals, Pharmaceuticals, Foodstuffs, and other similar industries.
It has its own factory with 8,000 sq.m. and have 250 workers in Panyu, Guangzhou City, Guangdong Province, China. Formally known as Guangzhou Panyu Gofront Dyeing & Finishing Machinery Manufacturer Ltd. [Panyu Gofront] and established in 1997 with a registered capital of HK$7 million, this firm has been granted “Manufacture Qualification Certificate” of BR-1 Grade - I, II category, Serial No. RB1-40 issued by the Labour Department of Guangdong Province, China. The manufacturing facilities include highly-technical equipment, i.e., L.A.S.E.R. plate cutting machine, automatic welding machine, plasma welding machine, sand-blast finishing machine. The factory at present is specialized in the production of yarn and fabric dyeing machines for the textile industry, both for domestic and overseas markets. Its aim is to achieve international recognition through its continuing R&D efforts and coordination with customers by introducing cost‑effective machines and processing techniques.
The subject now has set up branch offices in Shanghai, Qingdao ,Tianjin of China. It has been serving its customers for over 10 years.
The followings are
the main products of the subject:-
· All kinds of Pressure Vessels, etc.;
· Machine - Dyeing & Bleaching (Yarn dyeing/spray hank dyeing, fabric dyeing); &
· Spare Part - Textile Machine (Mechanical seal).
All the products bear
the brand name Gofront which includes the following models:-
GF241B, GF241T, GF241NT, GF241HLC, GFC-320, GFD-170, GF241, AIRFORCE, etc.
The characteristics of the products are energy saving, high-technology and environmental friendly.
Now, Panyu Gofront has been cooperating with South China Technical University to set up a research centre to train engineers in related fields. By late 2012, Panyu Gofront has got 24 patents while five of them are invented patents.
Products are marketed in Hong Kong, China, and exported to India, Bangladesh, Vietnam, Malaysia, Australasia, Brazil, Peru, Japan, South Korea, North America, Southeast Asia, Taiwan, Turkey, Western Europe, etc. Business is rather active.
According to the subject, it has set up representative offices in Malaysia, Thailand, the Philippines, Pakistan, India and Vietnam.
The annual sales turnover of the subject ranges from US$35 to 40 million. Making a small profit every year.
As the history of the subject is over 17 years in Hong Kong, on the whole, consider it good for normal business engagements.
(Since 2006)
|
Date |
Particulars |
Amount |
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20-09-2006 |
Instrument: Charge Over Securities Property: 1) Any interests, rights, title or property owned by the company 2) All dividends, interest, distributions & other moneys derived therefrom; and 3) All accretions, allotments, and other benefits accruing or arising in respect thereof Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies in any currency owing by the
Company to the Bank at any time, actually or contingently, in any capacity,
alone or jointly with any other person |
|
13-12-2006 |
Instrument: Charge Over Deposits - CD 1 Property: 1) By fixed charge:- All the company’s rights in respect of the following (a) The sums deposited by the company or for its benefit in the account or as evidenced by deposit instruments or other evidence of indebtedness specified in the annexed schedule, including additions to or renewals or replacements of such sums in any currency, & b) All other sums in any currency from time to time standing to the credit of the company or the credit of any other person for the company’s benefit, whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sums 2) By
assignment:- All Deposits held with any SCB Group Company Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure the payment or discharge of all moneys,
obligations & liabilities |
|
13-12-2006 |
Instrument: A Charge Over Securities - Sec 1 (05) Property: 1) All the company’s rights, title & interest in ant to: A) All stock, shares, bonds, debentures, certificates of deposit, promissory notes, units in any trust, units or other interests in any collective investment scheme & other securities of any kind whatsoever which, or the certificated or other documents of or evidencing title, or the right to title, to which, are for the time being or from time to time i) deposited with transferred to or registered in the name of the Bank or its nominees by the company or on the company’s behalf or on the company’s instructions or otherwise held by any person directly or indirectly to the Bank’s order ii) Lodged with or held by any depository or recorded by any depository as held by it for the account of the Bank or its nominees iii) Transferred to or held in any account with any clearance or settlement system for the account of the Bank or its nominees; and B) All securities listed in the schedule to the Charge Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
All moneys, obligations and liabilities |
|
11-08-2009 |
Instrument: Charge Over Deposits/Securities (2-Parties) Property: The Chargor charges by way of first fixed charge to the Bank all the right, title & interest of the Chargor in and to the Charged Assets Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency by the
company to the Bank at any time, actually or contingently, in any capacity,
alone or jointly with any other person |
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31-08-2011 |
Instrument: Assignment of Insurance Policy Property: All the rights, title, benefits & interests of the Borrower in and to the Policy & the Proceeds, whether in existence at the date of the Assignment of after the date of the Assignment Name of the Insured: Siu Chun Lam Policy No. 30884086 Effective date of the Policy: 19th August, 2011 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all sums of money, debt & liabilities
whether certain or contingent, whether at the date of the Assignment or at
any time after the date of the Assignment owing or incurred to the Assignee
anywhere in the world |
|
06-02-2013 |
Instrument: Security Over Deposits with the Bank (Limited Company - Under
Seal) Property: A deposit with chargee in the amount of CNY2,887,696, under Deposit A/C No. 808-283881 whatever currency it may subsequently be denominated in, any renewal of such deposit & 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 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.